FuturAqua: A Hungarian Bottled Water Company Creates Its Own Cryptocurrency
Today, more than ever, the population is being strongly influenced by global lifestyles and markets. Having the ability to connect en mass, learn about what's going on in the world, uncover myths and learn about certain areas, all in real time, has undoubtedly affected people's consumption behavior. Society is showing greater concern for a healthier life and for contributing to the environment. Behaviors range from choosing what to eat, drink and exercise to maintain a healthier lifestyle, to which brands of products to use that are more friendly to all life on the planet.
The bottled water industry is conssidered one of the most competitive industries in the world. Because basically each company, in addition to always ensuring the quality of its product, must also ensure other added values that they can offer in the market. So if a company is experimenting with innovations based on blockchain, it can get the advantage it is looking for. This is the FuturAqua case.
What Is FuturAqua?
FuturAqua, a mineral water bottling company based in Pécs, south-west Hungary, announced on 5 July 2018, the creation of its negotiable cryptocurrency based on world water trade.
The company is currently listed on the T-share market of the Budapest Stock Exchange (BÉT). In turn, T Market plans to give small and medium-size companies the ability to carry out a public transaction in the listing of their shares. Therefore, the shares of these issuers are traded through a technical listing, which can be considered the first stage of their admission to trading on the regulated market.
History continues to evolve with blockchain technology as the latest catalyst for continued competition to create efficient ways to raise money and more efficient ways to conduct business.
So the ten billion digital tokens issued by FuturAqua were generated from the cryptographic rescue tool “Watereum” (WRM). It is a $107 million equity fund with almost 1,500 shares, almost all of which belonged to Hungarian shareholders. So the company will soon sell the ten billion tokens of its WRM cryptocurrencies.
The token contains a property right. So Watereum owners will be able to buy one liter of drinking water with a WRM unit.
The company's long-term goals include offering water production quotas based on blockchain technology for sale to the public through an Initial Coin Offering (ICO).
The sale of the WRM token will take place when FuturAqua offers the digital tokens to investors and shareholders of the company in a pre-sale phase. So the sale will be extended to invite external investors during the private sale phase.
However, given all the competitiveness and recent investments in innovation based on blockchain technology, FuturAqua has not yet decided on the selling price of its digital tokens.
The president of the company, István Fodor, says that one of the main factors that will be taken into account when determining the symbolic price will be that the ten billion tokens issued will be backed by the drinking water that FuturAqua will provide. The valuable resource was initially purchased earlier this year in Szekszárd, Hungary, for HUF 70 million.
FuturAqua recorded losses over the past two years with revenues of HUF 8 million in 2016 and HUF 1 million last year. With two years not looking so good, FuturAqua finally plans to have the profitable year they have been prepared for with the addition of the WRM digital token, and projects revenues of between 20 and 30 million HUF or more in 2018.
As FuturAqua is innovating in the bottled water industry with blockchain technology, it will be interesting to see how the company succeeds, and if others follow in its footsteps.