CoinMetro 24th August 2018 AMA Notes



AmaZix Team



It's Friday! Huzzah! Come check out the points Kevin touched on this week on his weekly AMA with the CoinMetro Community.

VIDEO ARCHIVE OF THE AMA (YOUTUBE, FACEBOOK)





IN THE NEWS





#1. US-Based crypto exchanges discussing self-regulation

Kevin doubts the US will classify anything in the crypto sphere as a commodity. Most likely as a future.

Self-regulation is needed.

Kevin is onboard with what they’re doing





#2. Wall Street exec level employees leaving their safe banks for the crypto industry

Wall Street guys are risk takers for the most part.

There’s a lot of money flowing into crypto.

The possibilities for crypto are extremely high, and they’re risk involved, so it’s like a hook-and-a-worm for Wallstreet guys.





#3. Venezuela pegs it national currency to the "Petro".

Not a good move, for many reasons but when you have a 1 MILLION percent inflation, you do some strange things.

It’s rather comical.

Kevin’s not a fan of the Petro.





#4. Liechtenstein's UNION Bank launches its own regulated security token & stable coin

Kevin’s also not a fan of stable coins.

We’re moving in the right direction, even if it’s slow progress.

Why not allow easy fiat access via crypto?

They’re loopholing, because they can easily create a fiat-backed token, easier than they can allow Bitcoin deposits in banks.





#5. Bitmex paying around $600k monthly rent for their Hong Kong office (most expensive in HK)

A lot of financial companies pay for really nice offices around the world.

This is mostly for prestige.





#6. SEC rejects 9 more bitcoin ETFs...or maybe they don't?

They probably got a lot of backlash.

We’ll see what happens.

Eventually one of them will get approved.





#7. China continues war on crypto: 124 foreign crypto exchanges blocked

China is getting very close to pushing out regulation.

One of the first processes is to make sure you have a clean slate.

Kevin does not expect them to not regulate.

China hates when money leaves its country.

This looks negative, but it’s actually positive.





REDDIT QUESTIONS





Winklevoss Initiative

Naming is kind of odd.

CM would be happy to join the initiative.

Getting involved in this not only in Europe, but in the States as well.





Bitcoin ETFs on Bitcoin prices, CBOE

If it’s 100% physically backed, it can make a difference.

We’ve had ETNs available through brokers worldwide, they’ve been around for about 3 years.

XBT Provider, Saxo Bank.

It’s a fragmented market, lots of Dark Pools and “OTCs”





OK Coin

With the US, there’s lots of cost involved.

You’d have to go on a state-by-state basis.

There’s a lot of legal cost.

For CM, the plan is to be regional.

Being Top 5 on a per-region basis, if you hit enough markets around the world, makes you Top 5 globally.

Being regulated in South Africa is a pretty big deal.





New Innovations

We’re about adding value. A structure is needed in order to do so.

Trade multi assets, move money with minimal fees, debit card products, insurance.

Bringing all those different platforms into one.

These are all revenue streams.

CM wants to create high quality products.





Brexit

London is London, because of banking.

The worst case scenario is that we can’t direct solicit clients for eMoney activities in the E.U.

It doesn’t make much of a difference for our specific business.

Many are en route to the Netherlands and other locations.





Opinion on Coinsquare

They probably have European clients in their books.

It isn’t going to change anything.

Europe’s a pretty big piece of the pie, and it makes sense to move in.

CM is going to move over to Canada as well, there’s some market share to steal away!

Good on CM for making Europe their HQ!





Dumbing down TAM

A TAM manager is trading just like any other trader. (0.1% cost on all trades)

We do not expect to charge withdrawals and deposit fees, unless required by law.









Kevin’s been working along with operations on the intermediate exchange.

Simplex exchange and Tradeview is being worked on.

Starting to work on ETAs (coding), Margin Trading, Lending Facilities, Advanced Trading features, etc..

Hiring: Candidates for compliance, blockchain dev, full stack devs in Estonia

Talking to get a great partnership with a platform that’s like WeChat for crypto, but better.





LIVE QUESTIONS





Will we have fiat deposits on day 1?

It depends on the eMoney license and how we operate the fiat.

Right now we have a retail bank account for euro deposits inside the SEPA zone.

On ramps through payment institutions for USD, EUR, GBP, CAD, JPY.

Credit Cards we now have confirmed USD, GBP, CAD, EUR.

You’ll be able to buy crypto at the spot-rate.





Crazy Wicks

No centralized pricing.

Bitmex probably pull pricing from several places

It’s all about price discovery.





Will there be a user-to-user fiat functionality within CoinMetro?

Yes, we should be able to do this with our community, since we KYC’d everyone.

It’s not a day 1 thing, but because we have a KYC layer in place, it shouldn’t be too hard.





News on Referral Program

It’s a project inside of CM.

The goal is to have a niche program that gets people excited.

We’re not going to directly compete to Binance.

You’re getting paid to buy Bitcoin!





Are we still on track for end of Q3 live?

Yes, we’re on track.





What are you doing marketing-wise?

YouTube Ads

Podcasts

Locally in Estonia, it will happen earlier than anywhere else





When are more users being allowed into the beta?

It’s in the works, we want to make sure we scale it responsibly.

Kevin’s going to push to have another round of beta entrance next week (about 500 people)





When will you implement margin trading?

As soon as possible.

Where are the risks involved?

Once everything is set up, we immediately begin on margin trading.





__________________________________________________________________________

Well, that's it for this week's AMA with CoinMetro Founder Kevin Murcko! Please join us next week on CoinMetro's Facebook at 2PM GMT for another round and make sure you submit your questions to the CoinMetro Subreddit!

As always, we're available to answer any questions you may have on our Telegram Group 24/7.







