In this episode of AMA, we are proud to host QUOINE Senior VP of Operations, Seth Melamed to provide updates about QUOINE’s plan to improve overall user experience; improvements to our withdrawal and deposit processes and the growth of our QRYPTOS platform.

These are some of the key takeaways from his AMA.

User Experience

One of the first thing i want to talk about is our effort to improve user experience. We have been working with CMs and try to take the best ideas that come forth from our community and convert them into changes in our platform. We wanted to reward our community for these good ideas and will make announcements about that. Our goal is to bridge the gap between new users and our platform because we have found that once you are used to the platform, it will proved to be very intuitive and you will really like it.

Iron Shield

One of our other initiatives is called Iron Shield. This is more of a self-service program where you can reset your password on your own using your 2FA device. This will be a faster method with minimum interaction and friction.

Another friction point will be when users need to reset their 2FA. This happens when users lose their devices or switching devices. We are going to make it easier for users to be able to reset their 2FA on their own. On a typical day, we could be getting 150 requests for 2FA reset. We are hoping to limit these requests by maybe 20 per day. There will be less burden on our clients and our team.

Another feature of the Iron Shield is the implementation of control to make it even more difficult for bad actors to get access to client accounts. There is not much I should reveal here but you will have the most secure system in the financial industry in place that hackers can not attack. Even for those whose emails have been hacked before, hackers can not get to their funds. The security of your asset is of the highest priority for us. This program will be rolled out in February.

Regarding the questions about utilizing SMS during the verification process, we believe this is not the most secure way and 2 Factor-Authentication is a more secure way to protect clients’ accounts.

Deposit

Regarding deposits, there is an explosion of deposits that our clients are making to the exchanges in the past 3, 4 months. Our goal is to make these deposits that they have sent into our bank accounts available to them as soon as possible. We are now implementing more real time connectivity between our banks and our operational systems so when funds hits the operational system, it should be reflected in your accounts in a more automatic way. We are taking human effort out of the process and are aiming to automate balances on a batch-basis, every few hours. You will be able to trade much more quickly.

This method won’t be able to fix some of the bottlenecks that we are facing in the banking world today but it should make the process much faster.

Withdrawal

Regarding withdrawal, we are well aware of your withdrawal concerns reflected on our telegram, via emails, and over phone calls. We are testing a strategy called “warm wallet”. Warm wallet measure really helps with increasing frequency and accuracy of withdrawal. We are implementing a more automated process where our client’s asset is still being maintained in cold storage yet we will be able to process withdrawals that are within a certain threshold using our “warm wallet” strategy. For larger withdrawals that exceed that predetermined threshold, one way we are dealing with those withdrawal process is that we have now increased our withdrawal times to two withdrawals per day. This has been very well received by the community. With the incorporation of the “warm wallet” strategy, we will be able to proceed up to 80% of the withdrawals per day on an automated basis so that you will see a much faster turnaround on your crypto withdrawals. We are starting our “warm wallet” strategy with BTC by February.

I have been with QUOINE since September of last year. At the time, we were on-boarding hundreds of users per day, which I thought was quite substantial. What we have seen in the past couple of weeks is that we have seen thousands of new users per day. At this rate, I expect we will see ten of thousands of new users a day within February.

We are taking steps to bring in more users to the platforms, which also means more liquidity, better prices for you guys. We are in discussion with one of the best market makers in the world who has a lot of experience in traditional banking and now they are interested in the crypto space and will be working with us. This will means better liquidity and tighter spread for the our users.

QRYPTOS

We are working hard to develop our QRYPTOS platform, trying to list 3 tokens per week on QRYPTOS. Often, we are the first exchange to list a token. We are working to improve user experience to support the token listed on QRYPTOS. By saying we are listing 3 tokens per week, we are also turning down a lot of other tokens that are not suitable to be listed on QRYPTOS. I am working with Marketing team to be able to tell these tokens’ stories through our platform.

We are also making constant improvements to make sure that QRYPTOS is intuitive and easy for new users to use.

ICOs Listing Platform

What I can talk about is our ICO Listing Platform, we are calling it ICO mission control. What this platform does is that token issuers can go to our platform and set up their own ICOs. They can decide on every aspects of the ICOs. They can also track every aspect of the ICOs’ performance, the number of tokens sold on the daily basis. They can get this in a real time analytic format. The platform will be very intuitive. Many ICOs only distribute the tokens 3 months after the ICOs. This is the value add to both token issuers and token purchasers. The token issuers don’t have to worry about the nitty gritty of the ICOs and focus more on their project while we take care of your ICOs and the distribution of your tokens.

We are working to make this available within Q1 of this year.