Livestream: IvyPay AMA with Ivy Team
(Updated with Transcript below)
IVY & IVYPAY AMA ON FACEBOOK LIVE
Date: July 26th, 2018
Attendees: Gary Fan (Ivy President), Fred Schebesta (Ivy Advisor & HivEx Founder), James Caskey (Marketing at Ivy), Harry Tucker (HiveEx Business Manager), Jack Zuvelek (Ivy Community Manager)
# # #
Gary Fan: Hello, everyone. Thank you so much for joining us today for our AMA. My name is Gary Fan, president of Ivy, and I’m going to introduce some of the other gentlemen on the screen right now.
To my right, this is James Caskey, head of marketing. We also have Jack Zuvelek, who is the community manager for Ivy. Then we have Fred Schebesta, who is the founder of HiveEx and is also an advisor to Ivy and also Harry Tucker, who is the business manager at HiveEx.
Harry Tucker: Hello.
Gary Fan: Great. Today we’re going to dive a little bit deeper into IvyPay, answering some of the questions we received through Telegram and, hopefully, some of the questions we’ll get through this particular channel. We know we have some questions about tech and partnerships, NCCA in particular. Some of those folks aren’t in the room today. We’ll be sort of skipping over some of those questions, however, we will address those concerns at a future AMA sometime later on that we’ll schedule.
With that being said, I want to introduce Fred Schebesta as Ivy’s advisor and founder of HiveEx. Fred, you can start off by telling everyone how you know about Ivy and how you got involved with the project.
Fred Schebesta: Thanks, Gary. Yeah. So, I met a real good guy in Singapore and he was telling me about this really cool project from a crew coming out of LA. Originally some of the guys were Australian, as well. I love Australian tech projects. I have a soft spot for them.
I thought maybe I would get to know them and understand what was going on. When I discovered what it was all about, I was part of another cryptocurrency group and, basically, I said, is anyone interested in this project? They said yeah, I’m interested in this project and people were like, cool, cool, cool and I was like maybe I can help and raise some money for IvyKoin. That’s what I did. I sort of helped to syndicate a group together and we all bought in at the original ten cents in the beginning. I’m one of the original investors [inaudible 00:02:28] and I really love what we’re trying to do with this.
That’s how I got involved and, as I was going along at HiveEx, we built this really cool project called HiveSpend, something which Harry actually led, as well. We’re going to talk a bit about that in a bit, but I was thinking about that and I also made an investment in a small bank in western Australia called Goldfields Money. Those three entities, I thought you’ve got IvyKoin, with all its folks from KYC [inaudible 00:03:15] really cool technology. Then I thought HiveSpend has got some good on-ramp/ off-ramp situation and then Goldfields Money was really trying to become a crypto bank to some extent. I thought maybe I could bring those pieces together.
I presented it to James and Gary in a consensus in New York and we were talking all about different things and different angles. We thought, in the high level, what could we do? While we’re building this bigger project and things like that, could we make also a smaller iteration of it and test it out with a small bank and incrementally start to grow it? I guess, in the high level, the vision we talked about and we all thought with IvyPay at the inception is, if you have one bank here and another bank here, what we’re doing with IvyPay, to start with, is we’re getting cryptocurrency and we’re moving money from hearsay into a bank account.
Then what we thought is we can reverse that and we could take money from this bank account and move it into cryptocurrency. That might be another iteration of IvyPay in the future. Now that we’ve got money coming out of one bank account and into another bank account, what we thought is, could we then have a similar discussion right here in these two little edges with these banks and say can we just use the Ivy Token to essentially just swap money. There’s obviously all the Ivy software and treasury and KYC information that needs to go with that. In the bigger sense, what we thought is could we incrementally try and takes some steps today and get the Ivy token being used.
The Ivy guys put a lot of support behind us. I really appreciate that. We’re trying to serve and be as best we possibly can to realize this. Really, what we’ve built and what we are building, and we’ll take you guys through some of the product in a bit, is this incredible off-ramp and an incremental step towards the bigger vision of what IvyKoin is trying to do.
This is just a real world example. We would appreciate, obviously, everyone’s support as we’re building this. It’s going to take time. We do need some help and feedback as we go along, which is really cool. Obviously, we need some help in spreading the word when we do go live, as well. If you guys can help share as we do go live with this product as a great way to off-ramp your cryptocurrency into a bank account.
