Fin Foundation, a newly created company with South Korean roots, are aiming to take over the Russian and CIS gasoline market, by implement the FIN token as a method of payment at gas stations.
Fin Foundation allows crypto holders to pay for petrol in crypto and get discounts in price. Oil and gas companies have recently become interested in the Fin Foundation project, because for them it is an opportunity to attract a new audience (e.g. cryptoholders) to gas stations.
One of the biggest South Korean oil refining companies have already made a deal with Fin Foundation, as well as the Russian Nordgas Trading LLC. The FIN token will also solve the problem of the lack of contactless payment options in some regions.
Fin token is using the ERC-20 protocol based on the Ethereum blockchain, but later the team plans to implement Fin Foundation’s own blockchain, as it will be more convenient when more gas stations connect to the chain. Right now, FIN token is available only on Korean exchange Bitsonic, with trading in BTC, ETH and KRW available. The team is planning to secure listings on the top Coinmarketcap exchanges.
Crypto ATM Integration & Team Setup
As the marketing director Jun Lee says, Fin Foundation has acquired a number of crypto ATMs, to allow FIN token users exchange the tokens right on the gas stations. FIN token can be transferred to the ATM from the exchange or imToken, the mobile wallet app. Crypto holders will be also able to get cash from crypto ATMs, by exchanging the FIN token for fiat currency. The biggest challenge for the team now will is the shipping of the crypto ATMs from Russia to South Korea, and adapting the software for Korean users.
The project has an international team with wide experience in the energy sector and finance. The CEO, Kirill Druzhkov, was the Head of Investment Project Support division at Sintez Holding, and has created an investment strategy for the oil and gas portfolio company. He also used to work in leading finance positions in Western World Fund, CASYS, T-Mobile and other companies. Jun Lee, CMO, previously worked as the manager on gas pipeline constructions in Turkmenistan and Uzbekistan.
Fin Foundation has ambitious plans to takeover Western European gas stations. The Next countries the project is targeted to are Estonia, Latvia and Lithuania.