Progress on the 1 November Launch

Good news, and some less good news.

Good News: The Tech + Regulatory Green Light

All the underlying technology for the launch has been built and tested. We haven't had as much user testing and feedback as we wanted in advance, so ease of use may take a hit. 

But if it comes to hitting the deadline or not, we’re choosing to hit the deadline, and we'll keep improving the experience as feedback comes in.

Less Good: Finalizing Regulation

This has been an ongoing challenge. Critically, we and our partners have been working closely with a new regulator that took the time to understand how the design actually works, and that has gone extremely well. Importantly, and again, the good news is that we’re aligned with regulatory authorities, which involved significant effort as it raises questions about holding and transmitting value, and the process by which that happens.

Currently, we are at the final stages of that process. The legal documentation still has yet to be signed, and there are other regulatory elements still in motion (for example, the directors are also completing KYC). 

We are highly confident that all these things will be completed very soon - we continue to target November 1. 

What this means for 1 November

The tech is ready, and we've got a regulatory green light. Now, we’re waiting on executed documentation.

If the documentation is not complete by November 1st, we will hold to flip the switch as soon as it is t). If that happens, we expect it will be for a period of time measurable in days. 

Regardless, you’ll hear from us the moment the documents are executed - we’re as excited about this as you are. 

In the meantime, for those who will be participating and in anticipation of the migration, please review our crypto safety page.