The X8 team has been focused on its core business which was also the cause of a brief social media hiatus, but now we have some really exciting news to announce!
MARKET AFTER THE CRYPTO CRASH
Crypto market has been undergoing some really very difficult challenges and a huge majority of the projects that launched their ICOs during the previous 2017-2018 year’s period are dead and have gone bankrupt. This environment also influenced our project to a great degree, especially as we raised the funds precisely during the market peak and ended our ICO on the very day of the market top in January 2018. Check again our X8 ICO statistics here.
We pioneered the strict application of AML that now is imposed almost by every project. Unfortunately, we used the best company in the market, which was still in the early stage of the digital KYC/AML and many enthusiasts and investors were barred from participating, since the provider was not covering all of the countries, jurisdictions or ID document types. As a result of this and because of the slow and tedious on-line process only approximately 1.000 investors were able to onboard in time from a limited list of countries. Nevertheless, the certified record that we obtained allowed us to step out of the crowd where 8 out of 10 ICOS were labelled as scams.
STRATEGY TO EXIT THE CRASH
Fast forward one year, the project did many important steps in the development of the safe and stable value preservation digital X8currency. We are about to launch our core business, which is the asset management for the traditional and the digital investors. There have been many delays about the progress of the project and the project is still facing challenges, that it will need to overcome.
First, funding remains a problem because of the crypto crash. As professionals know, the market underwent a transformation from what it was in the early stages. We underwent the difficulty to open bank accounts, but due to impeccable KYC/AML record, we were one of the few projects in the industry that managed to get bank accounts, albeit with the delays due to the stance that the banks had toward crypto projects even when being compliant with all of the rules and regulations.
Second, we were held back by internal issues, which we are still trying to resolve in an amicable way, as we have been doing during the most of the period after the ICO. Several attempts have been made to reorganize and restructure the daily operations of the business to improve the efficiency of our work. This is what also drove us to the most recent reorganization of the project, which we are announcing now and will continue to do in the communication campaign that will follow.
During the silent period of the last two months, the core team has been working hard on the new plan. We had to really focus on ensuring that the project will be successful and advancing even with the scarce funds that we were left with. The result of the planning is now coming forth and we will be gradually announcing our achievements in the coming several weeks.
First, the core team members will be introducing themselves in the following days in the social media. We decided that we want to have a more personal contact with our community and the core team will be in communication through new social media accounts on Instagram from now on. The project and the future of all of our investments heavily relies on the members of the core team. Core team members will be the drivers of the campaign and will open up insight into the centre of where all the action happens and where the ideas and the vision of the project are originating from.
Second, among many pieces of news, there are some significant milestones and achievements of the project that are now ready to be released into the public. These elements will be the foundation for the approach toward the live release of the X8currency product. Among these elements are the news about the technical progress but also several significant business milestones achieved.
One of the most relevant technical pieces will be the integration of the KYC/AML AI, which will be a major step forward from what we were able to do during the ICO period. If this KYC/AML AI technology already existed in 2017, we could open the doors to several thousands more investors and still comply with all the rules and regulations. This would bring us a much larger community of investors, as already explained, however this will now become actually possible and is on the list of elements coming up in the immediate future.
The new portal of the X8 will use this technology and with it we will be able to onboard nearly every client from more than 190 countries within few minutes, while performing all the necessary background checks to become cross border compliant as a digital currency product. This new user-friendly identity verification technology is in itself a revolutionary solution and it also complies with FINMA standards.
The door to the participation in the X8 project and its benefits are open once more. This will again increase our reach and revitalize the project back toward the levels of statistics that were recorded during the ICO and beyond.
We don’t want do disclose everything yet, because everyday we will be communicating some exciting news. The campaign will last for several weeks until our products will be launched. We are inviting everyone to a more active involvement, with comments, visits to our channels and introduction of the project to interested parties. We kindly ask you to give us your feedback as the campaign unfolds. We also believe this is a great moment to start buying X8X utility tokens to prepare for what is to come. We promise that your participation and your contribution to it will be worthwhile.
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