Crunchfish are pleased to announce that Lipis Advisors have today released their first whitepaper in the series – Enabling offline payments in an online world. The whitepaper with the subtitle – A practical guide to offline payments design, provides valuable insights to how offline payments relate and can interoperate with online payment system. It provides a novel and elegant way of categorizing offline payment solutions by three design choices which provides the payment ecosystem with a better understanding of the nuances of offline payments.

Lipis Advisors have today, in partnership with Crunchfish, released their first whitepaper – A practical guide for offline payment design – outlining the architectural approach and criteria for offline payments. The whitepaper includes a novel and elegant way to categorize offline payment solutions using three design options. This categorization will be a provide the payments ecosystems and issuers a better understanding of the various kinds of offline payment solutions that may be implemented to augment their online payment systems.

1. Online Payment Rail: The design options are token-based or account-based. All cryptocurrencies are token-based, whereas all real-time payments systems are account-based. Central banks have a choice whether their online payment rail for CBDC should be token- or account-based.

2. Offline Security Protocol: The options are either native (layer-1) or a non-native (layer-2) tokens security protocol. Native/non-native is described in relation to the underlying online payment rail.

3. Offline Trusted Environment: Here the options are either hardware-based or software-based.

Crunchfish, a deep tech company focused on offline payments and gesture interaction, provide Digital Cash solutions for all design choices. The whitepaper presents six offline payments case studies of which two involve Crunchfish Digjtal Cash; the CBDC eNaira project for the Central Bank of Nigeria as well as Offline Retail Payments for HDFC Bank, closely monitored by the Reserve Bank of India in RBI’s Regulatory Sandbox. Both projects use non-native layer-2 tokens issued from a Trusted Environment implemented on smartphones. Whereas eNaira has a token-based online payment rail, the ORP project integrates with an account-based online payment rail.

On Friday the 20th at 8 am CET / 12.30 IST, Crunchfish, in partnership with Lipis Advisors, will host a webinar where payment expert Bonni Brodsky at Lipis Advisors will present the key insights of the whitepaper, followed by a moderator-led panel discussion with Beju Shah, Head of BIS Innovation Hub in the Nordics, and Crunchfish CEO Joachim Samuelsson as panelists. Register here

All webinars will be available on our website, our YouTube channel and as podcasts on Spotify, Apple Podcasts and anywhere where podcasts are available, distributed from our SoundCloud channel. You can subscribe and never miss when we publish new episodes.

About Lipis Advisors
Lipis Advisors is a Berlin-based strategic consulting firm focused exclusively on the payments sector. Our expertise has expanded over the years, evolving from research-driven comparative analysis of core payment systems to strategic advice for diverse stakeholders on topics ranging from cryptocurrencies, CBDCs, digital banking, real-time payments, fraud mitigation, payment design and implementation. We have provided consulting services to clients in 40+ countries around the world, including international organizations, financial institutions, payment service providers, fintechs, payment schemes, payment system operators, technology vendors, industry associations, and regulators.

 
For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on 19 January 2023 at 12:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish are listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish in partnership with Lipis Advisors announce today a new whitepaper series coupled by webinars in a series on the theme “Enabling offline payments in an online world”. The first whitepaper by Lipis Advisors, due out on January 19th, 2023, and the webinar following on January 20th, 2023 will focus on “A practical guide for offline payment design”.

The interest in offline solutions from central banks, commercial banks and payment system providers have skyrocketed in recent years. Crunchfish in partnership with Lipis Advisors are proud to announce a new whitepaper and webinar series on the theme “Enabling offline payments in an online world” with the purpose of helping central banks, commercial banks and payment service providers understand the many practical aspects and how to implement offline payment solutions.

The video trailer to the whitepaper and webinar series is available here

The first whitepaper focused on practical offline payment design, which will be released on January 19th, 2023, and the subsequent webinar discussing the whitepaper is arranged on January 20th, 2023 at 08.00 CET / 12.30 IST. The webinars will be live streamed on zoom and LinkedIn and recorded and will start with a short presentation of the whitepaper, followed by moderated Q&A with a panel and the audience.

Register for the premiere webinar – A practical guide to offline payments design – following this link

After registering, you will receive a confirmation email containing information about joining the webinar.

