Hi everyone, welcome to our first AMA of the decade, 21st of January 2020. I can see that you guys noticed that the time is a little bit different, it’s 4 PM HKT so it’s morning in Europe and it’s for a good reason because we just announced that European customers can now complete their card applications. So that’s the news of the day but there is much more.

I’m going to start with two major product launches that we have. The first one is our card so as you guys know we’ve got our cards live in the Asia Pacific and the US. And today we are enabling our European customers in thirty-one countries to complete their card applications. You need to go to the App right now, we are just enabling it to our European userbase as we speak and you need to submit your proof of address. This is a pre-requisite step in order to have the cards shipped. We know everybody has been waiting for a long time and we are almost there. So I am very happy about this huge milestone!

Also, just yesterday we have announced Crypto.com Private. Massive perks for Frosted Rose Gold, Icy White, and Obsidian Black cardholders right before the European launch. The extra benefit includes additional bonus interest for Crypto.com Earn - 2 % extra. Obsidian Black cardholders can now have a higher limit on your account - up to 2M on Earn. You’ve got Amazon Prime and even things like Private Jets. Even I’ve never been on a private jet before so  I’m’ not sure how useful it is going to be for you guys. it’s definitely some exciting perks over there.

This will only strengthen our entire card portfolio ahead of the EU launch so very exciting times for the card product.

On the exchange front, we’ve had a very good first month or so. We’ve run two Syndicate events - we’ve done EOS and Stellar. More coming next month, we are having ATOM at 50% off and in the meantime, we will launch one Syndicate Lite event with BTC at 25% off. Yesterday we have also done our first trading competition - The Trading Arena.

So we’ve got The Syndicate, The Syndicate Lite, and The Trading Arena. So between those two, every single week of this year you will have events happening on the Crypto.com Exchange. It’s not going to be boring, it’s a constant inflow of new customers coming in and the liquidity is improving. So if you didn’t do it yet make sure you open an account and check it out.

As we are bringing more retails customers into the Exchange we are also beginning to onboard institutional customers through our institutional sales team to boost the liquidity and tighten the spread. So it’s going to be an ongoing process throughout the year. And in parallel, we are improving the technical side of things. So there is a new matching engine coming, there are new features on the roadmap that you are aware of, like margin trading and lending.

Very strong performance on both the Card side and the Exchange side. So the two key product line is growing incredibly well, the last three months we were basically having a record performance on every single month. So I am very happy with how the team is executing and the team itself is growing tremendously. I just checked this morning and we now have two hundred and forty-three people across all the locations, so it’s quite amazing! Thank you very much for supporting us, for using our products and for giving us all the insights and all the questions. So that we can continue improving as a company, and continue striving towards this vision of cryptocurrency in every wallet.

All right, guys, we are now at 4:05. Those are the introductory questions. I have here 49 questions from Reddit. So I'm going to try to run through it real quick so we have enough time to answer your questions, live in this AMA.

So, these are as usual grouped by topics and the first question is about our MCO Visa Card.

MCO Visa Card

EU release Status
You can complete your application today. And as you know, following the application, shipping is coming soon. In fact, in the back, there are only two things we need to finish before we can ship the cards to you. That's like the physical card testing and the press release approval from Visa - our issuer. So it's like, this is the end of the road guys if you don’t complete your application now, I mean you're taking the risk that you're going to wait longer because there is going to be a huge queue of people that we need to ship these cards to. Make sure you open your Crypto.com App today and get your proof of address uploaded and be done with it.

We are going to be shipping the cards first to our early supporters, Obsidian Black cardholders, and then all the rest of the Metal Card users, and then the Midnight Blue Cards are going to go last. Basically priorities to the Metal cardholders, with Obsidian Black cardholders being first. There's not going to be much of a country by a country, we are just going to ship it pretty much to all thirty-one countries. Depending on your card tier, you are going to get your card first.

I want to mention about the Obsidian Black cardholders who currently have our Singapore cards in the wallet. There's going to be a special process for you guys because you have to swap the cards, so please wait for an email from us, it's coming soon.

Yesterday, January 16th, it was noticed that the "Region of operation" at MCO Pay Ltd's Visa Global Registry disappeared
This talking about the Visa website where we can search for vendors. Actually, this disappearance of the EU region doesn't only affect us but all the other providers too. So if you type in some other card providers they also disappear, so it's probably just some Visa registry issues.

