PALM BEACH, FL – July 25, 2017 (Accesswire) – Today GLX announced that we have publicly published the code for the GLX Dollar (X) on GitHub at: https://github.com/GLXI/glx_dollar.
Bounty Hunters are welcome to come and hack the code to identify bugs and vulnerabilities for rewards between $500 and $5,000. We are starting our bug bounty program for all contracts and software relevant for our upcoming Initial Dollar Offering (IDO) launch. A video describing the program can be seen here:
About the GLX Dollar (X)
The GLX Dollar (X) is a cryptocurrency based on the Ethereum blockchain. GLX is launching the Pre-Sale of our GLX Dollar (X) on August 10 and our Initial Dollar Offering (IDO) on September 10.
For more information please visit:
In March of this year I wrote an article called “A Paperless World”. The premise was that inefficient paper systems are not only wasting our time and money but actually destroying the planet. It still irks me, almost on a weekly basis, that this stupidity continues.
In the second to last paragraph I made the statement that “GLX is going to redesign a futuristic stock certificate so that with one click an investor can download and save, or print, a PDF file certificate representing that particular ledger entry.” I am proud to say that within the last four months we have executed on that very nicely. All GLX shareholders can now view their transaction history in their personal GLX Vault within their GLX profile. With one click shareholders can view the details of individual issuances and with another click pop open a certificate representing that issuance. Said certificate can be downloaded or printed with a third click.
Public companies and very often private companies raising money work with transfer agents to track the issuances and movement of their securities and handle shareholder relations issues relating to such. Over the years GLX has had relationships with many different transfer agents. All of these relationships have been extremely expensive and have ended in severe pain. In the old days, four months ago, when an investor’s check was received for the purchase of private placement stock the following would occur:
I do not hold my breath waiting for anything to show up in the mail so assuming FedEx is involved the cost of each issuance using the above is somewhere between $35 and $100 per-issuance. In this article I will not even delve into the world of inefficiencies that follow when that certificate needs to inevitably be FedEx’d back to the transfer agent to remove the legend or for any other action. I also won’t harp on the amount of wasted time, energy, money, and resources involved in this entire broken process.
In the new world when an investor’s check is received the following occurs:
The time it takes to enter this issuance in the database is less than 2 minutes. Our cap table is automatically updated and can be viewed within one second after saving the transaction. Our back office database is in sync with the front end of our website and the shareholder can access the transaction immediately. There is no unnecessary people, time, energy, money, and resources wasted on this new intelligent method.
Last week I was demonstrating the effectiveness of the GLX shareholder module in our database and came up with the idea of recording each issuance on a blockchain for transparency. Our system already simplifies the tracking and management of the shareholder issuance process. If GLX has removed the pain from the process and solved the problem for us perhaps there is an opportunity to bring this technology to other companies. In the future, adding these transactions to a blockchain may open up new opportunities for trading and investing. It may also give companies the opportunity to interact with their shareholders in a different way and vice versa. All of which will be done on the GLX platform.
Recently Delaware voted in favor of allowing the storage of corporate records, including stock ownership, transfers and voting on one or more blockchains. We have been thinking of this idea for some time but all of the above evidence finalized our decision to set up GLX Transfer & Trust, as a subsidiary of GLX, and to file a Form TA-1 with the U.S. Securities and Exchange Commission (SEC) to register as a transfer agent to provide these services first for our self and then for others. We are going to begin building our own private blockchain to facilitate this effort.
Once again we are going to a whole new age and are working hard to be on the bleeding edge of disrupting broken and inefficient areas of the fintech industry.
The world is changing albeit very slowly. Sometimes you think we are in the digital age but then have to second guess yourself.
I returned from NYC this week and although I sit at my desk 12-hours a day working I have had a small stack of receipts and other paperwork from my trip at the edge of my desk that I have been afraid to rip into. I use a Neat desktop scanner that scans all my receipts to my Neat Cloud account so that I can save and access them. I also scan documents that I want to retain using the Neat scanner directly into Dropbox.
