Latest AMA with the Ivy Project team

The team discusses ivyPay and the bank partnership with Goldfields Money

Ivy Project
Nov 29, 2018 · 30 min read


James C.: Good morning or good afternoon, to everyone tuning in for Ivy’s AMA. I’m [00:00:30] James Caskey, looking after marketing at Ivy, and I’m joined by Fred Schebesta from Finder and HiveEx, and Ash Shilkin, president of Ivy. So, good morning and good afternoon to both of you.

Ash S.: How you doing?

Fred S.: How’s everyone going out there?

James C.: So Fred, maybe we’ll start with you. What have you been up to? What’s going on in the world of HiveEx and Finder right now?

Fred S.: [00:01:00] We’ve been really focused on this part that sits in between, I guess on-ramps and off-ramps. Really about getting money on and off, or in and out of cryptocurrency. It’s been very, very exciting.

Been working on the crypto bank with Goldfields as well, which is really cool. And they’re making some really good strides forward and [00:01:30] been popping the show … I think we talked about ivyPay the other day, which is really cool as well. I think there was a bit of a shout out as well from everyone there.

Going back to New York over the winter to go and meet some more people and keep building Finder.

James C.: Awesome. And we know you’re a busy man and glad you’re here. Just as Ash is as well. Ash, you’re probably wondering why we’re in separate rooms. Ash is actually [00:02:00] traveling at the moment and is out in Houston today.

How you doing today Ash?

Ash S.: I’m doing great. I’m feeling particularly great because we … because we …

James C.: We lost you there Ash?

Ash S.: You got me back?

James C.: We’ve got you.

Ash S.: Okay. Yeah, I’m doing … I’m doing … Sorry, I’m hearing some background noise. But yeah, doing particularly good today, [00:02:30] we’re very excited that we got the Goldfields partnership agreement out yesterday.

And a-

James C.: And we’re all pretty excited about it. I think Ash, you might have two feeds running if you’ve got the-

Ash S.: I do.

James C.: Here we go. YouTube feed in the background so I-

Fred S.: While Ash fixes that up and just by way of shout out of the first question. I have not had a haircut, I’ve merely tied the hair back. It’s still here, it’s still here. [inaudible 00:02:58] that [00:03:00] so thank you for that first question. And keep the questions coming guys. We’re here and we’re really excited right now.

James C.: And that’s a very good point. While we have got a bit of a script here today, and script is the wrong word, but a little show to run through with you. One of the exciting things about AMAs is having all of you here and able to ask your questions. You’ve got the team here.

As Ash was starting to say … We got you back Ash?

Ash S.: [inaudible 00:03:28] I’m gonna have to disconnect [00:03:30] and dial back … I’m gonna drop out and come straight back in.

James C.: No problems at all. I guess it’s just you and me Fred so I guess we can grill Ash a bit on the Goldfields stuff in a second. But, why don’t we talk ivyPay. And look, I know a lot of people in the room are aware of ivyPay, that’s why they’re here, but this video is hopefully gonna be watched by lots of other people as they learn about the project thanks to the fantastic PR work done by the HiveEx [00:04:00] team and their team here.

I guess if you were just walking in blind, how would you explain ivyPay to someone?

Fred S.: Yeah. So a lot of people have I guess cryptocurrency and one thing, one real key use case of cryptocurrency is you can use that cryptocurrency now to pay your bills. And ivyPay makes that happen, so you can pay your gas bill, [00:04:30] credit card bill, or you can EFT money to someone that you need to pay. Maybe that’s your rent or your tax or it’s a whole series of different things.

ivyPay is a very smooth way of doing that. It’s a couple of clicks. We built the … Talk a little about the technology for a second. We built the technology using … it’s actually a PWA, which is [00:05:00] really, really fast, right? So when you click on a, it clicks through really, really quickly. And it’s all done on the front end. It’s some of the latest stuff, so it’s very neat to use. It works on your mobile as well so it’s all responsive and things like that. Makes it really easy to use.

So you just put in your bill, put in the amount you wanna pay, you choose the cryptocurrency. You then just with your wallet, you send that amount through to our wallets. We check the blockchain, make sure that that’s done. And then we [00:05:30] pay that bill.

Now what you can do is, you can use Ivy to get a discount on those fees or paying that bill. So if you pay your fees in Ivy you get a 50% discount, which is awesome.

