What is Flying Money?
When customers buy digital currencies on our payment gateway, we deposit the monies into a bank account and issue a digital currency token that can be used to make international payments …— Russell Hatton
Paxtradings Quick Facts
- Tokenization of the most-used fiat currencies in the world.
- $1 = 1 FML token
- March 30, 2018 — April 30, 2018
- 47,000,000 total available / 65,000,000 total supply
- Strategic partnership with Ernst & Young to audit all accounts and tokens
Q&A with Flying Money Managing Director, Russell Hatton
Paxtradings: For those who are not familiar with Flying Money, can you explain what it is and what the team aims to accomplish?
Hatton: Flying Money Ltd’s business is to create 100% cash-backed digital currency tokens, EUR, USD, YEN, etc. When customers buy digital currencies on our payment gateway, we deposit the monies into a bank account and issue a digital currency token that can be used to make international payments and be used as settlement currencies on digital exchanges globally.
The money received from customers will be protected in an independent trust. Our processes will be audited by Ernst & Young. To prove our assets each month, we will publish our bank statement to confirm our currency tokens in circulation have 100% cash backing.
Tether is the dominant player in the market turning over $4 billion USD per day. We think it’s time for a competitor. Stable tokens have massive potential because of the volatility of BTC or ETH. Sending a token that can be exchanged back into a fiat currency solves this problem for the sender and receiver.
The Flying Money ICO will issue FML Tokens. These tokens are different from our Flying Money currency tokens and are used to pay for transactions costs on our payment platform. Once used in transactions, our FML tokens are burned, reducing the number in circulation. Also as our transactions increase, the demand for FML tokens will also increase.
The Blockchain will bring massive disruptions over the next decade in a broad range of industries, especially banking and FX payments. Flying Money wants to be at the forefront. Our Pre-sale is live now. Early contributors get a 50% discount, plus additional bonus tokens.
Paxtradings: How does the Flying Money Token (FML) function within the platform and why is it needed?
Hatton: The Flying Money ICO will issue FML Tokens. These tokens are used to pay for transaction costs on buying and selling our Currency Tokens on our payment gateway. Once an FML Token is used in a transaction, it’s destroyed or burned, reducing the number of FML Tokens in circulation.
Customers can also pay transaction costs in BTC or ETH. When transaction costs are paid in these tokens, we buy back an equivalent amount of FML Tokens on the digital exchanges where FML is listed. These tokens purchased using BTC or ETH are also destroyed, thereby reducing the total FML Tokens in circulation.
There is a reducing amount of FML tokens in circulation over time, as FML Tokens are burned when used. As Flying Money increases its transactions, there is a corresponding increase in demand for FML tokens.
Paxtradings: There has been a lot of controversy in recent months surrounding pegged coins. How does Flying Money’s FML coin differ from competitors like Tether or TrueUSD, and how will you overcome the negative press associated with these coins?
Hatton: Flying Money Currency Tokens are backed 100% by the money provided by the customer to purchase them.
All funds are placed in an independent trust and audited by Ernst & Young on a monthly basis.
We separate the trading company operations from the customers funds by using an independent trust.
We do not use algorithms or derivatives to make our stable tokens. We use 100% fiat.
Paxtradings: Can you tell us more about your latest partnership with Ernst & Young?
Hatton: Ernst & Young will audit the accounts each month. They will validate the currency tokens in circulation as confirmed on the block explorer to ensure they match our bank balance. This will proof our assets and confirm each token is backed 100% by a matching cash deposit.
Paxtradings: Can you walk us through the payments process you will implement on the Flying Money payment gateway?
Hatton: Please see the answer illustrated below:
Paxtradings: How do you plan to acquire merchants who will accept payments through the Flying Money mobile application?
Hatton: Digital exchanges will be the primary intermediaries for customers to use our currency tokens, much as they are for Tether currently. Customers directly use our payment gateway to buy and sell currency tokens.
If receiving a Flying Money currency token, customers can visit our payment gateway to redeem their tokens subject to KYC and AML legislation. Alternatively like Tether USDT, our FML tokens will be mostly used to buy and sell other cryptocurrencies on exchanges.
The mobile application will allow customers to transfer between currency tokens. For example, a customer may wish to hold EUR instead of GBP. This transfer can be done on our mobile app and without the need for third party banking intermediaries.
