Excelon Status Update
Excelon Exchange and Crypto banking is coming soon!
We are happy to share with all our users a quick status update for the Excelon project.
Since the announcement of Excelon (almost 1 year ago) and the commercial launch (on May 2019) of Excelon E-Money operations, facilitating E-Money Wallets with IBAN functionalities and Mastercards, we have a subscribers base of 3500 users already. We are quite satisfied with the fact that all the E-Money operations have run smoothly and the upcoming launch of Crypto Exchange and Banking operations is a big milestone which will enable us to market our product and increase our customer base.
To date with respect to Excelon we have completed the following:
- We have completed development for IOS, Android and Web. All interfaces have 100% of the functionality as we decided that the web application was just as important for user acquisition purposes.
- We have completed the integration of the chosen liquidity providers (Coinbase, Kraken and Binance) in order to have the best possible pricing at any specific time.
- We have in place both the Anti-money laundering and the anti-fraud mechanisms in line with the 5thEuropean directive (5AMLD) which comes into effect from 2020
- As you are aware our Crypto Exchange and Wallet licensing has been in effect from last year still we have completed the groundwork for acquiring our own EMI license and Investment license.
- Terms and conditions have been written and reviewed by our legal team.
- Custodian service agreement has been completed and linked providing insurance and the highest level of security.
- By the 18thof November we will launch the Excelon exchange website.
- Also simultaneously we will begin the exchange for a closed select number of non-team users effectively testing the BETA version with the exchange functionality in a controlled environment. GENE tokens from the bounty wallet will be given to testers as reward for their participation.
- Subsequently we will expand the population to appx 1,000 users in a live environment before the official launch which we aim to deliver before the year ends. GENE tokens from the bounty wallet will be given to testers as reward for their participation.
- CRYPTO DEPOSIT INTEREST: Excelon has achieved in developing both deposit and loan features within the Excelon App, features that we are announcing today and will be added within the next 3 months. In a traditional world with almost negative interest rates Excelon provides real incentives for saving and accumulating wealth. A privilege probably available today to only big depositors will be given to everybody! Excelon users will be able to receive interest on all their deposits even for relatively small ones. By using the ‘SAFE’ feature their funds in EURO, BTC, ETH and GENE (more currencies will be added within 2020) will be subject to interest. Interests rates on deposits will be extremely attractive reaching up to 9.99% per annum!!!!
- CRYPTO CREDIT & LOANS: Another problem the consumer is facing today is that of high rates when a loan need appears. And it is not only high rates but also, due to a variety of reasons, many are excluded and unable to receive any credit. By downloading and using Excelon, a loan service becomes available with no credit rating requirements and at the lowest rates in the industry. With loan interest rates as low as 4.49% per annum you will be able to cover your borrowing needs instantly without worrying about high repayment costs and fees. Use part of your BTC balance as collateral and borrow for a duration of up to 4 years or repay at any time.
- NEW LISTINGS: New coin listings on the exchange will be regular in our attempt to increase users and improve Excelon
- BUSINESS SOLUTIONS: Business and Merchant solutions should be available to distribute by the end of the Q1 2020
- LICENSES: EMI license and Investment license will be obtained by Q4 2020
- GEO EXPANSION: New Geographies- Asia, Africa, Russia and Latin America for 2021 and beyond
Keep in mind that as announced right at the beginning the GENE will be the cheapest way of acquiring and paying for the Excelon service and as promised we will be burning 30% of the revenues received in order to reduce the circulating supply. Furthermore, with respect to step 5 above we will be giving a truly significant interest on GENE deposits thus increasing the propensity to save.