As part of our major ongoing project of refactoring our core IT infrastructure to respond to increased investment demand and prepare our platform for future growth and development, we've made the difficult, but necessary decision of temporarily pausing all transactions on the LANDE Secondary Market.
The reason for the pause is that we discovered that a large number of transactions had been processed erroneously, leading to incorrect balances and amount calculations for investors. While the IT team is ready to implement mechanisms to prevent such errors from occurring in the future, the transactions that have already been affected must all be fixed manually first. This is a time-consuming process and we want to give them a chance to catch up without piling on further manual work.
Therefore, the LANDE Secondary Market will remain disabled until we manage to fix all these transactions and correct investors’ account balances. Based on the current progress of the transaction auditing and fixing process, we are confident that this work will be completed in Q1 2024.
Loans that had been published on the Secondary Market will no longer be available for sale, but they will remain on the Primary Market and operate just like any other active loan. Investors who had loans for sale on the Secondary Market are not required to take any further action at this time.
The bigger picture
While part of our IT team is focused on fixing Secondary Market transactions, we're also working on fully upgrading our existing technical infrastructure, which is currently overloaded, and preparing for the move to the new infrastructure by making sure we’re not leaving anything behind.
The end-to-end upgrade will allow us to prevent such issues in the future and improve the entire user experience on the LANDE Platform. The release of the new financial core will also allow transactions to resume on the Secondary Market as well as introduce several new back-end functionalities that will enhance the platform's computing power and improve its general performance.
Fixing existing problems and testing new platform functionalities are processes that are happening simultaneously. Once both are completed, we will be able to launch the new version of the platform and continue improving it by adding new user-centric features based on the direct feedback we receive from investors and farmers and on other market developments.
We are grateful for our investors’ patience as we work towards improving our platform and enriching their experience. As always, we want to be transparent about our current actions and clarify our plans to fix the issues we’ve come across.
Q&A for investors
1. Do I need to delist the loan(s) I’ve published on the Secondary Market?
No, you do not need to take any action regarding these loans. They will be automatically disabled.
2. What will happen to my published loans?
Loans that will be disabled on the Secondary Market will remain on the Primary Market and operate as any other loan in that category. Investors will continue to earn interest on these loans on the Primary Market.
When the Secondary Market resumes operations, the loans that had been published for sale before this pause will be back up and investors will again be able to manage their transactions on this market as usual.
3. Can I buy loans that are currently published on the Secondary Market?
No, all transactions on the Secondary Market will be disabled until the problem is fixed and the market is reactivated.
4. When will the Secondary Market be back?
We are on track to resume operations on the Secondary Market in Q1 2024.
5. How will you make sure that these issues don’t come up again in the future?
Our team is working on an end-to-end upgrade of the financial core and IT infrastructure in order to ensure that the platform will be able to handle not only the current level of demand, but also the future growth of the LANDE investor community. The upgrade will make it easier for us to develop new platform features as well as detect and fix potential issues in a timely manner.
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