Community update for April: The good, the bad, and the sexy 🔥
🎯 We obtained our FCA pawnbroking license on schedule.
The UK-issued license is recognized by most countries and allows us to offer financial services, including pawn loans, to our users. It also means that anyone who opens their own crypto pawn brokerage on our platform will be able to issue pawn loans through our platform.
An FCA license is no small matter. The cost alone is enough to put many projects off, but the legal requirements and paperwork necessary to obtain one is another massive hurdle. We knew that this was necessary for us to function as a legitimate blockchain project, and not just another attempt at building a product around a cryptocurrency.
🎯 We partnered with a major UK pawnbroker.
Cotswold Fine Jewelry Group, run by our new partner Miles Mann, has 8 jewelry outlets, a gold bullion business, and a pawnbroking service. Miles is a member of the National Pawnbrokers Association in the UK and traces his family’s roots in the business back to 1741.
This partnership allows users to accept physical goods for crypto loans, which can be sent to Cotswold Fine Jewelry Group and held until loan conditions are met. It means that we can officially launch crypto’s first-ever pawn brokerage service!
🎯 We launched on HotBit and JulSwap exchanges.
Launching on HotBit and JulSwap opened us up to new audiences. We’re currently in the listing application process for several larger exchanges, details of which will be announced later.
🎯 Development has moved forward ahead of schedule.
Our tech team has been hard at work and has been making incredible progress. We’ll soon be ready to launch the P2P lending platform on testnet ahead of schedule, which will allow users to offer and receive crypto loans.
🎯 We’ve updated our security.
Our servers were updated to ensure security in the future. We also activated SkyNet by CertiK so users can see a live updated security report on our blockchain, our socials, and more.
Blockchain attracts technical minds, many of whom are quite capable of hacking. This, coupled with the sheer amount of money in the industry, makes it a very juicy target for hackers.
🎯 We launched our new Reddit community!
You can follow us on Reddit at r/DeFi_For_You.
Reddit is the front page of the internet and it’s a great place to find new followers for our project. We’re encouraging people to join the new community to stay informed and push the project further out in the interwebs for all to see.
April has been a massive month for the DeFi For You project and team. Not only were there several birthdays 😉 but the milestones achieved mean that we can now move forward in confidence. We have the paper, we have the man, and we have the community.
Now it’s time to get the platform up and running and bring crypto pawn to the world!