Le Lézard
Classified in: Science and technology, Business

The Annual Meeting in Seoul Shows A Glimpse of FormulA's Ambition in 2019

SHANGHAI, Feb. 11, 2019 /PRNewswire/ -- On February 1st 2019, the FormulA Foundation announced its annual report and organization adjustment for 2019. Earlier, on January 2nd, FormulA held its annual meeting in Seoul.

FormulA 2018 Annual Meeting

Yohai Shilon, the Foundation chairman announced a lean organization plan, reducing the number of council members from 5 to 3 while integrating its 11 local communities into 3 regional "groups," namely Europe, America and APAC, which are led by David Brown, David Wood and Yohai Shilon, respectively. The previous APAC partner, Stephen Song, was replaced by Yohai, effective as of the end of 2018. Yohai said that "Mr. Song's main role was helping us to connect with developers and influencers in Asian countries such as China, India and Singapore.  We would like to give him high remarks for his works and wish him all the best in the future."

Affected by the uncertainty of Asian governments' policies regarding the blockchain industry, FormulA Foundation opened its American office in January 2019, which has already taken over the routine operation works of its global community. The American team are also building connections with local communities and government authorities, exploring the feasibility of a blockchain-based asset exchange protocol under the current regulation environment.

Besides the organization adjustment, Yohai also announced the annual report of 2018. He said that: "During 2018, we built a world-leading blockchain-based asset-exchange ecosystem. The cornerstone of our asset exchange ecosystem is the FormulA Chain, which was initially coded by Chinese and Israeli developers. Currently, there are two major applications that are already powered by FormulA Chain. The first is the real asset exchange 'FEXX' launched in October 2018. Currently, there are more than 10 pairs of assets being traded on FEXX with a daily trading volume of 5 million dollars. The second application is the stable token 'FUSD & FCNY' which is backed by FormulA's 'Asset Digitalization Protocol'. People can deposit their assets to get the stable token automatically. Theoretically, this token issuing mechanism can control the inflation because it links the volume of token directly with the total value of the assets deposited. We are now supporting USD and CNY based assets with FUSD and FCNY respectively."

"Combining the FEXX and Stable token, we provided a revolutionary solution for trading assets which will break the wall between the primary market and the secondary market. People no longer need to go through so many financial intermedia to trade their assets. The motivation mechanism of FML token will become the core of the entire asset-exchange ecosystem. We are expecting to carry more than 1 billion dollar trading volume in 2019. Anyone who holds the FML can benefit from the success of the asset-exchange system," said Yohai. He also claimed that some financial institutions are seeking corporation with FEXX to gain liquidity.

Last but not least, Yohai emphasized that FormulA will keep focusing on the technology development to build a DAPP friendly ecosystem. He said that, "Besides the exchange and stable token, we are happy to have more than 10 groups of developers building DAPPs such as games, derivatives platforms, tracing systems and supply chain finance platforms. Though it is a bear market, we see a bright future in 2019."


These press releases may also interest you

at 10:10
Compare-autoinsurance.org has launched a new blog post that explains how drivers can get better insurance deals with the help of online car insurance quotes. For more info and free quotes, please visit...

at 10:00
Leading fintech company Advance Financial continued its expansion with the opening of a new store in Morristown, the 101st location for the company. The new location for Advance Financial, at 178 South Liberty Hill Road, is now open for business 24...

at 10:00
Ford vehicles are well-known for their innovative designs, superb driving characteristics and quality craftsmanship. Also, with their reputation for durability and reliability, Ford vehicles are an excellent option for buying used. Bell Auto, an...

at 10:00
Tech Culture McKinney, the first facility of its kind in the area, opened its doors in late February, backed by the strength of McKinney Economic Development Corporation (MEDC). The vision of the MEDC is to make McKinney the most desirable business...

at 10:00
In the spring of 1894, a community of farmers came together in a barn in White Salmon, Wash. Their vision was simple: to start a fire insurance cooperative that would serve their local community. They called themselves the Washington Fire Relief...

at 09:57
TIU Canada commissioned its second solar energy station today in Mykolyaiv, Ukraine.   The 13.5-megawatt station increases TIU Canada's energy portfolio to 25 megawatts, with more projects planned in the near future.  The station itself is located in...

News published on 11 february 2019 at 19:07 and distributed by: