Novem, a gold storage and asset management company, has announced its public token sale is scheduled to begin on Thursday, August 15th, 2019. Novem is an Austrian-based company, incorporated in Lichtenstein that recently minted its first 2.1 million of its gold-backed NNN tokens.
Novem aims to establish a product that serves as an amalgamation of physical gold and blockchain. Combined, the Novem founders have more than 30 years experience in the precious metals industry. In a previous conversation with NEO News Today, Novem CTO Christoph Klocker iterated Novem’s core vision is to make gold accessible to everyone.
The gold-backed token issuer aims to establish two primary components of its business.
First, Novem seeks to design “an immutable, secure, and distributed ledger of ownership” to modernize outdated metals industry procedures. Second, the team aims to establish a network of up to 100 physical stores that “delivers surety for gold buyers, refiners, investors, and traders.”
Novem will establish two tokens to use in its ecosystem – the Novem token (NVM) and the 999.9 token (NNN). Gold stored in a high-security warehouse backs NNN tokens. Novem’s gold holdings are claimed to meet the London Bullion Market Association (LBMA) certification standards, which ensures “assay, weight, and safe handling and stacking.”
NVM is a utility token that can be used to purchase goods and services from Novem. Purchases made with NVM will receive a 5% discount on 1 gram gold bullion bars, and a reduction of €0.10 per gram discounted from the market price of 5 gram gold bars or larger. Additionally, NVM tokens will offer a 2% discount off the market price of NNN gold tokens.
A total of 300,000,000 NVM tokens will be created, which Novem will distribute among private and public investors, the founding team, the company fund, and to a reserve.
Following the public token sale, the founding team will have a three-year vesting plan, which allows them to liquidate 25% immediately, and another 25% in each of the following two years.
NVM Token Sale
The NVM token pre-sale began on Saturday, July 15th, allowing users to purchase NVM tokens with the Euro, Swiss franc, Bitcoin, Ethereum, NEO, and GAS. The pre-sale NVM price was set at €0.55 per token.
The first stage of the public token sale is scheduled to begin on August 15th. During this time, users will only be able to purchase NVM tokens using NEO and GAS, at €0.65 per token.
The second and final stage of the token sale will begin on Tuesday, August 20th and conclude on Tuesday, September 10th. Users will be able to purchase NVM tokens with the Euro, Swiss franc, Bitcoin, Ethereum, NEO, and GAS for €0.75 per token.
Registration for the token sale can be found at this link.
NNN Token Minting
On July 10th, Novem announced it had minted its first 21kg of gold, which is represented by 2.1 million NNN tokens. For each gram of gold, Novem minted 100 NNN tokens.
The Novem Minting Twitter page will be used to announce the minting of new NNN tokens.
More information about the NVM token sale can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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