Weekly Update 17w/2020
SnowGem Weekly Update
Welcome to the SnowGem Project April 24th 2020 Community Update.
Key News and Developments of the week…
- Major Announcements
- SnowGem SnowSwap/BitFrost
- SnowGem Website
We are pleased to announce major news to the SnowGem community and the whole Crypto space in general.
The SnowGem Foundation is approaching the final stages of Mastercard integration within the SnowGem network - A major achievement for any Cryptocurrency project, the SnowGem team have worked very hard to make this happen, even in difficult times we have pushed through to make this mass adoption plan a reality.
Regular followers of the project will undoubtedly know that SnowGem have received a special global license from Mastercard that gives us the opportunity to issue prepaid debit cards that can be pre-loaded using cryptocurrencies. We have also expanded and extended this license to the FX-Trading and retail market. Our negotiations over the last 6 months have also presented us with an offer from a Mastercard related company to enter the SnowGem Foundation.
What does this mean for Snowgem?
FX-Trading platforms which include Futures, Forex and any retail platforms will soon have the opportunity to use our services, specifically payment related services like SnowPay. An FX-Trading license will enable us to cover classic stock markets and give a large exposure boost for the SnowGem network. We are already in touch with one possible partner in this area that has more than 300k+ active trading users which will be attractive to high profile Crypto exchanges, this will give us a better position with negotiations.
How will the Retail Licence work?
In the current climate, it can be problematic to own a bank account when you are working in foreign countries and your employer can't pay your salary in cash. Our debit cards should work as a mobile bank account and you can spend your salary whenever you want instantly all over the world without a bank. Our retail license also opens up a cashback program for us, therefore our customer should receive some % back on shopping which we will primarily be put into crypto investments as part of our application called BitFrost. The “All in One” BitFrost wallet is specially made for secure storage of your Crypto assets, Swaps, Payments and Masternode support (Including shared Masternodes services).
Will the Mastercard buy part of the SnowGem Foundation?
On the last weekly update we informed you about a great partnership coming to SnowGem. We can now reveal more about this partnership as we are in the final stage of contract negotiations, which will involve a formal presentation of our product and services to the board members of the company.
Before we go further we must say that this MasterCard trip was a very long and technical journey, this is credit to the skill and dedication of the SnowGem team who have achieved so much without the help of third parties. In today's competitive market it is near impossible to work with large companies without a bit of luck and cooperation.
Our bit of luck was to meet fantastic people in a company called Prepaid Solutions which is based in the Czech Republic who have a long time experience with Mastercard services. During the last 6 months, they helped us with Crypto super license, MasterCard API services, BIN issuing processes and a lot of technical guidance. It was just a matter of time before we would be working together. The board members of Prepaid Solutions company offered us direct cooperation in financial services and we have received an offer to buy 10% of our SnowGem Foundation company.
Who are Prepaid Solutions?
Prepaid Solutions will be our right hand in the card business and will be involved in customer support, technical support and issuing services for us. As they have been in this business since 2014 it's a strong signal that non-crypto companies are aware of the cryptocurrency area and are willing to step into the next generation of payment solutions. The connection between legal companies also means that we will address all existing customers and offer them crypto products through our application - BitFrost.
SnowGem Foundation Bank Account
In these uncertain times it is difficult to get anything related to cryptocurrencies, not even an official bank account for the company. Because of our partnership with Prepaid Solutions, we are able to talk with board members of banks directly which we have done, our aim is to use 2 banks for our banking services.
A big plus for us is our new partnership with Fractal ID which will handle the KYC/AML part for us and because they have great relations with the banking system, everything will be much easier for us to get everything completed efficiently.
The SnowGem Foundation company needs reliable fiat bank accounts for exchange services for fiat/crypto conversion in real-time. For this kind of purpose, we need a great service with fast support and will achieve this.
As we promised, we will release BitFrost beta in the upcoming days. After several days of public testing, we will start to add all services which we worked on including SnowSwap (Crypto to Crypto first) and then SnowPay debit card registrations. We will add crypto to fiat and vice versa swap support (when we open bank accounts) and Masternode support for passive income.
It is not always easy to get everything done at once so we would like to ask everyone to be patient on all upcoming events. Without such a great partner such as PrePaid Solutions, it would take us more than 18 months to get everything formally together. Now we are talking about 2-3 months which is fantastic news for everyone.
The Crypto space can evolve very quickly but be assured that we are prepared for all situations that may come. With strong partnerships, Investors and a strong community like you, everything is much easier.
Come and join us and let's build our future together!
SnowGem SnowSwap is now rock solid after extensive testing, we are now setting up API’s on production ready hardware which will be completed within the next 2-3 days, this will then be integrated into the BitFrost Repository ready for release.
Initially it will start with BTC/XSG swaps only to enable our users and community to get a feel for the service, we will then add more as demand increases.
As promised on our major announcement, we will release BitFrost in the upcoming days, we will announce this when it is available to download/test.
The new SnowGem website is in the process of being translated to several languages by the translation team/volunteers and this will be made available in due course.
We will continue to make tweaks and adjustments as needed to enable a fluid user experience.
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