ACHF

AEUR

Company

CRAFT A DIGITAL FUTURE
ANCHORED IN TRUSTED ASSETS.

We commit ourselves to pioneering technological advancements, promoting effortless interoperability, and safeguarding the security and effectiveness of digital currencies for enterprises and individuals alike. Collaborate with us to sculpt the financial landscape of tomorrow.

ABOUT

Anchored Coins is a Swiss issuer, focused on delivering value through its products. The company focuses on blending its strong regulatory standing and compliant approach, with practical solutions developed by crypto natives for a widely applicable range of use cases.

TRANSPARENCY

In today's rapidly evolving digital asset landscape, our commitment to transparency helps us build trust with our clients and ensures that we maintain the highest standards of security, integrity, and regulatory compliance. By offering our state-of-the-art financial solutions, Anchored Coins remains steadfast in its dedication to maintaining a culture of transparency and accountability, which is essential to fostering lasting partnerships and shaping the future of finance.

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Gartenstrass 6, 6300 Zug, Switzerland
CHE - 434.703.403
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ACHF

AEUR

SOCIAL

Company

About Us

Legal

Privacy

Dear Clients of Anchored Coins AG and Holders of AEUR stablecoins,

We are writing to inform you about a recent development concerning one of the financial institutions Anchored Coins AG works with to guarantee the issued AEUR stablecoins.

On 13 June 2024, the Swiss Financial Market Supervisory Authority FINMA (FINMA) opened bankruptcy proceedings against FlowBank SA in liquidation (https://www.flowbank.com/). The detailed information about the opened bankruptcy proceedings is available on the official website of FINMA (https://www.finma.ch/en/news/2024/06/20240613-mm-flowbank/).

FlowBank SA in liquidation is one of the Swiss banking partners engaged by Anchored Coins AG to guarantee redemption claims of the AEUR stablecoin holders. Such bank guarantee is required in case of the default of Anchored Coins AG itself. To back the guarantee, Anchored Coins AG allocated a part of its reserve as collateral to accounts held with FlowBank SA in liquidation.

While according to our current information the bank guarantee issued by FlowBank SA in liquidation has not been terminated, the collateral held by FlowBank SA in liquidation falls according to our preliminary findings into the bankruptcy estate without any privilege.

As per standard bankruptcy proceeding, all funds falling into the bankruptcy estate remain with the bankruptcy estate of FlowBank SA in liquidation until the appointed liquidator makes a decision to distribute privileged deposits and the bankruptcy dividends to the creditors.

At this moment we are working closely with the authorities and the liquidator in order to expedite the withdrawal of the collateral from FlowBank SA in liquidation and transferring it to our other banking partners as soon as possible.

While we await clarity regarding the expedited withdrawal of funds from FlowBank SA in liquidation as well as exploring all other options, the onboarding of new clients, the issuance and redemptions of AEUR and ACHF are on hold until further notice as ordered by the authorities.

Please note that the following safeguarding measures are implemented to protect token holders as much as possible under the current circumstances:

Continued 1:1 Redemption Right: The AEUR tokens in general continue to each represent a claim of 1 EUR against Anchored Coins AG. The bank guarantee is merely a safeguard in case of a default of Anchored Coins AG itself. This means that each AEUR continues to be pegged 1:1 to the Euro and represents a full claim against Anchored Coins AG.
Collateral Diversification: We have diversified our banking relationships and also maintain a bank guarantee with another Swiss reputable financial institution - Swissquote Bank SA (https://www.swissquote.com/).
Regulatory Compliance: We are working closely with regulatory authorities and legal professionals to monitor the situation at Flowbank SA in liquidation and to ensure all necessary steps are taken in accordance with the applicable laws and regulations.
Ongoing Operations: We continue to maintain a strong financial position and our commitment to delivering value to our clients and AEUR holders remains relentless.

However, please note that as the bankruptcy proceedings concerning FlowBank SA in liquidation are still in an early phase, it is not yet clear to which extent this part of our collateral can be recovered. Hence, a risk remains that in case of a shortfall, the 1:1 redeemability cannot be upheld which would lead to a respective loss for the holders of AEUR tokens. In line with the equal treatment of creditors as required by Swiss law, such loss would be applied proportionally to all AEUR token holders.

Next Steps:

We continue our efforts to expedite the transfer of the collateral from FlowBank SA in liquidation as well as pursuing all other options.
Our team is available to address any questions or concerns you may have.
We will provide timely updates as more information becomes available.

We deeply value your trust and confidence in our company. Please rest assured that we are handling this situation with the utmost care and diligence to protect your interests.

If you have any immediate questions or require further information, please do not hesitate to contact us by sending an email to info@anchoredcoins.com.

Thank you for your continued support.

Sincerely,

Anchored Coins Team