You are now live. Hi everyone, welcome to our AMA. We are going to give some time for everyone to join. It's 10:59am so we still have a minute or two. CryptoGparty joined. KimiPoon joined. Wow. Hi, from Germany. Hi guys. Thank you for tuning in so early in the morning. All right. Our team here is letting me know that it was too much of a big brothers so we just do a little bit further.  

Okay guys, let's do this. So first of all on behalf of the team and my own, huge thanks to our community for your continued support. I'm very happy to report that we exceeded 900K downloads of our App globally and we have now 9M MCO staked in the App. So the progress is amazing and we're so thankful that you are with us on this journey. Of course there is a lot that happens behind the scenes and these numbers don't come just from anywhere. We've had a few major releases since our last AMA.

First and foremost is security, we enhanced our App security with 2FA options. There is crypto insurance and as a company we are now PCI:DSS 3.2.1 (Level 1) certified. That's the highest level of security certifications for card companies. It allows to store credit card information within our system, so a huge vote of confidence. Other huge releases Crypto Earn now supporting 13 coins and improved interest rates for our users. So that was very favorably received. Credit - you can now stake MCO, ETH, and XRP as collateral to get instant loans, and another big one fiat-in for 21 major currencies globally. There are a lot of other things that happened and I'm sure you have seen our August update but those are the major ones I just wanted to highlight.

Again, 900K downloads and 9M MCO staked, huge progress, thank you for supporting us. Before I go into answering questions which I have right here, printed out, we've gathered from Reddit and all the other channels. I want to talk a little bit about what should expect in the next 30 days or before we hit the next AMA.

So the first one is big. We've made huge progress on our EU card launch, so you can expect EU update coming soon, probably in the next few weeks. So please stay tuned. So there is going to be a big milestone for us.

The second thing is you know if with 900K downloads and 9M MCO staked, we've got some round numbers coming soon so you should expect those big milestones relatively soon.

Then the third one is coming soon is Crypto.com Chain public testnet. Again it's a massive undertaking to launch a new public chain and a public testnet is coming soon and there are going to be listing events coming together with it.

So those are the three big ones. Besides that, there is going to be a lot of ongoing improvements in terms of utility of our App and improvements to our products. I will just mention a few fiat-out from within the App is coming soon. We've got a U.S. expansion so add a number of states to our current list of 38 and you will also see our first offline marketing campaign. So we are starting to build our brand in the real world not only on Twitter. So look out for that.

There are obviously going to be a number of ongoing product improvements as some of the smaller features that are very useful and our users have been asking for months and months and months, like you know price alerts or purging the minimum limits when you're trading in the app. So we are working on all these things too. So overall it’s going to be a very exciting month for Crypto.com. I'm very happy that you are with us on this journey. Excellent!

Now let's do the questions from Reddit first as usual then once we go through all of these, you guys will have the opportunity to ask questions live and I will try my very best to answer those too. These are grouped by topics so let’s start with questions regarding the MCO Visa card.

MCO Visa Card


EU Release Status

Again we have made solid progress and we will have an official announcement on this in the next few weeks.

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

We are still discussing how to play this and we will have proper announcements when the go-live date is announced. Our objective is to just go board. The company is pretty much sure right now, we've got roughly 160-170 staff today, we've got proper security systems in place, compliance, risk management, so there is nothing that stops us from rolling it out to multiple countries fast. This is again not our first card program. We have established relationships with both the card issuer, the card scheme and the banks. So it's relatively easy for us to just extend it to all the EU countries.

APAC Release Status

In progress. We are making progress on this but it's still not live yet. So please follow us on Twitter, we will make announcements when we are ready to ship to additional countries in Asia.

Founding Members Cards Status

There are a lot of founding members from Europe, Europe solves its together with Asia. Asia cross-border issuing, it kind of solves the problem for the vast majority of our community. So I thank you for your patience on this front.

Canada Release Status

We are working on Canada. No further updates so far, again the focus is on shipping Europe out.

