Greetings from the Bezant Team!
The fourth quarter of 2019 was a harsh one. Bezant invested heavily in capital and manpower to stay ahead of the blockchain technology and to dominate the market. Bezant focused on blockchain core-technologies and businesses such as remittance, investment and payment services via global exchanges.
However, progress has not been easy due to various financial regulations and governmental regulation uncertainties for different countries. Bezant spearheaded platform development, while global exchange partners did infrastructure and distribution. But due to a number of recent partner issues, unfortunately Bezant was forced to restructure its blockchain business and payment platform business.
It is expected that it will take longer than expected before blockchain becomes popular. The same goes for blockchain technology to be commercialized and for the blockchain D-app ecosystem to be as complete and robust as the mobile-app ecosystem. Blockchain is still under financial sanctions and there are still country-specific regulatory uncertainties. There is no blockchain service that is actively used in our daily life. When will the time come?
Like any other emerging technologies, blockchain must be invested with a long term vision and most importantly we must survive. Bezant Foundation had to undergo a restructuring of BaaS team to minimize costs and focus only on the token business, which enables sustainable business. In turn, we are creating a practical token use-case.
Token Use Cases
The Bezant Foundation focuses on the token business, which enables sustainable business, and especially on cross-border financial services. Bezant will build a model that contributes to the value of tokens by implementing investment, payment and remittance services using Bezant tokens.
Financial Services via Lending Platform
Bezant has been adopted by Transwiz, a P2P rendering platform. Transwiz began soft launching in December 2019 and is ready for commercial use in 2020. There are already many P2P lending platforms on the market, but we are very competitive because of the following reasons:
1) Platform with Blockchain Technology
Terms and conditions between borrowers and investors will be recorded in a smart contract which is basically a transaction encoder. Every transaction will be recorded in the blockchain system to create secured and transparent financial records that benefit both borrowers and lenders. With smart contract, each loan will be fractionalized into small investment units which will reduce risk for investors instead of relying only on one borrower.
2) Global Cross-Border Service
Transwiz offers high potential investment opportunities for global investors by supporting the deposit and withdrawal of Bitcoin, Ethereum and Bezant Tokens, as well as investments through regular bank accounts. When investing in cryptocurrency, the amount of local fiat currency corresponding to the price of the cryptocurrency at the time of investment is invested; and when it is recovered, the cryptocurrency corresponding to the total amount of the principal and interest.
3) High yield
Compared to other existing lending platforms in the market, Transwiz stands as a unique platform which provides the highest interest rates — 20% on average per year.
Commercialization will take place in the first half of 2020. Details will be announced in a separate announcement.
Payment service via payment platform
Bezant has partnered with companies that want to innovate payment and settlement methods between international buyers and Korean sellers. Through this, we provide IT infrastructure (Wallet service, POS system service) to exchange cryptocurrency between buyer and seller.
Partners have already signed contracts with a number of large duty-free stores to introduce the system and they will begin to use within the first quarter. Once implemented, buyers can streamline their operations of exchanging and remitting, and sellers also can obtain the advantage of real-time settlement.
Bezant tokens can also be used with the launch of this service. Bezant has established a strategic partnership with several companies and will use its overseas business experience and network to help win the other global duty free shops.
In addition, for offline retailers who want to implement cryptocurrency payments because of inflation risk, lack of cash, and high fees from existing payment methods, we will apply the Bezant Token to solutions that can enable cryptocurrency capability with minimal requirements like QR code; without installing or linking to a full-fledged cryptocurrency system.
Details of the partnership will be announced in a separate announcement. We will do our best to have a tangible result within the first quarter of 2020.
BEP-2 ERC-20 Token Swap
In June last year, Bezant decided to join the Binance ecosystem and issued a Binance chain-based Bezant token to be listed on the Binance Decentralized Exchange.
This allowed Bezant to extend the token ecosystem, enabling the trading of the Bezant token not only on the Ethereum network, but also on the Binance chain, giving token holders greater flexibility and greater privacy.
The decision was to select Binance as the liquidity partner exchange for Bezant Token, while other global cryptocurrency exchanges seeking strategic direction to build their own blockchain network to support cryptocurrency trading.
Bezant worked with Binance to promote the Binance chain-based Bezant token. It was a strategic decision that the company only allowed a one-way swap process from Ethereum network-based Bezant tokens to Binance chain-based Bezant tokens in order to balance the distribution of those two tokens.
Bezant has prepared a two-way token swap process based on the circulation of Binance chain-based tokens and the rate of transaction growth. In the process, it was confirmed that token holders are highly dependent on exchanges that support transactions between fiat currencies and Bezant tokens due to difficulties of the cryptocurrency/blockchain industry and regulatory issues.
In view of this situation, Bezant determined that providing a two-way token swap process was a top priority for the Bezant token holders and completed the development of the process.
By the end of January 2020, we will open an interoperable token swap service that freely swaps ERC-20 (Ethereum Network Standard) based tokens and BEP-2 (Binance Chain Standard) based tokens in both directions. Exact schedule and usage will be communicated in a separate notice.
The fourth quarter, we focused on expanding the use of Bezant tokens. Increasing the use of tokens will nourish various D-Apps as partners in the re-promotion of the commercialization of the Bezantium mainnet in the future when the blockchain infrastructure of the existing industry get re-activated.
Bezant is also taking a strategic approach in this context. We are discussing cooperation with companies to solve the limitations of the existing financial infrastructure through the combination of cryptocurrency and IT services; to maximize the core value of cross-border currency.
Bezant continues to work with a number of partners to support investment and loan services in emerging markets with a weak financial infrastructure and to help establish cross-border remittance and settlement services. Through these efforts, we will do our best to boost the number of Bezant token holders and to increase trading volume.
Thank you!
Bezant Team
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