Debit card top-up function in the EU
We understand this is very important. This is a heavily used feature in Singapore and Asia. We're bringing it to the US and Europe. So stay tuned.

Canada Local Issuer Approval Status
We're working on it, we don't have any updates for now.

Australia Local Issuer Approval Status
Actually, if you go to the same Visa website I was just talking about and if you type Foris Australia you'll be able to find our entity there. We are already registered so it's progressing very nicely.

LATAM Approval and Progress
We're working on it and we will let you know as soon as possible.

Any plans on the Local NZ issuer
No

Any plans on the Local Turkey issuer
Yes. Turkey is an important market for crypto. As you guys know, we are going to be there at a blockchain event pretty soon. So we're looking at local issuing capabilities.

Additional benefits for 5K and 50K MCO stakers
We just announced it yesterday and I think it was very well received. These are massive perks and again you can get a higher return on your money. You’ve got great perks like Amazon Prime, you can have access to Crypto.com events. The guys who are in Crypto.com Private, you're going to get a special cue in terms of customer support to answer your questions, even faster and things like inheritance service. We will also look in future - tax reporting.

So I think it's just an amazing deal and I don't think there's anything like it out there. I mean you can't really compare this to traditional cards like Revolut Metal and N26. Our perks are just much better and it's tailored to the lifestyle of people who believe in crypto.

Any plans to choose between services like Youtube Music, Spotify, Netflix and Amazon Prime
We don’t have a plan to do it now. We have a tight roadmap so we don’t have time to do it. But it's a good idea I think.

Alright, one-page time down. Let's go!

Increase debit card top-up limits
Yeah, we know they are too low. So we will work with our partners to increase these.

MCO Top-up option in the US?
We currently don't have a plan to enable this for our users.

Card Credit Power release timeframe
This year. I mean this is a big chunky project which requires certain licenses in certain areas. It requires the development of our processing platform and there's involvement on the Visa side. So, it is a big, chunky project. there's a reason why nobody's had done it yet, properly.

So if you ask me for the time frame, I'll say this year. And unlikely first half.

Crypto.com Private updates
We already spoke about this. Again, I strongly recommend you go and look at the entire list of perks because there are just so many things that some are probably forgotten.

There is going to be a merchandise bag that we are going to put together for our Crypto.com Private holders, which will have some cool outfits, even cooler then the hoodie I’m wearing right now. So there's some pretty awesome stuff that we're working on.

MCO Visa Card marketing in Europe: Any specific details
This is a very interesting question and the way we are going to approach this is that there's going to be a lot of incremental activity. You will see our ads in London in terms of outdoor ads in the underground and whatnot. And gradually, other cities in the European Union, but you also see a lot of local activities. So this year is going to be a large extent about localizing our product so users in Spain should be able to use our App in Spanish. Have local meetups in Barcelona and basically have everything localized. We began to do this for pretty much all thirty-one countries in the region plus you know turkey, and other key markets. So making sure that we grow our communities locally with local languages and local payment methods is absolutely key.

So if you are one of our fans in Europe and you want to get involved, I think is the perfect time to raise your hands and say “Hey guys, I want to do more for you” and such opportunities will appear. Besides the meetups, we will also participate in a number of events this year in Europe. We are going to Istanbul, we have two events in London, there's probably going to be something in Paris and a few other major cities. For the crypto-related conferences, we are going to be there so you will be able to see our team on the ground and learn about what’s next.

This is obviously supported through a lot of marketing activities that bring new users in through online platforms like Instagram, Twitter, Facebook, and strong referral programs. Because ultimately, our communities, is the biggest source of our growth. If you enjoy using our products you can refer your friends to come in and try it out as well. So it's a mix of a number of things online, offline, the local community building going really local, and gradually, organically, scaling the business. I don't think this is the right moment for us to go out and do things like support sponsorships or whatnot, it’s too early. With the initiatives that we have in place, we have expectations for strong growth this year in Europe.

Crypto.com App

Dust conversion status: (Both App & Exchange)
The App is going to be first, February/March, depending on whether we can squeeze in February or not. The exchange later, and you'll be able to pick which kind of the coin you want to conver to dust.

Apple/Android/Google/Samsung Pay
We're working on this. This is the final stage of it so it's pretty much done. My expectations is Q1. So, not much more waiting for you guys on this Apple Pay and Google Pay.

