Dear XBY and XFUEL Community Members,
The XTRABYTES™ project is rapidly moving forward on several fronts, including the XCITE™ version 1.0 for public release, ongoing additions to the XTRABYTES Academy, a new marketing website, STATIC node registration, and STATIC network testing. In addition, we’re continuing to conduct Genesis testing to help optimize various sections of our technology . And we’re looking forward to a soon-to-be released documentary from the XTRABYTES project as well.
All things considered, we believe it’s the right moment to start engaging in serious contract discussions with centralized exchanges. Our primary aim continues to be the listing of our two coins: XBY and XFUEL. As mentioned previously, we’re focused on getting listed on predominantly mid-level exchanges, given the excessive burden and the high costs associated with many top exchanges. The factors we consider for exchanges are centered around security, regional restrictions, trading/deposit/withdrawal fees, support, API coverage, market-making possibilities and trade volume.
The majority of exchanges charge a fee to be listed on their platform, often along with an integration fee if the technology is unique from the already listed coins. This payment to the exchange is normally composed of two parts. The first one consists of a direct BTC payment. The second one includes giving our coins (XBY and XFUEL) up to an equivalent pre-defined BTC amount.
Our thoroughly performed security checks suggest that the exchange we have chosen is a safe, reliable and user-friendly trading platform. It’s also globally available and has the added bonus of a strong Asian presence. Finally, it’s worth mentioning that the average daily trading volume of this exchange over the last month is approximately 28 million dollars.
After a series of negotiations, we ended up with a listing and integration contract, with what we feel are very reasonable fees, including BTC, XBY and XFUEL. As part of this deal, the exchange has agreed to perform market-making for both the coins for one month, in addition to a trading competition for XBY and XFUEL and marketing outreach within their crypto-community.
Some community members mentioned that they would be willing to make contributions if it helps getting XBY and XFUEL on new exchanges. As such, we would like to ask our community for voluntary donations into a fund that will be solely used to pay for listing fees for exchanges with our first target being 5 BTC and 2 million of XBY, plus 2 million XFUEL.
These amounts are more than enough to cover the first contract (we are prohibited from providing the name of the exchange or the actual fee). We feel that if we are going to start raising funds with the community, let’s not just go for one exchange. As we continue searching for the next viable exchange, this first target will help us work towards this expansion in our trading network.
We must also add that in the event we’re unable to meet the targets for our listing amounts, all donated coins that have not been used to pay for a listing will be returned to the sending addresses (minus any tx fees in the event that the community decides to stop the funding campaign).
The team will provide regular updates on the amounts collected in the fund. If you would like to contribute to the fund, please send your choice of XBY, XFUEL, BTC and/or ETH to the corresponding addresses below :
XBY – BPZ3cwCgdRngbQa9h28C89crxqkyT5oQHy
XFUEL – F6vMdDCBnK7CVEgkuQTRBNfA8Ji3K43x4U
BTC – 1KVQsBCbYziXWfFh1Av7nZy359vUHxddxS
ETH – 0x6bdc9b226235df1182443701e0d0f8b5b97d7ff5
Donors who like to be individually named and acknowledged should fill out this form. Donors who wish to remain anonymous will be thanked collectively as a group but should also fill out the form.
IMPORTANT NOTE: Donors sending the coins directly from exchanges (like Coinbase, Binance, Square Cash, etc) MUST fill this form entirely. You may choose to use a pseudonym if you prefer to remain anonymous.
About Amine (Freeman99)
Amine (freeman99#0852 on discord) recently joined the team as our new exchange manager. His main responsibilities will be to handle all communication with exchanges and evaluate potential listings on new exchanges. He comes from a financial engineering background and currently serves as a senior consultant in an investment bank in Europe. He comes with more than 15 years of experience working for some of the largest banks and pension funds across North America, Europe and Asia. He has an extensive knowledge of interest rates, foreign exchange, credit, equities and commodities trading at an institutional level. Moreover, he has broad experience in dealing with regulators and central banks across different jurisdictions. His network and experience within the financial markets space will help XTRABYTES gain exposure with exchanges.