We have some exciting news to share with you. We’re proud to announce that Change shares will be available for trading on the global marketplace for growth companies - Funderbeam.
If you’ve been part of the Change family for some time now, you probably have heard about or even bought CNG tokens in the past. Well, if you haven’t yet, you now have one more option to become an investor in Change.
Previously, our investors had two choices to tag along with our journey to be the most used investment app in Europe:
- CAG - This is an ERC-20 token issued for investors who took part in the initial crowdfunding campaign. Today, CAG can be used to order the Change debit card with an added discount. These are prepayment tokens that will likely be used to pay for other services, like trading fees, in the future. CAG can be bought from Uniswap.
- CNG - This is also an ERC-20 token, but represents a convertible note for the company’s shares. Our investors have been able to take part in the CAG/CNG token swap all throughout 2020. In addition to swapping, you can buy and sell CNG from other investors in the Change app as well.
Why list on Funderbeam now?
This is part of a bigger plan to convert all current convertible notes to shares. The original plan was to give investors the option to convert CNG to shares at the end of 2020. Since Change’s shares will be listed on Funderbeam, we’re postponing the latest conversion date to September 30, 2021. This is to provide an easy and safe transition from trading with CNG to trading with shares - the real securities.
Please note that the current CNG terms will be amended and published in December of 2020.
As of Nov 12, 2020 Change is listed on the Funderbeam startup exchange. This means that all current and new investors can begin trading with shares when trading opens. Currently planned for Nov 19, 2020.
In terms of economics, both CNG convertible note and Change shares give you exposure into Change’s equity. Keeping your investment in the Change app or buying and selling shares on Funderbeam’s platform is a matter of preference.
Since launching CNG in January of 2020, we wanted to make investing into Change more rewarding than investing into any other startup.
We’ve spoken with our CNG holders and learned that many of them would love to see some sort of interest payout based on their holding period and or stake in the company.
Normally startups in the scaling phase don’t do payouts to their investors, but rather use all the revenue to fuel growth. Change isn’t your average startup. We’re backed by over 7000 investors and believe that our investors are the very people that make Change what it is today and what it will be in the future.
We want to include our community in every step of that journey and want this to be mutually beneficial. Therefore, the community rewards program will be based on CNG tokens, which means we’re neither shortening our runway nor slowing down our growth potential. We’re reallocating some of the company’s shares to make sure our investors can claim larger equity upside while we maximise our growth potential.
In addition to interest payouts, CNG holders and shares holders via Funderbeam get governance options. This means you can influence the product development by requesting new product features and voting for different development proposals made by the community. Your CNG or share balance will determine the weight of your vote.
In December of 2020, we will introduce the community rewards program. This program is designed to reward all CNG holders with additional CNG based on their CNG holding. The program lasts until all CNG is converted to company shares. This is currently estimated to happen by September 30, 2021 at the latest.
We will publish an in-depth update with all the terms of this program, in December of 2020.