MCO Private Release Status

So we have a lot of items on our roadmap for Q4 and Q4 is shaping up to be a very strong quarter for Crypto.com. I think there is going to be a lot of products and features that have much greater impact than the benefits our users will get from MCO Private, so give us time. We kind of mentally put this as a very important item to develop next year rather than this year.

US User Base Post-launch: How has the US user base grew as a result of having cards live? Is it in line with what you anticipated? Better or Worse?

I think it is in line with what we anticipated. We are very happy with the growth, we are seeing across the platform but particularly in the US, and the US is obviously a massive market and a massive opportunity. And that is why this is the first place where you are going to see our branding campaigns in the offline world. Stay tuned.

3DS for Singapore Cards  

There is actually a date of October 1st that this is going to go live. But you know I don't have a good track record of giving exact dates so why don't we just agree that this is going to be live at some point in October.

SG Card Direct Fiat Top-up to Card

Again this is likely to be live in October. And there are two options here. One is a debit card top up which means you don’t even have to go to your online bank to make a transfer and just use your card to do it within the app instantly. And the second option is Xfers who are a local provider. Both are scheduled for October. OK. This is it for the card questions.

Crypto Earn

Revenue Source: How can you afford to pay the rates you are paying? These rates are not just higher than any in the traditional finance industry, they are higher than anything in crypto.

Actually this is a very good question and people tend to focus on the highest rates that we offer. We look at it differently, we look at our average cost of capital. And the average cost of capital that we are getting across the whole portfolio is in fact lower than most of the public listed companies get when they issue bonds to finance their lending business. So this is actually a very healthy interest rates that we are paying. But obviously we structured it in a way that make sense both on the Earn side and also on the Credit side. So we can earn very healthy margin on this business, and we will continue to scale both sides of the equation. And in my view, outside of trading, the lending is going to be one of the most powerful revenue drivers for the company next year.

Crypto.com Chain


CRO Community Funds: I'd still like to know what the plan is for the CRO community funds? Is this why such high CRO staking returns can be offered?

So first of all when we want to be competitive in the market and we think that ours are all offering is very competitive. We also feel that the community needs to be rewarded for the support that they are giving to our project. Even though we weren't able to continue with the airdrop and we will find other ways to make sure that the community and the early adopters are in fact rewarded. For further news on how we are going to deploy these funds, please stay tuned. We already announced an Ambassador Program, there is going to be more on this front. We are working on it.

Crypto.com APP


Updated statistics: sign ups, locked tokens, tokens in earn, cards rolled out in the US & SG

I have some thoughts to share on sharing these statistics. So outside of big round numbers that indicate where the company is going. I’m generally speaking against releasing too much details stats. Let me explain to you why. We invest very heavily in our product development and our technical capability making sure that our product finds the right users, refining of the product. There is absolutely zero incentive for us to tell the competition what works and what doesn't. Let them spend millions of dollars and years trying to build a sticky product, rather than just getting everything served on a silver plate. So what you can expect from us going forward is to be very transparent, our metrics like staking of tokens, and we are going to continue to inform you about the general trend line on the user base, but like Revolut for example, we are going to do it like 1M intervals. So if we hit a million, on the next it will be probably 2M. We don't want to do it too frequently. We don't want that competitor to figure out what we're doing, what works, what doesn't, and how we are doing. But as a community I think everybody can see the momentum is very strong, you can see it in the releases and you can see yourself as a user of the utility of the product. We are very thankful for the support we are getting and we feel very lucky to be in this position as we are today.

Additional Trading Options: Do you plan to add other tokenized securities, such as commodities or stocks (as they become available) to the app?

So here's the thing. Crypto.com is going to stay focused on core crypto functionality over the next 5 to 10 years. You are not going to see us copying Robinhood on zero fee stocks trading and all this kind of stuff. We are a crypto company. We believe that this is the future and we're going to stay focused on this and we're going to go really deep to provide the most useful products in this space.

Now in terms of securities trading, I mean obviously this is a highly regulated industry and at some point in the future we may be able to offer this to a subset of our customers but it's not on the immediate roadmap and we don't have plans to trade security tokens anytime soon.

Crypto Insurance: Can you explain this and why Earn is not covered according to the T&Cs?

