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ARAX Brief Company Update

· 5 min read

ARAX Holdings Corp. is investing in decentralized technologies and blockchain-based solutions. The first step has been taken by signing an Acquisition LOI and Deal Terms with Core Business Holdings (known as Core Group), which focuses on developing revolutionary FinTech decentralized applications based on the recently released Core Blockchain (as of May 6, 2022). This layer-1 blockchain uses Edwards curve ED448 cryptography and is focused on PoDE (Proof-of-Distributed-Efficiency)—an energy-efficient Proof-of-Work using IoT devices.

ARAX believes the ongoing development—with Core Business Holdings nearing its first software release—marks a paradigm shift beyond Web3, bringing changes that could be seen as Web4.

The software includes the following achievements reached by the development team throughout the year:

Core Business Holdings Development Update​

Ping Exchange​

  • The platform has been fully developed, including both the frontend and backend.
  • Backend architecture upgraded to a fully modular function platform for expansion and zero-downtime upgrades, ensuring continuous user access.
  • Three fully deployed versions with large infrastructure for scalability and load balancing across global deployments.
  • Cold wallet and offline signatures for ETH, LTC, BTC, and XCB, enhancing security; funds cannot be withdrawn without the user’s offline permission.
  • Two licenses (Lithuania and Switzerland) allowing digital assets and Forex trading.
  • Seamless integration with CorePass for secure login, KYC, and 2FA using the Core Blockchain.
  • Modern UI redesign aligned with user requirements.
  • Reimplementation of service calls and message queues for microservice architecture.
  • Customer referral reward system implemented.

Wall Money​

  • Significant progress on NEO banking and Banking as a Service (BaaS); mobile app currently heavily under development.

  • Frontend designed and in implementation.

  • Backend achievements:

    • Batch payment distribution in digital assets and FIAT
    • DeFi platform
    • Fully deployed settlement platform using the new form of Mastercard Network and ICAN structures for 42-second local/international settlement
    • ISO 20022 pain protocol in finalization so correspondent banks can read/process XCB transactions

CorePay​

  • In final development stages; testing a peer-to-peer decentralized payment gateway.
  • Integrations underway with CorePass, TiNG and MeeTiNG, and Ping Exchange.
  • Merchant accounts (small and large) can be created via CorePass; individuals can set up merchant accounts to earn directly within the ecosystem.
  • Non-custodial: CorePay does not hold user funds; payments go directly to wallet/account derivations.

Development achievements of the year:

  • CorePass integration for signup/sign-in and KYC of individuals
  • Multiple stores per user; KYB review of businesses
  • Invite users and manage store roles
  • Enforce KYB for payment processing
  • Accept XCB, ETH, BTC, LTC
  • Non-custodial payouts directly to owners’ wallet derivations
  • Public library (ongoing) to retrieve client funds via main wallet
  • Multiple payments per invoice
  • Owner dashboard to control/analyze income
  • B2B integration so store owners’ web shops receive invoice/payment updates and can create invoices
  • Create invoices directly in-platform (no external shop required)
  • Email delivery of invoice updates to payers

Ongoing work:

  • Create/fix stress and load tests

  • Infrastructure for load-balanced B2B connections

  • Monitoring infrastructure for app behavior

  • Finalizing old frontend UI:

    • Missing views (payments table, payment analytics)
    • E2E tests

  • Starting new frontend UI:

    • Awaiting final designs
    • Component library to start soon

Final Words​

Management looks forward to the new year and believes 2023 will bring further achievements with new strategic acquisitions currently in the pipeline. The team plans for ARAX to capitalize on resetting insecurities and turmoil brought by centralized trading and asset-management platforms.

ARAX’s key focus is to deliver decentralized solutions that elevate user security while providing a gateway to unlock value in NFTs, slow-moving assets, properties, and more through a revolutionary DeFi platform.

From the entire office, the team wishes you a Happy New Year! May 2023 bring joy and prosperity to your personal and business lives!

Sincerely, The ARAX Holdings Corp. Team

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995​

Certain statements contained in this press release may be construed as “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). All statements that are not historical facts are “forward-looking statements.” The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe harbor” provisions of the Act. These statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of these statements. Investors should consider this cautionary statement and furthermore, no assurance can be made that the transaction described in this press release will be consummated. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company also undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.