Eric: Hello, everybody and welcome to the AMA. Hope you are keeping well and staying safe wherever you are during these challenging times has been now more than two months since our last spiritual meetup. And quite a few things have happened. First of all, we hit the 2 million user milestone earlier this month only six months after reaching 1 million users. We also rolled out our visa cards in the UK and Europe and just got the green light for Canada. We integrated the pay solution with Ledger and launched pay invoices for merchants. We also partnered with the economist and it on an exciting research project about digital currency. We increased our crypto insurance coverage to 360 million dollars and release the Wallet giving users full control over their money I cannot be more proud of what the team has accomplished over the past few months, working remotely relentlessly to deliver on our ambitious roadmap to bring cryptocurrency to every wallet. Over the last few days, we have received and conducted a great set of questions from the community. And Kris our CEO can't wait to go through them. So let us begin. Hi, Kris. How are you?

Kris: I'm good. Thanks, Eric, for this fantastic intro. And first of all, thank you for supporting the community for supporting us on this journey from a million to 2 million users. I mean, it's been only six months, but what a ride it was. And of course, huge thanks to our team for delivering incredibly well against the roadmap we published in November last year, in spite of the COVID pandemic and the fact that we've been working from home since basically January 25. So phenomenal results, very pleased with the progress that we're making and with the fact that against the backdrop of a global crisis, scripted calm, is not only keeping pace, they're actually accelerating how we move against our roadmap. And it's been possible because we've also grown a little bit as a company, we are now at 350 people and we are in a very comfortable position that allows us to continue bringing onboard new talents to further strengthen the team. Now, the key question is what's next? So the way I think about it is actually in two ways, one is what's going to happen in the short term the next six months to three quarters. And for us, the focus here is to make sure that we pretty much complete Our ecosystem rollout across the payments, trading and finance use cases so that we are fully ready for the all time high that we believe will come next year. So that's one way to look at it. If we look at the long term prospects of the company, our goal right now is to go from 2 million users today to 100 million users in five years time. So this clear objective defines how we think about our product roadmap, how we think about our community build out, how we think about attracting the right people who will help us get there. And it's an extremely, incredibly fascinating journey to go from, you know, a small startup of just a few guys with an idea on a napkin to now 350 people, and with an opportunity to have real impact on this industry. And it so happens that next month, end of June, June 30 is the fourth anniversary of the company. So please look forward to something special on that date. Now, enough of me talking, I think we've got almost 40 questions that you guys posted on, on Reddit and through our social channels. So I'm just gonna try to go really quickly through these questions to address as many as I can and provide further clarity on what's up with Let's go! We actually divided those into sections so by product line, basically so that it's more organized first about the MCO Visa card. I will start by saying that I'm extremely happy that we finally shipped the cards in the EU. And I want to also thank the guys who relentlessly DM'ed me every single day for the last two years talking about it and asking "wen card" I'm very happy that we can move to when other things right now, it's a very exciting moment for the whole company.

MCO Visa Card

Locally issued cards: Australia/New Zealand status
We are still working on it and making good progress. As you guys know, this is a very well structured process for we launched the program, we now have a program in Singapore, we have a program in the US in the UK, and EU, we’ve just announced Canada. So we are on our way to our fifth program around the world and we know precisely how to do these things. And we will announce the green light for Australia and New Zealand whenever we get it but we need to stick to the formal process. Canada Latin and Middle East Coast status. So our expectation is for Canada to go live.

Canada & LATAM & Middle East Card Status
So our expectation is for Canada to go live. Okay, I shouldn't talk about dates. But we are looking at possibly this year. For Latin America and we've got a plan for next year. Middle East, there is no, nothing on the roadmap today.

Do you plan to lower card staking requirement when MCO price double or so?
We've been very clear about this from the get go that we need to keep the balance here between these cards being attractive for the users versus what's out there in the market. So at some point, we may consider flipping the switch on a fixed USD price rather than a token expressed price. We're not there yet, I think, but we'll be continuously monitoring the situation.

Any update on syndicate access for high tier MCO card holders?
We're not there yet, I think, but we'll be continuously monitoring the situation. Next question, any update on syndicate access for high tier MCO card holders? I think for the time being we're very happy with the engagement we're getting out of the syndicate. We've just broken through 10,000 users on the event to celebrate the Bitcoin halving. So we will not try to fix something that's clearly not broken. But we will continue evaluating it.