Re-locking function in-App
We didn't manage to squeeze it into Q1 so we'll have to be later. For now, if you need to re-lock just talk to our CS and they will do it manually for you.

Split bill function in-App
This It is nice to have and obviously, if you look at the banks in Europe it's been a staple kind of thing for two years. And we will try to add these budgeting functions, bill splitting, and whatnot, as we progress but there's just too much on the roadmap in the first half to deal with it. So, we will have to wait a bit longer.

Removal of minimums in the App: it was supposed to happen in Q4, what’s the hold-up
Too many things to do. We are going to finish it and within this quarter, you will be able to see the removal limits on the trading.

Card transaction classification: Would there be categories such as travel, shopping, food, etc
Again, nice to have categories. We’ll fix it.

Withdrawal Fees: Will withdrawal fees be reviewed periodically
I think it is due for review because we didn’t do it for a while. I’ll talk to the team to review it.

Blockchain integration status: withdrawals and deposits
So, right now it's aligned with the launch of The Syndicate events. So for example, ATOM is next so probably a week before this happens we’ll enable deposit withdrawals and again we’ll announce another coin. And then you will see more or less, one new coin per month being integrated. For the next few months, and towards Q3 and Q4 we hope to accelerate this and perhaps two coins per month for that.

Partnership with Xfers: Observing the partnership announced with Xfers in SFF 2019, may we have a glimpse of the possibilities of how Xfers' XSGD will be implemented in the Crypto.com ecosystem
Yes, we're going to integrate XSGD into the platform. It's in the works. But also you know there are concerns around how much of regulatory aspects you need to look into before we launch a stable coin. And I don't know if you guys are aware, but Singapore has introduced a new local payment service act and is going in effect next week on the 28th of January. So this has an impact on all the FinTech players in Singapore including Xfers, Revolut and also us. So there will be some changes to things like the limits and whatnots for Singapore residents. We will communicate on this very soon, and hopefully by the end of this week. And a part of it is also we want to see how this transition to the new year regulatory framework in Singapore plays out before we do more stuff with the Xfers SGD stable coin.

Crypto Earn

Would you add small amounts to existing Flexible terms
I'm not sure I understand the question but if we could clarify what's this question I can answer it more precisely.

Plans to increase Crypto Earn terms? 6 or 12 months for stable coins? And Why is MCO interest so low on Crypto Earn
I think we have collaborated and we are very happy with where the interest rates are and we don't plan to make any changes here. There is more coming on the staking front. So I have to wait for February or March and see what we can do, but in terms of the commercial terms on Earn we are quite happy about where it is.

There may be significantly more supply for lending than there is a demand for loans. How do you balance supply and demand to finance the current interest rates
This is exactly what I was just talking about, balancing supply and demand so the rates that we offer on both sides are a way to rebalance these and that's how we are going to manage it. The other aspect of it is, you need a good mix of retail and institutional demand. So, we are now building out our Exchange; there is going to be margins and there will be lending. It allows us to scale this faster and it will also allow us to pay higher interest rates to our Earn users. So it's all connected. And only the ecosystem players who have everything: a strong retail user base and strong institutional base, will be able to compete in this as the size of this opportunity grows.

Will there be Euro stable coin in-App and Earn?
We do not have a very good candidate for Euro stable coin as of today.

Crypto Invest

Would you change risk levels on Invest
That’s on our to-do list. We're always pushing it, but there are things that are of higher priority.

Improving the performance of Crypto Invest: Is the team going to be working on improving how Crypto Invest manages to descend markets
So, the way we look at it is: we want to make this a perk for Crypto.com Private users, and we're going to make the transition in a very smooth manner so if you are a user right now of the product but you are not in Crypto.com Private, you will be able to continue using it for a long time, but we want to probably put focuses on high ticket items and provide more value at this way. And that way, we can justify continued investment in the development of this product and different features for it.

Crypto.com Chain

What is the estimated timeframe for CRO Mainnet Launch
This year. So far we have exceeded every single milestone in terms of the timeframe of launch comparing to our original roadmap from 2018. So we will continue to over-deliver in terms of the timing. We just, literally yesterday, shipped another testnet version. Now the validators, and we signed up pretty much everybody who got large scale staking pools into this program. So now validators can now stake CRO. And that's a very very chunky piece of code, so I am very happy that we shipped it and I’m very proud of the team who delivered on the Mainnet and Chain Vision.

