Connect Financial Weekly Update
Good evening and welcome to this weeks insight into whats new and happening at Connect Financial.
To start this week off we want to give a few updates on some various items that the community has asked about recently:
Card Production and Delivery - We have signed, sealed and delivered the final contract with our manufacturing partner for the cards. This process took a few extra weeks the finalize between contract revisions and other various logistical questions that were necessary to get solidified. This is both an exciting and slightly nerve wracking ordeal to go through, as it’s not every day you sign a contract worth well into the seven figures. Our next steps on this front is to have our first round with the printers for all five tiers of cards which we are working on getting the first opening available reserved.
Does this mean we’ll have cards early/soon?
Unfortunately, it is difficult to give a direct answer to that at this point. We have a lot of systems to finish testing before we release everything for public use. We continue to increase our dev team staff to work through the launch check lists with testing and bug fixes and we will keep you informed of any critical updates on the delivery time. We appreciate your continued patience on this part, we are ready for everyone to have a CNFI card in their wallet and truly believe what we are building is unique and an evolution in our markets.
User Testers for the website?
We are closing in on accepting the first user testers on the website. After speaking this AM with lead devs we feel we are on track to have our UAT (user acceptance testing https://www.panaya.com/blog/testing/what-is-uat-testing/ if you would like to understand it more) within the next two weeks.
This testing environment will give a fully simulated experience for the testers, depositing testnet funds, loading test cards (not physically delivered), spending their test money, watching as the market moves and triggers certain events.
The testers will consist of select community members but also an outside contract company that specializes in testing platform such as Connect.
Connect Governance and Treasury?
These pieces are still on the books to be finished, unfortunately the main smart contract dev had to take a bit of extra time off due to complications. The treasury contracts are all delivered now though and ready for deployment, we are just wrapping up the initial UI for them. This UI will exist on the current Token Portal, which we have slated for a revamp after the Client Portal is released. We will have a better update on the timeline for Governance Token Air drop and the go live for the Treasury UI after this week.
Next on the update this week is actually a new question from a Discord community member. It’s one that I felt was maybe on a few peoples minds so we chose it to bring up on the weekly update. If it’s something people like we’ll randomly pick questions each week to bring up here.
Shout out to Flec for this inaugural community question!
“It would be great if we could see an update showing how we would see our monthly bill and make a payment against it.”
The Connect Financial cards will run on a traditional monthly billing cycle, from the first to the last day of the month. A few days after the first of the month you will receive a electronic statement with all your charges from the previous month and a break down of the daily interest charges accrued.
The actual statement format is being designed now but it will follow a traditional card statement flow. The statement will also be retained in your portal for you to download for several years.
As interest is charged daily, payments on the platform can be made at any time by various means. You can make an external fiat deposit or crypto deposit to settle the balance. Or you can use funds from any existing platform wallet to make a payment, including paying from your collateral balance. Any supported crypto is eligible to be used for the payments, we will handle any necessary conversions for you ( no need to deposit btc first, then sell your btc, then make your payment with the proceeds ) you’ll just select your internal funding source, the dollar amount you want to pay and click submit. You will receive a confirmation window showing your entire transaction and a submit button. Once you make the payment your card is immediately credited with the payment and your balance is ready for immediate use.
How much do you have to pay?
There is a minimum monthly payment due every month though as the interest accrued is paid out to our lending pools and the treasury. This minimum is typically at least the amount of interest accrued over the last month, though under certain amounts your total amount will be owed (typically less than $25).
We continue to work with our banking partners to expand our capacity, such as making a payment with an external bank account where we pull the payment from your account for you, but this will require a bit of development on our part and will not be in the initial product release.
Until next week, as always, please stay safe and stay kind to one another.
