FTX is a Bahamas-based cryptocurrency exchange that has made a name for itself by specializing in derivatives and leveraged products, with prominent cryptocurrency personality and billionaire Sam Bankman-Fried at the helm.
The FTX Conference was the perfect opportunity for IX Swap to build connections in the space, scope out potential partnerships, and get expert insights from some of the biggest names in the industry.
One specific topic of interest during the conference honed in on DAOs, otherwise known as decentralized autonomous organizations. Julian had the chance to talk with several people involved with DAOs, particularly about their structure and how they are developing their core infrastructure to operate within legal structures.
As it becomes clearer that DAOs are emerging as regulated corporate entities and other crypto niches such as DeFi and NFTs are also facing regulatory pressures from all over the world, the fundamental structure of DAOs offers unique insights into the concept of decentralization.
In this context, projects that position themselves to be regulatory compliant from the get-go have the higher ground and the greatest advantage when it comes to mainstream adoption of relatively new technologies.
Non-fungible tokens or NFTs was also a popular conversation starter during the event, which is not surprising considering the interest that regulatory entities have shown for this modern asset type – a sign that they are likely to become one of the first regulated aspects in the cryptocurrency industry.
Taking these anticipated regulations into consideration, IX Swap is in a good position to lead the way as the go-to NFT fractionalization platform, owing to its fully compliant legal and regulatory background and strong collaborations with licensed key players in the traditional finance and DeFi space.
Topping off Julian’s trip to the Bahamas was the opportunity to meet and talk with Philip Davis, the country’s Prime Minister, as well as with other regulatory bodies, about security tokens and its current legal landscape.
Security tokens, often referred to as STOs, play a critical part in bridging traditional finance with decentralized finance, something that IX Swap has been committed to doing right from the start.
One significant point that Julian made in his conversation with the Bahamas officials was IX Swap’s interest in securing a license in the country to strengthen the company’s commitment to regulatory compliance. While Julian did not disclose further information as to what other things were discussed, he revealed during the AMA that it is on his wishlist for IX Swap to secure a license in the Bahamas and that he is very bullish about it.
Aside from sharing all about his Bahamas trip, Julian also dropped one of the biggest and highly anticipated announcements we have this month – the public launch of IX Swap’s security token platform: STO Swaps.
The public launch went live the day after the AMA, on May 5, 2022 at 11:00 PM SGT, which means IX Swap users who passed their KYC application could now access to all available features on our security token platform, including buying, selling, trading, deposit, and withdrawal of security tokens.
The AMA wrapped up with Julian giving a special shout out of gratitude to the IX Swap community for their overwhelming support and for playing an instrumental role in the growth and rise of IX Swap.
Here are some of the interesting questions Julian discussed during the AMA:
Can I buy MSTO and CT1 security tokens on IX Swap once I pass KYC?
Right now, you can only buy MSTO if you pass your KYC application. This is because CT1 is only available for accredited investors. It is the token issuer that decides whether the security token will be available for retail investors or for accredited investors only. These rules are set in place to help protect retail investors against potential losses.
How many security token listings are in the IX Swap pipeline?
At the moment, we have around eight listings that we are finalizing. We are actively talking with more potential listings every day, and we will announce the next ones soon enough.
What’s the update on the new website and the IXS Academy?
We are working on different verticals right now. The new website and the IXS Academy are definitely in our pipeline, but at the moment, we are focusing our manpower on building more partnerships and securing new listings. We have also shifted a significant part of our priorities on the NFT side of things as we are getting ready for the F-NFT feature launch. The community should get an update about this soon.
Will the F-NFT feature be available only when IX Swap has fully launched?
No, because the F-NFT feature is the next on our priority list. We have already onboarded a couple of NFT specialists to help with us with marketing strategies and building out the plan for the F-NFT platform launch.
What was the most interesting part of your conversation with the Prime Minister of Bahamas and other regulatory bodies about licensing?
The question on whether or not NFTs and most cryptocurrencies to date are securities has been gaining traction, and we can anticipate regulations to be in the pipeline for these assets. This is a good thing for IX Swap because we have always been big about regulatory compliance.
We have been openly accepting F-NFTs as securities that should be regulated, but even with that stance, it is important that we do not project ourselves as being licensed when we are not. We hope to be fully licensed in the Bahamas soon, while in the meantime, we are operating legally through our third-party custodians at present.
I want to make this very clear because stating that an entity is licensed when they are not can get the business in a lot of trouble. Most regulators don’t even like the mention of a business being licensed unless it is a sealed deal, as businesses can prematurely leverage this to their advantage to promote and market their products. Many people have gotten in trouble and businesses have shut down after falsely stating that they were licensed entities while the licenses were in fact still pending or under discussion.
We take licensing and regulation very seriously here at IX Swap, and we look forward to a bright and regulated future.
With partnerships and ongoing talks to attract projects to use the IX Swap platform, what has been the biggest challenge so far?
Everyone is very excited about security tokens as they are still undervalued and many people believe that they will become a cornerstone to crypto adoption going mainstream.
Due to this excitement, we have many companies and businesses interested in partnering with IX Swap. The hardest part is vetting out which companies and projects are truly legit that will add value to the ecosystem.
It’s easy for a company to say that they will do something, but actually executing on their word is a different story. We are proud of the listings we already have, and we plan on continuing to partner with quality projects, even if that means taking a little more time to announce these partnerships and listings.
And there you have it for our latest community AMA. Make sure to follow all our socials and turn on the notification button so you’ll never miss an update.
About IX Swap
IX Swap is a next-generation platform that leverages DeFi services backed by CeFi regulatory compliance to facilitate safe and convenient issuance, listing, and trading of security tokens and fractionalized NFTs.
By bridging the gap between traditional finance and innovative blockchain-based solutions, IX Swap is paving the way in democratizing access to traditional financial markets that have never been done before.