Well, first of all, we don't want to oversell the fact that we've got some basic insurance coverage. I mean I've seen this over the last two years from many companies in the industry like big numbers, we are insured, and people comparing it to banking type insurance. This is not available in cryptocurrency space today. This is not an FDIC type insurance. Everybody needs to understand this. We want to be very clear that we are not overselling what this is. For example, if you're a U.S. user and you store dollars on the MCO Visa Card or in the U.S. fiat wallet, this is insured up to USD 250,000 just like any bank. But there is no equivalent of this setup in terms of crypto, not with us, not with anybody else in the industry today.

So what you're having, what we've got today is one of our cold storage partners has a general insurance that covers a very specific events like the loss of keys, fraud by their staff which in reality are never going to happen because these guys are extremely professional. And so our terms and conditions reflect this and we discussed this earlier this week because we have been asked those questions over and over again. And the way we want to adjust our T&Cs is to make it clear that there is no government type insurance on the crypto assets that we are holding so that everybody understands that this is not an FDIC equivalent.

As a company, we spend a lot of time building our infrastructure in a compliant and secure way. We've got ISO/IEC 27001:2013 certification, we've got PCI:DSS Level 1 Compliance and we are working on additional certification, some of those that are getting licensed in multiple markets at the same time. So we are focused on building a platform that is secure, compliant and it deserves to be trusted. But as of today, no insurance companies are going to offer the type of insurance that our users would expect and we are in conversations with many and we understand is very important for our users to sleep well. So we will continue exploring the options. But please understand that if you see any type of insurance related releases from other companies in crypto it's mostly marketing, we don't want to be in this bucket.

Auto Conversion: Can we please have a function that converts remnants (dust) from past trades that are too small to trade.

This is on the roadmap, you guys are going to get it this year and I don’t know if it’s going to be this month or the month after this. We keep on shifting the stuff but dust conversion is on the roadmap, we know it's important. And similarly the issue of the minimum trade size when you trade crypto, buy crypto or move to the card we are going to completely remove it so you can trade one cent and this is coming soon. We know it's not a great experience today and we are removing those limits very very soon.

Additional Purchase Rebates: Any possibility to give users the option to choose other content providers than free Netflix like Amazon Prime or Disney+ as long as they are equal or below the price allotted to the Netflix subscription?

I think we are generally speaking happy with the perks as they are today and we are trying to just scale the platform and we know we can revisit next year to see how we can improve it. Perks are great but there's a lot of core functionality that needs to be built that provides much more value than a simple discount would ever give you. So give us some time we will look at it again next year but for now you can expect just constant improvement on the actual utility of the product.

Purchase Minimums: Do you guys have any plans to minimize/eradicate purchase minimums in the app?

I have already addressed it so we will remove it completely soon.

Private Keys: How far are you with the stated goal to hand over the private keys to the customer?

Six to nine months, it's coming. This is going to be a big one and this touches on the very core of what this company is about. So we founded Crypto.com with a very simple belief that it's your basic human right to control your money, data and identity and nothing out of all the things that are on the list that we're working on nothing is more important than this because it gets us closer to what we believe in and what we think Crypto should stand for.

Unsupported States Progress: How are the USA restricted states progressing?

Again as mentioned at the beginning of this AMA, we are going to add a few more states as early as this month. So this is coming soon.

25 New Features: Last AMA you referenced “25 new features in the next 45 days”. How many of the 25 have been released?

Wow guys you really hold me to account, I mean I can just say anything everything is recorded. So I think we are releasing a lot of features, you guys can see like every week we've got a few.

And there's this beautiful list that was put together by one of our community members AstroSloth, great nickname. And if you follow that list we're just killing stuff of that list very very frequently and at a rapid pace that is ever increasing. So you will see a lot of stuff.

