CoinMetro AMA – January 29, 2021
CEO of CoinMetro Kevin Murcko was in full beard for another Live AMA on Friday, January 29th. He answered questions about everything from the GameStop saga to XCM staking & MTF licensing. Here’s a quick summary to get you up-to-date!
What are your thoughts on r/WallStreetBets & the stock market pump & dumps
You’ve heard Kevin say it many times… financial markets are made to funnel money from the bottom to the top. Many of these shorts are predatory. It’s pretty awesome these retail guys have turned those tables.
RETAIL TRADERS ARE HUGE! That is why CoinMetro is focused on actually helping retail traders.
But beware, this may very well end badly. Regulars are going to try and “restore order” (or so they will claim) and further restrict access to markets for retail traders. He does think this will be a good thing for cryptocurrency in the future.
How much pressure are you under from your wife to shave that beard?
Kevin has said he isn’t shaving the beard until XCM has reached €0.20. His wife asks him EVERYDAY if we’re there yet. Kevin, on the other hand, might be starting to like it.
Are there any updates about the price floor?
There will be an update on this soon™.
Is the team excited after the successful fundraising?
Yes, of course! But honestly everyone is just very focused at the moment. We are working very hard to accomplish our goals so there isn’t much time for celebrating. We are also going to be doing more fundraising to secure an MTF license and some other items we have our eyes on.
Any updates on the BizDev front?
The first B2B product is coming along very nicely, as well as the website showcasing the B2B products. The first will be a legal KYC onboarding for companies. This is something that is very hard to find and we’re excited to fill that need.
New listings on the exchange and the digital securities marketplace, are making a lot of progress also. There will be a lot on this front in the coming months.
How did you find out what stocks have been shorted? Is that public record?
Generally you CAN find that online with a lot of research. But they normally aren’t made public in real time. The short positions on GME have been around along time now and that was public knowledge.
CoinMetro has had a huge boost in signups the last few days. What is driving this?
A combination of many things. It could very well be WSB & GME related! The problems with Robinhood, Coinbase & Gemini last week have led people to CoinMetro as well. Plus, some social media posts have seen good traction.
Do you think CoinMetro is going to get an MTF license in 2021?
An MTF license is three months worth of documentation. There is also a need for about 1.2 million in capital that essentially we wouldn’t be able to spend. December would be the absolute earliest, but internally we are looking at 14-16 months.
This would allow us the ability to trade basically any security, CFDs, futures, ETCFs, higher leverage, etc. All of those would MASSIVELY increase our revenue.
The new app is a great improvement. When will USD viewing be available?
We are very happy to have the latest update released. BUT an improvement on that improvement is being worked on right now! That should be ready at the end of Q2/early Q3.
What does it mean when CoinMetro says 2021 is the year of XCM?
XCM is our native utility token. It’s the heartbeat of the entire ecosystem & platform! We are working on a page for the website right now that will fully explain all the uses & benefits of XCM.
We have put a lot of effort into creating that ecosystem already and 2021 is the year of XCM because of everything in the pipeline to build up the token. We’re fine tuning and adding in even more use cases. We’re adding more benefits for those who hold the token. The investors in the company have committed to keeping the order books filled up and supporting the token in anyway they can.
The last few years we focused on creating a company to be around for decades so we are standing on a very solid foundation. NOW is the time to focus on XCM and making more people aware of what we’ve built here!
XCM Staking: Will there be additional requirements like minimum amount of trades/volume per month to be eligible for staking rewards?
We have discussed things like this. It is an interesting model. Kevin says he’ll pass along to the development team.
Is CoinMetro planning on listing DOGE at some point?
No plans right now to do so. It’s fun to watch. But we are a regulated exchange trying to do the right thing! The creators literally said to not trade it. The asset just pump and dumps whenever Musk tweets about it. So no plans at all right now.
What are your thoughts on DOT? Could it take down ETH?
Anything is possible! But Ethereum is massive and update/adoption of ether is huge. So it definitely could, but will it is questionable.
Is there a possibility that the B2B products/services will increase XCM utility?
We have had some internal discussions on this and yes, it is a possibility.
Will the limit of $10,000 on margin trading be removed soon?
Expanding the limit should come relatively soon. Adjustment of leverage may come in a future release.
Will PRQ be adding to margin trading?
This is coming! We got the necessary retweets and the rocket ship emoji on Twitter! It will be limited at first as we test the waters, but it is definitely coming.
What doesn’t ETH follow the price linear to BTC? Do you expect a rise in value soon?
Kevin does think ETH “has legs” and still has a long way to go. But he’s not sure if it will see the same exact FOMO driven pump and dumps as BTC.
Will the new LP make it possible to list smaller-cap assets on the TraM platform?
Right now, no. But they could in the future. Right now it is focused on the assets currently listed.
Will XCM be added to TraM?
Yes. We are getting there!
Could CoinMetro hit break-even in Q1?
It looks like a possibility from January results. But if we hit it in Q2 or Q3, we are GOLDEN!
What is the biggest operational challenge right now?
Expansion! Growing the team and finding the right people is the challenge. Process management is another. Some things work when you are small, but don’t work when you get larger. But we have already brought in someone to help with that.
When will there be features on CoinMetro to check your portfolio history, graphs, etc. similar to what Binance has?
That is coming in the next dashboard update! We are shooting for March on that one.
Kevin will be back to answer your questions next Friday, or you can tag him in the official CoinMetro Telegram community.
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