AMA Summary March 11th, 2022
The best way to start any weekend is with some of your favorite forehead! Here are the highlights from CEO Kevin Murcko’s live AMA on Friday, March 11th, 2022.
Coinmetro uses BitGo for the majority of custody. BitGo was recently purchased by Galaxy Digital and has never been hacked. We built a hybrid back-end system that moves assets between hot wallets, warm wallets and our own cold storage that we built ourselves on the Ethereum protocol. It has 3 to 5 FA, so not 2FA. You have to go through a VPN, a pin-code, password + 2FA code. Then you have to login to an account, password, 2FA code. Then action transfers which have a six-eye principle. Combined with BitGo who has insurance for certain types of theft. We built internal protocols on our side as well. Our own admin panel has between four- to six-eye principles. We hold a very small amount of money on hot wallets. We have a fixed amount to make sure to keep up with the inflow and outflow. We have many hot wallets that are managed by different people in our financial department. Warm wallets are only accessible by a select few. And then the cold wallet system where there is only a very small list of signers.
Parsiq may have made a mistake in strategy. If they would have applied utility to PRQ, it would have been worth five or six euros right now. I am sure they had their reasons because they have smart people over there but from the utility token perspective of PRQ, it makes people question why it is there.
When it comes to MARs, it all depends on what we make of those assets. We’re going to try to stick to that 20% level.
SGD (Singapore Dollar)
We would need an account that supports SGD. We could get one in Switzerland but this does not make sense. People with SGD use local banks. It is not competitive through SWIFT because of the high costs. We can’t provide this competitively yet. We are working on new fiat currencies on the platform.
Like every product on Coinmetro, it will evolve. Everything we have has had iterations in general. Imagine a feature where you can be earning passive income and automatically spend it on your debit card. We want to do things effectively and not overburden or provide risk to our company. Auto-cash out and things like that are on the list of features. Right now it is fairly easy to cash out so you can definitely use your passive income. Challenger Bank services under Digital Fiat will help us make it more interesting.
With a lot of banks, you can trade with your bank account but sometimes you need to pass a test. In terms of brokers, you have Saxo Bank, Plus 500, Interactive Brokers. They are all available to European citizens. I don’t know exactly what they are going to ask you, they may give you some tests when you signup.
We are in talks with KDX and we are going to support them but I cannot give specifics yet.
No, we won’t see big sell pressure because of the MARs system. However, we do need sellers for buyers to be able to buy, so we need to have liquidity. Eventually, when the gems show their true value and rise in value, the relative small sell pressure isn’t going to affect price at all.
I was in Poland this week talking to some investors. There may be some news here in the coming months.
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