I got busy with other projects.
The first challenge is getting the banking relationships. All want KYC and FINTRAC, even though it’s not a Canadian requirement, this was particularly the case with overseas banking partners. You would probably be fine just doing e-transfers if you have small volume with multiple business accounts at Canadian institutions. Pretty minimal just a lot of calling meetings, and asking for the right people.
Second challenges as I was interested in doing USD in addition to CND. The turkish(?) partner has a monopoly on the verified USD token in the waves platform. I never heard anything back from them or the waves community on how this would/should work. This is where I lost interest, and decide there’s a lot more centralization than they exhibit. Also ran into some concerns when the eth / monero gateway was down for an extended period. And decided a pseudo DEX offers very little advantage over a centralized DEX, which pushed my interest/trust in the WavesPlatform lower.
3rd thing that led me to dropping/delaying the project was the announcement of elixxir.io which has the potential to be a game changer, and I’m not devoting time to a blockchain project until the elixxir.io beta is available.
However the single largest challenge for a fiat/crypto gateway or true DEX is the adoption. You have to reach a certain amount of market penetration for your gateway to have/provide any value. An easier alternative to launching a gateway maybe is to launch a stable coin.