Dear community,

Despite challenging business conditions in the Crypto world, SocialX is thriving and entering exciting months. Here’s our monthly recap with a status update on development and Beta.

Team

We’ve been recruiting for new developers in recent weeks to join the SocialX team. We are pleased to announce Alexandre as our new Lead Backend Developer. In this role he will support our CTO Jake in building our backend technology. Welcome, Alexandre!

Exchange Update

UPcoin, one of our exchange partners, has not been active lately in their Telegram channel. We are not exactly sure what is happening. We’ve tried contacting UPcoin in various ways but so far without a clear response.

For now we have deleted the UPcoin trade links from our Telegram pinned message and website and we recommend not using them or to store any cryptos there until we have clarity regarding this situation. We are seeking a response from them to resolve the issue and promote them as an exchange partner again.

Development / Beta Update

We are pleased to announce that the next Beta phase is underway. We’ve started internal team testing in recent days. Our team will test the current ecosystem and report/fix bugs before we release the Beta to the public.

After the internal testing is completed, we’ll release the Beta to our initial group of VIP Beta testers, and after that we’ll send the invites in batches to everyone who signed up via the waiting list. Our estimations are that the internal team testing phase will be completed in 2–3 weeks. If there are no unforeseen delays, the VIP testing circle will be able to install the new SocialX ecosystem in October.

The public beta testers who signed up in recent weeks/months will most likely be able to test in November. We will also use the months October and November to explain parts of the new ecosystem in detail.

Conference visits

Our team has visited two conferences in the past month. Marcel attended the FinTech conference in Liechtenstein and the Singapore Blockchain Week.

Fintech.li

It was fascinating to see such a small country adopting the legislative to fit the token economy in the future. Currently there is only a german version available for the (hopefully) soon-to-be-approved blockchain law. You can check it out here. Once there is an english version available we will update this blog article as well. The FMA had to also increase manpower and dedicate a special entity towards crypto related projects/inquiries.

Total numbers of inquiries at FMA Liechtenstein

2016–30

2017–100

9/2018–180

Patrick Bont speaking about FMA inquiries

It is clear that the relationship we started with Liechtenstein was a good decision, along with Singapore. We know that we have to integrate Liechtenstein in our future company structure.

CZ from Binance talking about regulators

Blockchain Week

The week was fantastic! Many people also mentioned that it was the third best Consensus — we can clearly understand why Singapore is a great hub for the Asian market. The talks itself were very interesting. Many booths were there helping startups with the needs of custodians and FIAT-Crypto-FIAT. We also met the biggest Digital Asset Manager in Asia. They recently launched a watch edition with HUBLOT where you can only pay with Bitcoin. Representatives of CryptoFinance were also in Singapore to present their sophisticated solution of storing crypto assets. We also briefly met them in Zurich after landing in Switzerland again.

A significant number of business cards were collected, so we hope we can encourage some of our new connections to join our next fundraising round, which will be be launched soon.

Next Event

We are really looking forward to attending the Malta Blockchain Summit on 1–2 November. A big thank you to Eman Pulis for inviting us to the event. We will update you after visiting the event and we’ll talk more about how we think Malta will position itself.

Stay tuned!