Ivy actually also, from a tokenomics perspective gets burnt. Yeah, it’s a great beautiful little use case of Ivy. And from a … What we’ve learned, as well as quite a few things, we’ve had a number of different [00:06:00] companies approach us to talk about partnerships. We can’t sort of talk exactly about what those are yet until they are locked in. Obviously we can when they are. But this has created a lot of noise, I guess in the market because we’ve actually, obviously, put something out there and said “Hey, here is something we can do. We can really make this happen.”

The other thing it’s done, is it’s [00:06:30] brought up a few new use cases that we’ve discovered. And I think Ash can talk a little bit about this in terms of the roadmap forward and some interesting … I guess the trajectory forward from here and the roadmap, and discussions like that. I guess it’s particularly around KYC and AML as well, which is really interesting.

Yeah, I think it’s [00:07:00] a neat little system. I think there’s a question here, “[inaudible 00:07:04] what’s in the plan for next revision of the platform?” And get those questions rolling. Okay. “Get a haircut.” Oh, Michael doesn’t like my hair cut.

I’ll leave the revision and the platform and the plan, I think Ash is gonna talk a little bit about that as well. Ash, how’s your technical, it’s all [00:07:30] good now?

Ash S.: Good to go.

Fred S.: Cool.

James C.: Just before we move on though Fred, there was a question that did come up that was submitted, I can’t remember anything in front of me, but it was, “Why isn’t ivyPay an app on my phone?” I think you sort of half answered that question. But do you wanna explain the pros and cons, or if there is any, with having it as an app?

Fred S.: So we built ivyPay in React so’s that … Actually [00:08:00] I’m not sure if it’s React or Node.js, but basically the two of them they’re fine and they could be used as an app, right. They could easily be used as an app. But the amount of time that it takes to actually re-engineer and built an app and go through the iTunes entire process, versus just putting it out there, getting some feedback, getting it working. And you know, transaction are staring to come through. The difference in time is significant, alright. So [00:08:30] submitting to Apple and submitting to Google and going through the app process is quite a bit of work.

Having said that, the tech is built so’s that it is, as I said, responsive for desktop, tablet, and mobile. And because of that, essentially you could port it to an app.

Ash S.: Yeah and I think we’d wanna see just a bit … We got it out there nice and fast, which is a benefit of the way that it was built. It works great on any smartphone. And if we [00:09:00] see some traction, or we start to validate the model then that would probably be the impetus to build into a native application. But we wanted to just get it out there nice and fast and kind of see how it progresses from there.

So we don’t have it on the … kinda the pipeline today, but what we do have on is try and validate the model, seeing how we can get more customers in, more transaction volume, more users. [00:09:30] And if ivyPay grows, and it would probably warrant building into an app but for today we’re happy with the mobile-optimized website version.

James C.: Absolutely. And I think too, the important thing we all have to remember here, cause I know it feels like, at least for everyone on the line here, it’s been around for a long time. But we actually only launched it in beta, what, 28 days ago? And only did the push into a fully live functioning app on the 19th. So it’s still very fresh [00:10:00] out there in the world. And I think it’s been very exciting, and I think what we’re all collectively stoked about as a team, just the pickup and the excitement for it out in the market.

We saw some great pickup across the Australian media, and also internationally, about ivyPay, and the fact that as a company we were really looking at ways for people to offer up their crypto and actually spend it on real world things.

A [00:10:30] question I put forward to you Fred, just cause you were saying as we started the conversation. You’ve seen a lot of, you’ve been doing a lot on-ramping and off-ramping. Do you think ivyPay is well placed at the moment, given this increasing interest in crypto despite the market?

Fred S.: Yeah so right now there’s been a lot of, I guess just talking generally about the market, it’s been in a very [00:11:00] tough place. There was a lot of fear, especially around that 4,000 … sorry, I guess it was a 3,400 mark for Bitcoin, that was a real spicy time. Ethereum dipped under a hundred dollars, that got really scary.

I think it’s in a pullback right now where we’re sort of, I think we’re trading around the four-four, four-three mark. Which is, you know it’s a good sign and this industry is not going anywhere.

