It is not without reason that the Swiss canton of Zug stands out in business as a hub of the financial world. It is most likely due to its keen sense for financial innovation and its decentralized political system that Zug finds itself again at the spearhead, this time with the adoption of blockchain technologies.
An ecosystem of blockchain innovation has been founded in Zug, connecting other places of innovation in this field, such as Singapore, Silicon Valley, New York and London. The X8Currency team finds the Cyrpto Valley an ideal environment for the placement of the X8 project. Where else can one find institutional support of finance and industry, supportive local government, progressive associations and various interested market participants from all over the world in one place?
The increasing frequency of successful Zug-based ICOs has attracted the attention of the Swiss Financial Market Supervisory Authority (FINMA). In September this year FINMA released a statement acknowledging ICOs as vehicles for fund-gathering. However, they stopped short of prescribing regulation. Another Swiss government-sponsored body, the Crypto Valley Association, expressed the desire for the clarification of ICO tokens’ status in legal terms. The same association also came forth with a code of conduct for ICOs that would prevent fraudulent practices. The Crypto Valley Association is composed of corporate and individual members, proficient in various disciplines such as taxation, cyber security and legal. The X8 team has no doubt that such mutual encouragement between financial entities allied with a multidisciplinary approach will result in regulation that will hinder neither progress nor innovation. The KYC procedure already built into the X8 project’s system and the clear use of utility tokens make sure that X8Currency finds favourable sentiment in Zug.
But there is not only the progressive and benevolent cryptofinancial environment working for the X8 project in Zug. The traditional financial infrastructure involved in the project includes one of the top-rated banks in the world when it comes to safety. The funds placed in the bank will be reinsured by the world-renowned SwissRE. The gold coins comprising a part of X8currency’s basket will be stored in two Swiss facilities where all reserves are insured by default — Malca-Amit S.A. and GoldSwitzerland. And there is also JP Fund, a financial institution that kindly agreed to provide independent auditing and monitoring of the funds managed by X8 AG. This will be an additional measure providing transparency besides blockchain-secured auditing.
Just as the applicability and usefulness of the X8 project spills over the boundaries of the crypto world, its attractiveness spills over the boundaries of any single state. Which is why we are confident that embedding the X8 project in the well-designed Zug financial ecosystem is the fastest route to global recognition of X8Currency.