Plans for new benefits for holding larger amounts of MCO?
I think it was only in February slash March when we rolled out the private, we're still collecting data on how this works. And again, we will look at it again, probably towards the end of the year.

Do you plan to add insurance coverage as a service? Example: Travel
Again, I've been very vocal about it. I'm not a fan of travel insurance. I think that this is not the type of experience that we want you to associate with our brand. Like you know, something happens you need to deal with an insurance company where the incentives are mismatched because the insurance generally speaking are in the business of not paying you back. So We're not very keen on adding this. It's actually technically quite simple. There's plenty of people who would love to do it with us. But we don't want to. We don't want to be involved in this.

Do you consider adding stablecoins to top up cards in the future?
We actually have stable coins in the US. And pretty soon, very soon, you'll see this extended to other markets where our cards are live.

Will Card White Label Program influence MCO adoption?
This is an excellent question. And I've seen a lot of excitement regarding the card, the white label program that we announced just yesterday. We believe that net-net, this will have a very positive impact on our token economics, and I will talk about it in detail later because I've seen another question on this front. App

Localized experience in app. When?
This is a project we're already working on actively. It is on the roadmap and you will progressively see more languages being added to the app throughout the year. And we hope to be done with all major languages by the end of the year.

Earn minimum threshold removal. Any update?
We've just recently reduced the minimums across the board simply because some asset prices like Bitcoin price went up significantly compared to just a couple months ago. So we lowered it we don't have a plan to remove it for the time being

Plans to remove the withdrawal fees to encourage usage of Wallet?
Well actually I want to address this and also the fact that we just increased the fee yesterday slightly for Bitcoin so there's discussion on our telegram channel, guys, there's a cost of running withdrawals on chain. I mean, this is not like we are charging those fees as a revenue stream. We try to hopefully break even on this. And in the case of Bitcoin specifically after the halving the fees went up, and we were simply losing money. So we try to keep the balance here and provide, you know, fast service reliable service without losing money on it. But again, don't view this as a revenue stream for the company, because it's definitely not


Exchange integration with App. When and why not yet?
This is actually a question that we've been debating internally for quite a while. And so in theory, it would be great to have everything in one app. But when you start to look at the details of the integration and how our existing infrastructure works at the back end, how will the user experience look like, compliance issues, all this stuff is actually not simple to deploy and maintain a smooth user experience. So our current choice is to build a separate app specifically for Pro and Semi Pro traders, for the exchange, and just focus on a very smooth transition from there to exchange and back and forth. We think that this is the optimal solution for now. And at some point in time, once you know both apps are stable and fully developed, we'll be able to probably integrate them back into one. So please look forward to another app joining our stable. We just released a noncustodial wallet, so a third one is in the works.

Do you have plans to decentralize the exchange?
Hmm. So now for the time being, again, I encourage everybody to look at the roadmap we published in November last year. We're going to post an update to the roadmap after this AMA to tick off the stuff that we've done recently. But look at it. And this is just like it's out there. This is what we're going to do. And decentralized exchange is not on this immediate roadmap yet there are other things that are more essential for us to deal with before we hit the all time high.

What is the "buying power" you plan to offer?
So again, this product is evolving. So in essence, it will allow you to buy crypto with leverage, and it's coming soon.


Thanks for all the amazing features! What is your favorite pizza?
So what is my favorite pizza? Alright guys, so first of all, at my age eating pizza too frequently is probably not the best idea. But specifically when I happen to be in Japan, I love a good Margherita. These guys have just incredible ingredients. And it shows in a very simple in a Margherita but phenomenal. So if you guys are ever in Tokyo or anywhere else in Japan, go for pizza, arguably as good, if not better, and the ones you can find in Milan or Rome… That's something controversial.

Alpha version of Chain. What’s the deal for us, users?
So as of today, we are in advanced testnet phase and, you know, if you're not a developer, there's not much you can do with it. But of course, you know, as we go to mainnet, and this is one of key milestones for us to hit towards the end of the year. You will be able to, you know, to run a node and transact on-chain. There'll be a bunch of stuff that you can do with chain from our noncustodial wallet, so please wait. It's in development.

