Welcome to this installment of the Connect Financial community update.
I was reflecting on the last quarter’s updates and realized that we’ve covered a lot of ground. With that in mind, I want to provide some rapid fire updates-on-recent-updates and touch on some items that I haven’t written about for a while.
Client portal development & MVP release
While some of the team are still working on new features, the majority of our effort is focused on hardening, bug fixing and tweaks to the user experience.
We are very close to locking down the MVP and phase 1 release scope, with only a few small quality of life features that we are prioritizing in conjunction with our partners.
The immediate next step is to release the client portal for user acceptance testing, which we are targeting within the next couple of weeks. This is a major milestone towards a public release, but before we get there, there will almost certainly be a modest amount of emergent bugs and refinements that we’ll need to address.
As always, we’ll keep you updated with progress. As discussed a number of times in the past, I generally avoid providing target dates until we are totally confident that all emergent tasks have been identified and completed… but we are getting closer and closer with each development sprint!
We continue to gear up for our initial wave of advertising and media, along with the updated card waitlist.
There has been a slight delay on this release due to some final discussions with our partners. We’ve made the decision to time the release of the waitlist and marketing activities with an upcoming update.
We haven’t spoken about the ConnectDAO for a while, but the development of the UI and the smart contracts have been quietly bubbling along, and we are nearing the final stages of the implementation.
The primary focus remains on the launch of the Client Portal, so we won’t rush the release of ConnectDAO. It’s likely that both the DAO and the MVP will be released around the same time, and I’ll continue to keep you updated.
Eligible founders will be still be airdropped CNFD when we do our token generation event.
Token portal & membership migration
There were a few issues with displaying some stats on the client portal, which have been resolved.
A topic that we have been discussing for some time now is the role of the token portal after the client portal has been released. Currently there are no plans to decommission the token portal, and continue to make it accessible for anyone that wants to interact with just the DeFi aspects of CNFI. Once the portal launches, there will be a window of time where you will be able to withdraw your tokens off the token portal, send them to the client portal and retain your current membership level. We’ll provide more details about this closer to MVP launch.
Tokenomics & changes to the wallet structure
A few weeks ago, I updated you on the updated tokenomics and some changes being made to the token allocations within wallets. This is still a work in progress — we need to make sure that the right wallets are excluded from the circulating supply with the major sites (Etherscan, CMC, and Coin Gecko) so that any changes to our wallet structure will not impact the circulating supply or price of CNFI. This is a classic “measure twice, cut once” situation.
Corporate and compliance
Connect Financial has recently been registered as a Money Service Business (MSB) in the United States, which will sit alongside our Canadian MSB license. We continue our licensing process in Europe, UK, Middle East and Asia Pacific which will be concluding right in line with our global expansions.
Our compliance team is carefully monitoring the developments related to the recent flurry of activity around the SEC and crypto, stable coins and lending. We’re confident that our business model is still as sound as ever, but we remain proactive and cautious.
As always, thank you for being part of the Connect Financial community and joining us on the journey.
Have a great week, and Happy Thanksgiving for our Canadian community members.