Formosa Financial Biweekly Vol.17
№00017, 31st, May 2019
Following up on the action described in our previous edition of Biweekly Vol. 16, this time around we are excited to recount the details of a major strategic move forward for the Formosa project — merging with CEZEX and Katalyse.io. In this edition we will also reveal the features of our Beta release. The team is making sure to have all the information laid out for you all. Stay tuned for more announcements and activities stemming from the recent merger.
Formosa Financial announces the merger with CEZEX and Katalyse to create a complete digital asset ecosystem
Last week Formosa Financial announced a merger with CEZEX and Katalyse.io. Together, the three businesses will combine to form a comprehensive ecosystem enabling an integrated solution for cryptoassets from tokenization (issuance), listing, treasury management and trading of any cryptoasset for clients in both the blockchain industry and capital markets alike. Formosa Financial and CEZEX are further complemented by the addition of Katalyse to provide an integrated solution for operating a digital asset exchange. Previously known as FundYourselfNow, Katalyse.io brings simplicity and ease of use to the token issuance process by providing a straightforward interface for programming compliant smart contract functions and parameters.
“As we saw the shift from utility tokens to methods for digitizing traditional asset types, we saw an opportunity to generate accretive value by consolidating mission-critical technology and services for this new frontier under one banner. As a principal license holder in CEZA, Formosa Financial was eager to partner with a fellow license holder and tokenization platform to bring greater synergies to current and existing clients,” said Formosa Financial CEO, Ryan Terribilini.
CEZEX was established with the support of CEZA and forms part of the Philippine government’s wider initiative to establish a startup hub for fintech and blockchain related ventures in the region. Its ambition is to establish the Cagayan Valley as the “Crypto Valley of Asia.” CEZA has set up a Self-Regulatory Organization, the Asian Blockchain And Cryptocurrency Association (“ABACA”) to oversee the governance of the digital assets in the Cagayan Special Economic Zone and Freeport region, providing a regulated environment to ensure that participants of CEZEX comply the regulatory framework (KYC/AML/listing rules/trading rules).
Simultaneously, Formosa Financial has obtained a license from CEZA and its CEO, Ryan Terribilini, is a key advisor to ABACA.
You can learn more details about the merger here.
Media Coverage:
PR News Wire | Bitcoin exchange guide | XBT.Money | CryptoNinjas | BlockManity | The Crypto Report | Digital Journal | Crypto Digest |
Tech progress: The Beta Release
Before we go into the details regarding the Formosa Financial treasury management Beta app, the team would like to take the opportunity to thank you all for the continuous support through the thick and thin. We are finally entering the phase where we can open up registration to a broader audience and onboard more clients… especially those coming through the pipeline for tokenization and trading thanks to our recent merger with Katalyse.io and CEZEX.
The Beta app will have a few new critical features and tools. Firstly, a back office admin tool built on Django that will be used to process business operations by support staff. Secondly, support for fiat (USD) deposit and withdrawal thanks to integration with our underlying banking providers. This will enable quick access to cash after users use the convert function to exchange their cryptoasset to USD, as they will then be able to immediately withdraw to a bank account held under the same name that the client performed KYC for.
You may track our Beta release progress by viewing the GANTT chart here.
For more information about Formosa Financial check out our official website — An institutional grade digital asset management tool for blockchain innovators.