CRO Community funds: "We will find other ways to make sure that the community and the early adopters are in fact rewarded". What have you planned for this
Again, we're going to go local this year. So you will see a lot of events in places that are typically skipped on the large event roadmap. We will go local in terms of languages,  community, and local influencers. And that's some of the investments will be coming out from the CRO community funds.

Crypto.com Pay Updates
So when you think about Crypto.com Pay you should think about three things. Number one is the merchants, number two is the gift card business, number three is the ability to send money to each other.

So on the merchant front, we're integrating the next big platform, which is going to be Magento. And there's going to be a new flow to onboard the merchants automatically. We also signed deals with large brands in travel and in crypto, so those partnerships are going to go live soon. On the gift cards, we are expanding coverage in Asia and Australia and also the US, so basically, adding more brands. For the US specifically, there are going to be more gaming-related brands, so I think it matches our user base very well. This is actually a heavily used feature because we got hundreds of top brands globally on this and you can earn great rewards in CRO. So we'll continue improving on this. And, just tomorrow we are launching a new feature for paying your friends; so please watch our Twitter channel and community channels, there will be a new announcement on this. So there will be a lot of development on Crypto.com Pay, and this is a long term play for us. We’ll continue investing in this.

Crypto.com Exchange US status: How close are we
We will enable some States later this quarter, and we will need to make sure everything is “ticked” from the compliance point of view.

App Integration/Mobile Version Status
We understand that there is a lack of proper mobile versions is a problem. It's also a big effort, we're working on it. So please bear with us, it is a high priority on our roadmap.

Exclusive Syndicate Lite events for 500/5K/50K stakers
We're doing things step by step so we just announced more perks, on the card. The next thing is to figure out how we do we kind of connect the dots between the two staking programs. Let us do it step by step so that we don't mess it up.

Increase the total amount of discounted token: As the Syndicate is very popular and oversubscription levels are going through the roof, are there plans on increasing the total amount of discounted tokens from 500k USD upwards
So this is about oversubscription. So as you guys know, the first event was 6X oversubscribed and the second one was 12X oversubscribed and presumably, as we continue to grow the size of the platform, there will be more and more demand.

So our approach right now is to run events every week, so you're gonna have Syndicate Lite, you're gonna have trading competitions on The Arena, The Syndicated event once a month, and integrate a coin to the entire ecosystem. And we will learn and see whats the results, like engagement, how it works, what people like to do, what is boring, what has no results, and we will tweak them accordingly. But when you think about it, you should think that no matter what you're going to have an event every week so if you think of a year, there would be 50 of those events. So constant engagements are what we are looking for. I don't think that simply increasing the ticket size is a solution but we will play with different formulas.

Syndicate Lite event per week: Can we really expect an event per week throughout the year
So we're going to start with Syndicate Lite first, and the next week there is a trading competition, then there is this full The Syndicate and then another Trading competition and then there is Syndicate Lite. And we evaluate after a month and see if we want to do more. Whatever works and we’ll do more of that, so we'll see results and evaluate.

What are the perks for MCO Card stakers on Exchange
s mentioned above, we are looking at it.

Will the App Exchange mechanism leverage Crypto.com Exchange for trade execution
We are only sending a portion of our orders to the Exchange and over time this will increase. Obviously we want to make sure that our own venue has the most liquidity, and it's about bringing the retail traffic and institutional traffic and bringing those together, over time, more and more.

What I'm looking forward to personally is that you can see everything in your App. You can do simply buy, if you want to do a recurring buy, you can do a recurring buy, you can see all the funds in the Card. If you want to trade you can trade on the Exchange… it will be part of the same experience, that's what I’m looking forward to.

Others

MCO moon stopover announcement: Further down the line or expected close to EU launch
EU launch first, and then we’ll see.

When will we see new value drivers for MCO
We just delivered something yesterday. So again, it is a work in progress and we will continue building the utility up for both coins.

Why do you transfer MCO utility to CRO
I don't think they're transferring, we are adding on both sides.

