CoinMetro AMA: November 20, 2020

CoinMetro AMA Summary 20th November 2020

Regulatory Front:

We got contacted by the from FCA in the UK, we have sent back details of our product suite and how we operate. They have closed the enquiry and are happy that all of our products are good to go!

Debit Cards:

We have been told by our supplier that they have finished their internal policies and the applications should be submitted any day now. Finally some real progress from them so that is great to hear!

More Regulatory:

In our back-and-forth with Dutch National Bank, it appears at the moment we do not need to pursue a license in the Netherlands. But we will look to do so in Q1 or Q2 next year.

Citibank says “BTC to 300k next year”. Is this good or damaging for crypto?

Never in Kevin’s life has he seen someone on a national platform make a pick like this, that ever made any sense to follow. Good in the sense that Citibank is well known. Probably a positive for adoption. It’s a sign that its not “too late” to get into bitcoin and crypto.

Any news on XCM token swap?

For more information please view our Telegram updates channel here

What do you think about Binance suing Forbes?

It’s hilarious! Also verifies that Kevin was right. Sounds like the news story was true, and they know it.

Any news on the progress with marketing?

  • New ads coming out next week on a pretty large marketing platform. One of the largest ad spends to date.
  • Tests in the US gave us some valuable info on KYC conversion that we are analyzing right now.
  • And of course a whole bunch of other testing going on for each of our various services, in various markets.

Bizdev News?

  • Advancing in talks with a second debit card seller for Europe.
  • The Paxful thing has turned into a longer term project. But it will also be a widget that gives us the ability to offer another B2B service. We’ll have the fiat on/off ramps plus a KYC solution as well!

Details on XCM Staking?

  • Our plan for staking is quite comprehensive. But we are working on what exactly to roll out initially to get the main value out there right away.
  • So basic staking. Hold an asset and get paid interest in that asset. More details in the coming weeks on that.
  • Next year we’ll start trying to knock out our larger plan.

What do you want for Christmas?

Hair. JK — Kevin likes the bald life. Maybe world peace. Getting rid of COVID + MORE CLIENTS!

The latest blog post had a “cheery mom & pop store” vibe. Is this what you guys are going for?

Kevin thinks it can be a very good approach. But one of the first lessons learned in marketing like this, is that your own opinion is irrelevant. It’s pretty crazy trying to create something where your opinion doesn’t matter.

Cultivating a warm & fuzzy feeling in the financial industry is incredibly difficult. We would love to do that!

Favorite vegan food/recipes?

We just had a vegan/gluten free cake here at the office just a couple days ago that was delicious!

Kevin actually loves to indulge every once in a while with a greasy burger.

Quick Chocolate Mousse for those who think vegan stuff is gross: Avocado, cacao powder, & something to sweeten it in a blender.

New listings?

  • Prioritized other items briefly. But Oliver is back on the hunt!
  • The process will be MUCH easier now.
  • REMEMBER: New listings mean more liquidity fees. Don’t request if you don’t plan to trade!

Future of PRQBoost on CM?

AMMs (Automated Market Makers) can exist on centralized exchanges.

If I move to a country that doesn’t crypto, do I need to update my KYC?

  • We don’t automatically submit data to any tax authority. (Unless you’re in Estonia and getting interest on the bond.)
  • But it is always smart to keep financial accounts up-to-date with important info.

What happens to the exchanges that list Tether if printing it is found to be fraudulent?

  • Those exchanges (not us) wouldn’t necessarily face any legal consequences, unless they continued to offer it.
  • The writing is on the wall already… The gaze of regulators will be drawn to those who list Tether.

When new Tram manager? Where’s “The Best” trader we hear rumors about?

He’s onboarded and opened positions that are in profit right now, but he wants us to list assets we haven’t been able to list or wouldn’t be able to provide liquidity for yet.

But anyone who thinks they are a good trader should open an account and let us know they want a shot!

What do you think of the tokenization of real estate?

Kevin could talk forever about that. Or tokenization of anything, really!

Can I make my own marketing and social media for my CoinMetro Affiliate link?

  • YES! Please do.
  • Obviously cannot do any dishonest marketing or anything else illegal.

My affiliates are happy! Everyone seems surprised CoinMetro isn’t more popular.

It’s SO great to hear this. We work very hard and negative feedback is often the loudest.

Volume has really been increasing on CoinMetro! Although volume on USD pairs is low right now.

We are working on figuring this out right now! Tailoring onboarding for US clients and adding in more changes that bring USD pairs to the front for US traders.

What exactly does staking mean?

  • It is basically the same as a bank paying you interest.
  • You “stake” your money with a company. They use that money to make more money. They pay you some of that money in the form of interest.

What is your view on Decentralized Exchanges?

The future is hybrid!

Will CoinMetro be able to offer more complex crypto derivatives?

That would require additional licensing, but we will never say never! CoinMetro wants to provide every product/service possible. Something like this would be down the road.

What are the best ways to make a return in the crypto market?

  • #Hodlgang
  • If you can get them in a legit manner… staking & arbitrage.

With a lot of expected growth in 2021.. Do you see the team expanding? What areas might you make additions?

YES. It has to! Customer Support & Compliance… basically every department like marketing, sales & legal as well.

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