I think what I wanted to also share is we’ve been introducing this new Tokenomics model. Gary, if you’re okay, I’ll talk a little about that.
Gary Fan: Absolutely. Go ahead.
Fred Schebesta: What we’re really trying to do is bringing this new model around when someone transacts with IvyPay. I just want to be open about this guys so you’ll understand where we’re going. There is a fee that gets charged with the cryptocurrency in the spread and we take part of that and we pay for the KYC AML component, we pay for transaction fees with cryptocurrency, several other fees that we need to pay, and then the rest is actually split fifty-fifty between HiveSpend and Ivy, so there is an increase of revenue coming there.
Part of that revenue we make, we’re going to actually burn five percent of that in Ivy Tokens. There’s obviously some different questions around how that works, but essentially, the tokens will be definitely a part of being part of this economy of these payments, which is really cool.
What we’ve done is we’ve modeled this out and, over time, as the transactions go up, it’ll potentially support removing some of the circulating supply, which could, maybe, sound financial advice, help appreciate the value of the IvyKoin. It specifically is getting [inaudible 00:07:51], right?
There are other iterations. We’re thinking with this token, so things like, potentially staking some tokens that could be used to reduce fees [inaudible 00:08:02], so, in other words, creating a bit of a sink, which is really cool, as well. So there’s lots of ideas that we’re thinking about with this.
We’ve also got some really new technology that we’re using. Harry can talk a little about that. We can’t reveal exactly what that technology is yet because we really want to give you guys a bit of a surprise, but it’s some really incredible stuff which probably will allow us to do some things which have never been done before. So, just keeping that reveal for you guys. Do stay tuned as we release the product, but I just thought maybe it could be a good idea to show a bit of this product to you guys. Yeah.
Harry, if you want to take us through a little bit about where we’re at and talk a bit about what we’re up to and what we’ve been working on.
Harry Tucker: Yeah, for sure. Jack, do you want to throw up the screen grabs?
I thought the best way, guys, to sort of show you what’s going on, is to sort of show you our first draft design that we’ve got going on the mobile side here of IvyPay. I can run you through, a bit, how the flow is going to work and give you a bit of background around that. We’ll just get those grabs to screen grab up there.
Jack: Yep.
Harry Tucker: Um…
Jack: [inaudible 00:09:19] Yeah, we’ll just get those up and get that. We did have a couple of, just before we jump into how it works, a couple of questions from the community just that we collected. Fred, maybe you want to answer this one. Would IvyPay, do you see it intended for deposits, payments under ten thousand? Is that something you had envisioned or where do you feel that’s going to go into the future?
Fred Schebesta: Yeah, so I’ve been thinking a bit about this. We were going to try and start with under a thousand dollars just to start with and, the reason for that is, basically, just to test the product and get it operational. We were thinking about people who have bought things or are paying invoices that are greater than that, you know over and above a thousand dollars, could be up to [inaudible 00:10:13] ten grand. It’s something you want to test because, imagine if you were buying a big flat screen TV or something like that or you wanted to pay an invoice overseas or something like that. It could be interesting. There’s a lot of use cases and a lot of different [inaudible 00:10:26], even like remittances potentially in the future.
Really excited about looking at different things like that and I think the window is open there, but my philosophy has always been and when I’ve always built businesses, is to start small and incrementally build on that and over time, we’ll continue to find new ways and new angles with it, but, for now, we’re hoping to keep it kind of small, if that’s cool.
Harry Tucker: The other thing that’s messed up, as well, is some, I guess, the regulation across different markets, particularly in Australia and the US. You have to have certain licenses to do over certain limits, which is definitely something that it would be great to get and when it does, that opens it up for so many more things, not just being about to do the basic functions of IvyPay passed a certain dollar amount. Yeah, just the possibilities once you get passed those regulations are pretty endless and massive, in terms of what you can do. That’s sort of in there, too.
James Caskey: Yeah, for sure. I think from the [inaudible 00:11:38] too, what’s really exciting is this is a real use case that we can use now. Here in the US, at least, the banks are on a very long flow cycle and one of the great things and why we’re stoked to be having this conversation around IvyPay today is the fact that we’re going to have something that will be real and working a lot quicker than the Ivy network and actually gives us the opportunity to take this tangible product to the bank and work with the regulators for them to see it in action, as well.
