Hi Ethbits/Hivelly Community,
We are sorry that this update has taken some time. We have been working hard to complete the exchange and setup the company as per ever changing regulations.
The good news is that copy trading is finally complete!
We have also completed the referrals program and have developed and tested our liquidity bot!
Unfortunately we underestimated the amount of work we had to redo after taking over from the Russian developers. Many parts had to be redone from scratch and some of the features that they claimed were working were far from complete. All in all we have made some great progress and have learnt many valuable lessons along the way.
The bad news is that since we moved to Estonia our banking relationships have sadly been terminated as of last month The service provide, based in Malta, is no longer able to service companies in Estonia. We subsequently have to reapply for the licence and banking at the same time.
We are doing this whilst also changing the trading name from Ethbits to Hivelly. This process will take between 4-12 weeks depending on the new bank and the Estonia Financial services authority.
As some of you may know, the new regulations in Estonia have subsequently changed and become far harder. With saying this, we are confident that we should now meet all the requirements.
So we do not get delayed further, due to licensing we are applying to St Vincent where we will operate without FIAT and start growing our user base and volume.
As soon as we are registered in St Vincent we will open an ETBS market and place some buy orders in anticipation of the new DeFi project that is going to be one of the many uses of ETBS tokens.
I anticipate within 2 month we will be operational in St Vincent and then we will start pursuing licenses in Estonia.
We are asking that everyone please starts using the copy trading facilities as so far VERY few of you are using and testing copy trading and we really need your support in doing this over the next few months.
We greatly appreciate all your patience as you have stuck with us through the bad and good.
– The Hivelly Team