News

With the establishment of the corporation now in the books and the rest of the process being a formality we wanted to give an outlook on what to expect going forward.

Like we already said in the past, most things on the business side require some planning and time commitment and can't be done in a week or so. That being said we currently plan the following things.

  1. As already mentioned once the corporation is included in the commercial registry we gonna apply for a couple associations namely ITSA and Crypto Valley to start off and gonna look out for further associations in countries where we have a team presence.

  2. Starting this week we gonna reach out to law firms in order to inquire about costs and the process to acquire a legal opinion letter. A legal opinion letter is currently a prerequisite to apply at quality kyc exchanges. While having one doesn't mean we will get listed we need one to be at least able to apply since it is a hard factor we know of.

  3. Another hard factor is also often qualifications of team members. Some exchanges make background checks so we also gonna establish a business LinkedIn in the near future which will give the project more credibility.

All of the above is part of our strategy to establish Galilel as a serious project and give us opportunities to also present the project outside of the general crypto and masternode environment.

We've added our development budget multisignature address for monitoring and transparency to our website coin information site.

Yesterday morning we had notary sign-off for Galilel UG (haftungsbeschränkt).

Since the owners are located in different geographical locations, 3 of 5 will do additional late sign-off in their local notaries.
We got already corp certificate to prepare the additional paper work.

However we are not yet allowed to legally operate under the entity. The next steps are creating corporate bank account (in progress already) and share capital deposit, since we agreed on a higher share capital than required for corp creation.

Bank account creation is expected to be finished end of CW 24 and local notary sign-off at CW 26. After that notary will pass all papers to German commercial register authorities.

We are happy to let you know that Patric Mainzer (@Schokoladenbrezel đź‘») joined the team in an official role as Tech Support.

Most or all of you already know him as a helping hand.
He helped users out more than we can count and is always up-to-date with regard to technological developments within the project.
That's why we welcome him with great pleasure to the team. He's already on our new website.

It's always great to see people stepping up from the community which are willing to donate time to the project and in this case helping people new to our project as well as people already part of it.