Dear Investors, Followers, Community Members, Colleagues, and Partners,

X8 AG and X8 Group Inc. would like to share our latest progress update with you.
Please find the progress update below divided into four sections: Organisation, Partnerships, Fintech Application, and IT Progress.


The project has made some strategic organisational changes, thereby strengthening the company structure at the board of directors, C-suit, and operational level:

In the past few months X8 Group Inc. has been delighted to welcome three new members to the board of directors: Roland Wulz, Ravi Chikatamarla, and Stuart Philip Hensman.

Furthermore, X8 AG has also welcomed a new member to the board of directors: Stefan Toffol.

As of September 1, 2022, Roland Wulz has stepped up as a CEO at X8 AG taking on the operational management of the company. This allowed X8 AG to allocate more focus and efforts on the technical development and to further strengthen the innovation area in the company. As a result, X8 AG is empowering one of the company’s key strengths it needs to continue to lead in the market inside the regulated stablecoin segment.


X8 AG and X8 Group Inc. have successfully established a new strategic partnership with Grant Thornton AG who is now the Financial Auditor for X8 AG and X8 Group Inc. Grant Thornton AG is a renowned audit and consulting firm with a well-established tax department and extensive experience in outsourcing. The firm is run by 20 partners and employs around 190 specialists in Switzerland.

Furthermore, X8 AG has gained BDO AG as a partner acting as FinTech Application Auditor. BDO AG is one of the leading audit, business services and advisory firms in Switzerland.

Plus, the company has established a new partnership with Mazars AG who is now the Financial Accountant for X8 AG and X8 Group Inc. Mazars AG is a leading Accounting, Audit and Tax Advisor company.

In addition, we have welcomed a new Cross Border Service Provider called Apiax AG. Apiax AG is a technology company that builds the compliance infrastructure for companies such as FinTechs and globally operating banks.

Moreover, X8 AG has gained a new Digital KYC Service Provider, KYC Spider AG. KYC Spider AG is a full-service solution provider for implementing the digital KYC process, operating out of Zug, Switzerland.

Also, X8 AG has established a strong strategic partnership with Swisscom AG who is now our IT Infrastructure Provider for the Operational Business. Swisscom is a leading IT infrastructure provider in Switzerland.


The year 2022 has been fruitful for X8 AG in its journey to become a fully regulated project. First, earlier in the year X8 AG became a member of the Financial Services Standards Association (VQF), a self-regulatory organisation pursuant to the Swiss Anti-Money Laundering Act. Furthermore, the company has already successfully completed the initial audit as a member of VQF.

Second, X8 AG has recently prepared all the necessary documentation for the regulatory filing to obtain the Swiss FinTech license under FINMA. This filing represents a major milestone on the project’s roadmap. Under the Swiss FinTech license the license holders are allowed to accept deposits from the public on a professional basis – an activity previously limited to banks – subject to a deposit ceiling of CHF 100 million. The application for the license has already been successfully reviewed by PricewaterhouseCoopers AG.

Currently, the same documentation is being audited by BDO AG (as application auditor) as a part of the final process before the submission of the application to FINMA. Due to the high volume of documentations submitted by X8 AG for the review to the application auditor and the current holiday season, the reviewing process is still in progress. Most recently, the board of directors of X8 AG has approved the content of the draft audit report by BDO AG, meaning that the regulatory submission of the application has now become imminent. Provided the level of progress we expect the filing to happen soon after the end of the festive season.


X8 AG’s IT team has also made further development steps in the implementation of the stablecoin platform during the ongoing phase. The system now includes Full KYC, KYC Lite, Update KYC and Upgrade KYC processes functioning inside the X8 Client Portal. The overall KYC process inside the portal now spans over six levels that allows the user to increase the level of service by incrementally submitting KYC information.

After the initial testing of the stablecoin transactions it is now also possible to add more wallets and various bank account settings. In addition, it is now possible to connect with other users within the portal through establishment of a direct contact. This enables fast transfers between contacts.

Furthermore, progress has been made on the Backoffice Portal. This includes the implementation of merged internal and external Country Risk Lists (the external list will be provided by KYC Spider AG), Risk Calculation Matrix, Online and Video Identification, new navigation, Roles and Permissions, Approval Process for registrations, updates and upgrades.

Besides, the team has now established a Documentation Generator (PDF), and a Documentation Storage on the backend, further upgrading our ability to store documents safely and in a regulatory compliant way.

Plus, we have now set up blockchain migration to GOERLI Testnet, a cross-client proof-of-authority testing network for Ethereum. This migration constituted a new version of X8Coin Smart Contracts, and deployed new smart contracts to GOERLI Testnet, where further development will continue to take place. This includes all X8 stablecoins and the utility token.

All members of the internal X8 AG team have been testing the client portal and the onboarding process, helping to finetune user experience on desktop as well as on mobile devices. Development and testing of use cases continues to be driven by regulatory requirements in conjunction with our innovation strategy.


With 2022 soon coming to an end, X8 AG and X8 Group Inc. would like to thank all of our investors, followers, community members, colleagues, and partners for an amazing year. We wish you and your beloved ones a great New Year 2023!

Kind regards,
X8 AG and X8 Group Inc.


All statements regarding the expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations of X8 AG and X8 Group Inc., including words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will,” and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the control of X8 AG and X8 Group Inc., which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. X8 AG and X8 Group Inc. are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Although all reasonable effort has been made to ensure the facts stated herein are accurate and that the opinions contained herein are fair and reasonable, this annual letter is selective in nature and is intended to provide an overview of the business of X8 AG and X8 Group Inc. Neither X8 AG and X8 Group Inc. nor any of its directors, officers, employees or advisors nor any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this annual letter. Neither X8 AG and X8 Group Inc. nor any of its directors, officers, employees and advisors nor any other person shall have any liability whatsoever for loss howsoever arising, directly or indirectly, from any use of this annual letter.