Grant Update Exchange Committee Grant Updates

Secured
#1
Grant thread: https://factomize.com/forums/threads/exchange-committee-001-exchange-listing-fee.1039/

Organization Involved: Factom Protocol Exchange Committee (Chair - @Samuel Vanderwaal)

Total FCT Received: 5,000 FCT held within the grant pool.

Total FCT Remaining: 4,276

Background:

The marketable token of the Factom protocol, the Factoid (FCT) is currently listed on only a handful of reputable exchanges. This limits the number of potential buyers, including those who wish to burn FCT for EC to use the protocol in certain countries, and contributes to liquidity issues. The Factom Exchange Committee was created by a vote of the Authority Node Operators and tasked with getting FCT listed on additional exchanges.

Many exchanges require a listing fee and often the amount is substantial. Rather than take immediate delivery of the FCT, the Committee requested that the FCT be set aside in the grant pool specifically for the purpose of paying exchange and other fees associated with being listed on exchanges. These FCT will be disbursed to specified FCT address(es) when requested by a statement signed by all members of the Exchange Committee.
 
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Secured
#2
Update

The Exchange Committee previously provided an update via a report found here and will also update via this thread going forward. We have not spent any additional FCT since that report which means we have 4,276 left. We have spoken to many exchanges including many who reached out to us. Due diligence has found that the listing fees of many exchanges are out of proportion with what we feel is their realistic volume and as such, we are exercising caution and fiscal responsibility with the ecosystem's FCT.

The Exchange Committee has also spent substantial time speaking with attorneys and may be moving forward with a firm in the future which will hopefully provide clarity that would improve the chances for a listing on exchanges like Binance.

We are currently focusing a majority of our efforts on a specific exchange listing which we hope to apply for at the end of this month.