So, it looks like Jack has pulled up the screen. Fred do you want to dive a little bit into what the product is like?
Harry Tucker: Yeah, I can jump into that there. Actually, Israel just asked a really good question. I just wanted to comment about how mums and dads benefit from using IvyPay. It’s funny enough that it was asked because, just before we got on this call, as we were doing the pre-AMA briefing, one of the things we were talking about and how we’re designing IvyPay is that, currently, in the crypto space, one of the biggest reasons why people aren’t getting involved is because a lot of the interfaces and ways to use are confusing. They’re hard and it just doesn’t make sense. That’s definitely at the core of our design philosophy around IvyPay and how we’re designing around that.
Are we able to get that a bit bigger so I can run through it, Jack?
Jack: Yeah.
Harry Tucker: [inaudible 00:13:02] take over our faces.
Fred Schebesta: Take over my face. Do it. I don’t want it. Thanks so much, guys. [crosstalk 00:13:12] all like super keen, really keen, and I’d appreciate all your feedback on this, as well. We’re working really, really hard as a crew on this. And apologies if it’s not perfect. We’re doing our absolute best. We just want to help you guys understand where we’re at.
I was going to add a little bit there while we get that ready. I was just going to say, I think with the mums and dads stuff, I guess we’re moving that whole exchange thing and getting in there and [inaudible 00:13:50] and all those kinds of things, it’s pretty intense, and all the verification. This is a real simple way. It’s a couple of clicks to onboard and then using it is super, super simple. It’s almost like you’re using your internet banking, to some extent. I think that’s how simple it is. It’ll just help, I guess, mums and dads to get onboard with crypto a bit more.
I do think there are some really [inaudible 00:14:17] and things like that we can do off the bank of that and things like that, if you want to go and target that audience, which could be a longer term one. You can do gift cards, like Coin base had done recently to offer Ivy for Christmas. Maybe we could have a little Christmas Ivy special, but things like that and then you come on and use that to pay for something or buy something, so there’s definitely that next step. It’ll be simple enough to be able to go and use.
Harry Tucker: Yeah, so that’s probably the biggest we’re going to get up there, so I’ll do a simple run through of the flow of how we’re designing. Just sort of ignore the text a there. That’s kind of like a placeholder text that we’ve got there. A lot of the messaging will change a little bit. Basically, the idea is that you will come on to IvyPay and we want to really and it’s going to be available on desktop and mobile, you know, how people use their internet banking at the moment and things like that predominately are mobile, so that’s sort of the interface that we want to focus around.
Your first step once you get on is you simply select the cryptocurrency that you want to move to your account. It might be if it’s bitcoin or Ivy or whatever it is that we support at the time of launch. Then you put your amount that you hold in that cryptocurrency and it’ll simply bring up the conversion of what that will equal to and what you’ll receive in your bank account. That’ll show you your full figure, so you don’t have to go through and work out. It says here I’m going to get $2000, but then maybe it’s going to be minus X for fees. It’s just going to be everything is included in that price that you’re going to see there, so you don’t have to think about it.
Then we simply move on to the account that’s going to go in. Once you’ve submitted those details, we then move on to the KYC process. Basically, this is going to be an instant process. It’s going to be you put in the required details, which will be your name, your address, your passport number or driver’s license number, whichever ID document number, and then we’ll scan that with the databases to make sure it’s all legit in the background. Then, once you get the tick of approval, which for most people will be instantly, the KYC provider we are going to use here is something that HiveEx currently uses already in our products and I think we’ve found, I think it’s 91% of people pass instantly in the first go. So most people will be able to get going within minutes to continue their payment and not have to wait.
I know I hate it. My friend and I were actually talking about it yesterday how much of a pain it is having to do some of those processes where you take a picture with your passport and write down code words on a piece of paper and all that sort of stuff.
James Caskey: Do you [inaudible 00:17:11] to make sure that it’s real?
Harry Tucker: Yeah. Again, it comes back to what people used to do with banks. What people used to do at banks is sort of that easy and quick onboarding. People are trained to interact that way and that’s the way we want to get them used to. Again, going back to the mums and dads, make it easy for people to get on board.
