The Official FuzeX FAQ
LAST UPDATED: 15th January 2018
Got questions? Good. We have the answers. This is an ongoing FAQ about all things FuzeX. Most of the questions here have been asked by our community on our Telegram, Facebook, Twitter or Slack channels by members of the FuzeX community.
This is not a definitive list, it will be updated on a regular basis with new answers to new questions. Once updates are released we will let you know, so make sure that you keep up-to-date with our channels. As the project is still ongoing, we have tried to answer some of the questions as best we can, but please be aware changes can and will happen. Again, we will update you of any significant changes made — so make sure that you sign up to our mailing list on our website.
Before reading the FAQ we suggest you check out our white paper which has the answers to most of the frequently asked questions. So without further ado, here is the FuzeX FAQ.
ICO Related Questions
“How do I participate in the Pre-Sale?”
The Pre Sale has started already. click here to read the contribution manual.
“You have a working product. Why do you need an ICO?”
Partially correct, we have a working product with Fuze (Mag Strip) and the soon to be released Fuze (EMV). We are running an ICO to raise funds to develop the cryptocurrency aspects of the FuzeX Card and mobile wallet. We also need funds to scale up our production and also develop and build our own exchange.
“I’m from *insert country*, can I participate in the ICO?”
Please check the legality of participating in an ICO in your region or area. We will not be taking contributions from participants in areas where ICO participation is banned (E.g. USA, Singapore, China, Korea).
“Do I need to do KYC to participate in your ICO?”
Yes, to participate in the ICO you will need to do the KYC process. Please read the contribution guide here.
“Is there any whitelisting for your ICO?”
Yes. We will be doing whitelisting for our ICO. We will make an announcement regarding this the week commencing 15th January 2018.
“Can I pre-register for the ICO?”
Yes, there will be pre-registration. We will make an announcement regarding this the week commencing 15th January 2018. So please make sure that you sign up to our subscribers list on our website to receive up-to-date news.
“Can I participate in your ICO with fiat currency?”
No. We only accept Ethereum or Bitcoin.
“What if I contribute with Bitcoin?”
1 ETH is equivalent to 12,000 FXT Tokens. To read more about our FXT tokens, please click here. Bitcoin contributions will be exchanged in real-time using the below formula.
“Why is your hard cap so high?”
We’ve adjusted it. It was originally 80,000 ETH, it is now 40,000 ETH. Read more about it here.
“Will there be a cost to exchanging my tokens into your FXT tokens and then into fiat currency?”
Yes, there will be a minimal transaction fee to the total transaction to move crypto (FXT or any other) to Fiat. However, there will not be any transaction to move from other cryptocurrencies to FXT.
“What costs (overall) do I have to bear?”
The cost of purchasing the FuzeX Card and the minimal transaction fees on the exchange. Merchants will pay transaction fees for purchases (the same way they do now for credit cards). There may be an annual membership charge, but this will be confirmed at a later date.
“What is the payment fee for card-to-card remittance?”
TBD at the moment. We will make a decision on this and release through our channels at a later date.
“Are your FXT Tokens pegged to ETH?”
“Will your FXT Tokens be pegged to USD? If not, why not?”
No. The number of tokens we issue are fixed (tokens not sold are burned) and since our FXT token will be the “bridge” from cryptocurrencies to other fiats, we want to be agnostic in our approach to fiat currency. (Read more about our FXT Tokens here or below)
“Who are your Issuers?”
Issuers will be announced once formal contracts are executed. We will release information regarding this matter in Q1 2018.
“Who are your planned exchanges?”
Partner exchanges to be announced once formal contracts are executed. FuzeX is also building out its own exchange, so watch out for updates.
“What does Visa’s suspension of WaveCrest’s membership mean for FuzeX?”
Short answer; not much, it is still business as usual for us. But read more about it here.
“What use/value are your FXT Tokens?”
Read about them here.
“What is the vesting schedule?”
- Private, Pre-Sale, and Token Sale Tokens purchased: Immediate
- Advisors: Varies
- Employees: 1 year vesting, 25% every 3 months
- Founders: 2.5 year vesting, 20% every 6 month
“When will my FXT Tokens be unlocked?”
Although you get your FXT Tokens quickly, the FXT Tokens will be unlocked 4 weeks after the ICO has completely finished, this date is still TBD.
“How can I order the FuzeX Card? Can I pre-order?”
No, pre-ordering is not available at this time. We are slated for a commercial release in July 2018. Or you can participate in the FuzeX Pre-Sale and get a free FuzeX Card.
“What is the difference between FuzeX, Tenx and Monaco? Etc.”
There is a comparison chart in our White Paper (Page 15) giving a basic comparison. You can check it here.
“I saw this EXACT card *insert name of other company*, are you sure this is your card?”
Yes, we’re sure. If you saw a card that looks like ours, then it probably is. We have a lot of partners that we are cobranding with. Check our partnership announcements on our Medium page or check out the partnership section of our website (www.fuzex.co) for a list of our partners.
“What and where are your target markets?”
We’re going global, but we will be launching in several test markets first. This will be confirmed soon, probably after the ICO has finished.
“Do you make the cards yourself or are they just made in China?”
Yes. We make the cards ourself at our manufacturing plant in Ansan, near Seoul.
“Are you connected to Fuze?”
The FuzeX and Fuze team are two different teams. FuzeX is a registered AG in Switzerland. Although we share certain elements of our operations and manufacturing, Fuze and FuzeX should be treated as two separate business entities. The FuzeX team cannot deal with requests regarding the Fuze Card.
“Where are you registered?”
We are registered in Switzerland.
“Why are there so many Koreans on your team?”
We’re registered in Switzerland, but a lot of the FuzeX team operates from South Korea (including our manufacturing facility). BrilliantTS, which developed Fuze, is also based in South Korea.
“Do you have a Bounty Program running at the moment?”
Yes. Find all the details you need about it here.