The first thing I did when I arrived back was check my physical mailbox in the lobby of my building. Of course it was stuffed with junk mail, coupons, flyers and other meaningless notices. Comcast even mails me offers for their internet service even though they are physically unable to do installs in our building. I have gone to various websites to submit my name and address to try and stop the madness but no matter how hard I try the paper keeps coming?
Every time someone hands me a business card or a big corporation tries to give me a folder of marketing materials, which I know will end up in the trash, I think about the overall effect this has on society at large. I always try politely to refrain from taking it. The world population has grown from 2.7 Billion in 1955 to almost 7.5 Billion people today. To accommodate all of these additional bodies we continue to cut down rainforests basically raping and pillaging the planet. It is sad to think that the air we breathe every day is getting worse because of this nonsensical waste. In a quick review to write this post I even found one article, called “Rainforest destruction threatens to KILL US ALL, shock research finds”, that stated that deforestation is unearthing new and weird strains of infectious diseases which human beings have no way of fighting, including flesh eating diseases and even the Zika virus.
At GLX we have recently been organizing our shareholder records into a new database. This new database will be directly connected to member’s profiles in the GLX network within the near future for our beta launch. I was responding to an email from one of our biggest and most supportive shareholders about a couple of missing printed certificates. My first response was to write him that if he wanted the missing certs printed we would order them from our transfer agent immediately and have them physically delivered to him, which of course we will do. But then, as always, I stopped to think about how many processes in the global capital markets are dysfunctional and broken and how GLX can fix them.
I thought about a better way of making someone feel secure about their position while providing total transparency for record keeping. We have a Bitcoin trading account with Gemini. This is the Winklevoss twins regulated cryptocurrency exchange. We are going through our audits now and our CFO had requested statements for that account. I logged in and realized that no statements were available. Only the ability to export all of your detailed transaction history to a spreadsheet file. At first this seemed a little unorthodox and bit annoying then I gave it some further thought. The simplicity of it is brilliant. We live in a world where we still get over sized envelopes with quarterly statements, from dormant brokerage accounts with zero equity, in the mail likely because some regulator says they have to mail them to comply. Gemini has simply removed all the nonsense. You can log in anytime to view and export the history of your entire account.
GLX has already begun a strategic relationship to create a digital wallet, based on the blockchain. The wallet will be available on all devices as well as in a member’s profile when logged into our website. From here an investor will be able to view and export their entire transaction history.
If you Google the oldest stock certificate in existance you will find that it was a share of the Dutch East India Company in 1606 also that it looks similar to many stock certificates today, including GLX’s. GLX is going to redesign a futuristic stock certificate so that with one click an investor can download and save, or print, a PDF file certificate representing that particular ledger entry.
No more transfer agent’s, no more envelopes, no more stamps, no more lost time and lost mailings, who needs all that nonsense?
It has already been stated that the Blockchain is as profound an invention as the internet itself. Also that financial technologies and the Blockchain will dramatically change the capital markets, commercial banking and other industries as we know them today. When you have an extra 15-minutes here is a great video on living paperless – How living paperless could change your life | Dominic Stühler | TEDxBerlin.
I look forward to showing everyone how GLX will embrace and lead many of these changes.
PALM BEACH, FL – February 7, 2017 – Today GLX announced that it has launched the first of its international holding sites at GLX.co. The site offers a Spanish language description of GLX’s Mission and Corporate Overview.
“Having an office in Medellin Colombia it only seemed appropriate to start out our strategy with this domain.” said Ronald P. Russo, Jr., Founder & CEO of GLX.
About .co Domains
.co is the Internet country code top-level domain (ccTLD) assigned to Colombia. The .co domain is also used by many established brands for social and mobile media, such as Twitter (t.co), Google Inc. (g.co), Amazon.com (a.co), American Express (amex.co) and Starbucks (sbux.co).