Anyway, once you’ve finished your KYC process. We’ll show you the wallet address of ours, where you will send your crypto to and then we’re just then scanning the blockchain, scanning the blockchain until we get a confirmation in our wallet that it’s received. Once we’ve done that, we send the transaction and then you can follow the status of the transaction after that and then you will then be alerted once we’ve sent the funds.
We’ve got some pretty cool tech that we’re actually going to be using that, for most people’s account, it should mean that the funds will go into your account as soon as we send it. Don’t want to talk about it just yet until release [inaudible 00:18:13] secret sauce and this and the magic that makes it happen, but yeah, the idea is that it will be able to, as soon as we get your crypto, within minutes, you’ll have your funds in your account. We think that’s pretty cool and I don’t think there’s really any major players that I can think of, or any players right now that are really doing that and it’s going to be a massive selling point for IvyPay.
Yeah, that’s the basic flow there. We want to show you these early designs. These are literally the first draft, so we really wanted to keep you guys in the loop there with what’s going on.
Fred Schebesta: I was going to say, Harry, you’ve been focusing a lot on mobile first with this. Obviously it’s going to work on other platforms, as well. Do you want to talk a little bit about that?
Harry Tucker: Yeah, yeah. So, yeah, so mobile first is really important there and we want to, basically, focus this on people who want to do instant and quick payments into their accounts. That’s why we’ve gone there because you’re sort of using your phones and things there.
So I just saw a question that’s a good question from Greg asking how we’re going to hedge against crypto exchange rate fluctuations while you wait for confirmations of deposit into your account. Once you, you’ll see there when you’ve got your copy address, you thing there, there will be a timer, and we’ll give you, we haven’t got the exact time yet, maybe five minutes, maybe ten minutes, for it to receive into your account, into our wallet. Then if it’s not received in that time, then we’ll give you a new exchange rate.
Obviously the first question that comes to mind there is that bitcoin can take much longer. The wallet that we’re using with that is pretty popular technology that is used in different coin-swapping platforms. I think ShapeShift uses it. It’s called BitGo. They offer a service that allows, essentially, they, I guess you’d almost say it’s an insured transaction where after one confirmation, we take it into our account. As soon as we get that one confirmation, the transaction actually just hits the blockchain like that. We acknowledge that as received into our account and then from then on it’ll be fine. As long as you send it straight away, then you’ve got X amount of time that we’ll give you until we receive it.
Fred Schebesta: Yeah, I guess one other thing that we do there is obviously with the fee, we manage some of that spread, so sometimes we’ll get up, sometimes we’ll get down on that, but in the net sense we hope that’ll balance out. It has done that so far with most of the transactions that we’ve seen, which is kind of cool.
Harry Tucker: Greg back again with another good question around our KYC process. I don’t think he would Ivy actually is a competitor to greenID in this case. We’re very much complimentary in the sense that greenID provides us access to the government databases and things like that to verify the information and then Ivy is the storage and transfer of that information. That’s how you guys see it, as well? Gary? James? Got that, right?
Gary Fan: Absolutely.
Fred Schebesta: I think the other thing is, you know, with that, there is a lot of information extra inside that Ivy has around, obviously, working with the banks around this. Obviously, there is a different element, as I’ve said, with explanation before. The tour ends here when you’re going direct without anything in between. I think that’s eventually where IvyKoin, to some extent will be, you know it may make IvyPay more needed, or I guess potentially even HiveSpend in the future.
That’s cool. I’m open to that. IT doesn’t bother me at all because I actually want IvyKoin itself to succeed. You know, because if it’s going direct between the two banks, you don’t really need to go in and out of crypto, to some extent, like that, which is awesome. We obviously can continue the IvyPay service in the most basic sense, which is also, I guess, great service for everyone in the community. I think what’s really cool about that is that hopefully this will be the bridge that will get us to the end outcome of what IvyKoin is trying to do and what we’re trying to kind of do is transfer money around the world between banks as fast as possible and that’s cool. Hopefully, we can help and support that and share, bring that vision to life.
I was just going to ask because Trent Rooz came and had a chat to me last night. Trent, big shout out to you, man. If I can pick up on Trent’s question. Fred, will you be using finder.com.au to promote IvyPay?
