We are hereby applying to add the FND Real Estate Token as a collateral to MCD.
Project website: www.fnd.group
Quick Summary: We offer the first Real Estate Token fully approved by the German Financial Market Authority (BaFin) that represent a portfolio of German Commercial Real Estate – which generates a planned annual yield of 4% plus returns from possible sales revenues.
What is the token contract address?
- ERC20 Token Contract Address:
- Crowdsale Contract Address:
Where can the source code be viewed? Please provide links to the source code for all contracts providing functionality to the token, including, but not limited to, transfers, freezes, whitelists, blacklists, transaction approvals/rejections, authorizations, upgradability, etc.
- View on etherscan for this token contract: 0x423d8321be3dd7ebff5b6c7da2ef6614b8547acf#code
Which token standard does your token comply with?
Does the token have any special mechanics for handling forks? This may include forks in the token app or in the underlying blockchain.
- No. Forks will be handled be the issuer of the token who will determine which chain to honor. In principle, the issuer will honor the chain where the majority of the network moves to in order to provide utility to the highest number of people.
If yes, please provide a reference to more information on fork handling.
- not applicable
My token fits with the following Dai Credit System adapter:
Has the token passed formal verification?
- We use the standard OpenZeppelin implementation. The OpenZeppelin code has been audited by Level K
Please provide a short summary of your project.
- FND offers an asset-backed security token for real estate investments with a fully approved prospectus by the German Federal Financial Supervisory Authority (BaFin). Investors can choose to invest in EUR or in the cryptocurrency ETH. Repayments will be made accordingly. The token generates a planned annual yield of 4% plus returns from possible sales revenues. The Token will bring liquidity into a traditional illiquid asset class and will be able to be traded on both licensed exchanges as well as decentralized exchanges 24/7.
Please list the founding members.
- Management Board and Shareholders
- Thomas Ermel
- Felix Ermel
What type of crypto asset is it (utility, work, governance, etc)?
- Security token (=tokenized bond). A bond is a traditional financial product that can have a variety of characteristics. One key characteristic is the repayment of the invested amount at the end of the term, which is accompanied by a fixed or variable return throughout the lifecycle of the bond. The FND Real Estate Token is no different: the issuer is obliged to pay back 100% of the investment at the end of term, as well as a variable return that depends on the performance of the assets. FND expects the current return of the Real Estate Token to be around 4% p.a. from rents. In case a property is sold, the expected return could double to 8% p.a. from sales proceeds that will be passed on to the investors.
- more info on medium and on our website
What was the date of the ICO?
- October 9th, 2019; it’s an STO not an ICO
What was the initial price and valuation?
- EUR 1 per Token
How much capital was raised (in USD and crypto terms)?
- Hard cap is EUR250; can be increased later on
What was the token distribution breakdown?
- 100% of the token will go to investors; no free advisor or team-token; no discounts
Are any tokens on a vesting schedule? If so, what is that schedule? Describe any related vestiture limitations.
What are the circulating and total supply of the token?
- Currently there can be a maximum total supply of 250MM Token. Later on, more token can be issued by way of a capital increase.
What is the wallet address of the treasury?
How much of the ICO raise was converted into fiat (described in both terms of that fiat currency and the amount of tokens?
- 100% of cryptocurrencies/tokens received in the public sale of the FND Real Estate Token will be converted into fiat
Were there any pre-ICO seed investors? Who and what were their respective allocations?
- No. All FND Real Estate Token are sold at the same price to all investors. FND may charge an agio of up to 5% from investors during the placement period of up to one year. That may be the case when the real estate portfolio has risen in value due to certain project acquisitions so as to prevent earlier investors to be diluted.
Please link to the whitepaper and/or pitch deck related to the token.
Please link to the most updated roadmap for your project.
- cf. investor brochure for the investment strategy of the real estate
How many employees and contractors does your project have?
- small team with big impact
What is the monthly burn rate?
- this information is not public
What is the strategy for treasury management?
- The asset manager of the token issuing entity is responsible for the treasury management. The treasury will be 100% fiat. All proceeds from the token sale will be invested into German commercial real estate projects.
- Token distribution is global. The asset manager invests all the proceeds into German commercial real estate projects.
Which exchanges is your token listed on?
- TBA; in principle all regulated security token exchanges as well as decentralized exchanges
Are you aware of any paid market makers for your asset?
Does your token have custodial support? Where/with whom? Please provide a copy of the custodial agreement if available.
- FND cooperates with an external service provider to offer a token custody solution for institutional investors.
- We’re currently building a global community
Please link your email, Telegram, subreddit, Discord, Twitter, Medium.
- www . fnd . group
What is the website of your project?
- www . fnd . group
Who is the token issuer (if any)?
The issuer is FND RE Germany GmbH - a limited liability company according to German corporate law. The issuer is registered with the District Court Hamburg (registration number HRB 150935). You can find the issuer with the registration number in the official digital commercial registry of Germany
Do you have legal representation related (1) to the issuance of the token, (2) regulatory requirements regarding the token, or (3) otherwise? If so, whom?
FND has a number of reliable legal advisors based in Germany. More details can be provided if required.
What is the regulatory status of the token? Please provide relevant documentation (e.g., legal opinions, prospectuses, public disclosures, filing documents, etc.).
The securities prospectus is fully approved by the German Federal Financial Markets Authority (BaFin). You can download the official (i.e. German) version with English terms from the official BaFin or an unofficial full English translation from our website. We can also refer to the official coindesk article published on the news that FND got BaFin approval where an official BaFin employee gave a statement to coindesk confirming that BaFin has indeed approved the FND Real Estate prospectus, also linked on our website.
Are there any rights associated with the token that do not follow from its technical implementation or technical ramifications of the system in which the token is used? If so, what are they? How are they enforced? Please provide documentation memorializing these rights.
Token holders are legally entitled to the full economic profit from the real estate investments. The return is variable without upside limitation. At the end of term (2033), the token holders are entitled to claim back dividends as well as the nominal amount of 1 € per token.
In what jurisdiction(s) was the token issued?? Please provide all filings and public documents related to the token’s issuance.
The FND Real Estate Token are issued in Germany.
Was the token issued as part of a regulatory process (e.g., securities offering)? If so, under which law, rule and/or regulation was the token issued? Please provide all documents related to this regulatory issuance process (to the extent not already provided in response to the above).
The FND Real Estate is issued according to German and European law. For any further information, please read the approved prospectus (see above).
Was the token issued as part of the fundraising process for your project? If yes, who are the investors and how much equity do they respectively hold?
All proceeds from the issuance of the FND Real Estate Token will be invested according to the terms of the issuance, i.e. in German real estate properties. The token is not and cannot be used for any other purpose. 100% of the investment will be invested according to the investment strategy laid out on in the prospectus.
Please describe the corporate and legal structure of the project/system/product in which the token is used.
The issuer is a German limited liability company (GmbH) based in Hamburg, called FND RE Germany GmbH.