Why devs from Africa? Initially, the CM team was not in Estonia. The team was built based on what the company needed, not where they were based. If you’re talented and live in Antarctica and have a solid internet connection, that’s awesome. Main goal is to house upper and middle management in Estonia. Devs housed outside. TALENT OVER LOCATION.
Binance vs. CoinMetro (On Binance having fiat). “Gas station outside my house sells gas, why would I go to your gas station?” Competition. Customer service is a huge point. CM aims to be more intuitive. Costs also play a factor. CM’s focus is clients first, and simplification for transactions. Personal customer service touch.
How are you going to prevent market price manipulation? CM can’t stop global price manipulation- no one can. We can stop pump and dump on our own exchange with vetting, circuit breakers, monitoring of the platform.
What’s the Main Selling Point of CM? Ease-of-use and simplification, client-centric atmosphere, better pricing (costs of tx) and better technology.
Where do the leaders see the company in the next 5 years? The vision hasn’t changed. CM is continuing to expand regulatory footprint. A team will be assigned solely for the purpose of securing global regulations. CM is preparing to ensure that when regulations tighten up, the team has already laid the groundwork. Partnerships will be a focus. Staying agile will be a focus.
Cold Storage Security Model- does that apply for all wallets? It applies to all wallets, including the central wallets.
Will the beta launch NEM blockchain integration? No. All blockchain integrations will be implemented post-beta. This is due to the GDPR regulations.
Any updates on banking partnerships? The team is making strides. Multiple applications with many banks around the world. EU, Asia-Pacific, and North America are included in the initial movements. Can’t disclose at this time due to NDAs.
Is CM’s matching engine going to top Binance’s Solution? 2 per second for Binance’s solution. FX Pig’s pricing engine - 120-180 updates per second. The team is using already working platforms.
Will there be alerts? Yes- the platform will have multiple chart tools including indicators, move-stop orders, crypto calendar, news calendar. (Not in beta, but further updates)
Are there any more venture capital rounds in the near future? No VC rounds have been undertaken, just the public sales. There may be a capital infusion, but there is no solid word. The team has cash for the foreseeable short-term.
Update for US Citizens - The team will be looking for an exemption with Regulation D-504 for accredited investors. Those who are not accredited, the team has a solution. We can’t mention it publicly at this time. The team has a very clever solution that is being worked out with the legal team. More info to follow. You will keep your tokens.
Beta launching in June on schedule, trading of XCM is scheduled after beta launch. Could be June or July, but the beta is going to be tested.
How many users are trading on FXPig? 2,500 - 3,000. FX Pig is a niche broker, no public advertising.
Will trading go live on beta? There will be liquidity in the exchange from liquidity providers. There are a few market makers that will be providing this from Day 1. There may be some “demo” days to stress test the platform for the first few days.
Debit Cards - they are difficult in the crypto world. Myfit 2(?) came out, Visa MasterCard dropped cards in the EU. The team has connections made in the FX world- good reputation as a “good actor”, so it makes it easier for CM to work on this product. Dates on schedule for debit cards.
Future for CM in case Kevin is dies - working on setting all the precautions in motion. All of the wallets are multi-sig. Operational standpoint, there could be a few bumps without Kevin, but the process is being made to set up so that sectors in the company can act independently.
What do you think about NASDAQ? NASDAQ is NASDAQ. CM knows the tech they’re using, and they wouldn’t use it for CM as the CM tech is better. Bring on the competition! The team gets new clients by being better.
Is the token distribution not too unbalanced? 200M isn’t held by CM - the team will hold 100M for liquidity 50M goes to shareholders over the course of two years, 50m goes to advisors and different agreements. Most of the tokens can’t be sold, and those that can be sold are vetted over a couple of years.
Liquidity - The team wants to make sure they can fill orders when need be. On the supply side, when people are selling and there’s nobody buying, the team needs XCM in the liquidity pool to cater to the other side of the demand.
Have the first coins listed on beta confirmed other than DGB? Bitcoin, Litecoin, Bitcoin Cash, Ethereum and possibly Ripple. Tokens will come in stage two. DGB will be one of the first. Biz dev is focused on liquidity initially. More announcements to follow.
Status of XCM - In Estonia, XCM is officially a utility token. Where the opinions are different, once your token sale ends, is it a utility token? Once the exchange launches, XCM is 100% utility, per legal opinion of Price Waterhouse Coopers in Estonia.
Every time a transaction happens, a portion of XCM is burned. This will happen forever. Only sold tokens will be minted.
Ripple plans - XRP pairings were discussed. Ripple payment gateways were discussed for the Baltics and the Nordics.
CM to fiat to bank account is the goal. These things will take time as the team secures regulations. Once beta is live, the hope is to have Euro available through the SEPA regions and Swiss transfers.
iOS app - iOS development is going very well, iOS is tricky with crypto apps, the company is making sure that it complies with standards. Released shortly.
Issues with ICO Express for US Citizens? - ICO Express is more for companies that want to tokenize themselves. CM is exploring seeding some ICOs (post revenue) for ICOs they believe in. There will be voting mechanisms and community roles.
Reasons for Crypto space decisions - Kevin got involved in crypto on a personal side in 2011. There is definitely a commercial drive of course. The team wants to “fix” the issues with the crypto space.
CM vs FXPig - FX Pig does non-deliverables. This needed something new to be created, hence CoinMetro. FXPig has it’s shareholders, CM has different ones- two different businesses. FX Pig support has been super hands-on, and CoinMetro is prepared to be #1 in support. Staffing and competent team is necessary.
New site is faster. SEO is the reason for a “one-pager” site. The site will evolve over time.
Referral Program Update: no numbers yet. The team is offering Maker bonuses which is huge- 50%. No one else offers this.
Target goal for Active Users 2018-2019 - The aim is 150k, and 2019 is in the millions.
Qualified Traders for TAM ready? Not yet, the exchange has to be launched first and they need to be vetted. The team needs to make sure they’re 100% vetted.
How does taker and maker work? Takers will pay 0.1% percent and makers will be paid 0.05%.
Are we still on schedule? Yes we’re still on schedule!
Security features - All wallets will have a hierarchy. Cold wallets will be airgapped (not connected to the internet). Warm wallets (can only receive from certain addresses and can only send to certain addresses). AWS is currently used, rack servers will be implemented. Chief Security Officer (CSO) set up Barclay’s in Lithuania, he’ll be starting this week. He will create a stronger security plan. Security is a priority.
Will there be a delay for US users on beta exchange? No. US users will be able to trade from launch. This is up for review depending on decisions forthcoming from the US gov’t.
PoA KYC - everything is manually reviewed. There is a queue, so please be patient. If you run into issues, please send a message to hello@coinmetro.com if you haven’t already.
Anticipated Trading Volume - Volume hasn’t been mapped out yet. The beta is for stability and testing initially. XCM will be able to be bought once it’s tradtrade-able. This will happen shortly after beta launches (1-4 weeks).
June 1st for KYC deadline to make sure you keep your airdropped tokens. If you haven’t submitted before June 1st, you lose airdropped tokens and access to KYC Family. For purchased tokens, you can’t participate until KYC is complete.
Insurance for CM. Approaching insurance agencies for crypto is very difficult right now. Cold wallets are the key since they are air gapped. This may work as a way to secure insurance. Right now, there is no ETA, but the team is looking into it.
Possible Partners coming for logistical issues and licensing issues.
