And we are live. Welcome to our monthly AMA. We're going to wait for a little bit, and until more people join so we're going to kick this one off.

Some very interesting questions on the list today.

I think at some point we'll have to switch the time of this AMA to a slightly more palatable hour for our European fans, because I think it's pretty hard to wake up at 5am to listen to me talk.

Hi guys. We’ve got almost 100 people in and I think it's a good moment to begin. All right. We're going to start as always, we have some milestones and highlights we're going to talk about stuff that was already done and dusted since our last AMA. Then I wanted to give you a sneak peek into what's coming in November. And finally, I've got a long list of 37 questions collected from Reddit, I'm going to answer them all, and give you an opportunity to ask more questions. So, let's begin.

So the first milestone that we hit is 10 millions staked in the platform. So it's a big round number, we are very happy that the number of staked continues to grow at a rapid clip. And as a company, we just hit another milestone. We've got more than 200 people on our team right now. 205, to be exact. So, both the platform size and the team size are growing. So it's great to see that the effort we’re putting over the last three years is beginning to pay off. The last AMA was in the first week of September, so there's quite a big time gap and it's easy to forget how much has happened since. So I'm just gonna do like a 60 second list of things that we've done and that is now done and dusted. So we are now available in 49 states in the U.S. It was not easy to do, but we've done it. So everything besides New York basically is done and dusted, fiat-out is done, but it's not announced yet because we're waiting for Android app to be approved but you can expect it to be live in the product next week - the first fiat-out option. It improves massively the utility of our app and kind of completes the circle here.

Our Testnet has been successfully launched. We've got our first branding campaign that went live in San Francisco - Time for Plan B - which was enthusiastically received and it went viral on Reddit, so we were very happy with the impact that it has and how it allows people to understand what we stand for as a company. We launched things like 3DS in Singapore, improving the utility of the card so you can shop, more securely. We announced a huge list of CRO validators that will participate in our mainnet, including some of the industry's biggest names like OKEx and Huobi so we're very thankful for the support we've got there. We've got massive improvements to Earn and Credit including the addition of PAX Gold so now not only can you hold digital gold in your wallet. You can also earn interest on it. So it's, we're the first company in the world to actually get it done, and go live with it, not just talk about it so I'm very proud of that.

We've done more top-up options for our users of the card in the U.S, we’ve got multiple crypto screens for top up right now. We’ve integrated Pay with WooCommerce. 500,000 merchants right now can process transactions using Pay. We’ve enabled Vietnam. We’ve launched price alerts. So that you can see when BTC goes down, you will be notified. When it goes back up, you'll be notified too. So this is very useful, probably, you know, 10-20 different things that I forgot to list out but the bottom line is that the team delivered a lot since we last spoke so I'm very happy with the progress that we're making. Now, November.

There are three things that you should look out for in November. The first one is the card update for both EU and APAC. So I know a lot of you are waiting for, for your cards in in Europe and APAC so this is going to be the moment where we can say something, officially. The second thing is a new roadmap. If you look at our current roadmap, which I very conveniently have here in a short 10 months we managed to kill a fast majority of the items on the roadmap and we are on our way to kill the rest of them. So it's the perfect time to share with our community what’s in 2020 and beyond. We are very excited about this new ambitious roadmap that will demonstrate the size of the ambition of this team, and what the, what we are building for you. So this is going to be a very exciting announcement in November. And the third thing is a new product launch.

I can’t talk too much about it but again, we are very excited about this new product that's coming this month. And if I look at the roadmap also, you know, some of the items that are not ticked yet are two Moon Stopovers. There is a high likelihood that we will have one of them ticked off in November. I can’t say which one because I don’t want to cause too much ruckus but it's coming. So very exciting November with big news items - and you should keep following us closely, it's going to be one of the most important months for in our short, but very eventful history.

Now, I'm going to move forward with the list of 37 questions, and if anything is not clear please type up the questions on Telegram and our team here is going to let me know what those are and we can, we can answer them after I'm done with this list. Visa Card

EU Release Status

As you guys know, we've shipped the EU ICO cards, and the assumption here is that it's easier to wait for your EU card with a card in your wallet than without it. And the first batch is already been shipped this week so some of you guys will be receiving those shortly. Overall the EU status. There is a likelihood that it will slip towards Q1. So you know we never give dates, our current best estimate today is the end of January. It may be changed. As those things are not really in our control. So, it's coming. More official news on the EU card launch in November, but this is the status as of today, we've always been committed to give you the most up to date information with full transparency. So this is it. I'm sure that nobody is particularly happy about it that there's a chance that this will slip into Q1 but it is what it is. It will come eventually, and in the meantime we're going to keep on banging out items on the roadmap at an incredible speed.

