Issuance and subcription of «Pombo Tokens»
Today, October 15th, the head office of Gómez-Acebo & Pombo was the setting for the first issuance of tokens with blockchain technology by a law firm in Spain. The issuance was subscribed by CEMEX, EBN Banco, Ford, Fundación Bancaria Ibercaja, Fundación Botín, Fundación Mutua Madrileña, Grupo Romeu, IBM, MACSA ID and Mutualidad de la Abogacía.
This initiative is aimed at making institutions, companies and foundations into stakeholders of the social projects coordinated by the Fernando Pombo Foundation, offering the utmost transparency and guarantees afforded by blockchain technology.
“Pombo Tokens”, which are a pioneering initiative in the legal sector promoted by the Fernando Pombo Foundation, Gómez-Acebo & Pombo and the Blockchain Work Labs start-up, are a groundbreaking way to launch and participate in projects that use legal innovation for social change.
This new fundraising model not only provides donors with greater transparency and traceability, but also allows them to participate in decisions regarding how their funds are to be spent. Following the success of the first issuance of Pombo Tokens, the idea is to expand this project with other issuances in the future, in order to keep making progress in social responsibility with a highly innovative touch.
The entities that subscribed the Pombo Tokens can choose where to assign their tokens from among the projects led by the Fernando Pombo Foundation. These projects focus on “Minors and Health”, “Gender-based violence among teenagers and older women” and “Victims of Human Trafficking”.
The use of blockchain to raise funds for our projects allows us to reduce time and management costs and alleviate the overburdened corporate donation process, streamlining the flows between companies and society in terms of social responsibility.
Carlos Rueda, managing director of Gómez-Acebo & Pombo, expressed in his presentation that “we are very proud to have set in motion such an innovative project in the Spanish legal sector on behalf of the social interest initiatives being presented today by the Fernando Pombo Foundation. I would like to personally thank all the entities represented here today and which are going to join us on this adventure for their support in this endeavour, which is going to be a watershed in the legal world and in the way of structuring contributions to social interest projects”.
Francisco Peña, president of the Fernando Pombo Foundation, stated that “with this project, our aim is to promote the legal profession’s commitment to social innovation and transparency”. Carmen Pombo, director of the Fernando Pombo Foundation, highlighted that “these tokens have a clear single objective: to advance projects that improve vulnerable group’s access to their rights”.
Juan García, CEO of Blockchain Work Labs, indicated that “technology is a tool that should have the objective of improving people’s lives. We are banking on blockchain as a groundbreaking element to create added value for companies and third sector initiatives, leading to trust and transparency in the information provided”.