7 Jun 2018
Domicile Announcement, Exciting News and Public Correction
Good day from Arbitrade and Cryptobontix.
Before we begin, we would like to first apologize for the delays that have occurred since the issuance of our planned timeline a month ago. When those dates were established, we had full confidence there would be no difficulties in meeting them, which is why we stated they wouldn't change.
The difficulty is, Arbitrade requires the approval of every announcement, before being released, from the government of Bermuda and all partnering companies, which is sometimes a lengthy and time-consuming process as part of our compliance and corporate governance policies.
Before we get started on the good news, we need to update everyone on a public correction pertaining to Badabing. Here are the real facts that both parties will clearly state:
Arbitrade’s newsletter dated May 24, 2018 includes a misstatement regarding its relationship with the company who owns Badabing software. Arbitrade’s companies are working on various agreements and partnerships in order to offer state of the art technology and infrastructures. Due to an internal Arbitrade miscommunication and error in editing, the newsletter stated that Arbitrade has acquired Badabing software. At present, a subsidiary of Arbitrade has an LOI in place with the company that owns Badabing software and those parties are working towards getting a formal licensing agreement in place. To date, we have made payments totaling $200,000 pursuant to the LOI.
At present, Arbitrade’s technology is independently developed and does work with our cryptocurrency merchant exchange and Arbitrade doesn’t currently have access to the Badabing technology directly and such access will not be granted until we complete our licensing agreement. We’ll update the community if and when the parties finalize an agreement. Until an agreement is finalized, Arbitrade will continue to communicate with Marco Garibaldi of Badabing. Mr. Garibaldi is a serial entrepreneur and a visionary. We appreciate his understanding regarding the misstatement in our newsletter and his assistance in rectifying the situation.
Now onto some good stuff…
Arbitrade is extremely happy to announce that our home domicile will be Bermuda. This process started in late last year when company representatives first met with Premier David Burt, Minister Caines (The Minister of National Defense and the person in control of the crypto legislation in Bermuda), Minister Furbert (The Junior Finance Minister), Stephen P. Gift from the Bermuda Monetary Authority and Bermuda Business Development Association. There were eight additional visits over several months and a considerable amount of work put in to securing our position. Bermuda is the gold standard in the Fintech and Reinsurance industries globally. Arbitrade's goal was always to be domiciled under this gold standard country before registering in other countries around the world as subsidiaries of the head corporation.
Bermuda is one of the very few countries pushing through full legislation on ICOs and cryptocurrency laws, and Arbitrade believes cryptocurrency legislation and laws are the best strategies to press our business model forward through other countries. Arbitrade proposes the difficult Know Your Client (KYC)/Anti Money Laundering (AML) process companies should have to go through to receive licensing and approvals, before being able to operate as a merchant exchange business in all countries, is the only way this industry will receive approvals and acceptance globally. With the structure of Bermuda’s laws, Arbitrade can now move forward with over 12 additional countries quickly and then continue to introduce the platform to new countries globally.
The country of Bermuda cannot give us our license to operate and our license to hold the very first, fully legal, ICO in the industry until the law passes parliament. This is expected to happen within the next three weeks. Information about this is available on the government of Bermuda’s website.
Once Arbitrade has its licenses in hand, the company will proceed first, with our eight-week legally approved ICO, followed by the launch of Arbitrade platform in late August/early September.
Bermuda is a well-regulated Country Led by the Bermuda Monetary Authority. All new companies are scrutinized to ensure that the jurisdiction is protected and that they know their customer, hence why the length of time.
Arbitrade’s management would like to thank everyone for their patience and understanding while we worked to achieve this incredible accomplishment. This is only the beginning, and the road ahead is going to be extremely busy as we set up the operating infrastructure of the company, with its head office being in Bermuda.
Arbitrade has been locking down all deals regarding our bullion purchases as we move forward with this news. We needed two things to be able to close the bullion negotiations:
1. Be a registered company in Bermuda, and
2. Be a legally licensed and insured company in Bermuda.
We have already accomplished the first requirement and, we have been advised, the second requirement will happen later this month.
The company seeks to finish all agreements and deals with all partnering companies before the end of the month. Once this is achieved, we will announce the official ICO dates, the bullion related news, partners information, and the official launch date of Arbitrade. Arbitrade’s management and consultants were hoping for earlier dates of receiving our papers but this is a long process that has to pass through many channels of government prior to occurring, we were told. We have made it through the most difficult part of the process.
The good news for all Dignity (DIG) holders and followers, along with the other tokens, is we have the mining facility in Atlanta, Georgia going online as we write this for 5,500 mining rigs consisting of Halong miners and Bitmain miners that cover a large variety of cryptocurrencies being mined. (See pictures and video below)
Ronnie Moas, a well-known stock, and cryptocurrency analyst and a vocal supporter of Arbitrade’s vision, was invited to meet Hayden Gill, CEO of CoinMiner and to personally tour the Atlanta mining facility today. It is clear that judging by his public profiles on social media had this expert very excited by what he saw.
See here:
What we are excited to announce is that we have now purchased 850 Innosilicon D9 miners that will be deployed in the next week in a new Texas facility. Hayden Gill, Arbitrade’s mining consultant, says that the D9 miners alone will be generating a minimum of 305 Decred (DCR) per day which is trading at $99.90 on CoinMarketCap.com as we write this. Arbitrade’s Watford, Ontario facility has completed the needed upgrades and renovations for the fire suppression systems, new floors, new lights, new paint, new roof and removal of all old unnecessary equipment and electrical systems. In the next phase of the build-out, CoinMiner will oversee the Arbitrade Canadian build-out and the upgrades in the electrical systems so that the miners can be launched out of that facility as well.
The number of mining rigs in the company is now totaling over 10,800 which means that Dignity’s initial miners will all be online in less than a week, Reciprocation’s and the new air dropped free to DIG holders, “GIFT” token will have all their rigs online within a week and the mining rigs for Namaste are all delivered just waiting to be deployed in the Canadian operation. The company is aggressively purchasing the next 10,000 mining rigs for Orectic (ORE) and Honor (HNR) along with the 25,000 mining rigs for Arbitrade’s token for the official ICO and the additional 20,000 for the exchange that the company will announce with the full ICO plans. This will make Arbitrade one of the largest cryptocurrency mining operations globally.
On a final note for this week’s update…
Each of the smart contracts for Dignity (DIG), Namaste (NAM), Orectic (ORE), Honor (HNR), Reciprocation (ECHO), and the new “GIFT”, air dropped tokens, are all being recreated by one of the world’s leading cryptocurrency developing firms, whom have created over 80 well-known tokens and hosted over 30 high level ICOs. We are being told that the contracts should be completed by early next week and the swap for existing tokens will happen immediately upon execution of the contracts. No one needs to do anything as this will be done automatically as an airdrop and swap via wallets and exchanges. This will fix the “gas” issues and the issues with CCEX so that everything works the way it was supposed to.
We apologize for this inconvenience but, rest assured, all issues have been addressed. Once this occurs, the company will immediately execute the airdrop of the “GIFT” tokens. This will essentially double each DIG holder’s position at no cost with nothing but a long-term upside based on the growth structure set forward by the company on our mining model behind the tokens.
Arbitrade will update everyone further on details as they occur, and we are approved to announce.
Sincerely,
Arbitrade Management