EU Release Plan: Will all of Europe receive the card at the same time, or will it launch in some countries before others?

The current plan is to launch one country. Do a first batch of couple of hundred cards to see if everything works and when you receive the card, you activate it, transactions go through, everything is confident working, and then release all the other countries as soon as we confirm everything's fine. So there won't be, you know, this country has preference or whatnot, basically everybody is going to receive it pretty much at the same time.

Brexit effect: Will there be repercussions for the launch in Europe because of the England Brexit?

We work with a very large partner for Europe, I don't think it's a secret, it's Wirecard and they have a presence both in the UK and in Europe, so we are covered for both scenarios. We don't expect any effect of Brexit on our launch.  

EU Perks: Will cashback rates and lounge access be kept the same as other regions.


Founding Members Card Status

So we shipped the EU cards, and you will receive an update for APAC in November.

APAC Card Status

Okay, the next question is about APAC so that’s answered above.

For the APAC release, which countries are included?

This thing is very dynamic and it changes, maybe instead of talking about what is included, I will talk about what's executed as of today. We won't be able to Malaysia and Indonesia. That's definitely off the table, and the rest. We're doing country by country, so please wait.

Australia Status

That's in progress we're actually doing a dual track for Australia. We're dealing with both cross border, and a local card setup of obtaining local licenses, getting local top-up done so your Australian dollars will be held in an institution, locally in Australia. So there's a dual track here, we know it's an important market we've got a lot of fans there. So, it will be done - it will be done properly. Visa Card Userbase: Will you launch cards in the continent of Africa and South America?

Please look forward to our new roadmap. In November, it will shed light on our global card rollout, as well as all other items so just wait for the roadmap. We’ll shed some light on how this will progress.

SG Card Direct Fiat Top-up to Card

We're working on it. The first one is going to come with a debit card, and then Xfers. Announcements on this front in November.

EU Card Fiat Top-up to Card: Will UK (EU) cards have a bank transfer option?

Yes, we have both fiat-in and out for Europe. Fiat-in is already done. Out, is going live very soon.

Increase Card Limit: The 25k/month/day is not enough for some of us.

First of all, guys just don't spend so much money. I mean, $25,000, a month. Just cut your spending you should be saving the money and putting it in BTC right? This is the correct use of your money. Don't just go shopping like crazy. 25K a month is perfectly fine for 99% of the user base. So, we are not - we don't have an immediate plan to increase it as the program gets bigger and we get more data and also the global players are more comfortable with our managing their transaction monitoring, it may - we may increase it. But for now I think it's fine for most of us.

Numberless card: Have you considered a numberless card for more security?

Obviously, Apple card made a lot of noise with this. This is something that we will look into. I don't think it's going to come anytime soon because there's a logistical nightmare associated with it like we have to swap out all our inventory for the cards in different regions and then we need to change the card and all the stuff so it's almost not worth it. It's nice to have. If I would have to. I'm not going to put a date on it. I will consider this at some point next year.

Visa Freeze: Does the Visa freeze time influence you at all at this point?

Visa freeze. Always influences you this way or the other. So we are doing our very best to minimize this, and as of today, we don't have any bad news to share. We will continue - we continue to monitor this super super close to make sure that we don't have any massive impact by the Visa freeze. How close are we monitoring this, you can think about it like daily calls, basically. So that's how close we are monitoring it. App

Private Keys Status

As I mentioned last time, we are working on a non custodial wallet. And once this is done, you will be able to basically hold your own keys. It's probably six months out at this point. So, I know this is very important to the community. And it's also aligned with our values as a company, So we will get it done. We just want to make sure that it's got the proper UX at the standard, to which we are accustomed, and it's a hundred percent secure. And it also gives you the type of features that you would expect from more centralized solutions.

Dust Conversion Status

We are very preoccupied with our roadmap right now so we know it's a very important feature, and we will release it as soon as we can. We can’t show a date at this moment.

Samsung & Android Pay

In the works. We will have some news, pretty soon about Apple Pay in some regions. Android Pay a bit later.

