CoinMetro AMA – Feb. 26, 2021
by Kamil S
It’s been a very busy week in our metropolis! So this AMA was a shorter than normal as Kevin was quite busy, including a bonus live fireside chat with Encrypgen CEO Dr. David Koepsel to talk all about $DNA. But be sure to check out a quick recap from the main AMA below.
As always, if you were unable to watch live please “like” the video and make sure you’re subscribed to the CoinMetro YouTube channel!
Q: When will IBANs & debit cards arrive on CoinMetro?
In the first half of March we should have the EMI license officially implemented through the Bank of Lithuania, which would allow us to expand banking services like IBANs. Also in March/April we can start on debit card issuance. That should be a 6-8 week process.
Q: When will ADA be listed?
Cardano (ADA) is on the short-list. Could be sometime in April.
Q: XCM showed great resilience during the crypto market price drop this week. Your thoughts?
The only place XCM is listed is on the CoinMetro platform. Therefore our community heavily dictates the flow of that price. We have a very strong, supportive community of CoinMetroids that are not interested in selling right now.
Q: With new cash on hand, will there be a substantial boost in marketing?
Not all of it has hit our account yet, and a good portion of new funding is going towards acquiring the MTF license. We are also expanding our team a bit as well. Marketing is going through a transition right now that Kevin is excited about. We’re automating, optimizing, and reworking how we are doing everything in that regard. That being said, there are a few things in the work and new marketing efforts are coming over the next several months.
Q: Could we get your thoughts on pros/cons of XCM being traded on other platforms?
Pros would be more exposure and some liquidity (although plenty of it would be fake, so that is a con). A major con would be a regulatory issue. XCM is a utility token and listing elsewhere could cause regulators to classify it as a security. CoinMetro is 100% legally compliant and will NEVER do anything that could come close to risking the funds of our users.
Q: Are there any upcoming competitions/opportunities to earn XCM?
There will be, yes. We are always working on things like this. Staking is coming soon, that is one example.
Q: Were there many new signups from the Digital Currency Summit?
That promo code had a few hundred signups and that number is still rising. But we saw a spike in general so it seems others came to us without using that code.
Q: What was the toughest situation you had to overcome with CoinMetro?
We have had our fair share of speed bumps. Like most startups, funding was a big hurdle that Kevin was working on for about a year straight a couple years ago. There are plenty of things that pop up in fintech and crypto, but that is what Kevin signed up for! He’s faced them all and ready to take on anything else that gets in our way.
Q: There has been a significant increase in signups, why hasn’t volume increased at the same rate?
Not ALL new people that sign up for CoinMetro are going to be daily traders. There will be plenty of newbies that are buying and holding. Other people are coming to the platform just to buy XCM because it is the only place to get it. That being said… our volume has absolutely increased significantly this year!
Q: Having picked up both large and retail investors, what would you use in the future?
Kevin ALWAYS wants to include our clients, and retail investors in general. One of the best things we’ve done is create and maintain a fantastic community. We want everyone to have a piece of the pie as we continue to grow. But there are certain times when fewer, larger investors is more beneficial and would allow us to accomplish things more quickly.
Q: Hey Kevin, what is your morning routine before work?
Kevin lives in an apartment building directly connected to the office. So he just rubs his eyes, brushes his teeth, and goes into the office. He’s a pretty normal dude.
Q: What will the upcoming secondary market for CoinMetro bonds look like?
There will be an additional platform customized for securities that will look a lot like the current platform.
Q: Are there any more bond projects on the horizon?
YES! We should see additional projects in March. Ask Oliver about that in Telegram. 😉
Q: What are your thoughts on Elon Musk tweeting about Doge Coin and other cryptos?
Kevin had said before that the SEC was likely to investigate him, and there are now reports that could be happening. He thinks he might run into some issues, but doubts he would see jail time.
Q: What is the monthly burn rate vs income in February?
The current monthly burn rate still sits around €160,000. Revenue in Feb looks like it will come in over €200,000. Not likely to hit profit this month, but Kevin thinks next month may very well see profit.
Q: Why does the MTF license take a whole year to go through?
Licensing takes a very long time. It takes a few months to come up with around 500 pages of documentation required (background checks, policies, legal opinions, etc). Once that is submitted, the regulator has to go through all of it and verify it’s validity.
Q: Could the listing of XCM on other exchanges even be stopped?
No, we can’t stop others from doing it. But if we facilitate the process, that is where regulatory issues would arise.
Q: Will the incoming XCM staking be sustainable?
Once we transition from a pure treasury model to rewarding from actual revenue, then yes it will be make it sustainable.
Thank you everyone for all the questions and your continued support! CoinMetro is serious about transparency and including our wonderful community, so we appreciate you keeping up with everything we’ve got going on right now. If you have any other questions, feel free to tag Kevin or the team on the official Telegram channel throughout the week. Also check out the Q1 Roadmap as well as the Q1 Progress Report for TONS of great information.
The full AMA video is embedded below.
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