We will write about this on Finder. We’ve written about, obviously, some of our services. How will that be written? We’ll just be upfront and say, look, we do have, you’ll see at the bottom here disclosures about us and our involvement with the project, as well, but I see that as being important news. If you follow me and read some of the articles I’ve been involved with recently, like on dynamic business, for example, my recent [inaudible 00:23:51] IvyPay mentioned there. I have been mentioning it a lot on a lot of the road shows I’m in. I’m a massive fan of what we’re doing here. There is a lot of media coming off the back, as we build this and release this. I guess it’s a bit of a road show situation.
Finder in Australia is, obviously, where we’re starting with IvyPay, but as we move that and expand that around the world, you have on finder.com, we hope that we can support that in other countries [inaudible 00:24:25] launch that in and release that, too. Could be really cool.
James Caskey: I think the exciting thing that we brought out there, too, Fred, is the fact that this is those first couple of steps as we continue on the Ivy side to build out the Ivy network and IvyPay is something that’s tangible and real and that the mom and dad investors can use. I think that’s really exciting for us as we continue to build out the network, the fact that we can actually bring something to market that helps deal with that problem, like you said, of moving money around the world in an easy fashion.
Harry Tucker: Yeah, so Benjamin’s questions is a good question, as well, so I’m just like going through questions that are [inaudible 00:25:07]. Basically, on our end, to work with us on the business side, it does, but for you as a customer, it will not require your bank’s cooperation. It doesn’t matter.
If the first iteration launch is in Australia, your bank doesn’t need to be crypto-friendly or anything like that. It’s on our side. We’ve got some bank partners. Fred mentioned Goldfield’s before. Those guys are helping us with the crypto-friendly side and they’re the bank involvement that we need, but on the consumer side, on your side, you don’t have to worry about it.
Fred Schebesta: Hello, Stephen. Stephen, we can hear you, man. Welcome. Welcome, to the Ivy community.
Greg has asked what attracted me to partner with Ivy. It seems HiveEx and HiveSpend are doing a great job and could’ve built a similar product for itself. Ivy hasn’t yet shown off any tech. What gave you confidence to partner with them?
You know, as I’ve said, I’m an investor and I’m just being up front and it’s public information, in HiveEx, in IvyKoin, and in Goldfields Money and I’m just being open that I want to see both those companies succeed and I want to grow both of their involvement with cryptocurrency, so I thought there was a great union there that everyone can work together and achieve what they’re trying to achieve.
Goldfields obviously potentially getting new customers, new banking customers and new cryptocurrency companies to join them. IvyKoin is working closer and closer to achieving their overall bigger vision, so we’re getting like incremental steps to where we’re going and HiveEx, I guess, we’re looking to show off out technology and show that can show off our technology, and show that we can change crypto-currency [inaudible 00:27:05] really well, and hopefully, you know, all of those — I guess just being open. I am invested in all of those things, so yeah, I guess we wanted to share and get everyone to win. I’m just being open but that’s why I got — I want everyone to win.
Jack: Yeah, I think with that, obviously what we’re trying to do at Ivy with bridging the gap it’s gonna take multiple institutions, multiple businesses and I think it’s not a zero-sum game where it only can be one. By, again, working together, we’re gonna achieve that mainstream adoption which is kind of the missing link right now. So, really good points on that.We’ve got a bunch of different —
James Caskey: — Just on the back of that Jack, too, the timing as well, and not to beat home on this, but banks move slow and Fred, I’m sure you can attest to that as well. What’s really great with this partnership is we’re really able to almost back-door in to some of these banks through some of the relationships, on Fred’s side. But also, for us bringing a tangible product to the banks over here. I think it’s a really exciting step forward for us. Obviously there’s still a lot to do, but Harry as you walk through, there’s a lot of great development happening there. Following this we’ll definitely have more to fill the community in with [inaudible 00:28:33] bear with is if we can’t answer all the questions today, or things change slightly, but we’re on a great path which I think’s really exciting.
Jack: I was just gonna ask a quick little machine-gun set of answers for a few questions. I know some guys have been waiting. Israel: So Ivy can be bought from IVY Pay? From fiat?
That is something we’re thinking about but right now, no, not in the first iteration. But yes, it is something we’re really, really keen to do. And that might work in with the new tokenomics around the sink, but stand-by for that. We’re working really hard right now on what we’re trying to deliver now, so, don’t wanna focus on that if that’s cool.