Do you publish a balance sheet at the end of the year for transparency
I spoke of this point last time. Just like Amazon, even though Amazon was a public listed company they didn't provide any detailed breakdowns that will give away too much competitive information. This is how they managed to keep AWS as a business without competition for seven years. So I subscribe to this notion. If we publish our statements, specifically, there are some detailed breakdowns, every single one of our competitors is going to slice and dice and try to figure out what we do. And that's just not good. We're not getting any benefit out of it. If we were a public listed company at least we have access to capital markets to raise more funds. But since we are a private company, there is absolutely no point in doing this.

Unreleased MCO Tokens: I'd like to see some structure or guarantees around the use of this. Will you implement a token burn? Doing something like this will both increase the value of existing token holders, but also give certainty and trust to your users.
First of all, I don't think it's related to the value of the tokens. And that's number one. Secondly, we are not going to implement burn because for many regulators burn equals equity, so we don't want to be put in a bucket where our tokens are considered as security. And third, we actually delivered on our promises in the original white paper, the lockup expired in 2018, and we’re still here. We're still building, we're still improving and we're still delivering. So I don't think we need to do anything else from this point. I think we have done our job.

Any Milestones in Q1 that are not on the roadmap
There are product announcements and deliveries of products that are not on the road map in Q1. It's just things that are changing so quickly that even we only announce the roadmap the last year. Because there is so much stuff that we have to squeeze things in this quarter to remain competitive. So there will be some surprises, and I think you will like them.

Shop.crypto.com: Do you plan to offer seasonal promotions? That hoodie looks very comfortable
It is, in fact, it is very comfortable. I can assure you of this. And it's also very cool. I'll tell you guys a funny story. So you know we have our advisory board, we have Chris Corrado who ran the London Stock Exchange Group as COO and CIO. So they had a lovely office with almost 3000 developers in Sri Lanka. So he actually wore our hoodie in the London Stock Exchange Group offices, and he got a standing ovation for it. Because the cool factor for this hoodie is extremely, extremely, extremely high. So if you want to get one. Crypto.com Private is the answer. Be cool like Kris.

Insurance: If the platform gets hacked or goes under, I read there is US$250M insurance for Crypto. What would be the process of claiming insurance for someone living outside of the USA
The process would obviously be a complete nightmare because we're talking about insurance and insurance companies, right? So, it is their business model to make sure that you don't get back your money. So our solution to this problem is - don't get hacked.

In-App support takes anywhere from 8-12 hours to respond right now. What will the team do about this
So we had two very bad weekends in terms of the quality of our support, you know we have 24/7 support, right? In some time zones, we didn’t have enough people on the team to handle the increase in incoming inquiries. Our products are growing very fast and there's volatility in the market. There's a lot of new customers coming in and when the BTC spikes it resulted in a poor experience. So we looked at the numbers and we are already working on fixing it. So there are a few things, right? The simple thing is that we need to staff up. We currently have 50 to 60 people in our office in Sofia. We will just scale our operations and add more headcount.

We also need to improve our process a little bit to make sure that whenever there are spikes in incoming inquiries, we would have the process to address this. I personally think it is key to our brand to maintain instant support within the App and we will fix this. I promise you this.

Given that I can stake 5K and get 10% PA on 45K through Earn with MCO Private instead of 8% PA on 50K stake, will stake rewards go up for 5K and 50K stakes
We don't have any plans to change but I understand the math, it doesn't make too much sense. Let me just bring it back up to the product team and ask them to figure out a solution. Thanks for bringing it up.

There are no plans for New Zealand issuer, but will additional currencies be available on the Cards, such as NZD
I will have to bring it up with the team and double-check on our commitment to this and our community managers will get back to you guys on this.

Is the reward of CRO Council Nodes will be modified once the main net is live? Because at the moment, the incentive to host one is really not competitive versus other Crypto.com products like Syndicate or even Earn
We have separate papers coming out on this topic. So, there is obviously going to be an incentive to run the full node, and being a validator must be more attractive than just going to the App and pressing a few buttons. So we're aware of this. We've looked at a lot of different models, and a lot of proof of stake coins who are doing this and of course, we look at bitcoin and bitcoin is doing this.

We take a very long term view and we think we have something that makes perfect sense for all participants in the ecosystem. We'll publish something before the Mainnet goes live.

What will be the change in Crypto Invest on March 1? Is it something more premium than now
Basically, after March 1st, new customers will only be able to join if they are Crypto.com Private members and will increase the minimum ticket size, and then we will continue to build on this product to create more value. If you're an existing user you can continue using it. We're not switching anybody off as this is a concern for some of the users in our community but instead, we're just moving it up.

