№00019, 26th, July 2019
Following up on our last edition of Biweekly Vol. 18 this edition is solely focused on products and traction.
As of July 22nd, the beta for Formosa Financial is released for public use! With this launch, we have successfully completed roughly 65% of the original vision set out in the White Paper. Now with the product out in the hands of users, we fully anticipate greater growth and faster execution.
With the Treasury Management Platform Beta, individuals will be able to easily and securely store their crypto assets and quickly convert to USD — not a stable coin but actual USD. Currently the beta supports BTC, ETH, FMF, and USD. The Formosa team is actively surveying potential clients and partners to prioritize which assets to add next, with the ultimate goal of supporting dozens of major cryptocurrencies and ERC-20 tokens and a handful of interesting and useful De-Fi applications for both individual and institutional use.
From the beginning of the project, our thesis has not changed — we view seamless treasury management as a key driver to broader adoption and use of digital assets by businesses both large and small. While designed with the enterprise user in mind, we have decided to make the same benefits available to blockchain companies open to individual holders who also want access to the same set of features.
Formosa Financial Simplifies Access and Management
Markets and service offerings for the blockchain industry are incredibly complex and fragmented. Our platform acts as a “one-stop shop” that aggregates the best trading venues, liquidity, custody options, etc. so people can focus on their core strengths rather than managing digital assets and doing technical due diligence to ensure security, stability, and ease of use.
Currently the beta version of the Treasury Management Platform supports key infrastructure services for digital asset management; secure custody and crypto-to-fiat trading. Below is a detailed review of the platform in actual use by our Director of Business Development.
Beta Product Review
Below is detailed walk through for using the Beta product for Formosa Financial.
Creating an Account
When creating an account, all users must verify their account with appropriate KYC. For individuals, this includes Proof of Identity and Proof of Address, along with an accurate email and phone number.
Main Screen: Wallets and Portfolio Manager
Once an account is created, individuals are able to see a balance of all wallets and the value of the total portfolio. The worlds leader in digital asset custody, Bitgo, is the custodian for all crypto assets, while we have developed a user-friendly interface and wallet for easy self-management. For USD, funds are held with the leading banks servicing the crypto industry, Silvergate and Signature Bank.
The next page for users is the “Convert” page where users can create crypto-to-fiat transactions. The price for the transaction is automatically updated every 10 seconds to reflect current market prices in 90% of the global crypto-to-fiat market.
Currently fees for crypto-to-fiat trades are only paid for in FMF.
Deposit and Withdrawal
Deposit and withdrawals on the platform are very straightforward for crypto assets. Only public keys are shown as the private keys are securely managed by our custodian, Bitgo. All private keys are attached to the identity of the user’s login name when they create an account. Should you forget your password, funds remain safe and accessible with a new password sent to the email used to register the account.
For withdrawals of USD, bank account information needs to be submitted. Only the same name on the bank account and the name used in KYC to create the account can be accepted.
Conveniently managed in simple to use tabs is the entire history of the account for all account activities and segregated into deposits, withdrawals, convert, and transfer. This system allows users to quickly and easily track the balances of assets and account actions.
Formosa Financial has implemented standard security procedures to protect users on the platform. In addition to account security features is a withdrawal whitelist where users must first add wallet addresses to each wallet they want to send crypto assets to. When tested, our internal security feature analyzes the wallet for any scam alerts, wallet address corruption, and bad activities such as transaction to sanctioned countries or for illegal activities.
Additional Features Planned in Future Releases
There are many assets and features which will be added based on user demand and priority with planned partnerships. Routine announcements on social media for asset support and new functions will be updated frequently.
To operate the platform, companies need to stake FMF which enables services including crypto wallet, fiat wallet, and brokerage services. For brokerage services and convert, FMF is used to cover transaction fees. To gain as much feedback as possible, no staking levels have been applied on different services so users can enjoy all of the currently available platform features.
Sneak Peak at a Partnership Announcement
Formosa Financial is continuing to partner with industry leaders, a full announcement on this partnership will be delivered next week! :)
Thank you again to the community for your ongoing support. Please write your comments or questions below on your thoughts for our 19th Biweekly update!
For more information about Formosa Financial check out our official website — An institutional grade digital asset management tool for blockchain innovators.