Stronghold Creates Proprietary Order Book for Business Customers

Stronghold
Apr 10 · 2 min read

Stellar DEX users should redeem their Stronghold-anchored assets before April 25.

Anchors accept funds and issue credits, but after Thursday, April 11, 2019, Stronghold will only accept deposits for business customers with addresses on Stellar’s ledger who have also completed Know Your Customer (KYC) account verification. After that date, we will stop transferring funds into the Stellar network for retail users.

The assets affected by this are USDS, BTC, ETH, LTC and XRP issued by Stronghold into the DEX. As SHx is a native token it is unaffected and Stronghold will continue to support SHx for retail users.

This change only impacts individual users of Stellar’s Decentralized Exchange (Stellar DEX). To maintain access to their funds, these customers should either sell or redeem their Stronghold-issued assets over the next two weeks.

Customers who are DEX users will have until Thursday, April 25, 2019 to withdraw their funds. After that, Stronghold will freeze their tokens on the Stellar DEX using the auth-required feature.

On April 25, we’ll take a snapshot of affected customers’ balances and will transfer an equivalent amount of XLM to their Stellar wallets. The token freeze will be enacted at the time of the snapshot. After this action, Stronghold will no longer recognize the tokens for redemption and they will be unusable on the DEX.

To redeem Stronghold-anchored assets from a Stellar-enabled wallet, please deposit the assets to your Stronghold account. Remember, you must include the required Memo ID along with your address — failure to include a Memo ID can result in a loss of assets.

We apologize for any inconvenience and are working hard to ensure a seamless phase-out of this product. However, after a year in production, we have decided that providing tethered access for retail traders does not align with our core mission of making global banking more inclusive. Creating a proprietary order book for institutional clients and users of our platform APIs, however, allows Stronghold to deliver more value to customers while providing a higher level of service.

Stronghold will continue to be a Stellar anchor for business customers including users of IBM Blockchain World Wire. In addition, we will be introducing more platform options for our clients, with additional details to be released in the coming weeks.

Tammy Camp, CEO

Sean Bennett, CTO

strongholdxchg

Stronghold | Digital Assets

Stronghold

Written by

A financial service provider built on distributed ledger technology. Creator of Stronghold USD.

strongholdxchg

Stronghold | Digital Assets

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