We would like to inform you in this article about our current activities and the direction, as well as progress.
September and October are not only very stormy months in nature, but also during C-Novation there were some gusts of wind during this period. Some were smaller and could be done already, others are bigger and left a lot of garbage, which now has to be cleaned up.
All in all, we are still on course and are doing the little things that we have announced from the beginning of our journey and from which we have already achieved many things.
At the end of September, existing problems with our ATM service provider from Austria have escalated, and unfortunately they have to be cleared up by lawyers or judges.
Unfortunately, this has seriously affected the ATM machines’ functionality. We were forced to turn off the ATM machines.
One big point being solved is that the service provider does not release the keys from our machines. As long as we do not have the closing authority, we do not want to accept funds from customers for security reasons.
At the moment we are in the process of clarification and we are working hard to get all machines up and running again in October.
In terms of EUCA we are again a bit further. Technically, we have meanwhile looked around on which technology the EUCA is set up and are thus very advanced.
Also in terms of regulation, we have taken the next steps. Mr. Flender flew to Malta at the beginning of October to complete the next tasks. A discussion with the Ministry of Finance / Minister of Finance is planned in the near future and there are now the first talks with licensed ICO accountants in Malta to clarify what is needed to prepare an ICO fully regulated by an EU country.
Product partnership ended
C-Novation and Verway have officially completed the joint product collaboration.
After an interesting and exciting and above all successful one and a half years, a very nice time comes to an end.
This happened on mutual request. The goals and needs of both companies have changed and now it is no longer possible to go together in one direction in the future. Therefore, both sides have decided to end the product and training partnership for future business.
Customers who have purchased through Verway products that have been running C-Novation in the background are unaffected by the split. All contracts and services continue as normal.
Ilhan Dogan, as Founder and CEO of Verway, also came to us in recent weeks and told us about the idea of developing their own coin for the Verway customers and then launching it in place of the EUCA planned by C-Novation bring to. There was basically nothing against it from our side. However, C-Novation continues to pursue its course as usual and continues to work on its own reverse ICO.
This will start if the corresponding infrastructure for the future coin is available.
Customers who have not come to C-Novation products through Verway will not care. At the request of Mr. Dogan, Verway’s customers will now get Verway’s own coin through Verway.
Parts of Mining Farm are offline recently. This is due to the fact that four mining containers, as well as one entire data center, have been moved from Austria and prepared for this move since the end of September.
At the finish are currently also renovations. They are currently installing two new transformers, which will further increase the capacity of the farm.
Begonnen hat die offline Zeit aber aus einem anderen Grund. Es gab einen heftigen Drop / Kursverlust im Bitcoin innerhalb weniger Stunden und einen Hashrateverlust im gesamten Netzwerk von über 30 Prozent. Viele waren zu dem Zeitpunkt verunsichert, weil ein Verlust von diesem Maße die Chancen auf eine 51.% Attacke stark erhöhen. Aus Sicherheitsgründen wurden daraufhin große Teile der Farm offline genommen. Nun wird die Offline Zeit genutzt, um die nötigen Umzüge und neuen Transformator Anschlüsse durchzuführen.
Affected customers should expect a two to three week off-line time to get it all going again.
Distribution of POS equipment to retailers in Europe is gaining momentum.
At the beginning, as always, we first had to develop the entire procedure and also get to know the know-how of the approval procedure.
This is now through and several special cases, we have already passed.
Thus, we are just beginning to increase the number of devices. Everything is green and the devices are very well received in the trade.
What is more and more noticeable is that currently there is a generational change in the POS devices as a whole. Say all the old POS devices currently on the market are all not running on an Android operating system and are therefore much less flexible than the new generation we have in the trade.
A complete model change is therefore in the market and we have one of the modern devices to close this gap in the market. In addition, we are currently knowingly the only provider that can support all major payment methods with the device, including the new digital ways, such as Applepay, Googlepay and crypto.
There are currently around 30 requests per day for our offered POS devices and we handle all inquiries with a high level of commitment.
On the way to the Paytech / Fintech company
The next big steps for us will be the licensing steps with the financial market supervisory authorities. There are several licenses that we aim for. This requires among other things also special personnel and various new departments, as well as creation of new companies and company concepts. As regulatory approaches isolate crypto payments into a company, we are now scanning the market to explore regulative approaches and to see which direction the legislature wants to take.
More about that soon.