Extend fiat top-up options: For example, Australia a lot of exchanges have Osko payments for deposits which are free and instant.

We already have the commercials in place. We're working to enable this pretty soon.

New York Status

We don't have a date for New York as you know, New York State is the most complicated state in the US to launch with the BitLicense and whatnot so no immediate plans for New York.

SEPA withdrawal Status

Done and dusted. Going live next week or maybe even earlier, depending on the Android app approval status.

Purchase limits: When will minimums be removed from the app?

We are working through it, soon.

ACH Pull: When will ACH pulls be available to purchase Crypto with bank account?

With all the stuff that we're working on it is likely that this will slip to early Q1. And the way we are designing it that, indeed, we will be able to credit your funds faster, without delays.

Crypto Credit

USA status: When will Crypto Credit be available in the USA

We are actually working on obtaining licenses there, lending licenses to make sure that we are doing it 100% properly. So this will take some time but we will enable it when we secure the licenses.

Crypto Earn

Normalize changes in Earn: Eg. Review the % rate at the beginning of each month, so you don’t change them out of anywhere.

This is a little bit difficult to implement because our rates are based on the market and the demand for the Credit product. And you know, it's really hard to time this so we respond to the market conditions. I think we’re already changing those things, less frequently than other players. And my advice would be you know if you want to secure your returns, simply, you know, put it in there for three months or so and you're done. While taking advantage of the high, high rates while we can.

Enhance UI: When you have multiple deposits of the same type of crypto, it’s hard to see how much of each crypto you have deposited.

That's a good point. Excellent idea for an improvement and we will implement this.

Stablecoin Pegged to Eur in Earn

We don't have good euro stablecoin that we could safely introduce to our platform today. So if you guys have any suggestions, please do suggest some stablecoins. But what we've seen in the market so far is not something we could safely and compliantly introduce.

Is it true that you generate revenue to pay Earn interest by quant trading?

That’s not true. Coin Pay: Have large corporations (e.g. Mc Donald's, Burger King, Google, Amazon, Ebay, Shell etc.) shown their interest in working with

We have a bunch of good conversations going on but we obviously, the biggest names are always the most sensitive ones. So we can't really talk about it until something is announced. I think it's only a function of time before all the large corporates get on board with accepting crypto as a form of payment.

Name change of CRO: What was the motive for the name change? Will it affect either CRO in the future?

I think this is a cosmetic change that brings a little bit more clarity. Because when we listed CRO on one of the Korean exchanges, actually there was quite a number of people and customers in Korea who were buying the wrong coin on another exchange. So it was very clear that it's very confusing to the market. Maybe it's not confusing to people who follow us super closely, but it is confusing to a broader market. I don't think this will have a massive impact on either coin, over a long period of time.


Are you concerned about China - HK or US-China relations relating to the Business?

I think there's a lot of people arguing that these type of situations like trade war or social unrest are bullish for crypto in general. To a certain extent, one could agree with it. The market is so small I don’t think that this will drive the market substantially. I generally speaking tend to think that this is more of an overall negative environment. So I don't think that if we get trade war stocks go down and crypto goes up, I don't think this works like this. So, let's see. I don't see any direct impact of our business, we've got a very robust business continuity plan in place, specifically in light of the recent developments in Hong Kong to make sure there's no disruptions for service.

This is in place, we need to do it as a responsible corporate but I don't think that this has any big impact on our business. And one way to think about it would be that we are actually just too small to be bothered with this type of stuff. I mean, we only have 1 million people on the platform, right? So, we should be focused on doing a better job of our products, making it more useful, making sure you guys are happy with the service, and go from a million to 10 million and from 10 million to 100 million. At that time we can look at the macro environment and political environment to see if that is something that affects us. Right now, what affects us most is whether we are actually doing a good job for you as a customer.

Will one day completely replace my bank account?

Of course, there is no doubt about that.

Collaboration with Facebook: Have you reached out to them? They have what you need and you have what they need.

So, Facebook as you probably know is our partner. We do have a commercial relationship with them. And this whole situation of Libra is probably not the best thing for the industry. So we tend to tread carefully and observe, we'll see how this plays out before we make our moves.

Employee Token Allocation: You have previously said that all employees are token holders. Are these tokens under time lock? Are they taken from the circulating supply or from’s 50% of tokens?

