Telegram
BackIt was another busy week in our Coinmetropolis. Catch up on all the action with this summary of Kevin Murcko’s live AMA on Friday, June 24th 2022.
How is Coinmetro able to hire new people while others are having to lay off?
We have money in the bank and are still able to support our current size and a larger Coinmetro as well. In order to get a bigger market share, we have to keep growing in sheer numbers everywhere.
Where are the additional XCM burns coming from?
We are now burning swap fees and adding the burn to other pieces of the ecosystem. A lot of the big burns this week and last week were retroactive.
We have been talking about adding new assets to margin, however, we need to be careful how we list, especially with illiquid assets.
Mexico office and UAE expansion?
Mexico office operational in July and we are waiting for the UAE regulators to come back to us.
Working on it, but it can take some time to get it.
How many staff do you have right now?
Approximately 80 and we have runway for more than a year currently.
Why is the price floor a good idea?
We have a utility token, XCM, that is a product, and in fact possibly the most important product we have. We can price it however we deem fit. The access to a secondary market is just an additional perk. The perk is that there is a market available. We decided based on the fact that we had raised equity, taking XCM as a payment and in line with our current company valuation, the price floor should be placed where it is now, 60 cents. If you are an XCM holder, we believe in rewarding you for that. There is a lot that we do so that XCM retains its value. The mechanical price floor is a strong way for XCM to retain its value. The timing of the price floor was right before a market crash. We would probably be in the same position at the 12 cent price floor that we had before this one. The current sell pressure is temporary.
Ability for Canadians to buy on Coinmetro?
We signed two agreements so very soon you will have some options.
Can you explain pairing assets with Bitcoin?
When BTC crashes, the BTC/ETH pair will go up, unless ETH crashes more than BTC. I don’t necessarily think one will drive the other one down. They are basically taking a price and showing an indicative value.
Please give the full video below a ‘like’ and subscribe to the Coinmetro YouTube channel!