[00:11:30] But I think a lot of people were sort of holding on to their cryptocurrency during that time, where they didn’t wanna use that to pay their bills, so they’re all kinda not … they wanted to huddle their coins to some extent. I think really showing this use case and showing this piece of technology and getting it out there, I think it will attract more partners. It shows [00:12:00] the … you know the real can-do attitude of the Ivy crew and how they get stuff done and get it out there and get it tested and get it going. And I think it definitely, as the market gets more when people coming back into it and new participants start entering, what you’ll see is they’ll too, also look for new methods to pay their bills.

I think right now, the companies … [00:12:30] the toughest thing right now is a lot of the companies that are putting down technology and slowly gaining users, cause gaining users takes time, they’re the ones that are gonna investing now. And then as the market goes up they’re the ones that are gonna benefit the most.

It’s the same as, you know with any tough market or any recession. The ones that advertise through the recession, advertise through the tough times, tend to be the ones that people remember and know. And then during the good times they’re the ones that people go to.

Ash S.: And I think [00:13:00] that you’ve briefly mentioned on a really important point and that’s around demonstrating to the community, and to all stakeholders that we can actually deliver product. You know I think that getting … And that was when Fred and I originally started to talk about bringing ivyPay to life instead of waiting for the full-blown Ivy network with all of its bells and whistles. [00:13:30] We wanted to validate and say that we are one of the few companies that is actually building product. And here’s an early demonstration that we can build some product, and we can get it out to market.

We’re showing that we can use cryptocurrency. You can come with cryptocurrency, and you can use that to pay off your credit cards. You can use that to pay your bills, you can use that to off-ramp back into your bank account in Australia. And through the process, we are capturing some KYC, know your customer information [00:14:00] to the standard that is required by authorized deposit-taking institutions or banks in Australia.

It’s certainly not the full-blown Ivy network, but it’s certainly got a number of elements to give an early demonstration that we can deliver on technology.

So I think that, not only that some early validation, but also if you look at the tremendous reach that we got from the PR campaign around ivyPay, [00:14:30] it’s bringing in more awareness around what Ivy is doing in general. And what we’re trying to do is build a community so that as we continue to grow and evolve and build out the next version, the next version, the next version of Ivy. And I mean, if you look at what Ivy’s trying to do, we’re trying to make some serious global changes to payments. And that’s not gonna be happening in a few months time. I mean, we’re gonna be building out Ivy for [00:15:00] a number of years, version after version after version, to create … And that’s not an indication of how long it’s gonna take to deliver what we’ve described as the Ivy network.

But what I’m trying to say is to build some real dominance in the global payment system, it’s not like creating the next hot app, dating app of the next summer. So this was an early show that we know that we can build out some tech, get some more awareness and more eyeballs looking at what Ivy is planning to do [00:15:30] so that we can create more awareness.

One good example is that we’ve had, and Fred mentioned it, we’ve already had a number of people reaching out for the business opportunities that we hadn’t originally contemplated on the back of the PR push for ivyPay. We’ve had a bank reach out that we otherwise wouldn’t have know about that saw that what we’re doing with ivyPay that we get to now engage with.

I think that there’s a significantly more [00:16:00] intangible benefits that are coming out of ivyPay beyond straight … you know for instance the transaction that runs through ivyPay on a day-to-day basis. So I hope that that makes a little bit of sense.

James C.: No, I think you hit the nail on the head there Ash. And off the back of that PR campaign, which did do a great job, I think ivyPay services are halo for the broader Ivy message, as you said, and what we’re trying to do with the network and the project itself.

[00:16:30] And as Fred said, the market is really tough right now, which has people just scared and sitting on their crypto. But despite that I think we’ve done a very good job of cutting through the launch. And also I will give a quick shout out to Tristan because off the back of that we’ve had a very targeted surgical marketing campaign that’s been running. There’s been some questions around that and around transaction and the user base. And I think the best way to frame that up right now is we have a small but very quickly [00:17:00] growing user base. But I guess you could say-

James C.: Growing user base. I guess you could say the fish are there. The traffic we’ve seen on ivyPay since the launch alone it was up over 4000 percent. Our advertising campaigns across Crypto compare and coin market cap is seeing some really strong click through rates. The youtube ads I think we did a really nice job with the videos there for the ads. We’ve had 40,000 views across those just since the launch in the [00:17:30] last few days. But a interesting little fact there, for the nerds out there, is the video retention rate is up at about 92 percent. Which is pheromonal when you think some of these ads run for up to one minute and you can click though after the first five seconds.