So indeed, every employees are token holder. We have a four year vesting scheme for all employees, which is heavy towards the end of this period. So, we favor people who are committed to cryptocurrency and for the long term. So, one way to think about it is that you need to stay here and contribute for three years in order to receive any substantial amount of currency. And it's not really a time-lock per se, we just distribute the tokens to them when they vest.

I think it's a very important part of our overall compensation package because it aligns the entire team. We have 205 people right now with the community, so it’s very powerful. And in terms of where it comes from, it comes from our balance sheet. So, the company pays for it.

This is number 37, that’s it. Not too many questions today. Let's look at what questions do we have from our Telegram Channel.

Any plans to release the card in US territory such as Puerto Rico besides the states?

Not at this moment. There's one very persistent fan on Twitter who keeps asking about Puerto Rico every time he posts something. So we will look into it but there's no immediate plan for this.

Does Wirecard's audit impacts EU launch?


Can we look forward to limit orders in the app?

There will be limit orders at some point on the platform, so stay tuned.

Any update on Tax CSV's?

This is coming in this quarter, if I'm not wrong.

Why was PAXG chosen over DGX?

We have a long standing relationship with Paxos. They've been very supportive of us, and we like the work that they do and that's one of the reasons why we're supporting them on PAXG.

When can we change the portfolio in Invest?

This is likely going to slip to Q1, we just simply have no bandwidth for this item.

Why SG account can't get earning from USDC and TUSD?

Stablecoins are considered structured products in Singapore. So, when we find a stablecoin that works from the Singapore compliance point of view, we're going to add it.

It takes 3-5 days to get fiat into my account using bank transfer, will there ever be a faster way to get fiat into the app? Like depositing cash from ATM with card?

So, we will never allow cash deposits on the platform for compliance reasons. Three to five days is actually quite long by our standards, it largely depends which channel are you using for the top up - is it ACH in the US, is it SEPA in Europe. Some customers have reported that they are specifically in Europe and if you're using faster payments, it can go into your account within hours. So it really depends on which channel are you using exactly. Now if you could kindly text Bonnie directly on the channel, and we will look into it. Why does it take so long and what can we do to make it faster.

What's the cost for to offer Visa card without an annual fee?

This is not something that we will share and similarly to Amazon Prime, they also have cost that goes together with their offering, right. We believe this works in a way that it builds a large sustainable business over time with an upward investment that we are taking because we believe in the long term value of this value proposition, right. So we are not going to show the math behind it because if somebody else wants to try to pursue it, let them learn on their own. There’s definitely an upfront investment from our point of view.

When other crypto deposits (blockchain integration)?

There will be some coming in November and December and we've increased our team size and refactor some of the code quite substantially to speed this up. This is one of our top priorities to enable fast deposits and withdrawals from the platform.

When Canada?

We're working on it, please stay tuned for the roadmap update.

Able to share user wallet deposits and earn reserve ratio?

The reserve ratio is 100%, but we will not give ideas about our AUM. Again, we don't want to give out too much, there are a lot of competitions in the space. We're definitely one of the largest players in the space so we're happy with how it's growing too, but no details for commercial competitive reasons.

Any update on changing benefits for Midnight Blue re: the last AMA?

We're still discussing this. So, the focus right now is just to ship out the EU cards, ship out the APAC cards, make sure that you've got fiat-in and fiat-out and the product is fully functional and you're happy with it and then we can look at items like the blue card again.

Any plans to extend invest to Singapore?

We're actually looking to rebuild Invest from ground up, so there will be more updates on this from Q1. We'll see.

Since is a Binance partner, is the trading of CRO on Binance being worked on?

We never comment on price sensitive information like these for obvious reasons. I want to make sure there's a level playing field. Neither our exchange partners nor us think it's a good idea to talk about it until it's done.

How does Crypto Earn's current demand compare to Crypto Credit's demand?

So we need to grow those two products in tandem, and we have more products on our roadmap that will put the capital from Crypto Earn to good yields to generate returns. Our approach here is different compared to other interests earning products. So we will not take the capital off our platform and lend it to hedge funds with no collateral which other players tend to be doing. We are not going to take the capital from our platform and put it on an exchange with the dubious reputation where you have serious counter-party risk. Our approach is that we're going to build features for our users that allow us to keep the capital within our ecosystem and earn returns in a way that is safe and does not have the counter-party risk, and does not have the concentration risk.

This is the basic principle, and we're doing it this way, because this is the safest way to make sure that there is no loss of customer funds. This is actually much safer than not only other players in space, is safer than keeping your money in the bank. The principles by which we operate are just different.