When OTP will be available on Singapore Card for people living abroad
This is a matter related to SMS notifications. The way our processing platform provider implemented this is buggy. So we're bringing this in-house, and I hope that we can complete this in Q1. That’s our current timeline because this prevents shopping on certain websites so it’s unacceptable. But again, we are bringing this in-house, so we have full control over how it works.

Any option to pay someone via the App using their QR code rather than their phone number
We have to implement this. This is a typical experience on other apps like Alipay so we will have to do this. On the roadmap.

When you're profitable, will you report your earnings to us
No, but we will report our earnings if we go public as a company.

What happens to forfeited allocation from The Syndicate
That's a good question. We looked at this, and it's just too complex to revamp the calculation to redistribute it. So it just goes back to the original pool and we are just going to use it.

When Yubikey
There's a whole bunch of cybersecurity improvements on our platform. And we tried to batch it by priority. There are a lot of things that are already planned for Q1. And my guess that Yubikey is going to either Q2 or Q3.

What's the bottleneck with Canada
There is no bottleneck, but it does take time to launch a program as our European users can attest.

In your opinion, which region/country is going to be the largest market for crypto in the next 20 years?
Bill Gates once said that people overestimate what they can do in a year and underestimate what they can achieve in 10 years. If you extrapolate this to 20 years, I can guarantee you, we have no idea what's going to happen. We are in 2020 now, and back in 2000, I was on a 28.8KB modem, on a landline trying to connect to some servers and we were doing LAN parties. Could you imagine, 20 years later, we have Tesla cars driving itself or even things like Uber. It's just hard to predict. And unfortunately for anybody who tries to predict the future. The pace at which things are going to change in technology is only accelerating. Especially with AI. So I would say it’s extremely difficult to even try to predict the future, and I won’t even try. By default, we will be wrong, because we always underestimate how quickly things will change.

My point of view is a little bit different. I think it's more important to see today, clearly, rather than try to predict what's gonna happen in the future. If you see today clearly and understand the forces in the market, you can actually build the future. Trying to guess what's gonna happen, it will always end up surprising you.

Is automatic interest reinvestment option from Crypto Earn on the roadmap
It is not on the road map, but the good news is that now we have another reason for you to go back to the App every month or every three months.

In our Flexible terms, we can only add a certain minimum limit. Eg BTC is 0.05. When can we add smaller amounts to our existing terms rather than withdrawing this to the wallet and redepositing this again to Crypto Earn.
I think we should just get rid of all the minimums. If you want to put a dollar in, then you should be able to put a dollar in, I think that’s the target, I will communicate with the team about this.

Approximately what percentage of volume on the exchange is institutional versus individual
I won’t be sharing this information since this is our competitive advantage, but my approach to the Exchange is that we’re not in the game of posting fake trading volume on CoinMarketCap, which is what 98% of exchanges do. We are about building a solid, compliant, and high-performance trading venue that is safe and secure with great UX, and this, in my opinion, will take time. So we are building a team, both in terms of institutional scale and in terms technologies and risk management that will deliver this, and we are ready to invest for the next 10 years. We take a very long term view to gradually build a venue that will be your first choice. There are no shortcuts.

Can we see the Expedia and Airbnb rebate turn into generic travel and lodging/hotel rebates respectively? Us 5K and 50K stakers rarely use Airbnb and Expedia.
I think we'll continue experimenting as we have just launched a new value proposition. We’re going to monitor how you guys are using it, the kind of engagement, and we'll go from there.

Would you recommend using CDC for retirement savings in stablecoins for Earn? If you were retired and had $1m would you personally buy a stablecoin and put it in Crypto.com Earn
I'm still far away from retirement and approximately need another 80 or 90 years. I don’t think I will be retiring anytime soon.

But the general principle is that you should not be putting all your eggs into one basket. What I would recommend is to have some property that you rent out, have some stocks, have some crypto and just spread it across. So that you don't have any risk tied to your retirement, it's mostly about stability. And if you can get some extra returns from a platform like Crypto.com, that's great because that will improve your average. But I would not put all the eggs in a single basket regardless of who is the provider.