You know if you count the stuff that we did in August, September and October probably there will be more than 25 and some of the stuff you're not even seeing. Every time when we release a feature there needs to be a back end system built that allows us to operate the business. I'll give an example of one huge thing that's coming alive next week which is a CRM system that allows us to give you personalized offerings based on the events that you triggered within the app. So if you've got nine hundred thousand users, everybody will have their own events that are on different spaces and finally, if you transact this coin you may receive this message and if you don't transact for a while you may receive this message. I mean this stuff you don't see but we're actually building it and makes the product better because it will make your individual experience better. All right so there’s a lot of things. For those of you who have been with us for the last two years or two and a half years, the speed of product iteration and the quality of the releases has improved dramatically. And at this moment we've got a very solid foundation in terms of the right enduring culture, product culture we've got a very strong leadership in place and very strong teams for delivering an incredible quality of work every single week. So we will see this just speeding up.

EUR-based Stablecoin: Can we look forward to a €-based stable coin?

See stable coins are viewed as a somewhat risky area in the Eurozone and we are looking at this with our legal counsel on a country by country basis. So if we can do it in a way that it is compliant we will do it. We don't have a date for this today.

Meeting Objectives: What's the greatest challenge for Crypto.com meeting its objectives? (regulation, adoption, product fit, etc)

That’s a very good question and as the CEO you always have a list of things that are broken and you need to fix but that's just day to day. There's actually no major challenges for us to resolve, everything kind of works. I mean the product is improving every day, the team is working together very well, the feedback from our community tells us that they recognize that the product is improving. And I think we just need to continue delivering on our promises and continue running at this speed or faster for the next two, three, four or five years and we will do just fine. And there are always going to be challenges around regulation changing and competitive environment but for us, these aren’t really challenges. We really love working in this industry, the speed of it and building new exciting things that have an impact.

So as of today, it's really hard for me to point at any single thing that we consider an insurmountable challenge.

Multi-Language Website: Are you planning French, German, Greek, Italian and Spanish versions of your website?

I think this is very important. The objective is of course to build a great product in a single language first, it’s fast running and when you iterate it, it makes it’s faster. But you know we are very quickly arriving at the point where the plug is already very very solid so that it makes sense to localize it and we will do so. You will see our first efforts on this front sometime towards the end of the year and its going to be the standard next year.

Moon Stopover Announcement: Is MCO moon stopover tied to the release of cards in Europe and APAC? Could moon stopover happen without cards live?

Yeah, we don't really want to talk about the moon stopovers until we actually stopover on the moon. If you know what I mean. So please be patient. Follow our progress and it's just a matter of time.

“Loyalty Rewards”: In the latest questionnaire email there was "Loyalty Rewards" as a possible future feature listed. Anything you can share as of today without spoiling too much?

Right now you know we've got a regular NPS (Net Promoter Score) scoring questionnaires going out to our customers so we can see as a company how we are progressing through the eyes of our customers. Also, if we have an insight or an issue we tend to just reach out to certain groups of customers directly and ask for feedback. So I'm actually not even familiar with these loyalty rewards questions, our product team might have an idea that they want to see what our users think and based on the feedback they can iterate on it and then propose something. So I don't think we have anything to share at this moment. I think you should just take it for granted that we've built a very customer-centric culture here and we want to talk to you as a customer and as an early adopter and we want to listen to what you think is the most important thing to build next and then we want to deliver. It's an ongoing process.

And again we are so grateful to our community because I view this as a competitive advantage. If you look at the engagement of the community that we are having compared to companies in other industries this is just amazing. So we want to make sure that you guys have direct line to our team and can talk to them directly and come up with ideas. And we're going to listen and if we see confirmation in data that something makes sense and we can see confirmation in simple conversations with our users then we're just gonna build it and roll it out. This customer centricity is still very rare in Crypto. So I think it's very important that we've managed to build this. And it's not only about talking about it, but it’s also about building systems that allow our teams and empower our teams to actually execute this type of dialogue in a structured way.

Phase 2 live questions from the community.

All right. Before it goes to go to Phase 2 I just want to reiterate. 900K+ downloads, 9M MCO staked. Things are looking up. We are about to enter Q4 which is going to be the strongest quarter for Crypto.com ever and we've got a few very meaningful updates coming regarding EU cards. We've got the big user and usage milestones that are going to be announced and then we have public testnet with CRO listing coming soon. So a lot of big stuff.