Why did ETH's rate in Earn get reduced more than BTC's rate?

This reflects the demand in the market on both sides of the equation. So, we are trying to use the interest rate as the rebalancing tool, right. So we've got more demand on this side, or less on this side, will just increase or decrease the interest rates. it also takes into account the competitive environment. If we are offering interests that are too high compared to other players, we're just going to reduce it slightly to bring it closer but still being competitive and being the best place to stake your coins, but there is no point for us to overpay dramatically right?

The way we look at us we look at our average cost of capital on earn and what kind of returns for getting on the platform from these funds. So there's this constant rebalancing thing. And again, it's like what you see in the fiat lenders situation right, they will look at what's the cost of capital and what kind of interest earnings, what kind of deal they get from the products right.

You will see this rebalancing happen probably slightly faster and more frequently in the future. We have so many coins on this side, more than 13-14 coins right now and it's growing extremely fast so there'll be more of this coming. So again, once you see a rate that you like for coin that you love, just go ahead and take the opportunity to grab it, because it's not going to be here tomorrow after tomorrow or next week.

2 questions about CRO which i want to use on a daily basis: it is good to see that we can pay with CRO on Woocommerce. However I have checked a few and I cannot see anyone insert the plugin.  Do you have some big player name? Or maybe a list?  

Again, we will create probably like a list of merchants where you can shop with CRO to make it easier once we get more of those guys.

Second question about CRO but for the gift card, I have noticed there is no Food and Beverage option for 10 percent cashback for Singapore when there is plenty for US. Can you please advise if you plan to add more ? Any hint on which brand and by when?

Let's thank you for pointing it out. We will look at it and see what we can do on this front.

MONERO: Can you spending a moment articulating the challenges with incorporating Monero?

To a large extent, it's less about technology, and more about optics. So, as a platform we don't view this as a risky asset, but some of our partners, specifically, you know the banking partners will view it as an extremely risky decision to add those. So that's what's preventing us from adding the so called privacy coins.

Will EU and APAC cards say Debit or Platinum on them?

So the APAC cards are definitely Platinum. For EU, I would have to go back to the card that we have to see whether it's debit or not. I think this question comes up quite frequently and it's important to some of the users so we’ll double check and post the answer later today on the Telegram group.

One thing I want to mention is actually Debit is getting more and more hot these days for some reason, just statistically more and more people use debit cards, even right now legacy banks are issuing premium debit cards. So I don't think having debit is a problem and we certainly didn't see it as a problem with our U.S users, but we will certainly check it for you and respond.

I'd like to know if they have any plans to offer any perks to ICO investors who weren't the 500 fastest or 500 largest people. For those of us in the EU (and other regions), it would be a nice gesture!

We are actually working on something special, but I can't say too much because we want it to be a surprise for some token of appreciation, a gesture if you will, to our early supporter so there will be something coming.

Any status on 3D Secure coming to the U.S?

Actually we don't have a plan to introduce it right now because 3D Secure is just not popular in the U.S at all. This is going to be a default setting for Europe, and we've already enabled it in Singapore. But in the U.S, there's no market for it. There are not using it there for some reason.

What’s the next city for Time For Plan ₿?

We have five, six cities in the pipeline, so you will see more of our billboards in the U.S. Probably will skip the Christmas season, because it's just too pricey to do it but looking at early Q1 for that.

Have you decided which is the first country to launch EU card? What determines the decision?

This is an ongoing conversation, I don't think it really matters. We'll probably look at the location of the fulfillment center to make sure this is the closest to the users, so we can verify that everything works correctly the entire flow works in the fastest way.

All right. Any more questions, guys? Seems like we're done. So, let me just sum up real quick for this AMA. Alright.

In terms of the milestones, we've got 10 million staked and we've got 205 people in the team, plenty of stuff to do that got done in the last couple of weeks. And for November, you have to look out for 3 things. Number one, EU and APAC official updates for both. Number two, there's going to be a new roadmap announcement. It’s going to be very exciting, we’ll spend a lot of time talking about this in November. And the third one is new product launch - We can't talk about this now, but I’ll let you do some guessing around what is going to be. It’s going to be a very, very exciting month for Thanks a lot for tuning in and I'm looking forward to the next one in November.

Thanks a lot guys. All the best.

*Updated to reflect the new name of the card