Even the banks, you shouldn't keep all your money in one bank, because banks fail and other asset classes that outperform and asset classes that underperform. You should make sure that you're evenly distributed. And over time those types of portfolios tend to outperform.

MCO moon stopover announcement: Further down the line or expected close to EU launch
This one is complicated and it’s no different - it requires work. There are always uncertainty but we are working on it.

How does Visa's acquisition of Plaid affect Crypto.com products and the company in general
So, as you know, we have ACH Push, on the platform in the US where you can send money through ACH to the Crypto.com App. In Q2 you will see ACH Pull. For ACH Pull specifically, you can connect the App to your bank and just pull from your App directly so you don’t have to go to your bank to send the transfer. So this is done with Plaid being one of the connecting components and this is an intelligent solution that allows us to be more predictive of how we make funds available to our customers faster, without taking on much of risk.

So I'm not surprised that many other companies find this useful because it's a solid solution. And I'm not surprised that Visa paid 50 times earnings for Plaid. It's just the business that grows, basically doubles every year. So if they want to get a deal done today they need to overpay substantially. Because in one year's time, everybody's gonna be able to buy by supplier whatever 25X, right. So, in essence, I think this is confirmation that you know FinTech is a great way to create value.

And it's a, it's also a validation of the cryptocurrency space, from the point of view of Okay, one of the top 3 clients is Coinbase right. So, I don't think it relates to what we do that much but I think if you look at the cycles. This is a company that was starting in 2013. So for example for us we started 2016. So you will see this type of news for companies from 2016 in around 2022, 2023. By the way, I’m not saying that we’re going to sell the company but if you look like a cycle takes roughly in space seven years to build something meaningful and they've done it tremendously well. Very, very happy for the guys. I think the other issue that we want to understand is that if the deal is executed like this, it's very likely there was a bidding war between Visa and MasterCard. That’s typically how it’s done. It's a good, good thing to see.

Just a fun random question. How did Kris get into crypto and bitcoins
Okay, so. I’ll have to credit Wired Magazine for writing a great story on The DAO Hack. That was in 2016.

That kind of brought crypto into my sphere of interest because I was a hundred percent sure it's completely dead then. Because I've seen Mt. Gox, I looked at bitcoin at that time and boom, suddenly, we have the DAO and an innovative concept and it attracted a hundred and fifty million dollars in funding. So I found it very intriguing. And as we started to build our FinTech offering, we added crypto to it, to be able to differentiate and compete against guys like Revolut. And then we’ve done ICO in 2017 and the rest is history.

Do I wish I bought BTC at the time of Mt. Gox? Probably.

But I will probably keep it on the exchange at that time. I was super early into it and I would probably lose it. But if you’re thinking that you're too late in the game or just started looking at it.

It’s still very early. It's a very small percentage of the population in crypto and today it's just the beginning. The technology is rapidly evolving. We've got a good five to 10 years run.

And that's my story on how it started.

Will you apply for a New York Crypto license
So the Bitlicense. I want to talk about this a little bit more broad form. So, this year for us is largely about getting regulated so we have already applied for an E-money License in Europe. And we're going to apply for a separate one for the UK market given all this Brexit extravaganza that the politicians focus on. And we also are in the process of applying for money transmitter licenses in the US, as well as licenses in Singapore, and a few other offices around the world.

So it's one of the top three strategic priorities for the company to obtain a multitude of licenses around the world this year. We're staffing up on all fronts, in order to achieve these objectives.

And for New York specifically, our approach is to be fortified in all the other states, and in Europe and in Asia, before we apply for a Bitlicense. So we already have a very solid setup now. The company is already ISO compliant. We are PCI compliant. And this year we're going to be the SOC 2 compliant.

Adding all those other licenses that will make us a financial institution will make it much easier for us in terms of getting the Bitlicense. So it's going to happen but Bitlicense probably next year. We’re not going to attempt this year.

This year, this year we will build everything that we need in order to get the Bitlicense next year. For the time being, if you are living in New York and you want to use our product. Just move out of New York. Alright, next one.

How many tokens are locked up? How many on the platform
Yeah, for competitive reasons, we're going to chill with giving people a month to month updates on the stats on the platform. People are starting to watch us too closely in terms of our competitors. So last time we updated user numbers was in September when we hit the 1 million milestones. Next time you hear from us, it's probably going to be when we hit 3 million.