All right. So now I'm gonna take this opportunity to have some water and we are going to do live questions. Sean here is going to assist me by picking some questions. I'm going to just go quickly and read through it.

Any plans for a website interface with access to all app features, many more trading pairs, buy/sell orders?

Yes. Again this is about how you build a company so we believe future is mobile and when you have limited resources in terms of product, engineering, marketing budget or anything. Limited resources require focus.

So we are focused intensely on mobile efforts since the beginning of Crypto.com. Right now we've got enough resources to fill in large gaps, like lack of desktop environment and eventually we'll see something on that front.

When are you going to allow withdrawals bigger than 10 BTC?

If you need to withdraw more just ping our CS team from within the app and how it's going to go is the withdrawal will be manually reviewed by the risk team and then it can be approved if there's no issues. So those limits are going to be progressively increased but again it satisfies fast majority of our user needs and keeps our platform more secure. So if you have higher needs please ping our CS, no drama.

Any plans to allow the debit card to be funded by crypto at time of purchase instead of needing to hold a balance? (Auto-conversion)

So auto conversion we've actually built it two years ago and as of today Visa does not allow it. If you see other programs sneakily trying to do this. I mean, I think it's short lived. I believe that the solution is not to auto convert at the point of sale. The solution is not to sell crypto at all. So we are going to build something that addresses this issue where we basically extend your credit line based on your wallet balances and you can just spend fiat that we front as a company and you don't have to sell your Crypto, like ever. I mean this is the key point. People are always asking what's the point of Crypto debit cards. I don't want to sell my Bitcoin or want to sell my crypto. This is just a step. Next year you will see a feature of us funding your spending based on your Crypto balance, live in every single market.

What's the progress on being able to purchase Crypto using your bank account directly in the app?

So we already have a few options for our users to use bank accounts. So you've got SEPA transfers for European customers. You've got ACH Push which allows you to send money to a bank account in the U.S. We just released a wire transfer for 21 global currencies. It's up to like a million dollars a day. So it's inexpensive because it allows you to avoid FX conversion fees and credit card fees, so there's already a lot built in.

Now there's still a few markets. Obviously fiat is very important so we are going to go market by market and continue adding options. So examples; faster payments for GBP, we are going to have it. Australian dollar local bank transfer, we are going to have it. ACH Pull in the U.S where we can just connect your bank account and pull money from a bank account we are going to have it.

It's all on the road map. We're just prioritizing and executing every single month and once we cover all the major markets in terms of G7 then you will see this expanding to all the other places. So this will never stop. We are very committed to have stable fiat on ramps and off ramps. Local at the global level.

So why are we able to do this is because we are building strong foundations. If you're ISO certified, PCI:DSS compliant and in some markets soon are gonna be regulated. It's much easier to build this and if you just show up at the banks and say, “oh, your a crypto company”. Right. So this takes time. We're building it and you will have all the options that you need.

Will there be any adjustments to Crypto Earn to balance out the value proposition of the Ruby Steel card versus Midnight Blue? E.g. lowering midnight blue to 4% p.a. max so it can be Midnight Blue 4%, Ruby 6%, Jade/Royal & others 8%?

Okay, I get it. No plan so far. We are very happy with the metrics after we've made the adjustment to refocus the value proposition on the 500 MCO Tier - we’ll continue to strengthen the value proposition for the 500 MCO Tier. I think this is the sweet spot.

Midnight blue - generally speaking I think it requires some thought. If you guys have ideas on how we could turn Midnight Blue into a very powerful user acquisition machine, we're open to it. We think our metal cards are extremely attractive. Probably one of the best cards in the world today. On the plastic front, it's not jaw dropping.

I mean every single product that we release, we want to make sure that people are like “wow”. I mean if you guys can give us some ideas of how we can juice the Midnight Blue proposition, feel free to drop Bonnie a line. We're going to be discussing this over the next couple of months.

Would it be possible to find some way around the 3.5% debit card fee when purchasing crypto in the app?

