On March 3rd, 2020, Novem announced the launch of the public availability of its NNN token, a NEP-5 token backed by physical gold. Alongside the sale of NNN tokens, Novem intends to commence with the second round of its NVM public token sale. Though the date has yet to be announced, the second round of the public token sale will only allow contributions be made in NEO or GAS.

In an August 2019 NeoLive event, Novem acknowledged delays in the preparation for the sale of it NNN token. Novem CTO, Christoph Klocker, stated, “delays [are] due to some regulatory barriers as the NNN is considered a security in Liechtenstein.” The decision was changed in January 2020 when Novem received clarification that NNN acts as a utility. The NNN token is claimed to represent ownership of an amount of physical gold — not ownership of the company itself, nor any debt security — and doesn’t entitle NNN token holders to participate in the company’s earnings.

This regulatory hurdle was the last for Novem to clear before beginning the public sale of the NNN token. Currently, individuals can purchase NNN tokens at the Novem gold store or through the Novem website. Though, the team states, “the next major milestone for the NNN Gold-backed token is its launch and listing on cryptocurrency exchanges.” Novem aims to list on medium-sized exchanges first, then move up to larger-scale exchanges once it has a better understanding of the centralized exchange listing process. ProBit and p2pb2b are claimed to be the first two exchanges that will list NNN and NVM tokens.

KYC requirements

To purchase the NNN token or participate in the NVM public token sale, individuals must perform varying levels of KYC depending on the amount they wish to purchase. The requirements for KYC include:

  • €799.00 and below: identification card showing name and address
  • Between €800.00 and €11,999.00: identification card, document (i.e., a bill) that proves residency, and an examination of the origin of funds
  • €12,000.00 and higher: identification via video
  • Corporate customers: video identification of company and person(s) with decision-making authority

To assist participants, Novem has released a video-record video recorded walkthrough of the KYC verification process.

Residents of various countries, including China and the US, are prohibited participating in the NVM public token sale. Residents of prohibited countries will be alerted of their status in the first step of submitting KYC.

The full announcement can be found at the link below:
https://blog.novemgold.com/greenlight-for-investors-nvm-and-nnn-gold-backed-token-public-sale-starts-from-04-03-2020/

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