FMF 2.0: An Update on Token Utility
June 4, 2019
Following up on Formosa Financial’s merger announcement with CEZEX and Katalyse.io from last week, we are eager to share three utilities for FMF that holders will be able to take advantage of in the coming weeks.
As the purpose of this merger is to create a complete digital asset ecosystem, we aim to give FMF a role in every stage of the digital asset lifecycle.
- FMF for issuance and sponsorship: With Formosa Financial holding a CEZA Principal License, we will act as a sponsor for all kinds of token offerings under the recently published DATO rules (Digital Asset Token Offering), including virtual currency, utility tokens, security tokens, and asset-backed tokens. Issuers pursuing CEZA approval for their offering and listing on the CEZEX exchange will be required to first open an account with Formosa Financial and stake 5 million FMF tokens for their application to be considered.
- FMF for custody and brokerage: The FMF staked during the issuance and sponsorship process will be used to cover custodial, brokerage, and withdrawal fees within the Formosa Financial treasury management app. These fees are communicated when transactions are performed within the platform, with wallet balances then updated accordingly. This functionality will be available to all beta users of the platform, which is due to be released in late June. Unique features for digital assets supported on the Formosa Financial platform include access to both crypto and fiat wallets, enabling multi-funding sources and global capital market management for best trade execution. Custody solutions include third-party digital asset management services including secure wallet protection and auditing services for security tokens.
- FMF for trading fees: FMF holders can deposit their FMF on CEZEX and receive discounts on trading fees for FMF pairs. In the upcoming weeks, a fee schedule will be published outlining the discounts available based on FMF held, and how trade fees are calculated in FMF price. All digital assets issued by Formosa Formosa will be eligible for listing on CEZEX for access to trading and secondary markets.
To move forward on all these fronts, we are pleased to announce that FMF will be listed on CEZEX on June 10, 2019. Stay tuned for more details about the FMF listing and release of additional products and utilities for the token!
For more information about Formosa Financial check out our official website — An institutional grade digital asset management tool for blockchain innovators.