So, the general way to get around the 3.5% credit card fee is Crypto.com Chain. I mean, that's what we've been building for now, a year and a half, right? Now it's not going to happen immediately because we need to get some adoption going. But this is it. In the meantime, if you don't [want to] pay the 3.5% fee use the bank transfer options. Right now we’ve got global coverage so you can actually wire funds. I've seen some users on Twitter posting that they wired funds, I think in Czech Korona, and they got it in the app within an hour. Right. So it actually works. How quickly it works doesn't really depend on our infrastructure. If you use a crappy bank that has been running on AS/400 from 1985, I'm sorry to tell you that this is gonna take three days but if you're running an account with a fairly modern bank with decent infrastructure, it should be intra-day for many markets, right. So give it a try. As of today, this is the way out of the 3.5% fee.

You need to use the bank transfer. In five years time, Crypto.com Chain guys.

The direct SGD top-up is to the existing EUR Wallet or Card Wallet?

Okay I think I understand this one. So the direct SGD top-up means that you don't have to go through any Euro, you just take your SGD debit card and you know, top-up how much you want to top-up and it shows up in your SGD wallet on the Singapore MCO Visa Card instantly. Similarly, for the Xfers transfers, if you already have an Xfers wallet which many Singaporeans have, you can just pull the funds from that wallet and it's instant. If you don’t, you just have to execute a local transfer from your Singaporean bank account to your Crypto.com and it shows up within our app.

So both things are pretty direct and they don't require any Euro conversions or sending money across borders, it's all local. Okay.

If you will have attained say 50000 users who staked 50 MCO and 25000 users who staked 500 MCO the available number of circulating MCO tokens will be exhausted. You won't be able to pay EARN rewards in this situation. What is your plan for this scenario?

So how the math works is that if the supply is restricted, the market environment is going to be slightly different, right. So we can always buy it on the market and the higher the price the more people will be willing to sell. So there's always going to be some liquidity in the market. If things get completely out of control, we always have the option to switch the basic cards like Ruby, 50 MCO, to a dollar-pegged lock instead of MCO-pegged lock. So there are ways to manage this. But I don't think that it is feasible that there will be never any supply in the market because once the price goes up to some point, people have different expectations of returns and some of them will just take profit, right? So we are not worried [about] this scenario. If anything, this is a very high quality problem to have. I think what is important is that at a very basic level, the token economics for both MCO and CRO [they] are very sound, and I have a general comment on this because we are in the middle of Altcoin winter.

So you could compare what happened in 2017 to 1999 in Internet stocks. People were buying anything and everything was going up. Is this gonna happen again? Absolutely not. Just like with stocks, some companies took the capital and built amazing businesses like Amazon. And there was like 98 percent of companies that were completely vapourware, built nothing that customers wanted and then went bust. So the next time Bitcoin hits all time high and people want to move money from BTC to Altcoin they're going to pick companies that have proven use cases for their tokens. Real businesses who generate the real revenues that solve real problems for their customers. We are one of those companies. Look at the market cap top 100 and tell me how many of those companies do you see. Not too many.

So I think we are feeling very comfortable about the long term potential of Altcoins that makes sense. But we are also very skeptical about companies that took capital two years ago and built nothing for their customers. So those are going to zero. Just like all the Internet stocks of 1999 that built nothing. They all went to zero. Keep this in mind. When you are making your Altcoin decisions over the next few months.

Apple Pay and Google Pay?

Those are ongoing projects we're working on and we know people want it so we'll get it done. Those are slow. So I'm not sure whether you guys are familiar with Revolut but Revolut took like, I think three years to get Apple Pay down. Right, so we are going be faster than that. It takes time.

Monthly statement of transaction history?

This is one of the things, I even forgot about it, but this is on our roadmap and it's coming soon. You'll get like CSV export. You can play with it by yourself. Full transaction history. Everybody can use it to deal with their taxes reporting or even if you want to look at how things are going for you.

Will it ever be possible to have our crypto automatically converted when spending with the card in real time?

