Year in Review
2018 for FintruX Network
Dear Community,
It is that time of the year to take stock and reflect on the achievements of the past one year, while also planning for the year ahead.
Over the year, as an organization, we have made great progress in terms of our platform development with constant updates and knowledge being shared with our community. Though, we faced challenges in the form of complex regulatory landscapes, we continue to persevere and develop exciting, innovative solutions while staying true to our key success factors of transparency, risk reduction and efficiency.
Meanwhile, we have also built up our marketing & business development efforts and have entered into several strategic partnerships that aim to enhance our competitive positioning and offerings.
2018 has been an exciting year with industry leaders utilizing the decentralized nature of the technology to conceptualize groundbreaking solutions in their field. Some of these include innovations in payments, artificial intelligence and Internet of Things, just to name a few. We look forward to 2019 as the year of delivery of these great solutions, and mass adoption of blockchain technology globally.
Here’s a quick review of our year:
Token Sale
- Based on our strengthened marketing efforts and positive media exposure in late 2017, we successfully raised a total of 22,105 ETH (valued at US$25 million at the time) during our token sale in February 2018.
- In total, 39,503,157 FTX tokens were sent to our token sale participants.
Community Engagement
- We have had an amazing network of supporters who have been encouraging us through our various mediums including Telegram, Twitter, Facebook, Linkedin, Reddit and more recently Instagram.
- We have ramped up our efforts for global engagement via our website chatbot at www.fintrux.com
Sharing not Burning program
- To benefit our token holders, we implemented the ‘Sharing not Burning’ program that meant all original token holders would get an additional allotment of FTX proportional to the ETH contribution they made during our crowdsale.
- Based on a round of voting on suggestions made from the community, an overwhelming 86.2% majority — 48.64% crowdsale and 51.36% new supporters chose the option to “Distribute Sharing Tokens Immediately to Whitelisted Wallet Owners (Crowdsale Participants)”.
- This was our final distribution for the Sharing not Burning program at the amount of ~29,571,369 tokens.
Alpha Test
- A loan of $300,000 SGD was deployed to test viability of business and legality in Singapore.
- A $500,000 SGD equity backed loan was deployed to test our technology and process with asset backed loans as well as unsecured loans.
Technology
- The platform prototype has been refined with new infrastructure and architecture, along with improved programming language such as react.js, redux, and bootstrap for enhanced user experience.
- We also developed our no-code generation to generate a new class of responsive mobile first screens to be extremely lightweight and user-friendly.
- Merged smart contracts with localized loan agreements in different jurisdictions. We designed and tested FRX smart contract to facilitate all payments on the platform to be sent and received in seconds.
Legal
- Our team worked with the top legal minds in Singapore, US, and Canada to contact and seek licensing requirements from respective regulatory bodies. We also explored opportunities and legalities in Malaysia, Indonesia, and Vietnam.
Knowledge Center
- With the aim of sharing updates and being positioned as the one-stop source for information regarding financing and blockchain based p2p lending, we have recently started posting a series of informative blogs for aspiring entrepreneurs and investors.
- We successfully launched our own internal FintruX Network Blog on the FintruX website.
Roadshows
- Over the year, FintruX Network participated in several roadshows, conferences and tradeshows which helped us promote our brand and make partners in the relevant communities.
- A few of the events we attended include, Singapore Fintech Festival, VanFunding, CFLA Conference, Small Business Lending forum, RISE, Consensus, Global Inclusive Blockchain conference, Lendit Conference, Fintech and Funding Conference: VELOCITY, Blockchain Week London 2018, Blockchain, cryptocurrency and beyond
- We were also recognized as one of the top 3 favorite startups out of 10,000 others at Asia’s largest tech conference, RISE 2018.
Media Mentions
- FintruX Network and our founders got featured in several prominent publications like The Street, Tech Bullion, Bloom Fireside Episode , Coincryptonews, Hackernoon among others.
- We have also had committed members of our community publishing articles about ‘FintruX Network will disrupt the Financial lending market’ and ‘Is FintruX the future Bank?’
Partnerships
- Over the last year, we have been able to form successful partnerships with various enterprising institutions like Cynopsis Solutions, Bloom, Hive, Datawallet, Persona, Trust Wallet, Traceto, Sentinel and Quoine.
Team
- We are continually recruiting fantastic talent across all our departments. Over the last year, we have had several leading intellectuals join our advisory team, including Brinden Anandakumar and Marc Frohman. We have also had several promising individuals joining our Marketing, Operations and Development teams.
It has been a great past year for us at FintruX Network, with a lot of learning and business development.
2019 and Beyond
Keeping in line with our roadmap, the team is working hard to deliver an innovative, remarkable P2P solution that will change the face of lending as we know it. With many product lines planned, we aim to position FintruX Network as the guardian angel and resource for SME growth globally, starting with the simplest unsecured loan.
Encounters with regulatory hurdles and our ongoing successful beta testing has been a steep learning curve for us, and we look forward to accomplishing additional 50 loans in Singapore in Q1 as part of our beta testing efforts. We look forward to disclosing more details about our latest innovative products and announcements on our newest partners that are helping us with our efforts as the next few months progress successfully.
We look forward to the continued support of our great community and wish everyone a very happy and prosperous 2019!
Yours Truly,
The FintruX Team
About us: FintruX Network is the true P2P lending ecosystem built on the blockchain, powered by credit enhancements and no-code generation. The platform makes it easy for borrowers to connect with reputable lenders and servicing agencies, save money with competitive interest rates, and get an affordable loan within minutes in a fair and transparent process without collateral.
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