Bi-Weekly Update: 21.12.2018
Here is the last Bi-weekly Update of 2018. This Bi-weekly update will mainly cover the questions & answers during the AMA session on 18, December. Also, we will only have one Bi-weekly update for the upcoming month of January as we will be preparing for a new roadmap and goals for the new year 2019. Afterward, we will continue to have biweekly updates to announce refreshing news to our community.
AMA in FuzeX international community
Q. When FuzeX card will launch in the UK?
UK is in our phase1 launching projection. We are currently engaging with an issuer in UK.
Q. Any idea on the maximum balance or limits of FuzeX?
It may depend on its card type (two different cards) high spending limit will be around $10,000 USD per month / around $2,000 per transaction. However, the final membership policy has not been confirmed yet. We will officially release this information later.
Q. Have you received any status update on your BIN application?
Now we are engaging with two different issuers located in Singapore and UK. All required documents for BIN sponsorship has been submitted to payment networks and they are under the process of review.
Q. Can you please confirm what cryptocurrencies will be available at the beginning?
BCH, ETH, FXT, (Dash & BTC is under review)
Q. Do you have plans to add any stable coin?
In order to accommodate any coin, the coin needs to be traceable. only a few coins actually have the traceability. Thus no short-term plan to add stable coins. As of now, the current source of fund trackers cannot track back the source of stable coins…for that reason, we cannot adopt stable coins…if the monitoring providers instill that ability, then stable coins will be adopted
Q. How long can it take to get the BIN?
Not that long. There were several reasons the time of acquisition of BIN has been delayed. 1. due to Centra, the brand and issuer strengthen the review process 2. after termination of Wavecrest, all crypto related payment project joined to the same issuer as us. but we have summited all document and prepared for the required level of compliance and AML solutions. So shouldn’t be that long to get the BIN.
Q. With the new BIN, will you operate directly under visa/master? if it so, how confident on they are not terminate contract any time in future?
The BIN we are acquiring is one of the international brand BIN program which will be accepted by that payment brand network. As long as we are following their protocol correctly there will no reason to terminate the program.
Q. How widely FuzeX card can be used?
FuzeX project is focused on wider adoption or 100% acceptance from an international brand network. which means FuzeX card can be used any merchants using EMV POS terminal.
As the current cryptocurrency market is in a depressed state, we understand that there is a growing concern surrounding FuzeX project. Despite this, FuzeX will continue to strive to release our FuzeX card which will allow cryptocurrency to have real monetary value, as a regular fiat currency. Also, we plan that our offline payment platform, in addition to our online platform, will be the cornerstone in legitimizing the cryptocurrency payment market.
We continue to be grateful for having your continued interest and support towards FuzeX project. For the year 2019, we plan to show our sincere gratitude towards our investors and public by the successful launch of FuzeX card.
Wish you Merry Christmas & Happy new year!