CoinMetro AMA – Feb. 20, 2021
On a rare Saturday edition of the AMA, Kevin answered questions for nearly an hour and half. There is A LOT happening right now for CoinMetro and this recap is a great update on the progress. There were some great questions this week! Check it out, below.
Q: Any news about CoinMetro’s valuation?
The previous valuation was €50mil during the bond sale. The most current funds were raised at a valuation of €60mil. Bond holders already in the green! But this was an “interim” fund raise. The goal for the actual next round of funding, possibly at the end of 2022, is for a €250mil valuation.
Q: OCEAN was recently listed. With VXV & PRQ also there, are you going for data coins?
A: So far we have just been listening to user feedback and coins that are in need of on/off ramps. So this is really just a coincidence.
Q: What was going on in Mexico this week?
A: Kevin’s wife was in Mexico and he went to Mexico to hangout with her for Valentine’s Day. Other than that, he just worked the whole time. The guy didn’t even make it to the beach!
Q: Why are tokens being voided for people who did not complete KYC from the ICO?
A: CoinMetro is a 100% legally compliant exchange. This is a central focus of ours. Therefore, we could not legally continue to have anonymous people holding assets on our exchange forever. That is detrimental to the company, and thus all other users on the exchange. Users had two and a half years to complete KYC (well beyond the deadline) and we were sending many emails to warn them their tokens would be voided regularly. Additionally, all of this information was laid out in the Terms & Conditions during the initial coin offering.
However, we encourage anyone affected by this to reach out to our 24/7 LIVE support to explain their situation. If it is valid reasoning, we may be able to work with you.
Q: Can you say what kind of bank CoinMetro is partnering with? Or volumes levels you expect to see?
A: We are under an NDA so we cannot divulge much information at this time. But this company is growing very fast and we do expect to see quite a lot of volume over time.
Q: Will CoinMetro create something like the Binance smart chain, or is this a fad?
A: No plans to go down that road right now. Kevin does not necessarily think the Binance smart chain will become THE blockchain for smart contracts.
Q: When will there be support on Ledger Live for XCM tokens?
A: There was at one point, but we have since updated the contract. We’ve reached out to Ledger, but they’ve not updated yet. But Kevin will reach out to them again.
Q: Can you add a Swiss Franc pair?
A: We would consider this if there was more demand coming in for us to service this. The ability to vote for fiat, as well as cryptocurrency, is coming soon.
Q: Any chance of listing Theta?
A: CoinMetro is currently beginning to put more resources into listings. When this happens, more and more tokens and pairings will be added to the exchange. However at this time, Theta is not on the short list to be added.
Q: Will OCEAN be available to buy in EUR?
A: This is set to be released in the coming days!
Q: When will I be able to transfer assets from one CM account to another?
A: As shown in the CoinMetro Q1 Roadmap, peer-to-peer transfers is scheduled for March. If not fully implemented by then, this will be early Q2.
Q: When will margin trading leverage increase to 10-20x?
A: We expect to be able to increase leverage within the next couple weeks. But we likely will not go beyond 10x.
Q: Can you confirm that non-accredited US investors will be able to buy CM bonds in the secondary market?
A: We are not able to confirm that at this time. But we are working on it.
Q: Any bizdev news?
A: With Kevin in a different time zone in Mexico, not many updates since last week. But the B2B service & working with the German challenger bank are ongoing.
Q: When will ADA & DOT be listed?
A: Both of these are on our short list of about ten assets. Kevin thinks maybe sometime around April for those two.
Q: Do you plan to entice new users from the US?
A: The amount of US users has probably tripled since the beginning of the year. But yes we are going to continue working to bring in American traders.
Q: How is the new app coming along?
A: Right on schedule and looking great!
Q: What services or products will you be adding when the MTF license is secured?
A: The MTF license will extend our primary & secondary markets for securities. It will allow us to trade other types of securities like derivatives, options, futures etc. Users will be able to short some securities without even owning them. We would also be able to increase leverage up to 25x for margin trading. How does the ability to buy stock in Tesla or Apple sound?
Q: What is CoinMetro’s biggest challenge in 2021?
A: Until about Q3 of 2020, we were focused on building this well rounded ecosystem with multiple products and services. But now GROWTH is the idea. That is the challenge of any startup. But going through the licensing process is a challenge as well.
Q: PRQ margin trading?
A: PRQ will be coming to margin soon, hopefully before the end of February.
Q: Next up on the release schedule?
A: Please checkout the CoinMetro Q1 Progress Report to see everything we’ve got in the works right now. Design & flow updates coming all over the platform. New listings are coming. There are some behind the scenes stuff to help us streamline as well.
Q: Is Kadena the future king of smart contracts?
A: Kevin thinks Kadena will give everyone a run for their money, that’s why we listed them. But there may not be one king, so to speak, in the future.
Q: What is your current sentiment on BTC?
A: Institutions will be taking some profits here before long. They would all lose their jobs if they don’t. When more institutions come in, the huge gains may actually slow down as they trade more traditionally. This could cause some retail traders who are used to insane gains on a regular basis, to leave for smaller caps.
Q: Do you think there is a chance Binance is left untouched by regulations and get out unscathed?
A: No. No chance at all. This is by far the shortest answer Kevin has ever given on Binance.
Q: What’s the best question you’ve ever been asked in an AMA?
A: Kevin gets at least one very good question every week that is well informed and gives him a chance to speak about something important. But can’t remember ones that have stood out in particular.
Q: Do you plan to add multiple languages to CoinMetro’s website?
