Project Update 3: 20.04.2018
Here’s April’s first project update. This includes a few updates on our AML Procedures, Operations in Singapore, New Team Members, Exchanges, Blockchain Security and Bounty Distribution.
Anti-Money Laundering, Compliance and Blockchain Security.
As we’ve seen in the past, companies within our space have been hamstrung by non-compliance issues related to cryptocurrency and the use of legacy payment networks.
Certain companies who have failed to comply with the rules, set out by legacy payment networks, have had a negative effect on the rest of us involved in cryptocurrency backed payment solutions.
We believe that compliance will be at the heart of the longevity and success of this project, and any other projects similar to FuzeX. So, naturally we’re taking it incredibly seriously.
Over the past few months we’ve been working closely with a very well-known law firm within the payment/FinTech industry to help develop our AML policies, procedures and team. This will be the foundation on which we will remain compliant, and successfully bridge the world of cryptocurrency and fiat payments.
As well as that, we’re just finishing-up hiring a new Chief Compliance Officer & Compliance Manager, too. Who between them both have years of experience working in financial institutions in Hong Kong, Singapore and the USA. We have a few new faces in the office, so we’ll provide a separate update once everyone is settled in.
As well as the traditional compliance practises, we’re also working with two Blockchain security companies; Chainalysis and BlockSeer. Both of these companies offer services that prevent, detect and investigate cryptocurrency money laundering, fraud and compliance violations. Using this sort of service will hopefully begin to reverse the suspicion and negativity that some payment networks have regarding cryptocurrency.
This combined with our traditional AML procedures and stringent KYC processes means that we are in the best possible position to be as compliant and secure as possible.
Although this may seem over the top, taking compliance this seriously will guarantee the longevity of the project and provide our users with a safe, secure and robust service.
Moreover, we’ll also be working with security consultancy firms ICE9 Consulting, ELTTAM and a few others to make sure the security of our FuzeX Card is optimum, and your data is secure.
New Team Members
We’re hiring (see below), and we’ve hired, too. We have four new members joining the FuzeX Team (Korea Office) in April. Two will be working in our compliance and legal team, the other two members will be dealing with technical marketing and issuer relations. Both of these members have vast experience working with Gemalto and working in US Banking/VISA, respectively. We’ll provide separate updates on new team members once they’re settled in.
FuzeX Singapore Office
As well as the new team members joining, we’re also opening an office in Singapore within the next couple of months. Although small, it will act as a second base of operations for expansion in Asia for the foreseeable future. Singapore also has a lot of talent and is a global financial hub, too, which will also allow us to stay close to important issuing partners.
If you’re based in Singapore (Either a Singaporean Citizen OR already possess the right to work in Singapore) and have 5+ years of experience in Payment Networks, FinTech, Marketing and/or Blockchain/Cryptocurrency — please send your CV (Résumé) and a cover letter to here (careers[at]fuzex.co). We’re hiring in all areas and at all levels, so don’t hesitate.
Exchange Listing: COSS
When the FXT Tokens unlock we’ll also be listing on COSS, a Singapore based exchange. Although a relatively new exchange, they’re in the process of launching fiat trading this month and have been busy expanding their operations.
Rune (CEO, COSS) and his team have continued to impress us with their professionalism, compliance management, foresight and vision. We’re looking forward to working closely with them in the future to develop the FuzeX payment platform.
Check out their latest update here. You can also check COSS out on Telegram or Twitter. We’ll provide more updates about COSS separately in the following week(s).
So far we will be listing on Cobinhood, LiveCoin and COSS.
Community Management & Marketing
This is an area we’ve been neglecting recently, due to a lack of human resources and difficultly finding native-level English speakers, working in marketing in Korea. We’re currently filling out the marketing team, and we have recently hired a new Marketing Manager.
We’re also going to be working closely with a specialised community management team in the next month, so we’ll hopefully be expanding our marketing and community engagement from here on in. This may take a month or so, but it is something that we are now working on.
Bounty Update
Updated: 21.04.2018 @ 13:46 KST
As promised, bounty distribution will begin today (20.04.2018, late evening time GMT). We have staggered distribution, which will last for the next few days.
All bounty participants will receive an email to their registered email addresses detailing their FXT Token amount and a thank you message from the FuzeX Team. If you do not receive an email, there could be a chance you incorrectly inputted it during registration or, for whatever reason, it bounced. Don’t panic, just wait.
Note: FXT Tokens, until unlocked, will not be able to be moved from the wallet that was used to register for the bounty program at the beginning of this year.
