SHANGHAI, Feb. 11, 2019 /PRNewswire/ -- On February 1st 2019, the FormulA Foundation announced its annual report and organization adjustment for 2019. Earlier, on January 2nd, FormulA held its annual meeting in Seoul.
Yohai Shilon, the Foundation chairman announced a lean organization plan, reducing the number of council members from 5 to 3 while integrating its 11 local communities into 3 regional "groups," namely Europe, America and APAC, which are led by David Brown, David Wood and Yohai Shilon, respectively. The previous APAC partner, Stephen Song, was replaced by Yohai, effective as of the end of 2018. Yohai said that "Mr. Song's main role was helping us to connect with developers and influencers in Asian countries such as China, India and Singapore. We would like to give him high remarks for his works and wish him all the best in the future."
Affected by the uncertainty of Asian governments' policies regarding the blockchain industry, FormulA Foundation opened its American office in January 2019, which has already taken over the routine operation works of its global community. The American team are also building connections with local communities and government authorities, exploring the feasibility of a blockchain-based asset exchange protocol under the current regulation environment.
Besides the organization adjustment, Yohai also announced the annual report of 2018. He said that: "During 2018, we built a world-leading blockchain-based asset-exchange ecosystem. The cornerstone of our asset exchange ecosystem is the FormulA Chain, which was initially coded by Chinese and Israeli developers. Currently, there are two major applications that are already powered by FormulA Chain. The first is the real asset exchange 'FEXX' launched in October 2018. Currently, there are more than 10 pairs of assets being traded on FEXX with a daily trading volume of 5 million dollars. The second application is the stable token 'FUSD & FCNY' which is backed by FormulA's 'Asset Digitalization Protocol'. People can deposit their assets to get the stable token automatically. Theoretically, this token issuing mechanism can control the inflation because it links the volume of token directly with the total value of the assets deposited. We are now supporting USD and CNY based assets with FUSD and FCNY respectively."
"Combining the FEXX and Stable token, we provided a revolutionary solution for trading assets which will break the wall between the primary market and the secondary market. People no longer need to go through so many financial intermedia to trade their assets. The motivation mechanism of FML token will become the core of the entire asset-exchange ecosystem. We are expecting to carry more than 1 billion dollar trading volume in 2019. Anyone who holds the FML can benefit from the success of the asset-exchange system," said Yohai. He also claimed that some financial institutions are seeking corporation with FEXX to gain liquidity.
Last but not least, Yohai emphasized that FormulA will keep focusing on the technology development to build a DAPP friendly ecosystem. He said that, "Besides the exchange and stable token, we are happy to have more than 10 groups of developers building DAPPs such as games, derivatives platforms, tracing systems and supply chain finance platforms. Though it is a bear market, we see a bright future in 2019."