All webinars will be available on our website, our YouTube channel and as podcasts on Spotify, Apple Podcasts and anywhere where podcasts are available, distributed from our SoundCloud channel. You can subscribe and never miss when we publish new episodes.

About Lipis Advisors
Lipis Advisors is a Berlin-based strategic consulting firm focused exclusively on the payments sector. Our expertise has expanded over the years, evolving from research driven comparative analysis of core payment systems to strategic advice for diverse stakeholders on topics ranging from cryptocurrencies, CBDCs, digital banking, real-time payments, fraud mitigation, payment design and implementation. We have provided consulting services to clients in 40+ countries around the world, including international organizations, financial institutions, payment service providers, fintechs, payment schemes, payment system operators, technology vendors, industry associations, and regulators.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish are a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish are listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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Crunchfish Digital Cash AB (“Crunchfish”) has received an International Preliminary Report on Patentability (IPRP) in Chapter II of the Patent Cooperation Treaty (PCT) for a key Digital Cash patent application PCT/SE2022/050152 indicating that all claims 1 – 39 are deemed patentable. The main claim of this patent has very broad applicability as it protects many aspects of non-native layer-2 offline payment solutions in addition to its focus on domestic and international interoperability between CBDC-, Real Time Payment- and Closed Loop Wallet- payment service applications.

The innovation titled “Payment service provider interoperability in digital payments” in the attached PCT-application relies on payment system applications using a shared root certificate for domestic and international interoperability for offline proximity payments. It covers also cross-border payments by managing exchange rates offline.

The patent protects how CBDC-Retail applications issued by the central bank may become interoperable with other payment service applications in the same country as well as how CBDC-Retail applications from multiple countries, multi-CBDC or mCBDC, can interoperate. It also covers interoperability between Closed-Loop Wallets and Real Time Payments applications domestically as well as internationally.   

Furthermore, the main claim of this patent is broadly defined protecting many aspects of non-native layer-2 offline payment solutions in general, in addition to its focus on interoperability. This makes this Digital Cash patent a key strategic asset for Crunchfish which we are likely to nationalize in many countries world-wide during the nationalization phase within 6 months.

”Some patents are commercially more valuable than others. This is arguably our most important Digital Cash innovation as it protects many key aspects of the Digital Cash messages with its non-native layer-2 tokens. It is the very essence of Crunchfish Digital Cash and puts Crunchfish in an enviable protected position in the area of offline payments”, says Joachim Samuelsson, CEO Crunchfish AB.

The patent has priority from a provisional patent application filed in February 2021. This clean IPRP report of this key Digital Cash innovation follows the announcement of this innovation being granted a patent in Sweden with number SE 544277 in December 2021. The next step is to enter the phase of national phase before August 2023 when Crunchfish must decide which markets to protect this important intellectual property. A patent if granted is valid until February 2041, 20 years from the original filing date.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 12 January 2023 at 08:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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To increase the understanding among investors for Crunchfish and our value proposition, and connect with new investors, Crunchfish has signed an agreement with Emergers for their Commissioned Research and Corporate Broking service. Crunchfish will continue with offering commissioned research from Västra Hamnen Corporate Finance in parallel.

Emergers’ Commissioned Research service comprises equity research coverage, video interviews, graphic quicktakes and other material to communicate Crunchfish’s equity story to existing and new investors in an accessible way. Emergers’ Corporate Broking service aims to actively increase attention on Crunchfish equity story from investors of all levels. Emergers plans to initiate coverage on Crunchfish during January 2023. Since inception in 2020, Emergers have helped over 30 Small Caps across Nasdaq First North Stockholm, Nasdaq First North Helsinki, Spotlight and Nordic SME to connect with new investors.

Crunchfish have provided its investors with commission research from Västra Hamnen Corporate Finance since May 2019. Their equity research reports are available here at Crunchfish website as well as on Västra Hamnen’s Corporate Finance website. Crunchfish intend to continue with offering their equity research as well in parallel.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 28 December 2022 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with subsidiary in India.