Merchandise Welcome Pack for tier 4 & 5 cards. What’s its status?
The status is that I just got my hoodie to this part of the pack. I know if you guys can see it. It's phenomenal. But the COVID slows things down. So our suppliers are impacted by this delivery times are impacted and shipping times are going to be affected too. So we're working on this and it's, we're going to get there we're going to get there with the welcome pack pretty soon. And the silver lining is that at least now all our guys in Europe can get at the same time. So that's fantastic

Swift Processor in June?
This one is going to be tight, but definitely in Q3.

Accounts for the new generation (kids/youth). Any plans for it?
Not for the time being So again, there's a bunch of other stuff that we didn't build and release yet. So this has to wait for the moment where we have more engineering firepower to be deployed.

Is the company already on green numbers?
That's a very good question and one that I am thinking about quite a lot. So our strategy and our objective is to be profitable for the full fiscal year this year, and we are on track. But at the same time, we see a lot of opportunities to invest when other companies are forced to slow down. So our growth rates are consistently in double digits, month over month. And we may manage to maintain these growth rates even though the size of the user base in the company gets bigger, so we intend to invest quite aggressively where it matters for the foreseeable future. But as an entrepreneur, the way I think about it is this. I want to have the flexibility to just switch profitability on if I want to, or off if I have to. And this is the type of flexibility that you want to have during a crisis, I think it's very difficult for companies to raise money. At this moment. I just read an article about challenger bank, from the UK called Monzo facing a 40% cut in devaluation and trying to raise money in this difficult environment. I'm very happy to say we don't have to raise any more money and we are in control of our profitability. It's just how hard do we want to go? How fast do we want to grow? So this is a great place to be in, especially in this kind of crisis like this COVID-19 pandemic.

Support is taking long to answer. Are you growing too fast?
That's a fantastic question. I think we are happy with how fast we're growing. But we are probably not happy with how fast we're growing our support team. So we're doing our very best, we actually already more than doubled our system this year, and it's only been five months. But it is not enough. You guys are just asking too many questions, maybe I don't know. But we understand that this is a major issue. It's impacting our brand, our target. These are experiences that you chat within the app and you get an answer from a real person solving a problem in two minutes. That's our stated objective internally. And we will keep on doubling our CS team until we are able to provide this kind of world class level of service. I think those of you who have been with the company since the early days 2018-19 you remember that we were pretty fast. Unfortunately, it's a little bit more difficult when you're signing up just so many people every day. But it's a high quality from the house and we're very, we're working very hard. It means working extremely hard to solve it as soon as possible.

MCO Moon Stopover. What’s it and when?
So, guys, I don't know if you missed it, or, or what but you know, the white label program is the MCO moon stopover. And let me just tell you this right now, and it's been like 24 hours, we've got expression of interests, solid expression of interest from companies where and up through user numbers. It's more than 20 million registered users, which is 10 times more users than we currently have on the platform. So I think this is gonna make a big impact in terms of our mission to drive cryptocurrency adoption and growing overall the size of the ecosystem. And, you know, obviously, I know what everybody's looking for the gigantic green candle. And my response to this is that I think this depends on when do we announce the actual brands that will run on top of the rails. And as you know, this is all strictly controlled process that we are subject to, and we are announcing new card programs. So everything needs to go through proper layers of approvals. And the fact that we now have five programs in three regions doesn't make it faster. So we're going to have further updates on the white label program and I'm sure you're going to be very excited to know who we're working with on this. But it's gonna take time I want to set the expectations right. You guys have seen how long it took us. to roll out our programs globally, and as of today, is the only company that has crypto debit cards globally. So it's just tough. It takes time. So give us time, and we will deliver.

When new televised commercials for the MCO card?
Our teams are working on it. I mean, the card is available everywhere. So it's time to ship more of those babies out.


Any plans to partner with more tax advisory companies in different regions?
So I just want to mention that we have already partnered with three companies that we identified as leaders in this space. But I understand that this is an important problem for our customers to solve. No running away from different taxes as they say. So we will continue working on it and you can expect more on this topic from We want to make it as seamless and easy for you as possible.

Does the MCO Visa have fraud prevention/protection?
Of course, is just like any Visa card you can file a chargeback and our guys will deal with it. So you're fully protected. Also within the app, you can simply freeze/unfreeze your card if there's an issue.

