In advance of Formosa’s upcoming Alpha release for the Formosa Financial treasury management app and platform in April, on March 5th, they announce the launch of one of their three core services: brokerage.
Over the past few months, they’ve been opening the critical accounts needed to provide integrated trade execution and settlement system through their brokerage service. They’ve selected exchanges with the best liquidity for crypto > fiat pairs and opened accounts with associated banks that work with some of the biggest trading counterparties in the business. This enables them to provide an integrated order book that can tap liquidity on demand at the best available price, with immediate on-book settlement at the bank so international outbound wires to clients can be initiated shortly thereafter. For those with less urgent cash needs, they can also place limit orders based on your price targets or apply time-weighted average pricing over a period if you’d prefer gradual fulfillment of an order.
You can start trading with Formosa in three simple steps:
- Fill out this interest form — a member of our team will follow up with you shortly thereafter
- Provide them with the required onboarding docs (for corporate clients we will need an approved form of identification for beneficial owners) — the review shouldn’t take more than a few days
- After account approval, they will configure a BitGo-based FMF deposit wallet for staking and add you to a channel that you can ping for price quotes
That’s all! Clients staking FMF will see their percent savings on the transaction in the price quote provided by the brokerage service, along with the FMF fee charged for the trade. All FMF fees collected will be collected in a pooled wallet and burned at a yet-to-be-determined date.
This is just the first step in their rollout of the platform and additional services in the coming months. As they integrate these services alongside custody and settlement layers, they’re providing clients with simple, easy-to-use interfaces through their app to tap into the power of the underlying technology and ecosystem.
For more information about Formosa Financial check out their official website — An institutional grade digital asset management tool for blockchain innovators.