Again, this is up to Visa. I don't think this is a solution because you know if I was, just from a user perspective right, If I spend the card to buy coffee and check with what's the ETH price today, probably not. Users generally speaking should take a longer term view. If you're bullish on btc you just hold your BTC and just don't sell it or you can spend with the card and we will extend a credit line to you, which is going to be fairly priced and you can keep the upside of your crypto without selling it. If at some point you want to make a decision that your converting from crypto to fiat you should do it consciously. It should not be an automated transaction. Nobody wants to be surprised, you know. I didn't know that it dropped 20 percent today and I just bought something super expensive, right? There's countless, countless stories of people you know paid 10 BTC for a meal in 2014 or 2015 and 10 BTC right now is $100K.

So I don't think that this is the right approach for the user. The right approach is to fund - prefunded spend - and we're going to do it for you guys.

Will the top up minimum when purchasing USD with Crypto be lowered

It will be lowered to a glorious number of [USD]1¢ cent coming soon.

Any update on the new offering for the 500 card or do the recent updates of auto-earn cover the 500 tier card for now?

I think we already covered this in the recent announcement. So the yield on your MCO stake for 500 is 6% percent.

When will Crypto Credit go live in U.S?

We're working on it, we want to expand the number of states covered first, and then deal with credit. So one by one.

Why are 0-49 stake holders getting the same earn and invest benefits as 50-499. I would enjoy a better understanding of your tier system and how it will sustain growth long term?

Yeah OK, now I get it but you just can't make it too complicated. Our stuff is already fairly complex, right. So sometimes we can make decisions that puts simplicity first because if we just split it again it just becomes unmanageable.

So towards the end of the year you'll also see a general App refresh where we try to simplify the user experience because if you compare the utility of our app to 12 months ago versus now there's just so much more inside, right? You can do something so much more with it.

But the downside of this is it becomes intimidating for the first time user. So we just simplify it, sometimes we'll make decisions that are not optimal from this point of your left point of view but have simplicity in mind. Simplicity as they say is the ultimate sophistication.

What about stable coin pairs, USDT was added, what about all the others that are available on the app? What's the point for USDM which isn't available anywhere outside the app. I hope he will answer this question

He will answer the question! It's actually very simple, OK. In some places USDT not available and people need to trade. So we are facilitating this with USDM. It’s just a way to satisfy the compliance needs and the user needs at the same time. Right. So again you know we follow what our lawyers tell us. So we need to make sure we are compliant and stable coins are a very sensitive area in many markets from the regulatory standpoint. We will be adding more stablecoin pairs to our App. So you have full flexibility on how to trade. The problem is that USDT is still the biggest one from the liquidity point of view, even if you just discount on the fake trading volumes and everything. So the other guys they really need to step up and build their liquidity up a little bit and then we will add them as baseline pairs to our platform.

Did you check the possibility of Airport Lounge access to user that are awaiting the card in EU?

This is a low ROI item that will consume resources. I don't even know whether this is feasible from the point of view of LoungeKey. Probably not, but even if it was feasible, we're just so close to actually shipping the cards that there is no point to waste engineering resources on stuff like that.

Is topping up the card directly via stablecoins planned? When is Kris on Discord again?

One easy question. One difficult question. You will see some stable coins being added to the top up soon. This is one of those small 25 improvements that we have planned and is going to be released soon.

Yeah, I will show up on discord. I will surprise you guys because I hear that you are sometimes you know very naughty there, Bonnie tells me. So maybe I'll just sneakily show up and watch the conversations and say something super confidential. Sean Is laughing. I'm not going to say anything confidential.

When ICY cards coming to SG?

Wow. This is going to be absolutely amazing. Next week. Yep. The stock is here. We're just one update away from it. So you guys who want Icy White or Rose Gold. Rose Gold is cool. Everybody knows. Ah. And there's also an ad campaign coming out in Singapore in the offline world. So like taxis with the Rose Gold/Icy White. You will see our ads on TV channels. These things tend to be less expensive actually than online advertising in Singapore. So we're going to push the message out that these cards are in fact available. And if you've got a black card or whatnot, we'll just replace those cards for you for free. So. Next week.

Will free cards be adjusted to make MCO stake more valuable for Crypto Earn?  When is compound interest coming for earned?

