Hi, Loyalists. As promised, here is an update on the LoyalWallet.
We did our global test launch a few weeks ago, and to make things interesting, we included an airdrop promo. And to further strengthen the app’s upcoming features and promos, we decided to enlist the assistance of and secure partnerships with some heavy hitters in the tech industry.
First, a world-class cyber and information security team will be partnering with LoyalCoin to guarantee that the LoyalWallet is secure and functional on all levels. This team, which is highly sought after by banks, telecom companies and multinationals, has a long history with large corporations and maintained an excellent reputation.
Second, to be a truly global company, we must comply with the laws of the countries where we want to have a presence in. This means implementing proper know-your-customer (KYC) procedures. We have closed a deal with a global KYC vendor to allow KYC procedures to be performed well on the app. We recognize some customers are not comfortable sharing their data unless it is with a reputable KYC company. For those who have done KYC, we may need to ask you to perform it again so we there will be just one database.
Third, we are building on a separate blockchain to make the LoyalWallet a true blockchain product, secure with your own private keys BUT still practically frictionless (e.g., extremely low fees) for any wallet-to-wallet transfer. This will also create a strong bridge between the LoyalWallet blockchain and the Main Net (NEM Platform), making the two platforms interoperable.
Fourth, the LYL Store, where the vouchers of all our big-brand merchants will be found, will be released once the above items have been completed. We have finished the testing, and we are excited to roll them out for the public to try.
We expect the new and improved LoyalWallet to be re-released before the 2nd week of October, with all features available by the end of October. This will include functions such as Earn and Redeem, Cash In and Cash Out, and Withdraw and Deposit. For those accounts that have been frozen, there will be a speedy due process in determining the reactivation of your accounts, with certain parameters that just have to be satisfied.
We are also entering a partnership with NEMChange, which in a few weeks will be purchased by a company in Europe and will undergo a total overhaul. This partnership will allow us to grow our franchise business models, as well as our remittance products.
That’s it for now regarding the LoyalWallet. Let us know if there are other things you would want clarified.
Thank you so much for your faith and support, true Loyalists!
Stay Loyal!