The interest is there for the product. I think opportunity is the market starts to bounce back is for us to come in and really drive home the brand awareness and give people a [00:18:00] way to get their crypto, internet bank account or to pay those bills as well. So, I think we’re in a really good spot, in terms of ivyPay two weeks in now. We are really excited to see where it grows from here from the remainder of the year. Especially if, depending on who you talk to, we see the market bounce back as everyone keeps saying. I think.. Ash

Ash S.: Sorry James, just cutting in. I think there just a few things we want to do with [00:18:30] ivyPay in the sort of near to medium term. One is to continue to create awareness around it, which will get more customers coming in. Two, we want to continually build a more useful product, and I want to talk to, how we’re looking at what the future ivyPay looks like and how that relates to the future of the Ivy network looks like. What we also have seen, [00:19:00] from past market experience, is that during bull market runs you get new entrants coming into the market, new entrants who can create accounts for products just like this.

Important for me, I mean we are here for the long run so we want to have a good product, turn it into a great product and then as the market turns around we’re in the game. As people start to enter the market and build up their crypto portfolios and want to use it to do a whole range of things. And, today it’s [00:19:30] paying bills, paying off a credit card or off-ramping into your bank account. Then we are there and we’re a competitive product based on features and also on price. Which we’ve got the foundations for today. That’s generally what I’m seeing is the short medium and long term strategy at a very high level for ivyPay.

James C.: Absolutely. I think off the back of that, one of the questions we did get submitted from the community was, ‘There was talk of other countries, [00:20:00] where are you at with that?’ Look I think we are still exploring some of these countries, given where we are from the Ivy network stand point the one that makes the most sense is the US. Ash do you have anything you can add to that in terms of the US market and it’s opportunity?

Ash S.: Yeah. I mean, and what I might do is start to talk a little bit about the product roadmap as well. Because that really, it’s [00:20:30] all kind of part of the one package in my mind. The geography is of those elements.

So where would we like to see ivyPay going? It’s expanding out from beyond Australia. Australia is a fantastic sandbox, we are able to get up and running very quickly. Really we would like to see ourselves, particularly in the US followed by global. I mean the reason for that is simply size of market. In Australia there is, [00:21:00] last time I looked there was less than 200 authorized deposit taking institutions. It’s probably around that number. In the US, we’ve got 5500 FDRC insured banks and another 6000 odd credit unions. Just the size of the market is just so exponentially larger in the US. We really have build the core framework in Australia so we don’t have [00:21:30] to start from scratch to take it into the US. That is one of the elements of where we would like to see ivyPay going.

Also we want to get the token used more. We know that there’s pretty limited use of the token in this current version of ivyPay I think that certainly all of us involved with ivyPay were okay with it on the basis that this is been a quick get to market show that we can get product out there [00:22:00] and be useful but we want to get that token in more demand and more useful. The next versions of where we want to see our product is that the token is used more. Beyond just an optional fee payment. It is a good start. And certainly paying of fees is certainly a good thing to get rolling with in terms of using the tokens.

More usage of the token. Geographical expansion. [00:22:30] The third evolution we want to see is capturing more KYC — Know Your Customer, and KYT — Know Your Transaction data. At the moment we are capturing what we would consider a basic level. What we consider is basic is actually just the standard for Australian banking. The whole value proposition of Ivy is to capture significantly more data to help banks do their job better under existing regulation. So that they can reduce money laundering, they can reduce fraud and [00:23:00] be more effective in passing their bank audits. So we want to capture more KYC and KYT data in the next iteration.

We also want to crack paying other people. That’s, if you have read our white paper, that’s what we are all about. Is going from crypto to fiat, I have crypto, you want to receive fiat in a traditional financial institution and Ivy is that bridge. We provide that bridge by facilitating the conversion of the crypto currency to fiat and then delivering fait into the recipients [00:23:30] bank.

Those are all of the elements we would like to see in the product and when we, when you look at it like that and when you look at what we are looking at with the re-scoped version of the Ivy network, which I spoke about in the last AMA, and as a recap to why we are doing that re-scope is that early feedback from banks and financial institutions and the traction, or lack there of, of signing [00:24:00] banks up to the full blow Ivy network is we want to make it a much easier sell for banks to adopt Ivy.