And the way the company is put together right now, you know you've got 250 people working on multiple things and multiple projects running. Right, so from the product development, exchange, app, cards, you've got fiat in, fiat out. You've got chain development, there are partnerships that are being deployed, there's a global initiative to build up our community and localize the products, there's licensing efforts. So this way of running things in parallel will enable us to deliver a very robust growth for the whole business, and we’re onboarding new customers every day.

And since everything seems to be going so well. We don't want to go out and say “Hey guys we're doing it! It's going great guys, copy us!”. It just makes no sense. So you'll hear from us when we hit really big numbers.

So when Turkey as it is not the release beside EU

This is just very early. We think Turkey is a very important country for crypto in general. It’s a huge market and we are going to build a robust community in Turkey. And you know, just by going down and participating in this upcoming blockchain conference we will be able to take this as an opportunity to talk with the local partners, banks and payment providers to evaluate what we can do together. It’s on our to-do list.

To assure customers who issue take longer than one day to resolve, Crypto.com could /should contact them telling you are on the case actively working on getting their issue resolved. Keep in touch at least once every 24 hrs

I think this is poor in terms of customer satisfaction. If you aim for Amazon level type of satisfaction and customer service, we should be able to solve your problem within one contact. So you contact us and tell us “okay I have this problem”. And then “Here we go we credited your funds to your account”. Done. So you don’t have to talk to us again. I think this is the kind of benchmark we should set. And this is a very important part of the global brand experience. So we do much better. I think last year, we got a lot of compliments from the community on the customer service work. But unfortunately, we're growing and get more customers than they can handle at times. And we just have to do better than what we have been doing in the last two weeks.

Any update Timeframe on Australian bank transfers
I think it's going to slip into Q2 if I'm correct.

If MCO token burn is out of the question how about tokens freeze
So again, if you guys look at the Stellar event. There was a burn even our own freeze of our CRO. This is like zero impact. Right. So we wouldn't be selling it anyways, and Stellar wouldn’t be selling it anyway. So it has a very minimal impact. People think about this, this burn is some kind of magical instrument that creates value. It does not. This is not the leading indicator. This does not create any value. So, we're not going to do it because it just adds risk.

Where is Russia on the roadmap in terms of cards
Yeah, we understand, actually, Russia is in a similar bucket as Turkey or Brazil. Those are great markets for crypto and we want to be there but it will take time. We don't have an estimate today and we don’t have signed partnerships yet.

Which department in Crypto.com has the most people? Which department could use the newest hires
So most of the people are in product and engineering and obviously we need more product and engineering people, so we can ship your stuff faster. The other side of the coin is that we are very picky in terms of the talent that we bring in. So you need to have the necessary experience but you also need to be a good cultural fit. And that means that we can't hire as fast as other companies. We are slower and more deliberate in this process.

Will you be introducing fiat options on the exchange? If so, when and what currencies
We will add the fiat options once we secure our E-money. So, licensing first then fiat for the exchange.

Any plan for 2nd card issuer (or Crypto.com's as own issuer) as the PSA limit 1 person can only have 1 card per issuer (e.g Wirecard)
Yes, we're working on a license, but it's not related to card-issuing, it's related to stored value facility. This is a question specifically for Singapore.

What are the available top-up methods for EU cards
So, we are working on enabling obviously, you can sell crypto to fiat. We already have a bank transfer - SEPA. We’re going to have debit cards too. So you’re going to have the full range of choices.

Will there be a local representative in the EU, like 10 Bonnies
Guys, there's only one Bonnie in this world. That’s the truth. But we will have community managers in every single market. As you guys know, we recently appointed a GM for Europe.

So that's one of the tasks that we are dealing with. We understand that we need to go local. So we will go local.

All right. 4:58 pm, one hour of Kris talking.

Guys, I’m just going to finish by summarizing what happened recently. Great progress on the exchange, Syndicate six times oversubscribed, twelve times oversubscribed, Syndicate Lite, Trading Arena and more events to come. On the cards. EU cards, pretty much ready to go. Go and finish your card application right now because we'll be shipping those soon, and new amazing perks with Crypto.com Private for guys who stake the most and the other markets like Australia coming soon.

So overall, a fantastic beginning of the year for Crypto.com. We promise to continue to deliver and we’ve got 250 people right now working for you essentially. So, it’s going to be a phenomenal year.

Thanks a lot and we’ll see you next month!