The Board of Directors of Crunchfish AB (“Crunchfish”) has decided to withdraw the proposal for an incentive program presented to the Annual General Meeting on 21st May 2025. The background to the withdrawal is that the Board of Directors, following dialogue with major shareholders, has found reason to propose a revised incentive program for resolution at an Extraordinary General Meeting to be held on the same day as the Annual General Meeting. 

As stated in the notice of the Annual General Meeting on May 21st, 2025, the Board of Directors of Crunchfish has proposed that the Annual General Meeting resolves on an incentive program for employees and key persons through a directed issue of warrants with accompanying subscription of new shares in the company (item 12 on the proposed agenda for the Annual General Meeting). Following the publication of the notice, the Board of Directors has had a dialogue with major shareholders where it emerged that they are in favor of a revised larger incentive program. 

In view of this, the Board of Directors has prepared a revised proposal for an incentive program which comprises up to 7,500,000 warrants instead of the up to 1,500,000 warrants in the original proposal, but at a higher strike price set at 400% of the volume-weighted average price, instead of the original proposal’s 200%, calculated during the 10 trading days immediately before the Annual General Meeting. As part of the new incentive program, Crunchfish will also repurchase warrants from previous incentive programs held by the participants in the new program. 

To enable the implementation of the revised proposal, the Board of Directors has decided to withdraw the original proposal to the Annual General Meeting and instead present a revised proposal to an Extraordinary General Meeting to be held on the same day as the Annual General Meeting, i.e. 21st May 2025. The notice of the Extraordinary General Meeting will be published through a separate press release. 

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 above for publication on 30th April 2025 at 12.45:00 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 fintech company providing a Digital Cash solution enabling offline payments. The solution is designed for banks, payment services, and Central Bank Digital Currency (CBDC). Crunchfish Digital Cash augments payment systems by offering resilience in case of lost internet connections or server failures. The company, with headquarters in Malmö, Sweden and a subsidiary in India, is listed on Nasdaq First North Growth Market since 2016.

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Crunchfish Digital Cash AB (“Crunchfish”) has received an intention to grant of a patent with no. 546 770 from Swedish Patent and Registration Office (PRV) protecting quantum-resistant security provisions for an offline digital payment. This innovation makes Crunchfish Digital Cash resistant to attacks by quantum computing, keeping payment information secure even after large-scale quantum computers have become available. The patent is valid until March 2042.

The advent of large-scale quantum computing offers great promise to science and society but brings also significant threats to the global information infrastructure. Public-Key Infrastructure (PKI), widely used on the internet today, relies upon cryptography that is believed to be secure given the computational power currently available. However, popular cryptographic schemes, including RSA and Elliptic Curve Cryptography, will be easily broken by a quantum computer. This will rapidly accelerate the obsolescence of our currently deployed security systems and will have dramatic impacts on any industry, including payments, where information needs to be kept secure.

This patented innovation is based on combining two different data integrity schemes and offers a new paradigm for offline payments that addresses the challenges which can be expected in the era of quantum computing. A two-step process is applied. Offline payments are first negotiated by short-range data communication using a cryptographic hash operation or symmetric cryptography with a shared secret followed by online synchronization by broadband communication using quantum-safe asymmetric cryptography.

All information that is transmitted on public channels is vulnerable to eavesdropping. Encrypted data can also be stored for later decryption once quantum computing becomes available. Bitcoin is one example where previously made transactions are accessible by anyone and puts a substantial amount of Bitcoin at risk. Even if large-scale quantum computers are still a few years into the future, preparations must be made now, as the timing when technical innovation leapfrogs is hard to predict.

“We are extremely happy that yet another innovation has been deemed patentable. It strengthens Crunchfish leadership in offline payments by making Digital Cash safe for quantum computing attacks. It solves a key problem that must be addressed in the advent of quantum computing”, says Joachim Samuelsson, CEO of Crunchfish.

The patent has priority from a Swedish patent application no. 22050413-8 filed in March 2022. It has previsouly received a positive international preliminary report on patentability (IPRP) during the PCT-phase and recently been nationalized in Europe, USA, India and Brazil. 

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 15:45 CET on January 21st, 2025.

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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been 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 a Notice of Allowance from the European Patent Office (EPO) for its initial Digital Cash patent application. Europe is the second major jurisdiction to grant a patent for this innovation following the grant in the US earlier this year. The patent with application number EP 20 916 267.6 is valid until January 2040, 20 years from the original filing date.

This patent protects many fundamental aspects of offline payments. The basic premise is that the transaction is digitally signed by the payer from a hardware-based or software-based secure element if there is sufficient balance available and that the transaction is then transferred offline to the payee. Both parties store the digital transaction, which is later sent to the backend when either party gets online access. 

This patent application has previously been granted in the US, received a positive International Preliminary Report on Patentability and is also in the process of nationalizing the patent application in India, China, and Taiwan. In Europe, Crunchfish intends to request a European patent with unitary effect (Unitary Patent) that provides uniform patent protection in the 18 EU Member States participating in enhanced co‑operation and having ratified the Agreement on a Unified Patent Court. 