Going to what we’ve experienced is that going into banks and saying ‘here’s a great system, it’s going to get you more deposits, it’s going to get you more transparency.’ But, because it requires an integration into the bank, we’re finding that it’s likely to need cease point or even potentially board approval to make it happen. There’s general [00:24:30] regulatory uncertainty with block trading crypto currency so there’s quite a number of barriers. So, the re-scoping exercise for Ivy that I mentioned in the last AMA is around how do we create a much, much lower to no, a lower to no integration model with banks as the next stepping stone. So that we can still provide banks with new deposits We can still go from crypto to fiat. We can still provide the banks with far more transparency of KYC and KYT [00:25:00] data. But make it a much easier decision for the banks to say yes.

That’s all our re-scope exercise. What we’re looking at, the product that I just described as to where we would like to see ivyPay go, it merges really nicely in with where we would like to see the re-scope of the Ivy network go. Where I suspect that we are going to be going is that we will continue [00:25:30] to make improvements around ivyPay as it is today, and what we’re going to find is that the next major step forward from ivyPay is going to be the re-scope version of the Ivy network. Which will have the ability to go from crypto to fait, into somebody else’s bank account and there is actually quite a number of challenges with doing that [00:26:00] as opposed to off-ramping into your own bank account.

So that’s one of the areas that we’re talking with a number of platform partners to see how we are going to solve for that case. We’re speaking with a number of platform partners as part of the re-scope to fill in gaps to make it an easier integration with banks. It will have the ability to, we still love the functionally that we’ve got with ivyPay in terms of being able to pay off your credit cards [00:26:30] and pay off your bills, we want to be in the US and we want to definitely capture more KYC KYT data and provide banks with access.

We’re not going to be in a rush to, and this was one of the questions from the community, are these going to be built out in parallel. We’re not going to be in a rush to start creating a new timeline roadmap for ivyPay and a new timeline roadmap for Ivy and the re-scope. What we’re going to do [00:27:00] is continue to show improvements on ivyPay as we see it today, but by the end of the year lay out the roadmap for the re-scoped Ivy network as the next material step forward.

James C.: I think just off the back of that, Ash. One of the questions I think came up was in relations to banking license requirements and similar. Is that where some of the partners filter in, [00:27:30] in the US?

Ash S.: Yeah. When ever you are moving money or assisting people to move money it gets really complex. One of the great value adds of the partnership, one of the many great value adds of the partnership with Hybex to bring ivyPay to life has been the work that Fred and his team have done with AUSTRAC in the regulatory environment in Australia.

[00:28:00] There’s a lot of time spent with legal payments experts. On some of these platform partners. We are trying to identify who are the people that have already done some of this work that we can leverage to get to market faster. If we need to re-invent all of the wheels ourselves it just takes longer, and already everybody wants to get the product out there as quickly as possible. That’s exactly what we want. [00:28:30] They are a big part of the discussions and a lot of the are around making sure we are in full compliance when we go forward.

James C.: Banks can definitely be tough work, but they can also be great partners, and just before you fell off before the start of the call, Ash, we were doing a pat on the back for all but especially for the president in terms of our announcement with Gold Fields. Do you want to maybe.. Oh sorry, Gold Fields Money. Would you, [00:29:00] maybe just, fill us in a little bit about how that came about, and some of the opportunities there.

Ash S.: Yeah, that was such a bummer, I was so excited to kick of and talk about Gold Fields and then I could here everybody’s voices on loop, and it wasn’t just voices in my head. It was actually something going on with the computer.

Yes, we announced yesterday that we signed a strategic alliance agreement with Gold Fields Money, and that’s a really major step for our company. [00:29:30] Gold Fields Money is an Australia digital bank. What, for those of you who are no aware of them, they have really positioned themselves in the market as a technology leader. They are really positioning themselves as that tech forward digital bank, want to be at the cutting edge of all technology. So, we were thrilled when we were able to [00:30:00] be one of their partners, and particularly their partner around blockchain and crypto currency. I’d encourage you all to read the release. It talks about the value that Ivy can bring in terms of bring the additional transparency around the KYC and KYT to their bank. What ultimately we’ll be exploring is how [00:30:30] can Gold Fields bring in additional revenue streams by participating in this blockchain and crypto currency market in a very complaint way, and using us as one of the leading partners to assist with that.

