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Twarden

XAGATE: Precious Metals, BTC, LTC, NXT, ETH, and CAD

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XAGATE's Terms of Services have been updated today to reflect changes to a new method for ascertaining the identity of our clients as required by Canadian Law. 

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Clients who have not performed a transaction with the Gateway within 90 days of their last transaction will be required to verify their identity. Please note that whenever a deposit or withdraw totals $3,000 or more of any asset within a single transaction or if your total transactions within 24 hours total $10,000 or greater, you will be required to perform the identification process. The following information must be collected from the client: Full Name, Full Address (including Postal/ZIP Code), Ripple address, a clear photo of the front and reverse of their Government Photo Identification, a clear photo of you holding the identical identification, and a photo/scan/original digital document from a reputable source such as a Mobile/Wireless provider, Utilities, or Bank which includes your Full Name and Full Address in addition of a clear photo of you holding the identical document. Government Photo Identification is defined as a passport, a Driver’s License, or typically any identification which includes all of the aforementioned information. Documents originating from a reputable source must be current (dated within the past 60 days as of the time of the transaction). Photos of documents which are taken with cell phones may be declined due to poor quality.

After careful scrutiny of the dual process method within the new FINTRAC guidelines and some consultation, I have determined that there is no need to rely on the combination of Government Photo Identification plus Canadian Credit Files.  Documents which originate from a reputable third party in conjunction with Government Photo ID will suffice as long as the requirements for verification become much more stringent hence the necessity to announce that you will have to take a few more photos during the verification process.

Just in case any one is researching about the current regulations in regulations in Canada for setting up a Ripple Gateway and you want to use a third party to manage KYC for your company then:

  • TransUnion will charge you a one time setup fee of 10K plus a 2K annual fee and increase overhead per transaction by 75 cents
  • Canada Post's Digital Proof of Identity costs a 50K one time set-up fee plus a 5K annual license fee
  • Trulioo costs 1200$ per year plus 65 cents per transaction (only 100 transactions per month)
  • Equifax must have thought I was kidding them around or something because they never got back to me about their EIDcompare or EIDverfier products but I will assume that they both feature a exorbitant set-up fee, license fee, and per transaction fee. EDIT: I finally received a reply from Equifax. The eID Compare product costs a setup fee $2500 plus $1 per transaction while the eID Verifier product incurs a setup fee $6,000 plus  $2.90 per transaction in addition to $0.70 per incomplete transaction for both solutions.

I wish I could have been more active these past few months but like I mentioned once before in a prior post, I have been working with a startup as their VP of Finance.  One of the notable things that I have to update is that I may have found a job with a lawyer to set-up a cryptocurrency payment portal, so maybe I will finally get that real-world-working-example of QuickGatewayKit that I have longed to see.

Edited by Twarden

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I am opening registration for all XAGATE clients to register their ripple accounts for a federated username@xagate.com address on the RCL.  To register for an xagate.com account, please send an email to taylor@xagate.com with the subject "Federation Registration" and include:

Your primary Ripple address (required)

Your Full Name (required)

Preferred username 1 (required)

Preferred username 2 (required)

Bitcoin Address (optional)

Ethereum Address (optional)

Your Ripple address and username@xagate.com will promptly be added to the federation protocol which works with the desktop wallet.  No, this does not work in the Gatehub client.  Perhaps @enej will implement federation support sometime this year "when the team isn't busy" but I wouldn't bother pestering them about this out of kindness (at least until maybe Q2 ;)).  This is a free service and does not cost anything but your time to register.

In other news, you can expect more XAG IOUs to hit the market on Monday, follow me on Twitter to get news when the trades are posted!

fed2.png

fed.png

Edited by Twarden

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A bit of an update for the XAGATE Gateway.  Ever since I was declined corporate prepaid credit cards from four different providers over this past year, I haven't given up on trying to find a solution for providing prepaid cards to clients, it has just been one of the greater barriers to entry for XAGATE to get off the ground with the vision statement of people being able to pay a merchant at a PoS with precious metals and/or crypto.  

I have continued my search into new deposit/withdrawal methods for Ripple users that are low cost and convenient.  While I have been working on building an outbound bridge my initial plan was to use a combination of Wire Transfers and/or Western Union...but I found that the service fee to the end user would be exorbitant. I may have got lucky however as I found what seems to be a solid service provider which could perhaps be the basis for the CAD outbound bridge. I am currently waiting for my account to be KYC'd with this service so I can test it to see what features are working; I have already discovered a few caveats in so far but a couple of them have to do with who I bank with. 

As for new deposit methods a user suggested that I begin to accept Flexepin codes which can be purchased at most retailers such as Big Bee.  I have an application in with them to become both a distributor and a merchant, so perhaps if their service is cost effective then users may be able to also redeem their IOUs for prepaid codes to use with other Flexepin merchants.  

As always, community feedback is a vital asset an is always greatly appreciated, so please post your questions, concerns, and suggestions or write to me via private message/email!