A: Yes we do! This is in the pipeline. But we need to make sure we have support specialists in all the languages that will be on the site. We want to provide 5-star support at all times!
Q: Has CoinMetro started tested NCase?
A: Not yet. But this should happen any week now.
Q: Is QNT staking coming to and end soon?
A: Initially put up €50,000 and then extended it to 75k. That will be running out pretty soon. But we will be releasing a new version shortly thereafter and it should be paid out in QNT.
Q: After all the recent success, what are some milestones CoinMetro wants to reach in the near future?
A: We’d like to stabilize around €5 million in daily volume. But Kevin believes we can hit MUCH higher than that by the end of the year. We’re coming for BitPanda!
Q: How much will XCM staking yield?
A: No exact numbers on this yet. We plan to release this at the same time as adding XCM to margin collateral.
Q: Will pi network coins be listed?
A: No plans for this right now.
Q: XCM airdops coming?
A: No. Kevin doesn’t believe this adds much value for CoinMetro right now.
Q: How many employees does CoinMetro have? Are you expanding?
A: Currently about 30 people. We expect to end the year at 40 people, possibly higher.
Q: Is CoinMetro still using Bitgo as a wallet custodian?
A: We are using BitGo. But we also use our own wallet system as well.
Q: Will XCM staking continue indefinitely?
A: Once it is no longer coming from the treasury, YES.
Q: Will you consider raising the minimum transaction amount from 5 euros? And possibly a “dust” function for small amounts?
A: Our dust function has been discussed and will hopefully be implemented before too long. We do hope to raise that minimum at some point, but not likely in the short term.
Q: Who manages the Coinmetro Twitter account?
A: This is done internally. We’ve expanded the marketing team and a couple new people, from our CoinMetro community actually who now work for us, will be handling it.
Q: Crypto Facilities received an MTF license last year. How did that change their business?
A: They were acquired by Kraken, who have used it to offer derivatives. We plan to get much more use out of the MTF license.
Q: Can you clarify how the 500 DNA reward is being changed?
A: The best person to asked about DNA is their CEO. They asked us to reduce the reward from 500 to 250. But everyone who has already received it, will keep it.
Q: When will the next CoinMetro equity opportunity be for retail people?
A: We aren’t sure on this yet. But we are exploring the idea of giving growth tokens as a reward for various things on the platform. So we’d give users a chance to earn the equity as opposed to buying it.
Q: Thoughts on Polkadot?
A: Kevin likes Polkadot. They are doing a lot of the right things. The auctions thing is quite unique and will catch some eyes.
Q: Do you see XRP as a dead coin?
A: Kevin is a realist around XRP and Ripple. XRP isn’t exactly intertwined around everything Ripple is doing. The lawsuit is also trouble for them right now as well. But that’s not to say it couldn’t go on to see higher prices than it has ever seen. It will continue to be volatile, but he doesn’t consider it to be dead.
Q: When can we buy Polkadot on CoinMetro?
A: It is on our short list. Kevin expects maybe sometime in Q2.
Q: Kevin, what is your favorite video game?
A: He doesn’t really play video games these days. The guy is too busy! But he does sometimes play games with his daughter. He was big on Tecmo Bowl & Madden in the past.
Q: Does CoinMetro own any crypto other than XCM?
A: Yes, of course. We own at least some of every asset we have listed.
Q: Can you see CoinMetro being a multi billion dollar company one day? Would you go for an IPO?
A: Absolutely! Kevin feels more confident now that CoinMetro will be worth billions than ever before . It’s our goal and we won’t stop! He hasn’t eliminated the possibility of an IPO eventually. But in the near future, our equity will already be digitized. So an IPO might not be necessary. We could just release more stock into the wild on our own!
Q: Will XCM be listed on the Binance marketplace?
A: Most likely, no.
Q: Is it true that CoinMetro is considering a rebrand?
A: The “Metro” in CoinMetro has always stood for Metropolis, as opposed to a train. We are looking at a possible rebrand. But nothing too serious at the moment.
Q: Will you try to get into Asia?
A: Absolutely. This is on the roadmap. But we want to conquer Europe first! Kevin has already had discussions with someone in Asia.
Q: Will there be other ways to make a return on holding XCM in addition to staking?
A: We expect to be able to offer some form of “lending” at some point. Users would be able to lend their XCM as a collateralized loan out to other people. And possibly other ways as well. We’re always brainstorming!
Q: Can you tell us more about the upcoming summit?
A: It’s called Crypto 101, a digital currency summit. It’s quite large and they do it once a year. There are already 50k signups. Kevin is the opening speaker on the first day. It should be pretty fun!
Q: Will there be a profit/loss function to see gains & losses?
A: This is currently being worked on! There will be a very nice portfolio tracker to see gains/losses since your trades coming soon.
Q: Plans to add Cardano to CoinMetro?
A: Yes, ADA is on our shortlist to bring to the platform.
Q: How do you see an eventual crackdown on Tether from regulators impacting the crypto market?
A: Kevin thinks that it will have less of an impact than it would have a few years ago. They’re printing so much of it that it will definitely have some reverberations.
Q: Are you planning on increasing the €500 limit on the swap feature?
A: Yes we will do this when the new liquidity provider is fully implemented. But currently, this limit is in place to protect our users from getting hit with too much slippage.
Well that was a jam packed AMA this past week! Kevin went for well over an hour and we thank everyone for joining and asking some great questions. You can reach Kevin, and the rest of our team, on Telegram throughout the week with any more questions you may have. But we’ll see you again on Friday for another AMA!
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