We’re going to be working with Gold Fields particularly around, I guess the core Ivy value, the core Ivy proposition of the Ivy network and [00:31:00] or the re-scoped Ivy network. We’re going to be working with Gold Fields on some very specific customized used cases that Gold Fields have. This is one of the things we’re really excited with. We spoke to them about what we’re doing is our core offering, and some potential other opportunities that they’re looking at in terms of the broader market and how we might fit into that. We’re talking about going to regulators together and engaging with them. [00:31:30] What it really does is it gives us that true partner that we can work with as we go out and build out the solution. It’s the standing board, it’s building the Ivy network in a way that we know this bank as a starting point would like the network to be built out. It’s a really positive step for us, and we also hope that, us, bring in these additional revenue streams for Gold Fields [00:32:00] Money.

James C.: I think you couldn’t have put it better, we’re really stoked about it. Fred you’ve had some experience with Gold Fields too, given ivyPay and Gold Fields and IvyN there’s obviously some synergies there. What are you thoughts, just given them your crypto bank angle.

Fred S.: I guess, I personally, and it’s public information made an investment into [00:32:30] Gold Fields Money. I guess that was one of the things I was keen to try and influence their board and how their view is to crypto currency. They’ve taken a number or really cool steps in..

I guess I was hoping to bring that to the partnership as well, I guess with Ivy as well. That’s been awesome. [00:33:00] We’ve been opening bank accounts for crypto currency, very very major crypto currency exchanges with Gold Fields in Australia. That’s been, again, incredible.

I think, they’re a smaller bank, but that’s why it’s good ’cause you can talk to them and you can be real. I think it’s well on its way to becoming [00:33:30] the crypto bank of Australia.

Ash S.: To give a bit more color as well, because one of the questions that we’ve been asked is what’s the sales cycle like with banks. I first started talking to Gold Fields Money about a year ago, about Ivy, and today, well yesterday, we’re first announcing a deal. If that’s any indication, which it is of the sales cycle for banks, banks take a lot of time to do their due diligence and [00:34:00] get comfortable with new partnerships. Which is …

Ash S.: … get comfortable with new partnerships, which is why, a, we need to be realistic around their sales stock, or but b, let’s make it an easier sell. Let’s make it kind of a no-brainer, and sign this form, and maybe a VP level of staff can sign off on the form, and it will provide great value to the banks, which I want to talk more about in the next AMA around the rescope.

Oh, and the other point I wanted to make [00:34:30] about Goldfields because we had the question around could we issue an already-paid debit card or bit of plastic, and I think that … and that’s come up a lot, and I think it’s such a good idea, and the answer to that question is that we’re crawling before we walk, and we want to get our core product up and running with a number of banks, and then beyond that, we would love to explore all [00:35:00] of those sort of opportunities. And when we’re partnering with banks like Goldfields Money, we can have the conversation. We haven’t had that conversation, but we can have the conversation, and the same with banks in the US that we partner with, and we have an ownership by, a part-ownership by … a [Change Financial? 00:35:20], who’s in that space, so it’s something we talk about, but not something that we’re actively implementing just because we’re too early in our journey.

James C.: [00:35:30] And it’s something, Fred, we see a lot of numbers of, which I think shows the opportunity, too, is crypto still hasn’t broken through into that mainstream. It has from a media standpoint, but in terms of the average Australian or American actually having crypto in their wallets or access to crypto, there’s still a huge opportunity there, and still a lot of growth still on the way, which I think still gives us a very good footing, [00:36:00] very early on in the pace for this mainstream adoption.

Fred S.: Yeah. I think the latest survey we did with Finder, I think there was … yeah, there was 5% of Americans, and I think it was about 3 or 4% of Australians have cryptocurrency. I think that’s got to change. You know, I think that today, like right now, [00:36:30] one of the things that I think cryptocurrency needs — and this is what a lot of businesses are working on, like Ivy and many others in the Blockchain space — is real new applications. You know, I think that early on, the kind of phases … we saw this phase of Bitcoin being I guess a way to make — how can I say — [00:37:00] discrete transactions, and then I think the big run-up we had just recently is that the access to buying Bitcoin was opened up, so the applications, like the exchanges and the wallets, and then you’ve got other apps like ivyPay, where you can pay your bills.