Any new special security measures? See recent incidents like BlockFi.
So I think that's it's very unfortunate what happens to these guys but this is the reality of running a business in cryptocurrency space. Cyber Security is always our number one priority. Keeping our customers funds and PII data safe is top of mind for every single person in the company. We've invested very heavily in cybersecurity from day one. We've got a phenomenal, phenomenal team dealing with this and touchwood. So far, so good. You know, if you look at what happened in that particular incident, right? People just go after, after operations, operations level stuff, right. So it's not enough to just you know, give 2FA to your users or put a feature on the app, the entire culture of the company, and needs to be supportive of creating a safe, safe and secure environment. Because most of the time, it's not a technology failure. It's, it's, you know, you're gaining access to sensitive information through social engineering and, and hacks were where he didn't predict a certain factor of an attack. So we spend so much time and effort to make sure that that everything is taken care of properly. And I'm happy to say that today we are the golden standard in the industry and we will continue to push the envelope on field. So, look forward to some more news from us and on the latest development in security soon.


Will you burn CRO tokens in the future?
So these type of comments will be highly inappropriate for me to make. So I will just refrain from this, if there's any information of the sort to be shared is going to be shared publicly. And not through an AMA. We don't have any such plans today. I mean, I think I've expressed my view on the token burn feature in general, not with relation to what we do. But in general in the market A while ago, we view compliance as our core competence and we would not attempt to do anything that would put our token in, even in the vicinity of being classified as a security and I think the token burns, generally speaking, capital A bit too close for my comfort.

Will CRO & MCO migrate to the Chain?
Okay, so, again, I want to mention this. The main net launch is one of our highest priorities for Q4 this year. We're working extremely hard and we've been working on this project since Q1 2018. So it's an extremely complex project to drive to completion. I mean, this is permissionless blockchain, but we are talking about billions of dollars of people's money. We need to make sure that this is executed flawlessly, there is zero space for error. And so we will provide the community with a more detailed game plan of how this is going to be rolled out at some point in Q4. But I just want to make sure everybody understands we are trading extremely carefully. And you know, world's best firms are auditing our work to make sure that this is something that can be a true permissionless blockchain that delivers on the value proposition that we are trying to provide to the market.

You’re promoting CRO heavily. Any plans to increase MCO utility?
I would like to say that I think we are doing a reasonable job of promoting heavily both MCO and CRO. And we are always looking for new ways to boost token utility within the borderline of what is available to us while staying compliant. So if you guys have any ideas on what should be included, or you've seen some before in the market, doing some interesting stuff, just drop us a line. Talk about it on Reddit on our Telegram group, I read all of it, just so you know. So just throw us your ideas, and we will consider them.

Growth Projections

Next up on the roadmap for MCO and CRO?
So key things that's going to happen, okay, so look, again, look at this roadmap that we've published, right, so on the trading side, you're gonna see margin trading, and lending. You're gonna see derivatives later this year. So very big expansion in terms of utility of exchange. But before that happens, we're actually going to roll out our own matching engine, and that we've been building for a while now and it just will boost the performance of our exchange by initially an order of magnitude but potentially two, three orders of magnitude. So I'm very excited about this because We've been working on this for a very long time. And you know, the exchange is still in beta today and one of the reasons is that we need to re-architect it and we're almost done with it. Other important initiatives for the rest of the year besides the main that have already covered our expansion of our Fiat on-ramps and off-ramps, so by the end of the year, we will have pretty much every single main market covered from this point of view. So this is important, again, reliable free Fiat on ramps and off ramps are essential to driving a cryptocurrency adoption and this is also tied to our licensing process as a company. We are now in the process of getting regulated in 5-6 jurisdictions. So with while we, as we get licensed, we will be able to offer even more fiat in and out options. It's no better speed and, is essentially free. So we're very excited about this. And I want to mention that this the fact of being a regulated company is very important for us. We're investing heavily, we're strengthening the teams in multiple places across the globe. So you will see that this infrastructure, we're investing in on the compliance front will translate into a better product for you towards the end of the year, next year. I think those are the key initiatives. Obviously, there's a bunch of other stuff. I mean, I just looked at our team for our Q3 priorities. There is a ton of products that we're building, and we are now at 350 people and it's it looks like we'll have to continue recruiting great talent aggressively to cope with this type of speed of releasing stuff. So it's very exciting.