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Crunchfish AB (“Crunchfish” or the “Company”) today announced the result of the exercise of warrants of series TO9, which were issued in connection with the Company’s unit issue in October 2021. The result shows that a total of 1,602,869 warrants were exercised for subscription of 1,602,869 new shares in the Company, corresponding to approximately 93.3 percent of the total number of issued warrants of series TO9. Through the exercise, Crunchfish receives approximately SEK 21.5 million before transaction costs.

In October 2021, Crunchfish conducted a unit issue of shares and warrants, where every unit consisted of three (3) shares and two (2) warrants of series TO9. In total, 1,718,072 warrants of series TO9 were issued. Every one (1) warrant entitled the holder to subscribe for one (1) new share in Crunchfish. In accordance with the terms and conditions for the warrants, the subscription price per share was set to SEK 13.40.

The subscription period is now complete and the result shows that a total of 1,602,869 warrants were exercised for subscription of 1,602,869 new shares in the Company, corresponding to approximately 93.3 percent of the total number of issued warrants of series TO9. This will bring a total of approximately SEK 21.5 million to Crunchfish before transaction cost, approximately SEK 0.5 million.

“We are very happy with the outcome of the exercise of T09 warrants and appreciate the trust in our business. With this capital injection we have secured financing of our business for 2023”, says Joachim Samuelsson, CEO of Crunchfish 

Through the exercise of 1,602,869 warrants of series TO9, the number of shares in Crunchfish increases with 1,602,869 shares to 33,039,167 shares, and the share capital increases with SEK 73,731.974 to SEK 1,519,801.682. This entails a dilution of approximately 4.9 percent based on the number of outstanding shares in Crunchfish.

Delivery of new shares
Shares that have been subscribed and paid for will be registered on the subscriber’s securities depository as interim shares (IA) until registration of the issue has been completed with the Swedish Companies Registration Office, whereupon the interim shares automatically will be converted into ordinary shares in Crunchfish. The interim shares are expected to be converted to shares within two weeks, i.e. around 3 January 2023.

Financial advisor, issuing agent and legal advisor
Västra Hamnen Corporate Finance AB is financial advisor and Nordic Issuing act as issuing agent to Crunchfish in connection with the exercise of warrants of series TO9. Setterwalls Advokatbyrå AB is legal advisor.

IMPORTANT INFORMATION
The information in this press release does not contain or constitute an offer to acquire, subscribe or otherwise trade in shares, warrants or other securities in Crunchfish. An offer to concerned persons to subscribe for units consisting of shares and warrants series TO9 in Crunchfish has only been made through the prospectus that Crunchfish published on October 6, 2021.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 20 December 2022 at 11:45 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with subsidiary in India.

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Crunchfish together with HDFC Bank and one additional Indian bank are ready to start the pilot for Offline Retail Payments. The pilot will host real users and real money, supervised by the Reserve Bank of India.

Crunchfish in partnership with HDFC Bank and one additional Indian bank have been working together to develop a solution for Offline Retail Payments that will be demonstrated in a pilot to Reserve Bank of India (RBI) in their Regulatory Sandbox program*. The project, if successful, will provide the basis for RBI’s guidance and regulatory support in providing Offline Retail Payments, based on Crunchfish Digital Cash platform, to the payment ecosystem of India.

Development and quality assurance of the Offline Retail Payments have now been finalized. As part of the quality assurance a security audit, including penetration tests, is being conducted by an external security firm in India. First phase of the pilot will onboard users in a small-scale test during Christmas, followed by an extended rollout of the pilot in January. The pilot is scheduled to run for a period of four months, followed by a one-month evaluation by RBI.  

“We are eager to start this pilot with RBI and our two partnering banks. The pilot will host real consumers and merchants, using real money under the supervision by RBI. It will be a great chance for us to show the value of    Digital Cash in an Indian user environment. I’m also very pleased that the Digital Cash product has passed the extensive security review with only minor remarks. It proves the quality and trustworthiness of our product and adds to credibility in our discussions with other Central Banks, commercial banks and payments services around the world.", says Joachim Samuelsson, Crunchfish’s CEO.

Crunchfish and HDFC Bank have started discussions around licensing of Crunchfish Digital Cash. The commercial proposal under discussion with the bank will form an integral part of the licensing arrangement.

*The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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