Like there’s actual applications now. It’s much easier. Before, you were going to pay with wallets, and it was very, very hard to do cryptocurrency before. To “do” cryptocurrency. I “do” crypto. But now, you know, I think [00:37:30] what we’re looking for is again another application. I think Ivy is a great example of that, right? It’s solving a major issue with the KYCKYT information, and obviously making things cheaper and better and faster is what makes innovation, and what makes … what this time is all about. These times are the booming times.

I remember when … I think there’s a website called BitCoin Obituaries, where they’ve got [00:38:00] like pages and pages of people calling Bitcoin dead, you know as if Bitcoin was dead at the dollar, Bitcoin was dead at $15, 100, you know, it’s whatever.

And I remember as well when people were calling Internet advertising was dead, and that was 2012. I remember it really clearly: banner ads were dead. You know, everything’s dead. It’s like the Internet advertising is dead. Everyone’s going to have to go and find new ways to do the Internet. And during that time [00:38:30] is when Google was buying ad words. And right now, that’s what’s happening right now. Ivy is building the technology. You know, it takes time to build great technology and great things, and that’s what’s happening.

And I mean, ivyPay is just a little sort of … you know, it’s sort of a showing of the teeth of Ivy of what the true monster is going to be. You know what I mean? And I think that’s the reality of most of these technologies is they’re all actually … it takes a long time to-

James C.: [00:39:00] Did we lose Fred there?

Ash S.: I think we might have.

Fred S.: I’m back.

James C.: No, he’s back. There he is.

Ash S.: Just following on from what Fred was saying. The way that I look at the overall market is that … I just see so many similarities to the dot-com booms. There was the first dot- [00:39:30] com boom where you put a dot-com in your name, and a company’s worth hundreds of millions or billions of dollars, and they hadn’t actually done anything. Then they went into a deep bear market, but what you did have was a whole lot of companies with a whole lot of money that were out there building stuff.

And that’s the phase that I believe that we’re in at the moment. You’ve got a whole lot of companies building real solutions that will fuel the next market run, which is based on people solving real problems. And then what we saw in the second dot-com boom is, well, today, that all [00:40:00] of the biggest companies in the world are these technology companies. You know, Fred mentioned Google, and you know, you’ve got Apple, and you’ve got Amazon, and all of these behemoths that came out of that next wave.

And so that’s where I believe that we’re in is we’re in the building phase, and I’m just really excited that we’re going to be one of those companies, that we’re in the game. We’re going to build a real solution, and markets will turn around, but [00:40:30] thankfully for us, we do have capital to build out our solution and get it to market, and hopefully there’s a whole lot of other people like us doing the same, which is going to be the impetus of generally turning the markets around.

James C.: Absolutely.

And Ash, tell me, I think the fact that having a bank like Goldfields Money joining us just sort of reinforces the drive behind what we’re trying to do. [00:41:00] How does that help frame up — and this is sort of tying in one of the questions from the community — how is that going to help frame up conversations with other banks and help them see the value of Ivy?

Ash S.: It’s very much going to help because what I’ve experienced, and it’s not just in the banking space, but if somebody else has acted first, it provides a validation point. So I suspect that the more banks that we partner [00:41:30] with, the more validation will lead to potentially an easier decision for future financial institutions that we work with.

James C.: Absolutely. Now, I’m cognizant of the time here, especially for you, Fred and Ash. I guess … is there any sort of final thoughts you’d like to leave us with?

Ash S.: There’s just a couple of questions I thought I could knock through that have come.

James C.: Oh, absolutely. Go [00:42:00] for it.

Ash S.: And I don’t know how hard your hard stop is, Fred, but if you need to bounce, bounce, but we’d love to have you stick around for as long as you can.

But one of the questions was around licenses for ivyPay to penetrate in the US, and would a banking license be required to penetrate? I’ll answer it by saying a banking license would be incredibly helpful to penetrate, but there’s a lot of different license. I mean, you’ve got many transmittal licenses in the US, [00:42:30] and it’s like it’s almost a pre-federation environment, where licenses are state-based, so you need to apply to each state to get a money transmittal license. I think you’ve got money … uh, MSB license. Money Service Business licenses. If I’ve got that wrong, forgive me, but the MSB licenses that a lot of banks have, which will also allow you to touch other people’s money and facilitate movement of money. You’ve got different licenses and regulation that govern exchanges.