We also have a plan in place for retail customers to purchase and redeem our currency tokens through a network of merchants. Since we have had three copycat ICOs already, I prefer to keep our distribution strategy to ourselves. We do not intend to release this so other people cannot copy our business plan.
Paxtradings: Which fiat currencies will you be adapting to the Flying Money platform?
Hatton: EUR and AUD are likely to be the first currencies. We plan to issue six in total including USD, CAD, GBP and YEN.
Paxtradings: Why did you choose the name “Flying Money”?
Hatton: The Origins of Paper Money:
The Tang Dynasty was one of the most enchanting times in Chinese history. China was the commercial center of Asia. Up until this point in human history, items such as cowrie shells, jade, iron, copper and then eventually gold and silver were used as the currency in circulation. The Tang rulers used coins made of gold and silver for circulating money.
During the Tang Dynasty, the economy was flourishing and creating an increasing demand for money. However it was becoming inconvenient for traders and the general population to make payments over large distances in these monetary coins. Also at this time, many other countries used Chinese coins as their own currency. This led to an outflow of coins and, therefore a shortage of money in China. The Tang dynasty had to come up with a solution.
Emperor Xian Zong (Tang Dynasty 806–820) decreed a paper duly stamped and authorized by his government would act as a guarantee that the holder would be reimbursed in the equivalent gold or silver. So began paper money or Flying Cash.
Flying Money (飛錢) can be considered the first banknote. Due to their tendency to fly away, the notes were dubbed “flying money.” Flying money was never originally meant to be used as legal tender and therefore, was initially limited in circulation. However, since they could be exchanged for hard currency, they were traded amongst merchants as if they were currency.
When Marco Polo travelled to China in the 13th century, he was so impressed by paper money that he described how it was made, used and valued. Paper money was not used in Europe until the 17th century.
Today, Flying Money Ltd adopts the principles established in China over 1,000 years ago by backing each Flying Money token by a equivalent dollar in bank deposits and allowing the currency to be freely traded across the globe.
Paxtradings: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?
1. Listing of tokens is anticipated to be on exchanges in May 2018
2. Issue of currency tokens in June or July 2018
3. Mobile app in Q3 2018
Paxtradingsf: As a non-Flying Money question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Hatton: Since I have spoken to a number of regulators and in Australia and Europe over the last year and many in the AML policy and Cyber Crime area, there is certain to be common policy and laws enacted within the next year to regulate ICOs and have them deemed as securities.
A working group is already established in the G20 that will recommend severe restrictions on the operation and advertising of ICOs. The ban is likely to be agreed at the next G20 Meeting of Finance Ministers and implemented this year.
If ICOs are deemed securities and advertising is banned in G20 countries, the ICO operators will likely operate from Eastern European crypto-friendly states and rogue operators.
The level of fraud in the ICO space together with the unregulated nature of operators is forcing G20 Countries to implement legislation promptly.
The OECD will ban all advertising and impose penalties resulting in a collapse of the ICO market later this year.
Cryptocurrencies are likely to remain and be regulated as securities. Most tokens are not needed for blockchain developments and 99% are simply used to fund development of a platform as it is an alternative funding mechanism.
I have great hope for the blockchain and see massive regulation with severe penalties for non compliant ICOs in the future from the rich OECD countries.
The main ICO will begin on March 30, 2018 and will end on April 30, 2018. There are a total of 47,000,000 Flying Money tokens (FML) available during both the Pre-ICO and the main ICO, representing 72.3% of the total FML supply. A hard cap of 47,000,000 (unsold tokens will be burned) is set for this period.
$1 = 1 FML token
Current accepted currencies for Flying Money include BTC and ETH.
Flying Money is an ERC20 token, so it’s important that contributors use ERC20 compatible wallets to send funds to the ICO smart contract, and to receive the Flying Money tokens.
There are a total of 65,000,000 FML tokens being created, with 47,000,000 available during main ICO.
Contributors will have their tokens distributed shortly after the end of the ICO. Visit the Flying Money website for more information and the contribution address.
How To Participate
- Navigate to the Flying Money ICO Website & click on the orange “Buy Tokens” Button.
2. Click on the “ICO Registration” button in the Flying Money Contribution Portal:
3. Enter your information into the fields and confirm your e-mail address:
Private citizens of the U.S. and China are unable to participate in the Flying Money Pre-ICO and main ICO.