PALM BEACH, FL – January 31, 2017 – Today GLX announced that it has appointed Michael J. Piatt to its Advisory Board. Michael will join GLX to focus on intellectual property development and patent strategy.
“Michael has been one of our extremely supportive angel investors and we are honored that he has chosen to role up his sleeves and bring his vast patent expertise to GLX.” stated Ronald P. Russo, Jr., Founder & CEO of GLX.
About Michael J. Piatt
Michael is a prolific inventor, writer and avid angel investor and stock market enthusiast. As an independent inventor, he currently designs toys for major toy companies. Michael has licensed several Thomas the Train products to Fisher Price that are marketed worldwide.
Michael spent the majority of his professional career as a Chief Scientist Digital Imaging Systems at Eastman Kodak where he is engaged in multi-disciplined systems analysis of high speed digital commercial printer architectures and performance. Prior to Kodak Michael started his career working at the National Aeronautics and Space Administration (NASA) in Langley, VA. While there he quantified Mach 5 wind tunnel flow turbulence a year before the first Space Shuttle launch.
Over Michael’s 37-year technical career he has authored more than 125 patents. He graduated from Wright State University, in Dayton, OH, with a Master of Science in Systems Engineering (MSSE) in 1979. Michael currently resides in Springboro, OH.
PALM BEACH, FL – January 24, 2017 – Today GLX is happy to announce the launch of our new corporate holding site at GLX.com. We will also begin the roll-out of our multilingual search engine optimization (SEO) strategy at all of our international top level domains (TLDs).
Almost identical holding sites will be launched at over 150+ GLX url’s with each site having its own unique native language description section. GLX.eu (European Union) and GLX.co (Colombia) will be the first to go live shortly. In the near future when our full financial networking platform is launched at GLX.com the “Get Launch Updates” button on the top right of all the sites will be replaced with “Sign Up” and “Log In” buttons.
GLX expects this strategy to produce huge international notoriety and lots of generic traffic from a variety of search engines.
GLX Engages eShares as Transfer Agent
PALM BEACH, FL – September 2, 2016 – Today GLX announced that they have engaged eShares as the company’s stock transfer agent and registrar.
eShares is an SEC-registered Transfer Agent. Their online platform allows companies, from seed stage to pre-IPO, to manage equity electronically with the participation of their shareholders, employees, auditors, and legal counsel.
“We have done a lot of hiring lately and eShares has made organizing our cap table, especially administering our Long-Term Equity Incentive Plan and employee stock options, a breeze.” said Ronald P. Russo, Jr., Founder & CEO of GLX.
Founded in 2012 with offices in Palo Alto and San Francisco eShares is the first platform to issue electronic certificates for private companies. They have issued more than 100 billion electronic shares to over 140,000 shareholders for over 4,000 venture-backed companies. eShares has one of the largest 409A valuation practice in the U.S. For more information visit – www.esharesinc.com
PALM BEACH, FL – August 1, 2016 – Today we are happy to announce that we have been notified by the NASDAQ market that we have successfully reserved the ticker symbol “GLX” until July 28, 2018. GLX expects to apply for a listing prior to that date.
“It would be an honor and a major accomplishment to one day be traded on the NASDAQ market.” said Ronald P. Russo, Jr., Founder & CEO of GLX.
GLX is building the world’s only Capital Market Directory and Social Finance Network at GLX.com. The destination is a global capital market news data portal and ground-breaking financial networking platform.
GLX is revolutionizing the way each and every member of the world’s capital markets gets information, connects, communicates, and shares. Our mission is to make the world’s capital markets more transparent, open and connected.
Disclaimer / Disclosure: These updates / news articles may contain certain “forward-looking” statements and information relating to GLX that is based on the beliefs of GLX’s management, as well as assumptions made by and information currently available to GLX’s management. Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.