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FOR IMMEDIATE RELEASE
December 19, 2022
FIBTECH continues to innovate on its blockchain infrastructure platform with new FibPal payment solution, Polygon token migration and CertiK audit
FibTech Corporation, (the “Company”), formerly FibSwap DEx, LLC, announces today the first in a series of updates on important new developments at the Company. These developments include the following:
We completed our first round of outside funding with a group of experienced venture investors. The new investor group includes a number of thought leaders in the venture, crypto and gaming spaces.
We have established a new legal home for FibTech. Based on the advice of our counsel, Withers Bergman, a leading crypto law firm, FibTech is now a Panama corporation operating under the laws of the Republic of Panama. In conjunction with the formation of our Panama operating company, we have formed a US subsidiary headquartered in North Carolina.
We successfully completed a full audit of our FibSwap and FibPal platforms with the leading crypto auditing firm CertiK. The audit is available on CertiK’s website.
We hired The Lucas Group, a strategy consulting firm, which helped us prepare our Strategic Operating Plan. Consistent with the Plan, we have made significant improvements and refinements in our FibSwap cross-chain swapping technology. These improvements provide greater ease of use and shorter settlement times, typically less than 15 seconds. FibSwap is the only cross-chain swapping platform in the market today and supports Ethereum, Avalanche, Fantom, Polygon, Binance, xDAI, Arbitrium, as well as all other EVM chains
This summer we released our latest product, the FibPal Payment system, the world’s first multi-cross-chain NFT payment system supporting the purchase of NFTs using thousands of tokens across all of our supported chains. We believe FibPal has tremendous potential to be a critical payment infrastructure tool, particularly in the gaming space.
We hired the Outsider DAO, industry veterans whose backgrounds span decades in gaming and web2/web3 products and services, to amplify commercialization, business development and product management efforts.
And finally, we migrated our utility token, Fibo, from the Binance blockchain to Polygon. We are excited about our new relationship with Polygon which we believe will offer us numerous ways to work together to our mutual benefit.
In summary, we’ve made substantial progress over the last six months and we are delighted to begin sharing our progress with you.
We are committed to making secure and decentralized blockchain infrastructure products that provide real value to customers and partners, and we remain excited and dedicated to being a positive force in the industry. Our products are specifically aimed at reducing the time, complexity and security risk involved with transacting on the blockchain, some of the most significant impediments to mass adoption of decentralized finance, games and other protocols.
We appreciate your interest in FibTech and we look forward to providing you with additional updates over the next several weeks on new partnerships, our management, and other developments at the Company. Please stay tuned.
Leo Fibonacci, Founder of FibTech.
