Fin Foundation is a newly created company with South Korean roots, headquartered in Burgas, Bulgaria. Fin token, core token of the Fin Foundation, created to receive as much fuel as needed at the affiliated gas station. Right now, this method of payment has been already implemented on several gas stations in South Korea. We have asked Joon Lee, CMO of the project about the future plans and contracts with Russian oil and gas companies.
– Glad to meet you, Mr. Lee! How did you come up with the idea of Fin Foundation?
– My pleasure. Gas in South Korea is really expensive, around $1.7 per liter. In Russia, for instance, it is slightly less expensive. Another problem is that there is no contactless payment method specifically on gasolines in South Korea. No Samsung or Apple Pay in the shopping malls, you always have to use the bank card or cash. So we came up with the idea: what if we implement the token payment and will give the discount for those who pay for the petrol with the token a discount? We sat to discuss this idea with one of the biggest South Korean oil refining company. Nowadays they have to compete with different oil and gas companies, who come from the U.S. and Europe. So we offered them a deal: if people pay with our token on their gas stations they will attract more clients. In return, they can give us a favour and do the discount for those who pay with the tokens. Since there are many cryptoholders in South Korea, this deal had a huge potential. They have agreed.
– And what happens when you pay for gas with Fin Token?
– At this time, purchased tokens are automatically made buyback from transactions with FIN Foundation. In other words, it is a token that has a definite use. In addition to refueling, in the future, we plan to use it as a token in the form needed to pay for the various licensed business. (Game industry, service industry, etc.).
– On which blockchain Fin token is based? Are you planning on implementing your own blockchain?
– Our token is ERC-20 based on Ethereum blockchain. When we connect more gas stations to our chain, it will be necessary to develop our own blockchain.
– Is it available on the exchanges yet?
– Only on Korean exchange Bitsonic, trading to BTC, ETH and KRW. But we are planning to list it on the top Coinmarketcap exchanges.
– This is interesting! And what about the competitors?
– We do not have competitors, because all of them are local, while we think global. We just have signed an agreement with Russian oil and gas company «Nordgas Trading» LLC. We will implement Fin token payment at their gas stations. Since we have the international team with the background in energy companies and multinational corporations, we have plenty of contacts around the world.
– So what is the background of the team? Can you tell us more?
– I worked for one of the biggest construction company for many years. We made a gas pipeline in Turkmenistan and Uzbekistan, I was working on these projects for many years, so I am familiar with the industry. Our CEO, Kirill Druzhkov was the Head of Investment Project Support division at Sintez Holding. He has created an investment strategy for the oil and gas portfolio company. He also used to work at the leading finance positions in Western World Fund, CASYS, T-Mobile and other companies. So we know the energy sector, we are the experts in investment and financial models.
– And what are your nearest plans?
– We plan expansion in the Russian and CIS market, then go to Estonia, Latvia and Lithuania. Our next goal is to implement Fin token payment at 500-1000 gas station in this region.
– This is ambitious! Wish you luck!
– Thank you! I personally think that this is the future. In Japan BTC has been used as a method of payment for a couple of years now. Why we shouldn’t catch up?