Live AMA – March 5th, 2021
Here is your weekly Live AMA recap in case you missed Kevin on Friday. He covered some really great topics including CoinMetro’s growth numbers, bizdev updates, acquiring the EMI Agent license, and what CoinMetroids can look forward to in the coming weeks.
Make sure you visit the CoinMetro YouTube channel to subscribe and ‘like’ our videos even if you aren’t able to join us live! There is also TONS of great information in the Q1 Progress Report, as well as our current roadmap.
Q: Will staked XCM leave the circulating supply?
Potentially. We are still working on all the details for XCM staking.
Q: Has Ncase testing started?
Not yet. This might begin within the next week or so.
Q: Any new bizdev news this week?
We are still going back and forth with the German challenger bank. The EMI agent license is getting approved and that will kickstart several projects. We’ll go after more banking partners, start the process for debit cards, and that will open the door for merchant accounts and more B2B services. We’re also expanding pretty quickly with new hires that will be facilitating bizdev as well.
Q: What are your thoughts on stocks & cryptos dropping in value recently?
When there is an exuberant market that rockets upward, there is always going to be corrections like this. People will take profits and bring in selling pressure when something does 17x. There needs to be an ebb and flow in the markets. Right now Kevin says this is fairly normal.
Q: Have you considered allowing ZAR as the remittance market could be a gold mine?
We would love to do this with ALL fiat currencies with a massive remittance market. But the problem is getting payment gateways in those currencies that are reliable and inexpensive. So yes… we are open to it for sure! We just need to be able to find banking partners.
Q: We’ve seen some volatility in the XCM price due to liquidations on other assets. Is the market for XCM mature enough to offer leverage?
We are looking to help mature the market, actually. Offering additional liquidity accomplishes this over a period of time. Everyone needs to be aware of the risks with margin trading and use it as a tool, rather than a crutch.
Q: How is a growth token different from a share of stock?
Well the CoinMetro growth token represents an ownership of specific rights. It gives “equity like” rights, all very similar to those of a shareholder except voting rights.
Q: When will the $5,000/month ACH deposit limit be raised?
Kevin is able to work with this on a case by case basis. Yes, that’s right, the CEO works individually with our users. How’s that for customer service? But in general, that number will be raised once we see more liquidity in the USD accounts.
Q: Will TraM managers be able to trade assets with small caps if/when liquidity is sufficient?
Yes, absolutely. We have transitioned to a liquidity provider to several “alts” already. The wheels are in motion.
Q: When will PRQ get added to the margin trading platform?
We hit the goal on twitter for this so Kevin is hoping to see this done by next weekend.
Q: How will the Coinbase IPO affect the crypto market?
Kevin doesn’t expect this IPO itself to bring in new people to crypto right away. But it will likely help give legitimacy to the broader market.
Q: What are the prerequisites for an EMI License?
CoinMetro is getting an EMI Agent license, which is a sub-license underneath the main license held by our banking provider. There are several checks to show they are not criminals, policies in place to protect user funds, employee requirements for oversight etc.
Q: Is the new market maker up and running?
Q: Are you going to list Ethereum Classic?
No plans right now. But soon our users will be able to vote for coins they want to see listed!
Q: When do you expect to see XCM as collateral for margin trading?
This will likely come out with XCM staking and we are shooting for around the end of March.
Q: Will CoinMetro do PRQ staking?
Maybe! We are always open to things like this. We’ll have to talk with the PRQ guys about how it would look.
Q: Thoughts on tokenizing CoinMetro memes to ride the NFT hype?
Yes, there have been some internal discussions on this. We will probably give this a shot.
Q: What currencies do you plan to have for the debit cards?
Initially Euro and Pounds, eventually USD as well.
Q: What is the next STO listing?
A media company is likely to be the next one, coming sometime in March.
Q: Do you have any CoinMetro growth stats to share?
NOV-DEC – 40% increase
DEC-JAN – 300% increase
JAN-FEB – 25% increase
NOV-DEC – 50% increase
DEC-JAN – 150% increase
JAN-FEB – 60% increase
Q: What do you think of the Enjin rise and where do you see them in the years to come?
Kevin doesn’t know much about them specifically. But in short… everything rose up. Most things in crypto will get a nice boost at some point.
Q: When will the new app be released?
The new and improved CoinMetro app will be released in Q2.
Q: Any thoughts on the creator of SUSHISWAP stepping down?
Kevin is quite amused at the idea that people invest in platforms created by anonymous people who want to remain anonymous, and then get irked when they step down. If you want to fully embrace decentralization, you can’t be upset when someone leaves or is anonymous.
Q: How can family access my CoinMetro account if I am not able to do so?
We’re actually working internally on this to get a more formal process. But our support team is really great and we will work with people on ANYTHING with a case by case basis to help them get whatever they need.
Q: What is the next thing to be released that we can look forward to?
There are a lot of smaller updates on the platform, but the next big thing for CoinMetro will be XCM staking!
Q: Will you invest in the Coinbase IPO?
No, Kevin will not be investing in that. But he doesn’t have any money in equities right now.
Q: Will there be any staking, market making, and better liquidity for DNA?
We are discussing liquidity with their CEO, but at the moment there are no plans for staking DNA.
Q: Marketing update?
We brought in a consultant to help us refine and automate things. We’re in the operational stage of this right now. Kevin is very positive about this and it will greatly help marketing efforts in the long run. We’re also working with some influencers and some other aspects as well.
Q: Why do I get paid for holding Quant?
Because CoinMetro loves you! We want everyone to be nice and Quamfy. QNT staking is really great and we’re happy to have you here.
We appreciate all the questions and thank you to everyone who joined us on Friday! If you have any more questions you can tag Kevin Murcko in our Telegram channel.