How does our GmbH token compare to a convertible loan or a classic capital increase? The following table highlights the key differences.
| Criterion | GmbH-Token | Convertible loan | Capital increase |
|---|---|---|---|
| Form of participation | Digital profit participation right in the form of GmbH tokens | Loan that can later be converted into shares | Direct issue of new shares |
| Shareholder rights | No | No, only after conversion | Yes |
| Economic participation in current profit | Yes, like “real” GmbH shares | No, only after conversion | Yes |
| Voting rights | No, only after conversion (put option) | No, only after conversion into shares | Yes |
| Commercial register entry | Required only for conversion (put option) | Required for conversion | Required |
| Bureaucratic effort | Low (digital processing via web application, one-time shareholder resolution) | Medium (contractual provision, notarized capital increase required for conversion, shareholder resolution) | High (notarization of a capital increase, entry in the commercial register, shareholder resolution) |
| Flexibility | High (fast transaction capability via blockchain) | Medium (contract design flexible, but conversion necessary) | Low (fixed portions, long-term obligations) |
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