The Almond app rewards users for being “responsible consumers”, as the press release explains. Users can scan hidden codes on some accredited products and use the Almond app to access detailed product information.
This unlocks so-called Almond Coins that can be converted into Almond Security Tokens.
This security token will be launched via the STO Token Market platform, which is part of the FCA’s sandbox, a UK regulator’s project to test innovative financial products in full investor protection.
Almond CEO Oliver Bolton explained:
“We’re excited to build out the Almond platform using the innovative STO vehicle. Almond’s mission is to incentivise consumers to buy sustainable products, help responsible brands grow and ultimately assist in the fight against climate change. We plan to use the funds we raise to build the platform further and enable more brands to come on board. We are proud to pioneer STO investments in the UK and I believe STOs will transform start-up finance in 2019.”
Almond security security tokens will represent company shares, using an innovative token model: on the one hand we find the Almond Shares (AMLA), or security tokens, on the other hand there are the Almond Coins which are a stablecoin that acts as a utility token within the app.