After the successful TGE the X8 project team refocused and reorganized to prepare for our next goal – the stable X8C Currency token launch. This text will describe in which areas the team is active in order to fulfil our promise to the community and how we see the path going forward from here.
A good week ago the Swiss financial market regulator FINMA published new guidelines for ICOs and blockchain businesses. We are happy to inform all of our followers that the X8 project is already fully compliant with the Swiss regulatory guidelines from FINMA. This includes the corporate infrastructure, our token model and other requirements to be able to introduce our product to the market.
On the other hand, we are working with our lawyers and advisors to implement the account structure with various different brokers, which will support the X8currency system operations. This includes a combination of traditional brokers and crypto exchanges, that are needed for seamless conversion from crypto holdings like BTC or ETH into X8C and vice-versa. The X8 project will implement 4 traditional foreign exchange brokers and establish B2B connectivity, while adding one or two crypto exchanges for Crypto-to-Fiat entry/exit points for all users.
Implementation of the above will lead to an accelerated delivery of the stable currency token product once our ARM AI (Automatic Reserve Management AI) will be able to connect the entire account structure into a working mechanism.
The team is also working on the listing of the X8X Utility Token on various established cryptocurrency exchanges as one of the priorities. Because of the NDA’s that we have, we cannot disclose the names of exchanges which we are targeting in this respect, however our plan is to introduce our tokens to as wide crypto and traditional audience as possible and through that ensure high quality liquidity and availability of our tokens in the market for all users.
In the area of communication, we are working with organizers of different events where our project will be able to introduce itself to the public. We are mostly looking to participate in events with professional/institutional audience, where the topics revolve around innovation and sustainability in the financial industry, since this is where we see our fintech company to be most equiped going forward.
Further activities, which support this narrative, are happening in the area of new digital materials, presentations, webpage, article content, PR, marketing preparations and other elements.
The project is also in the process of establishing a strong operating base in Zug, Switzerland, which includes office space and required organization to implement the strongest possible position for our company to develop into a prominent and recognized Fintech company.
Current IT activities include server cluster configurations, X8C smart contract implementation into the broader ioNectar’s ARM AI system, end user interfaces and backend system setup to be able to service first users and thorough tests before the system will be open to a wider user base.
Last but not least, the X8 project draws from experience that our team has in using our know-how to deliver solutions in the economically most sensible manner. Starting with a relatively low hard cap we also want to demonstrate a responsible use of funds and intelligent deployment of resources that we have available. Interestingly, the project has to deal with the same problem it also wants to solve for other projects. The volatile environment in the crypto market has recently showed how new projects can quickly become challenged when prices drop dramatically in a short amount of time. Nevertheless, the X8 project has secured sufficient funds to keep the promise despite this volatility in the crypto market and we are happy to let our fans know that we are doing everything that we can to bring the final product – a stable currency token – to the market more quickly and with financial resources left unspent despite the significant lower crypto conversion rates that we are able to achieve in current circumstances.
All in all, we never felt stronger about our goals while mentioned positive developments confirm that we are on the right path. We are fully committed and we are working 24/7 on achieving our goals. Our product will finally introduce systematic stability and the highest possible safety standard for all traditional and crypto users. Like postulated many times, X8currency will become the ultimate crypto safe haven, which will soon become recognized worldwide.