Bonpay Monthly Update #3: 2018-06-04

 In About Bonpay

It was a thrilling month when we could see the doors open and the goals complete. We understand the value of transparency, and we try to share everything we can, considering the processes that are best left under the closed locks.

Let’s dive into what the Bonpay team accomplished so far.

DEVelopment

This month was the starting point for creating a 100% working wallet. We have developed the functionality that allows our users to buy bitcoins via a bank transfer. Now our users will have a strong reason to use the wallet.

After the implementation of the new development environment this month, the update will be released. Along with this, the development team is going to dive into the rebuilding of infrastructure for PCI DSS requirements. This work directly leads to bringing Bonpay cards even closer.

Product development and marketing

Tokens

Two new people have joined the product development team during May. Their main task would be the development of the new token features and streamlining the related processes.

The main obstacle for the Token department was the sudden decision of Cryptopia exchange to delist BON as well as 24 other tokens. Cryptopia has some unique compliance requirements to adhere to as a registered Financial Service Provider in New Zealand. To date, the justification we have received from Cryptopia is precisely the same as what was published for token holders.

We sent documents to the Cryptopia stating that BON is not a “Financial product.” We are still waiting for a solution from the exchange’s side.

This situation pushed us forward to listing BON on other exchanges. This would be the primary task for the new team.

Marketing

Many of you knew about the AMA on Reddit. Despite the fact that there were only a few participants, we find it was great to talk (in fact, type) to the real CEO of Bonpay. Thanks to everyone who took part in it.

We have also launched the Bonpay Blog. It’s in beta now, and we will get its design updated when our designers finish the more pressing tasks.

Compliance

You surely heard of GDPR. To comply, we developed a Privacy Policy for the website’s users. Also, we developed an internal Data Protection Policy. There is more work to be done, such as development and updates to Data Processing Agreement, Data Retention Policy, Procedures for Processing Personal Data Requests, Verification Procedures etc. This seems tedious, but as a financial service, we must fully comply with international banking standards.

As you can see, it is a long journey. Many things to do are still ahead. We are constantly developing the Bonpay cards, wallet, token and payment system overall, even if sometimes it doesn’t seem like much is happening.

Thank you for your support and trust.

Recent Posts

Leave a Reply

avatar
  Subscribe  
Notify of
monthly update