After that I had the opportunity to become the Chairman and CEO of Magellan when we launched GPS in cars. It was an exciting time and a great way to get introduced to a different side of the technology space, namely consumer electronics.
From there I was CEO of a couple of bleeding edge technology efforts. One in the biometrics area where we developed iris and eventually, face biometrics. I also led an effort using lasers to develop air-to-air and air-to-ground links for the Defense Advanced Research Projects Agency (DARPA) and the US Air Force.
In 2018, together with Tom Bottenberg, we began a journey which was ultimately designed to dramatically improve the experience of Exchangers as they completed the 1031 exchange process. Up to this point the tax deferred exchange industry was virtually unregulated and Exchangers never had an opportunity to view their exchange balances or interact with their exchange documents. Further, their personal data as well as the information regarding their transactions weren't being properly secured withn an encrypted environment. And lastly, their funds were too often commingled with the monies of others and Qualified Intermediaries were not using segregated accounts for each exchange.
We changed all that with the development of Fyntex Exchange Center, an end to end encrypted environment for 1031 exchange facilitation which provided a modern approach to Exchanger visibility, absolute funds security with full FDIC insurance covereage, and the processing efficacies associated with a modern architecture and encryption. Since that time, we've added the 1031 professionals which have enabled us to deliver a true white glove experience to any 1031 Exchanger.
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