Topic: [ANN] [EXCHANGE] Bitmora - Digital Asset Exchange - page 5. (Read 4085 times)

Hi everyone, our Weekly Review was just posted on our Medium Blog. However, we're also going to post it here as a public statement. There's a lot of important information in it, and I want to ensure everyone gets updated.
The full announcement can be found here: https://medium.com/bitmora/bitmora-weekly-review-may-7th-2018-7e8d371ab6b6

This update will also be posted on our voting portal.

The Big One
These past few weeks have been incredibly busy for us. We’ve been training our ticket and phone support agents, holding meetings with banks, acquiring partnerships, and developing a one-of-a-kind exchange with hopes of launching this coming Saturday. Unfortunately, after some serious talks we’ve decided to push our launch back a few weeks. We are estimating a two-week delay which would set us to launch on May 26th, so as of now that is our official launch date. Bitmora will have a closed beta for their contributors very soon. We will, of course, keep you updated on this process through our social media pages. We are terribly sorry for any inconveniences caused by this delay, but we assure you it is for the best!

There are two reasons for this. First and foremost, we don’t feel ready to release the platform. It’s not quite where we wanted to be, and there are still a few features that we want for launch. We are doing intense in house testing to make there are no bugs when we launch our platform. The second reason is we are finally ditching the United States of America! The US has caused nothing but trouble for us for the past year, everything from fundraising to regulation, and we’ve hit walls with American Banking Institutions. We’ve decided to do what many of our supporters have been urging for months now, move to Malta!

Why Malta?
Malta is a country located on an island in the Mediterranean Sea. They are a reasonably large name in the Cryptocurrency and Blockchain world and has been called the “Blockchain Island”. Malta is actively building a supportive regulatory and technical infrastructure to support the Blockchain industry. They are part of the EU, providing us direct access to some of the most crypto-friendly banking institutions in the world. This will help have our fiat system ready by launch and will provide less oversight than the strict and “wild west” regulations of the United States.

This move will not affect front-end operations. While we’ll now have an office somewhere in Malta (location is still being determined), our headquarters will still reside in San Diego, California. This move does not mean we’ve given up on the US; we feel that US regulators are still a year or two away from making their minds up on what’s what in the new world, and we’re not going to sit around to watch from the sidelines. In the future, when US banks and their regulators catch up to the modern world, we will happily switch operations back over to a US bank. Our goal has always been to build an exchange that not only outperforms the competition, but also is one that you can trust. Unfortunately, staying in the US has prevented us from achieving those goals.

What Does this Change?
This changes a few things and will allow us to add many new features we otherwise would have had to hold out for after launch. The first noticeable difference is that we will have full fiat trading by launch, along with a fully completed Education Center, and sleeker user interface. This could also provide us the ability to launch an ICO much more easily than we could in the US. So yes, for all of our supporters that have been asking us to launch an ICO, it could very well become a reality in the coming months.

You may also be wondering about our contributors portal and bounty payouts. The ability to contribute will still be closed May 11th, as previously announced. As for bounty payouts, those will also remain the same, starting after our launch.

We know nobody wanted a delay, but there’s a lot of good that’s coming out of this situation. We only have one shot to launch Bitmora, and we’re going to use this delay to our advantage to make things better.

Hopefully the next few days the process of distribution can run smoothly making good news for participants.

Let us see what the coming days hold.

Bounties have yet to be paid after being delayed, legal fees to pay towards SEC regulation might eat in to Bounties and might delay payouts, the project still has some days before launch and nothing yet is taken for granted.

Let us see what the coming days bring.

Glad, that after so much time you still reached to launch platform. I hope the launch will be successful, and the problems will quickly resolve

Now it's a very hot time for Bitmora, since before the launch of the beta version there is not much time left, and the team tries to provide all the moments in the work of the exchange, and working with Fiat will attract more customers.

Our Weekly Review was posted today, go check it out! https://medium.com/bitmora/bitmora-weekly-review-april-30th-2018-3727051a258d

Thank you for the link and update.

I read it and am not surprised that Bitmora will not be authorised and registered with the SEC at the time of launch. Apart from Coinbase (which has hundreds of million of US$ invested by bluechip companies) which should sail through SEC accreditation, others will struggle. One of the things that is in Bitmora's favour is that it is based and registered as LLC in the US. The biggest problem that makes SEC regulation difficult is that whereas Coinbase has a trading history and has many millions in reserves to cover various losses and provide confidence to regulators, Bitmora unfortunately only has the funding raised from its investment-for-launching-a-new-business format and zero trading history and the amount raised was not a massive amount.

FIAT trading will also not be as straight forward as many hope simply because of the red-tape involved but the things that I gathered from your review is that the business still hopes to go live on time but with 10 coins and with FIAT deposit/withdrawals but if not they will be added shortly added after launch and in the future you hope to become registered with the SEC.

The setbacks you listed do not surprise me because I had and still have lots of reservations about the viability of your whole project based on what I know of it (this forum and whitepaper) but wish it all goes well. You put a lot of time and effort in to Bitmora so definitely respect you and wish the best. I hope you have a successful launch as it would be good for crypto enthusiasts to have more choice. Thank you for the review link.

Our weekly review is now published on our Medium Blog!
https://medium.com/bitmora/bitmora-weekly-review-april-23rd-2018-2aa879115f5a

Thanks, looking forward to reading it. I have no doubt Coinbase will sail through the SEC requirements and Poloniex will not be far behind. As Bitmora, it has not officially launched yet so will be interesting to see where this goes.

Hi!

Tomorrow (Monday) morning our Weekly Review will be posted and an SEC update will be given in that.

Did you get any response from the SEC?

I haven't heard about ERC-721. You guys must have learned a lot while preparing to make Bitmora.

Given all that Bitmora says it will provide you have to balance that offering out with the fact it will be a new exchnage with no track record. Only time will tell about Bitmora and its success but I do wish the team have a good launch and their business will be accepted by crypto holders.

Our contribution portal will remain open for at least 14 more days, but it will be closed before May 12th.

How long can I wait before it's too late to get in? I was wanting to wait a week, but I really don't want to miss out either.

These sound like awesome features to me.

I've had so many issues with Kraken and Binance, I nearly didn't get into crypto at all. They just had flat out broken sign up processes, both! There was absolutely no way to contact them either, I tried! To have even simple support ticket systems would be a huge upgrade and a great way to get a reputation as the most reliable exchange around.

Thank you, after launch we will reach out.

Hi, if you're currently a contributor, then you'll get access to beta. If not, then you may contribute and get access.
We may also at beta allow a set number of non-contributors to register for it, however we have not 100% decided on this, and it would be a first come, first serve basis.

So I've decided I want to get in on the beta. How can I do that?

Hi Bitmora,

Congratulations on your upcoming launch! Once you have launched, please let us know and provide us with the information listed for the other exchanges here: https://www.cryptowisser.com/exchanges/. We would be happy to have you at our site.

All the best,
Cryptowisser