CoinMetro AMA: 14 January, 2022
Welcome to a summary of this week’s Coinmetro AMA.
Let’s dive in!
Correlation of daily exchange volume and our XCM token
Daily volume of an exchange does not always correlate with its token, though there is indirect correlation – anything a business does impacts demand or sell pressure. There is a correlation with XCM and volume as we have a mechanically integrated XCM into our products, for example, 100% of net Exchange fees are used to market buy XCM from the order book and 50% are vaulted on-chain, but not every exchange has these tokenomics. Here you can learn more about XCM Tokenomics.
How will the conversion of Coinmetro Bonds work?
When converting Coinmetro bonds, you will be receiving digitalized equity in CoinMetro Group. Alternatively, you can claim 50 XCM per bond. Originally sold at €10.00 per bond in early 2021.
Competition with Exchanges on a similar level
In the end, we will absolutely beat most of our “competitors” in terms of volume. However, I don’t think it’s volume that will push us over the €1.00 mark for XCM, or ensure Coinmetro becomes a market leader. For XCM, it is more about tokenomics. For the business, it ties more to create a multitude of revenue streams with our core services.
I like Whaleroom, talked with the founder and even had a great demo of the platform. It could become big, even outside of the crypto community.
Lending program within this year is possible, but can’t put 100% on that. Other things will probably happen allowing us to potentially lift the staking limit even if lending may not be available. May be other protocols that will allow us to earn income which will allow us to remove staking limit.
Stablecoins on Layer 2s like Polygon may well be an option for us. We haven’t figured out which ones yet. There are different custodial providers that we are moving to, who support some form of Layer 2, so there will be options.
DAOs sound amazing, sound really cool, to be honest real world applications of DAOs is like real world applications of NFTs, it’s limited. Doesn’t mean it will be limited forever. DAOs and NFTs will probably work together, not necessarily art, but some form of non-fungibles will do a lot in the future, but not in 2022. There will be lots of people putting effort into both of these things. The NFT bubble may burst at some point, morph and hopefully turn into something better. Hopefully something more sustainable which attacks other problems, rather than how can I sell this wiggly purple line for 758 ETH.
Maybe bottlenecks like sending goods around the world can be solved by NFTs.
Kevin does not think there is a future where governments will ban crypto, we are living in that present already, somehow banned, kinda banned, little bit banned, no ban etc., lots of changes around it all the time. Crypto is a blanket term right now, covering shitcoins to Bitcoin. Crypto will not be the blanket term for everything, there will be new terms, digital money, digital assets etc., I think there will be bans on specific types of what we currently call “crypto”. Banks may decide not to allow transactions on anonymous DEXes, push listing policies (e.g., you can not list tokens that don’t have a registered issuer).
Start listing K-whatever (Kadena tokens) at some point in the future, whether or not they will be certain specific ones, cannot comment on that. Just as we listed ERC-20 tokens, we will list KDA tokens as well. We are dipping our toes a bit into the NFT ecosystem.
We are looking at an Artist on Open Sea, been helping him create a series. We are starting to talk with some other artists so that we can get together a group and launch on our own NFT platform, we will be creating a Coinmetro marketplace
I believe everyone in finance deserves a certain amount of privacy. In our current systems that are old school, law enforcement methodologies, we need to have some sort of monitoring. Moving into the future we will be able to adapt with different tools like blockchain and other types of protocols.
Coinmetro has not been able to support privacy coins because of regulatory reasons, so until these changes come, we won’t be able to implement them. Potentially up to a certain amount of money it can be privatized completely, as a potential new regulation. That’s probably what’s going to happen with CBDCs over time.
How to apply for a position with Coinmetro
Go to this jobs page to see our current positions and submit your CV and Cover Letter. This will get evaluated quicker than sending an email to firstname.lastname@example.org
When will CM allow residents of Turkey back in to the platform?
Once Turkey gets removed from the grey list, we will be able to support Turkey again. Unfortunately, it wasn’t our decision and was forced on us
Kevin explains about Parsiq demand
This could be worth a watch for PRQ fans… or those looking for new opportunities to access tokens with potential. PRQ Staking is open now, with an IQ airdrop inbound too.
The multifaceted nature of Coinmetro
Vast majority of retail becomes hodlers because it’s the smart thing to do. Trading all the time will get most people rekt. Coinmetro is multifaceted and is not all about volumes, we have reached pretty much sustainability at this point. Good percentage of that doesn’t come from trading volume.
Stablecoins on Coinmetro in the future
There will be options like stablecoins that will help if you want to convert fiat to fiat.
Neobanks/Challenger banks provide services like a bank but they are not a bank. IBAN accounts, debit cards, third party transfer (e.g., get paid your salary on your Coinmetro account). In 2022, we expect to have all those services. Q2/Q3 the first services to come online, IBANs, then debit cards, etc. Under our Digital Fiat brand it will be built out.
The new XCM staking feature is far more interesting than us simply increasing APR rates – check the video if you want to see Kevin miming. This is far too good to leak early.
We hope you can join us next week! And please be sure to “like” the full video below & subscribe to the Coinmetro YouTube channel.