What are key milestones for 2020 and 2021 for


What differentiates NCW from other wallets?
So the way you should think about this is, don't look at it. as it is today and just look at the overall speed at which we are improving our products across the board. Look at the overall growth of the company. And imagine what is possible if you have a company that is fully dedicated to decentralization and giving people back the control their money, data and identity with the resources to actually do so. Because it's a fact I mean, most of the guys that build these wallets, those are small teams, typically, you know, 20-30 people we will be able to outperform most of the people in this industry on this front. So we feel very strongly about it. It's just the future. This is a core product, and it benefits from the fact that it's connected to our So we get instant distribution from day 1 and it will only grow so I'm very, very excited about this, and you will see the differentiation very clearly in the next 6 to 12 months I mean right now is just super plain vanilla basic stuff for users of our platform who want to store some of their stuff in a noncustodial fashion and move conveniently between the two platforms. But more features are coming and we feel very good about being competitive in the space.

DeFi card appears in your roadmap. What’s it all about?
Okay, the concept is very simple. The execution is a nightmare. So you want to hold your crypto and hold your private keys, while at the same time we need to spend the money. You can use a card that is available at 50 million merchants globally. And ideally, we should be able to ship this card everywhere in the world. So this is a very simple value proposition. You own your keys, but you've got 24/7 access to your money if you need, so we're working on it. And it's on our roadmap, and we will build it. And I'm going to stop here because I would spill the beans. But we are very excited about this.


Do you plan to create a list of merchants/websites supporting Pay?
Yes. As we onboard more and more and there will be more and more people coming. And Pay is going to be one of the key products for us in 2021 and onwards after the mainnet is live, there will be lists of merchants that support it.

I just want to go back to the strategy and how we target three separate segments the payments, trading and finance. So, the way we think about these three is payments is our user acquisition channel. So this is most broadly used use case for cryptocurrencies and will enable us to reach a high number of users like 100 million users in five years time. Trading is currently where most of the money is made for cryptocurrency companies. And we believe that if we execute on our roadmap, actually, this will be replaced by lending in 2021 or 2022. So this is how it looks right now. And I think it's very important for people to understand that if you don't have the whole ecosystem, it's very hard to compete. It's just like, you know, if you only have one part is like, like, you know, running an e-commerce shop trying to compete against Amazon. It's very, very hard. And this is the reason why from the early days, we focus on building the ecosystem out. It is hard because you've got so many priorities to juggle and but we are getting there and we are getting we are seeing the first results of this thing working to continue doubling down on the strategy

Will the new Wallet support the WalletConnect and other wallets?
So you'll see a lot of functionality where we integrate with other projects and wallets. So just stay tuned. We're working on it already.

Will you consider letting Ruby Card holders choose between Netflix or Spotify?
Unlikely. Just don't pick between music and movies. Just do both

Are there plans to expand gift cards to smaller countries as well?
Actually, we are already doing this. Pretty much every week. We're adding some countries with gift cards. So whenever wherever this is available, we're going to make it available to our users.

How will Visa's Digital Dollar plans affect and its partnership with Visa?
So I'm very happy that VISA now views cryptocurrencies as their strategic priority. And as we started speaking with this guys four years ago, we are now in the perfect position to be one of the key beneficiaries of this change in priorities. So I'm very happy that this happened. I mean, in the early days, there was a lot of education to happen. But right now we've got four programs live, we're the only company that has got it done globally. We've got more in the pipeline. So this is shaping up as a phenomenal global, there's an opportunity there for a true global partnership. And I'm very thankful to our partners at VISA for their support so far, and they continue to help us a lot. So it's, it's just great news for us overall.

38 questions... 4:45 we're kind of on time. Let me just summarize it very briefly. So guys, from 1 to 2 million users in six months, EU shipped, Noncustodial Wallet shipped, a bunch of other things that we're shipping every day, including key announcements like the White Label Program, team at 350 people and growing fast, very exciting roadmap to update after this call, and a five year goal to grow from 2 million users to 100 million users. Alright, thank you very much for supporting us on this journey. It's been incredible so far.

We have nearly 2% done. Back to you Eric.

Eric: Thanks a lot, Kris. I think we covered a lot of ground. And this wraps up our live session on behalf of the Team. Thanks again for joining us and sending in your questions. I really hope you enjoyed the session as much as we did. As a reminder, as Kris mentioned, we are now shipping cards in the UK and Europe. So download the app and reserve your card now. Don't hesitate also to explore the Exchange, we have a quite cool Tesla lucky draw promo going on. So take care and stay safe.

Kris: Thank you, guys. All the best.