Formosa Financial: Building the Foundation for a Blockchain Future- Formosa Financial 寶島金融
In January of this year, I was just about to return to Taipei after a trip to San Francisco to visit friends and family. It was the peak weeks of speculative mania in the ongoing crypto-craze, as the total market cap almost touched $1 Trillion.
Over dinner with some former colleagues from Ripple, we all tried to get a handle on what was going on but really our theories were merely nothing more than hunches based on our experiences working in the blockchain space for the last four years. Despite the uncertainty surrounding the market boom, I kept asking myself: where was all this cash coming in from to shoot prices up? Which banks were actually holding those funds?
That’s when the idea of building a financial services company focused on solutions for blockchain startups first began to crystallize. The explosion of ICO funding activity created a new market need for products that seamlessly blend crypto and fiat holdings while also delivering the ease of use and security of any online banking experience. From this simple concept, Formosa Financial was born.
Getting Things Moving
Since then we’ve been hard at work talking to the best and brightest minds in the space across a variety of disciplines, thinking about the regulatory and security implications of our offering, and of course fundraising. For a young company that is working out of a city that isn’t really regarded as a top startup hub I am quite pleased by our progress thus far.
Within 6 weeks of starting fundraising we were able to hit our hardcap of 40,000 ETH in an entirely private raise through our established social and investor networks. We’ve engaged with numerous banks in Taiwan and are making steady progress towards securing stable relationships that will hopefully serve our global ICO customers for years to come. We have assessed where our business model fits into the regulatory environment internationally, in our home territory of Taiwan and beyond — stay tuned for exciting announcements on that front in the coming months. Last but not least (in fact probably most importantly), we have a strong core team with expertise in trading, technology, banking, operations, marketing, and more.
This is not only the foundation of Formosa Financial, but hopefully something much bigger for the global blockchain ecosystem.
We have fully distributed the FMF tokens from our private sale. 939 addresses are currently holding FMF tokens and counting… we are hoping to hit 1,000 addresses before our first major exchange listing!
In the near future we’re aiming to begin listing on exchanges, give more detailed insight into our product roadmap, and hit some roadshows to begin international business development. We are currently developing our technology platform to integrate custodial, brokerage, and trading & risk management solutions — the best part of this process is that we are our own first customer! We can’t wait to offer our services to the next generation of blockchain innovators.
We’ll be sharing more posts like these on fintech in Asia as we launch https://www.formosa.financial/ an institutional grade digital management tool for blockchain innovators. Please join our social communities for up to minute updates and news: