Bitcoin Forum

Before I dive any further and go into details, one quick question: are you related --more specifically, the child company-- of Evorich? I did a preliminary DD and see that their facebook account posted an FAQ article (https://m.facebook.com/evorichecosystem/posts/fnt-fintech-token-qa-1-what-is-global-unit-pay-swiss-licensed-next-generation-pa/810459600335721/?locale=ne_NP&_rdr) about you.

Hey Holydarkness, we are sorry for the late reply.

Let us get into that topic:
We are not even aware of that FAQ article and this was preliminary where FNT was planned to be handled credit/discount token to the initial Global Unit Pay (GUP) system. We already forwarded that FAQ to get it deleted, since the information is outdated.

Also to clarify the standpoints: FNT is not the child company of Evorich. FNT basically just used that marketplace for the presale and didn’t have any further commitments or relationships to it. You can see FNT as a B2C extension of GUP, where GUP was till now a payment gateway and OTC desk in the B2B sector, FNT mainly aims at B2C with further licensing in Swiss.

Related to the relation of GUP, which is just a payment/prepaid provider for many B2B companies, where Evorich is one of them. GUP is still fully compliant with its asset management and services through every regulation in Switzerland.

Ahh, I see. So it's just a misunderstanding of an outdated info and you have relationship at any degree with Evorich. Was the outdated info also covers the relationship with Ms. Serdjukova? I see that she's your CMO, as well as a very well-accomplished marketer on Evorich (https://archive.ph/knBKl).

https://i.ibb.co/DC6sYQq/Mila.jpg (https://ibb.co/wWb374v)

If I may get ahead of myself, the specific curiosity of evorich and you is due to me being stumbled upon these articles during the preliminary DD

Evorich scam: https://behindmlm.com/mlm-reviews/evorich-review-skyway-capital-ponzi-spinoff-bumbles-along/
The exit scam: https://behindmlm.com/companies/skyway/evorich-investors-being-funneled-into-fnt-exit-scam/

Hey holydarkness,

don’t worry, you don’t get ahead of yourself.

Please don't take it as a granted everything you see in that portal. This portal is not regulated and not official for the company rating in any way or form. Literally, anyone can flag a company scam, and without proper due diligence, this will be published. We already are aware of that link and discussing this matter with our legal team.

When it comes to Evorich - this is a legal company based in USA, they have marketplace platforms with many products, and so far, we don't have any complaints about working with them. In our initial DD, they are already active for over 7 years, moreover, they have provided us with an initial set-up for the pre-seed phase. This has rarely something to do with calling it an „exit“, again our main relationship is with GUP which is still actively running providing whitelabel / otc & payment gateway solutions worldwide from Switzerland.

This is also a reason why we have offered Mila Serdjukova to become our CMO for the initial stage once we establish CI & brand. She has great experience and marketing, business development, and investment in general, but we will bring it to internal discussion if this might be a problem in the future related to this topic to minimize public backslash and we will take those concerns into consideration.

So FNT is an extension of GUP, Global Unit Pay, I assume. I have done my research but sadly found very little about GUP https://globalunitpay.ch/about here, https://sigma.world/directory/payment-providers/global-unit-pay/ here and lastly, https://www.crunchbase.com/organization/global-unit-pay it says 1-10 people work at GUP? When it was founded? With whom gup work? Which countries GUP operates and what are the daily/monthly volumes? These types of details remains obscure. Please fill up more about GUP so that we can understand more about FNT.

Ahh, sorry, I am not intentionally ghosting you, I was just... read your reply and then attended to other thread. Having this thread opened and thus marked as read, it disappeared from my "new replies" page and I completely forgot about you. The lack of your update on this thread for the entire week, though, I find it quite disturbing for a project with a huge ambition.

As for the truth behind the article, I can not read Cyrillic, but judging from other sites written in English, I would say the accusation itself is not baseless? The image where the article attached a proof of, it can be traced down to other articles and videos. Like this one  (https://vklader.com/scam-andrej-hovratov-evorich/) in Cyrillic? Was it baseless and your strategic cooperation with them is still good? Or was it your security and marketing team failed to take a deep DD that you saw your cooperation with them is/was a good idea? Or was it simply because the claim of the article is true, that you're actually related to Evorich, thus employing Ms. Serdjukova?

As already stated above on the 3rd of December, there is a business relationship with it as a payment provider at GUP and with baseless was meant the headline. In general judging the activity (here) based on the stage where we are right now and what we focusing on + the time of the year shouldn’t „neutrally“ be seen as disturbing.

As mentioned, we discuss further steps internally based on your feedback, again we believe in our product and the extension of our already existing b2b arm.

Hello Derek

The founding date of GUP was 2020. GUP is an authorized member firm of d’Organisme de Surveillance pour Intermédiaires Financiers & Trustees ("SOFIT"), and as such is supervised by SOFIT in its capacity as a supervisory body officially recognized by the Swiss Financial Market Supervisory Authority (FINMA), with supervision pursuant to the Swiss Federal Anti-Money Laundering Act (AMLA).

We have users from 160 countries and last year volume was over $40m, again specializing mainly on B2B activity, in detail:
Over 150 corporate clients and over 50.000 users. With our current main activities in:
- Buy and sell Bitcoin or other cryptocurrencies
- Transfer cryptocurrency and fiat currency to other members and to non-members who must become Members prior to withdrawing such cryptocurrency or fiat money
- Exchange FIAT for various currencies
- Open IBAN bank accounts
- Order Mastercard prepaid debit cards

As I see, you are a subbrand of GUP. Will you be using the same licenses as GUP or will you obtain a separate license specifically for FNT?  And, will FNT use the GUP database and infrastructure?

To answer your questions:
Yes, we will be using some of the same licenses as GUP, but we also need to obtain a separate fintech license to offer our full range of services. Having some licenses in place through GUP is beneficial, but it is not enough on its own.

FNT will not rely on GUP's infrastructure, as it is being developed primarily from scratch, which includes the integration of our native token. However, certain elements of GUP's infrastructure may be utilized. Despite the different databases, GUP's current clients will definitely use the extensive services of FNT :)

Can you provide information on the planned audits of the FNT treasury fund management and allocation, as well as the purpose and future use of the 5% treasury allocation and how it will be effectively managed and regulated for the growth and development of the token ecosystem?

First of all sorry for the late reply our team was preparing for the Barcelona European Blockchain Summit.

Since the downfall of many CeFi (FTX for example), we believe it is needed to show the highest way of transparency. The treasury will be used for collateral, liquidity, and loan demands only. Every movement on the treasury will be traceable and we will provide frequent reports & audited reports on the activity. We take this topic very seriously and we will provide more details still in Q1/23.

Regarding the development of our ecosystem: We are currently working on the Alpha of the LTV system which will soon go live and can be used with our banking cards

I was about to sign up for FNT whitelisting. I read that you went for halving of your tokenomics. Does this change something on the price? Or how do you anticipate this change will impact the overall balance of your tokenomics?

No, it doesn’t change something about the price itself. We will reveal all stages of pricing at the beginning of March.

Balance doesn’t shift at all, we have a running business behind the company and felt we should cut down the rounds a bit. We committed already to burn unsold tokens, the problem with that would have been the balance.

In our case, we decided to keep the % and just half all the pieces instead of burning just unsold tokens with keeping the team balance or treasury/reserve at the same amount.