So when you’re doing [00:43:00] the conversion point from cryptocurrency into Fiat, so it’s not just … I mean the blanket [inaudible 00:43:07] is that yeah, if you’re a bank, you could do this a lot easier, but when you’re not a bank, we need to work out who we can partner with so that we can facilitate and enter in transaction, potentially utilizing people who already have one or more of those licenses in place.

So you have different partners that might have already [00:43:30] gone through that process of getting the money transmittal licensing, or you partner with a bank to do a certain piece of the jigsaw puzzle, so that everything’s in full compliance.

What else was there?

And just to be really clear, because I don’t know if I was super clear on the road maps around Ivy and ivyPay, but the message today is that we’re not going to publish a ivyPay-specific future milestone road map. What [00:44:00] we’re going to do is look at what’s the next best thing to do to build out ivyPay, but what we will do, and we’ll keep the market informed, but what we will do is update our milestones and timeline around the rescope of the Ivy Network, and what I think that you’ll start to see is that from where … from what I described, where we’d like to see ivyPay going, it merges with what the rescope is.

So I think that when you heard, when I said where we’d like to [00:44:30] see ivyPay go, that’s a pretty good introduction to what you’re likely to hear at the end of next month around the rescope.

What else have we got?

Oh, and there’s also a question about the first bank that we signed an MOU with. That first bank said that they’re happy to announce [00:45:00] their partnership with us among the first half a dozen banks that we partner with, so I would view Goldfields as a far more in-the-trenches with us bank as we build out the Ivy Network, and as we build out custom solutions for Goldfields, and I’d view the first bank that we signed an MOU with as a bank that, once we have the minimum viable product of the technology ready, that we go back to them and say, “Alright. We’re ready to go to. Let’s do this,” [00:45:30] and then have them participate in our network.

Uh, James, you’re on mute. Your hand gestures are great, but I can’t hear you.

James C.: Can we hear me now? It’s just not my day. I’m not sure what’s going on today. Any last minute questions there from the community? I know you’ve [00:46:00] got to dash for the Daily Exchange, Fred, so if you need to peace out … would you like to leave us with anything, some final thoughts?

Fred S.: I don’t. I think we’re just getting our heads down and getting busy.

James C.: Ash, anything you’d like to add, or should we wrap everything up today? If there’s any follow-up questions, I’ll get on telegram [00:46:30] for a little while, and as per usual, we’ll put out the AMA in a couple hours as a story and follow up with any questions we didn’t get to as well.

Ash S.: Yeah. Nothing else from me. I think that we’ll go, we’ll do exactly what James said, plus we’ll go through the questions that we’ve just collated before this AMA and make sure that there was nothing material or questions that we skipped over accidentally that we would like to answer to make sure that they get addressed.

[00:47:00] And, no, but I think just the thing, and I know it has been touched on, but just to reinforce that there’s been some really interesting opportunities that have come forward since pushing out ivyPay, beyond just, “Hey, let’s sign up customers into the website and have customers use the product.” We’ve had some other businesses that have said, “Well, that’s interesting technology. Maybe that can help us in our business or in our application,” so just over the last couple of days, [00:47:30] Fred and I have been having some of those meetings, and it’s too premature to kind of call them out, but it is actually pretty exciting from an enterprise point of view, as well as the direct to consumer, so, yeah, so hopefully we can progress some of those deals forward.

We want to rescope, finish off the rescope. We made excellent progress. We’re just trying to fill in a couple of the last pieces of the jigsaw puzzle of the rescope of the Ivy Network and talk more about it by the end of the month, and just really looking forward to launching into 2019 [00:48:00] with a much more sellable product, a much better plan to go and sell that product to financial institutions and just to build out the technology, right? I mean at the end of the day, still, we’ve got to have that technology in order for banks to use.

So yeah, it’s going to be an exciting 2019.

James C.: Absolutely. Well, look, thank you very much to our community for your time today. Thank you very much, Ash. Thank you very much, Fred, [00:48:30] and we look forward to bringing you another AMA in the next month.

Ash S.: Thanks, everyone.

Fred S.: See you guys.

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