CHANGES TO XNFTrading.com

We have been requesting the authorities in the Dominican Republic to help us create the perfect environment for Digital Currency businesses with the right kind of regulations. We are looking forward to working together with the Chamber of Commerce and the Banking regulators (Super Intendencia de Bancos)  in order to create a home for our sector with clear rules that will allow any young DC startup set up shop and grow without much costs.

We have submitted ourselves as a test case and therefore some changes are taking place in XNFTrading.com, which are a direct outcome of this probation case. One of those changes are KYC are back and mandatory for all.

Some other changes are being implemented because we have new investors on board and together, we have mapped a clear road to where we are going. For the moment, that journey does not have Ripple and NXT in it, though that might change in the future.  Not to worry, we are allowing everyone holding Nofiatcoins to bring them home to XNFTrading.com.

XRP, Stellar and NXT orderbooks will disappear from XNFTrading.com. The values that will be traded on the platform will be XNF, USD, EUR and BTC.

We have also worked with our local bank in order to process wires and deposits in a timely manner and allow us to guarantee the 5 business days completion (provided they are made before 15:00 Dom. Rep. time). We have a dedicated staff at the bank that will make sure this is the case. the good news is that we no longer have to depend on third parties to process our customers' requests, we are in direct control with all new deposits made from today on.

For transparency sake, we are shipping all of our gold, which is currently in three different countries, to the Dominican Republic. We want to have an audit by latest spring time 2015. This audit will not only show the value of our gold but of all of our assets.

Other Updates:
-Arcarius Global is no longer part of our organization
-Aerapay will stop processing transactions for us
-After the audit, we will attach a weighted value of gold to each XNF

Channeling Big Volume

We are looking for a solution to channel the purchases from our partners through our order books. Since we launched XNFTrading 2.0, we have not ran big purchases through the platform. However, we do use the wallet system to credit the buyers, but the whole community is missing out on the demand that actually exist for XNF.

Why is it a difficult solution to implement?

The fact of the matter is that right now there is more demand on the buying side. If you look at the selling volume on XNFTrading.com, there is not enough to supply an investor that is buying 100K or 200K USD worth of XNF coins. These partners also get a discount and therefore abstain from going through secondary markets to get their Nofiatcoins. 

The Way Forward

Last week we encouraged one small partner to purchase his XNF coins directly on the markets (XNFTrading.com and the ripple network). I am sure everyone noticed the change and price stability this caused. The volume that you saw does not even represent 15% of the demand coming from our partners. So we are going to make these moves more often, at least once per month.

Update on Banking

A couple of weeks ago I wrote about the banking disaster that occurred when we moved our funds from Hong Kong to the Dominican Republic, because we thought it would be faster to process withdrawals for our clients. Reality hit us hard and we had to send the funds back to Hong Kong and then the protests broke out and the financial district came to a halt. That definitely caused more unexpected delays.  If you are unaware of what was happening, please visit this link.

Something that I want to point out, is that even when there is no ongoing revolution, banks are always trying to find an excuse to hold or kick back transactions. This is why we are working on creating our own financial institution. In the meantime, we want to promote the other gateways such as justcoin and ripplefox. Collaboration is always a great way forward.