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The past 116 hours have been a hellish blur for a lot of us due to the price spikes.  Since I have not had my dinner tonight I will have to save elaboration for the actual update later this week but here is a bullet-point list for now to hopefully encourage the XRP price:

  • XAGATE's Validator has continued normal operation and I estimate that since joining the Ripple community I have provided approximately 6 million validations on the RCL
  • The XAGATE server was offline from June 2016 through October 2016 due to complications described below.  The server was hosted with hostsailor but now resides on 1&1
  • I am being required to verify myself to level 4 on Kraken but cryptocurrency transactions with the Gateway are still possible
  • I some times interact with order-books to encourage interest in the IOUs issued from my personal funds, I have been experiencing an issue with the Ontario Disability Support Program ongoing for 8 months which recently has been resolved, I expect arrears from them which will be used to provide liquidity to the RCL after I make purchases such as a table and all-in-one printer for my new apartment I moved into at the end of November 2016 pending another possible grant from ODSP from the 'work start-up' fund I am eligible for.  The recent liquidity is due to resolving an issue with the Assistive Devices Program which also pays for portions of my medical supplies which I was able to dedicate a portion to for market making.
  • I have not filed corporate taxes before due to a combination of learning the shocking fees BDO charges and due to the issue of my prior landlord throwing out all of my belongings in 2016 when I was in hospital which means I have lost a lot of my receipts & documents,  I have to go through a process with the landlord and tenant board tribunal to be able to resolve outstanding debts owed to 8569541 CANADA as a corporate person and myself personally; Due to being an ODSP recipient and dealing with the aforementioned above I learned that I am eligible for tax clinics in the area (which I have yet to investigate pending perusing the tribunal) which will offer reduced fees for their services
  • I have been reading the escrow and paychan documentation and I have ideas for applications which will become a part of the XAGATE web site (not this week)
  • I have a signed a merchant agreement with Flexepin and awaiting a distributor agreement.  I am experiencing issues with their test API environment and working with their IT department this week to solve the redemption issues on the web server (I.E. I can submit PINs via the command line but the web server produces a 503 error an never reaches the API)
  • My goldmoney.com account has been released and is pending verification of my bank account.  Please consider registering a personal account after reviewing their website and await further details.  We got a response on the official ripple forums once in regards to potential partnership so I'm feeling lucky punks!
  • nTrust has an issue with my identification and I have currently ceased efforts to communicate.  I will retry mid July 2017 according to my current schedule at the time of this writing.
  • Businesses wishing to seek consultation should carefully read the license agreement provided as-is on github for the Quick Gateway Kit and carefully review their issued Software Development Agreements and carefully consider the language provided in the Intellectual Property and Compensation sections, preferably with a licensed attorney/paralegal.
  • I have been told time and time again to make a 'hey dummy, money on your phone and mobile' Gateway website instead of something more advanced.  I will do this after this update by splitting the site into a beginner and power user site by offering the updated site plus some pages with the old template which redirect to the main site pretty much is the plan
  • I have one outstanding Affiliation Request
  • I have one outstanding Software Development Agreement (sorry if you are reading this before I get back to your team & for keeping you waiting, you should know how crazy a time it is an as already mentioned I have not ate dinner yet)
  • 21 XAG was ordered and posted to twitter as peace of mind, expect an audit later in the week instead of Wednesday or Thursday as I was able to make multiple orders through bill payment so the supplier may ship them together which may end up causing a delay and invalidate my previous quote made earlier today
  • XAGATE does not currently issue XAU to any client
  • XAGATE wishes to issue GAU and will describe so in a later post and through updated Terms of Services found at https://xagate.com
  • XAGATE wishes to issue USD, CAD, EUR, and eventually more Fiat Currencies pending implementation of the Flexepin API; 8569541 CANADA INC is seeking distribution and merchant status and has signed a merchant agreement at the time of this writing
  • XAGATE wishes to, in the future, partner with goldmoney.com, to learn more please visit their site
  • XAGATE wishes to, in the future, partner with ntrust.com, to learn more please visit their site
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As long as I am happy with what I have been making with what I do self-employed and what my general situation is an coping with it instead of being a ******* dreary & bitter ******* who is ****** he lost the chance on earning at least 180$K (after already losing the chance to earn 130K a few years prior) then everything will be peaches, but duck I do not want to have to be relying on disability support for the rest of my life, things better not get way worse after getting better again one more ducking time... I swear...

Quote me on this in the future.  XRP to MARS!

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Tomorrow, May 11th, I will be taking a 'mental health day' to recover.  I have made great friends with my neighbors upstairs who I think are great allies, one of them is an economist with a masters, I am in so much luck.

They are looking to replace a table which I desperately need to setup my new-ish apartment with (I have three chairs, a busted couch, a little broken end table, some foam pads/linens, and a mattress & not a proper bed) so this is a huge boon at this time.  

This gentleman is in media now and wants to 'cast me' eventually.

I am making strategic arrangement to position myself as a public figure within the Ontarian Sound Money Movement, Cryptocurrency culture, and growing Financial Technology/Remittance Industry by 2018 when Cannabis will be legal an therefore a bit more socially acceptable; I have never really like becoming intoxicated via alcohol and I require this for medical needs so...don't judge me too hard...I am 'a socialist sitting on a couch' that is actually a libertarian working FOR YOU and your collective benefit pretty much.  

I cannot wait to approach the CHCH TV studios as it is nearby my current apt.

Please expect a Terms of Service update no later than May 20, 2017 RE: Flexepin Distribution Remittance Product.

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