“It is extremely pleasing that our initial fundamental Digital Cash patent application for offline payments will now also be granted in the Europe. This is strategically important as the patent application has an early priority date from January 2020, the focus on offline payment in Europe with the Digital Euro and other offline payment providers, and that it increases the chances of a grant also in India and China”, says Joachim Samuelsson, CEO of Crunchfish.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 10:45 CET on December 16th, 2024.

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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been 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 today released a new version of the Digital Cash SDK which brings support for programmable money. Programmable money brings the possibility to dedicate payments for pre-defined categories, for example meal benefits, health welfare, allowances, etc. A sub-wallet is dedicated for the specific category of payments and validated to ensure that debit is made from the correct sub-wallet. This is an important feature especially for CBDC implementations but is also relevant for commercial payment applications.

Digital Cash SDK 2.6 will be launched at the Payments, Innovation, And Technology Week in London. This event, organized by Currency Research, gathers Central Banks, regulators, payment operators and technology providers from across the world. CPO Magnus Lageson will host a Lunch Session on Tuesday September 24, where he will present how Digital Cash now also adds support for programmable money. 

The Government of India introduced the Direct Benefit Transfer (DBT) program to transfer/credit subsidies directly into a person’s bank account. By using programmable money, it is possible to ensure that e.g. a food benefit is assigned to an applicable sub-wallet and only used for its intended purpose.

Focus areas for the new Digital Cash SDK have been to add functionality to meet general requirements from the market, including e.g. programmable money and new security features. Also, specific requirements identified in the ongoing customer integrations have been implemented to strengthen the Digital Cash product portfolio even further.

Other highlights in the new Digital Cash SDK version 2.6 include:

• Customer specific reference field
• Improved application interfaces and documentation to simplify integration for customers
• Support for iOS 18 and Android 15
• Improved certificate management 
• Improved security features

“Thanks to our ongoing projects and partners we have received new requirements which our development team has been working hard to finalize. I’m really happy that we now can offer programmable money support to our customers and partners in order to support pre-defined purposes of payments. One example of such application is the Indian DBT program. I’m very much looking forward to present our latest developments at the Payments, Innovation, And Technology Week in London. ” says Magnus Lageson, CPO at Crunchfish Digital Cash.

More information about Direct Benefit Transactions in India is available here.

The new version will be made available to existing customers through the Crunchfish Developer portal. 

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 September 24th, 2024, 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 is 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 is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with subsidiary in India.

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Retail CBDC systems are challenging to implement in practice. There are many features of cash that are desirable to replicate in digital form, such as the ability to pay offline and with privacy. This whitepaper highlights the problems of making premature design decisions on form without realizing its limiting consequences on the function and presents alternatives that are more suited for delivering the desired function. Defining function before form is of paramount importance for a successful implementation of CBDC in practice.

This whitepaper discusses two pre-mature design decisions on form for retail CBDC systems that has negative consequences on function. First, the assumption of representing retail CBDC as a digital banknote. A layer-2 approach which improves privacy and has better ability to pay with exact amounts is discussed in the whitepaper. The second example of pre-mature assumptions on form relates to hardware-based secure elements. The whitepaper discusses trusted client applications in virtual secure elements as a better form for implementing the retail CBDC function. Find the whitepaper on this link.

This Crunchfish whitepaper is also published today on pages 12-15 in Currency Research bulletin Central Bank Payment News, July 2024 edition.

“Crunchfish argued early that it is not ideal to implement retail CBDC for offline payments in the form of a digital banknote. We also believe in delivering trust in mobile devices for offline payments by means of virtual secure elements, in contrast to using hardware-based secure elements. I believe Crunchfish will be proven right on both counts", says Joachim Samuelsson, Crunchfish’s CEO.

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 above for publication on 29th July 2024 at 16:15 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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been 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 a Notice of Allowance from the US Patent and Trademark Office (USPTO) for its initial Digital Cash patent application indicating that all claims are deemed patentable. US is the first jurisdiction to grant a patent for this innovation. The patent with application number US 17/796 050 is valid until January 2040, 20 years from the original filing date.

This patent protects many fundamental aspects of offline payments. The basic scope is that the transaction is digitally signed by the payer and transmitted locally to the payee as a token providing the payee with a digitally signed commitment. When any of the parties gets online access, the transaction, stored by both parties, is communicated to the back-end ledger independently of each other. 

This patent application has previously received a positive International Preliminary Report on Patentability and it is now in the process of being nationalized in the US, Europe, India, China, and Taiwan.

” It is extremely pleasing that our first and very fundamental Digital Cash patent application for offline payments is now granted in the US. This is strategically important for several reasons; the patent application has an early priority date January 2020, a very wide scope that protects many technical aspects and we expect that our many other Digital Cash patent applications may also later be granted in other jurisdictions”, says Joachim Samuelsson, CEO of Crunchfish.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information is such information as Crunchfish AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11:45 CET on July 1st, 2024.

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 device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

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