FXT Token Unlock Postponed. Exchange Listing Brought Forward.
We are extending the FXT token lock period. FXT Tokens that have already been distributed will now be locked until Friday 23rd March 2018, 00:00 GMT. This will be the latest possible date the FXT Tokens will be locked until, as we aim to unlock them much sooner.
The reason we are doing this is because we will now be listing the FXT Tokens on several partner exchanges earlier than previously forecast. These listings will be happening on several exchanges in the coming week(s). Pending negotiations and contracts, we aim to have several exchange listings simultaneously before the 23rd March 2018.
In the likely event that we list on our partner exchanges before the aforementioned date, we will provide a timely update to our community (Telegram, Facebook, Twitter and E-mail) 48 hours before the listing on our target exchanges. This update will include the exchange names and time/date of listings on those exchanges. This will be communicated through our official channels only.
Once these announcements have been made, FXT Tokens will then be unlocked in conjunction with the date and time of the FXT Tokens listing on our partner exchanges.
This announcement will also mean that the FXT Tokens allocated to the bounty campaign and advisors will not be distributed until the day the FXT Tokens are unlocked and listed on our partner exchanges.
Please read the following FAQ as it will answer most of your questions.
“Why have you done this?”
Throughout our ICO, and after it was completed too, we received a lot of feedback that listing on exchanges in Q2 (our original target) was too late. So, we set about developing our relationships with target exchanges after the ICO had finished, with the aim of bringing our exchange listing forward from Q2 to Q1.
We’ve taken the decision to lock the tokens until we are listed on partner exchanges because it makes negotiating with our chosen exchanges much simpler. It also makes negotiating better deals and marketing activities easier for us to do, too.
These marketing and promotional activities run by our partner exchanges, will hopefully help to raise interest and awareness in our project and FXT Tokens — which will directly benefit our community.
“How many, and what exchanges will you be listing on?”
We are aiming to be listed on multiple exchanges. For legal reasons, we cannot tell our community exactly where and when we will be listed until contracts are signed and negotiations complete.
As we are dealing with multiple exchanges, this requires us to orchestrate negotiations with multiple entities. This makes it slightly more complex than dealing with a single exchange.
“Do I really have to wait until the 23rd March for my FXT Tokens to be unlocked?”
In all likelihood, no. But we have set this as the absolute final fall-back date for exchange listings. This date includes a significant buffer. We most likely will be on our partner exchanges long before the 23rd March, but to be on the safe side we have factored this buffer into our calculations.
“How will I find out when and where exchange listings will take place?”
We will only make announcements regarding exchanges when negotiations are 100% finalised, formal agreements have been made, and contracts signed. Once this has happened, we will make an announcement through our official channels only (Email, Telegram, Facebook, Twitter, Slack and Medium).
“When can I move my FXT to a different wallet?”
You will be able to move your FXT to a different wallet when we are listed on our partner exchanges and the FXT Tokens are unlocked. This will happen on the same day, at the same time.
“Why have you left it so late to make an announcement?”
After the ICO we wanted to bring the exchange listing forward from Q2 to Q1 and aimed to have the FXT tokens unlocked in conjunction with listing on our target exchanges on Monday 5th March 2018. But, this has taken a little longer than we expected, as we are dealing with multiple exchanges and some of these exchanges require legal documentation and opinions regarding our FXT Tokens.
“Are you just going to list on a couple of target exchanges and leave it at that?”
No. This is an ongoing project. We will be listing on a number of exchanges first, but we will be adding more throughout Q1.
“I participated in the bounty program, when will I get my FXT Tokens?”
Bounty participants will receive their FXT Tokens on the day all of the FXT Tokens are unlocked and listed on target exchanges. They will not be distributed before. This is already set in our Smart Contract and will not be changed.
To all bounty participants, we will contact you via email just after we make an announcement through our other community channels to let you know when your FXT will be distributed. We will also make an announcement on our official bounty channel on Slack.
Moreover, we will be contacting the MVP winners of each bounty category to let them know they have won their prizes. This will be done via email before exchange listing.