So two things, we'll be thinking about this plastic versus metal thing we don't have any answers right now. We just think that there's some things there. And you know if you guys have an idea how to adjust this let us know. But it's probably for next year because our roadmap is fully packed and obviously the focus is to roll the premium product of the metal card. We think there's some opportunity there in the plastic card stuff and eventually we’ll uncover it. But our brand is all about this premium stuff 500 MCO, kicking the ass of guys like you know Amex. I mean this is this is our card play but if you guys have any ideas do let us know.

When compound interest for Earn?

I think our offering is so attractive right now that it is juicy enough. There is absolutely no need for us to go any higher.

So how many cards in the USA so far?

We're not going to disclose these types of stats by market. Not now. Not in a year not in five years. Here's the thing. We follow the Amazon playbook in many areas of how you build a company. One of the things they do is they keep their cards very close to the chest. They don't tell competitors what works and what doesn't. That's why AWS had no competition for seven years.

This is unheard of. The most powerful money printing machine built by entrepreneurs in the last 10-20 years. Also maybe Google and Facebook. But nobody knew the numbers for seven years. By the time Microsoft and others realized it was just too late, they’ve already cornered the market. So I'm a strong believer in providing transparent directional information to the community and everybody who is a customer or is interested in what we do and wants to help us, by all means. But there is zero ROI on opening the proverbial kimono and letting everybody knows what works and what doesn't. You go and invest and see what works and what doesn't by yourself. We're not gonna tell you. This just works if you have a very long term view of what you want to achieve. And if you are not, what’s a nice way to say it? If you simply don't invest money, in the end this is the reason why people go out there and talk to the press about “oh you know we hit this milestone and that milestone”, it’s just fund raising activity and hyping it up. We don't need to do it, on all metrics we're going to be fully profitable as a company next year. And we are fully funded so we don't have to do it. There's no reason for us to just disclose information that would give our competition an edge against us. So that was the general thoughts on this topic.

What facilities does Crypto.com provide as prime broker? What is the strategy to dominate the market? What is Team's plan to attract investors and traders successfully? Do you see it as an opportunity while the current market decline?

We have a good strategy and you will see this ecosystem play unfold over the next 6-12 months. We tend to just be focusing on building and providing value to customers and in the end customers vote with their wallet. So there's a lot of nuances in this question. And again a lot of information that we are not ready to share yet. Just observe what we do. And it actually doesn't require that much industry knowledge to figure out where things are going.

On the market decline, I just want to be clear. I think the market is in a very good place. Yes, Altcoin winter is painful for anybody who holds a bag. But if you look at the 3, 5, 10 year potential of this industry, this is one of the best opportunities out there. Just be selective, focus on the real value. Bitcoin has real value, select few Altcoins with a real value and the overall performance over a long time. So just focus on this and don't count on it as it does in 2017, 2017 is not going back. Counting on 2017 is not a strategy. But overall I'm very positive, I think that the market is in a great place. Things that are being built everyday. Bitcoin is at 10K - stable. It's a very healthy place. There will be a few companies coming out of this 2018 bear market very strong. So just identify those and focus on those. Don't get distracted.

When will Crypto credit go live in the US?

I didn't answer that directly but we will roll out additional states first and then we will enable Credit in some states. We've done the majority of the compliance work and majority of the product work for this already.

Will LoungeKey access be long term as the company grows?

We don't have any plans to cancel this. This is a good benefit and especially if you travel a lot. 900 lounges. It's a good benefit. We'll keep it.

That's it. There are no more questions. No more questions. All right. So let me just do a brief summary.

We now have over 900K downloads, over 9M MCO staked. This is a real vote of confidence from our community and from our users that we deliver consistent growth month over month. So we're very, very, very happy with how things are looking. In the last month, few major releases, enhanced security, PCI:DSS 3.2.1 (Level 1) Certification, Crypto Earn with 13 currencies with market leading rates, Credit with MCO ETH and XRP, fiat-in with 21 currencies and fiat-out (TUSD and PAX).

And coming up big EU updates. Big user and usage milestones coming and CRO public testnet and CRO listing. Plus 200 other things that you'll see if you'll follow us on Twitter. Again expect a very strong Q4 from Crypto.com and we love you guys.

Byebye.