Community Update — 7/28/2020
Greetings from the Mandala Team! I’m very excited to be able to bring this update to our community - we know it’s been a while.
First of all, I’d just like to assure everyone that the company is alive and well. We’ve encountered numerous obstacles over the last 6+ months that required us to make some serious changes in order to secure the future of the project and put us on the best path to success. We’ll release more frequent updates and provide more details as we work towards completing everything- but here’s a high-level overview of our progress;
We’ve legally restructured the company and created a new board of directors to manage it. We’ve also received investments from over 20 community members who have an active role in the management of the company.
In addition to the restructuring of the company, we’ve begun the process of obtaining a new license to operate the exchange out of Estonia. We’ve been engaged in this process with a law firm based in the EU since Q2 of this year. We’ll provide more information on this process and when we expect to have the license in hand once we have confirmed the dates.
Binance Cloud Partnership
We’ve recently signed an agreement with Binance Cloud and are currently in the process of the exchange being built. This solution gives us access to the Binance ecosystem and of course, the liquidity and stability of the worlds largest cryptocurrency exchange. We’ll be migrating user data to the new platform once complete, including balances and KYC status.
A partnership with Binance allows us to take advantage of not only their liquidity and technology, but their development resources, as well. Through our relationship, we’ll be able to offer low fees, innovative features and a sustainable ability to grow alongside our user base.
We’ll provide further details as we progress through the process of the exchange being built and work towards launching on Binance Cloud.
MDX Token Swap
The MDX token swap is still ongoing. If you need assistance with this process or have any questions, please open a support ticket here.
- **Please Note-If you have not already completed your token swap, you need to wait to begin the process until the exchange is live again on Binance Cloud.**
- If you’ve already completed your token swap, your MDX balance will be migrated to the new platform automatically.
Join Us On Discord!
If you haven’t had the chance, I’d like to invite you to Join us on Discord and engage with the rest of the community!
Zach Daniels, CTO
The Mandala Team