James Caskey: [inaudible 00:29:21]
Jack: Sorry?
James Caskey: Small steps.
Jack: Yeah, that’s what I’m all about. I started Finder in my kitchen. You know, small, simple, little $10, $20, $100. That’s how I can get out doing this stuff.
A question from Steve: Will you be looking at fiat to crypto as that would help regular people avoid exchanges?
Yes, Steve, that’s exactly the thinking that we’re trying to do. Awesome suggestion, man. We take IVY Pay and we flip it, and then you can get fiat into crypto and that’s exactly the kind of thinking we’re trying to — really appreciate your idea on that, and it’s part of the thinking we’re trying to think about in the future. So, awesome stuff.
Rob asked, maybe we can answer this, what coins will be supported, top 5, 10 and obviously including IVY?
Yes. We’re trying to — I think that we’ve got the top four? We’re just a little — sorry, not the top four, I think it’s three. We’ve got bitcoin —
Harry Tucker: Well its —
Jack: Sorry, you go on.
Harry Tucker: It’s all around liquidity. So, obviously, when you want to offer something like this and we wanna be able to lock in prices and be able to give that window of confirmation and price-locking. Yeah, to be honest, for us, we wanna have a fluctuation on our side so, obviously, bitcoin, Ethereum, the big dogs are gonna be on there. But then, if we get constant taps into liquidity in other coins so the prices aren’t as volatile then that’s something we’re certainly going to be looking into in the future.
Jack: Yes.
Rob asks: You mention a third part KYC company is the plan to use IVY KYC/KYT containers once the platform is up and running?
Yeah. So we are basically gonna take that and try and work that in with the smart contract to some extent. Or, potentially, we might not. We just haven’t really nailed that exact thing of how we’re gonna do that. The key right now, what you wanna focus on Rob, with this, is that once we get IVY Pay cranking, we’re gonna be [booting?] tokens with every transaction, and that’s really going to help circulate the supply. So, the exact details around the KYC/KYT we’re just really working on. It may be — it just needs to be nailed down. So, don’t have all the exact details on that. Unless, Harry, you wanted to say anything more to that?
Harry Tucker: Oh no, I think its — yeah, it’s pretty spot on, what you said. Like I said before, just in case anyone missed it, platforms like GreenID, that works with what we’re trying to do and what Ivy’s trying to do. It’s not something that replaces one or the other. You’re transmitting that information through Ivy and storing it with Ivy, but confirming KYC data through GreenID and those third party identity providers.
James Caskey: We don’t wanna give too much of the secret sauce away either, so, for fear of packing ourselves into a corner, I think we keep it pretty top line today so we can ensure we’re getting the right information out there too.
Fred Schebesta: Yeah, 100%. Hopefully no other — hopefully there aren’t — but Greg, similar to that as well —
Harry Tucker: We made [inaudible 00:32:42] in the reactions. What happened?
James Caskey: Sorry, we missed that last bit.
Harry Tucker: Oh I just note, Greg, in the reaction there, in the reactions Greg, we make Greg sad. I wanna know what we said.
Jack: (laughs)
James Caskey: We have a very voracious community out there, guys. They remember everything. I wanna make sure we’re telling them the right stuff, because we hear you telegra, you’re good at coming back, and calling us out on things that didn’t happen. So, at least give us a bit of runway here as we tell you all these exciting things today because there has to be a bit of wiggle-room for change and things do change. But it’s super exciting, and part of the game.
Jack: Yeah, straight up. We know trying to just deliver — we’re trying to just roll this product out and really get it cranking. The finer detail, it may change, guys. Like, with Finder I’ve built stuff and we’ve — we rebuilt mobile phone Finder three times. Had to pull the whole thing down. So apologies if we make a mistake but that’s technology and we move fast and we fix things, and we make ’em real quick. So, just so you know, yeah, just being straight up. We’re gonna deliver this product come hell or high water, let me assure you. If we make a little change, guys, just give us a bit of room, ’cause we’re working damn hard to make it real.
James Caskey: I think the important thing to remember for everyone, too, is at the end of the day you’ve got a major token-holder here helping us build a product. You’ve got a staff that’s all in escrow and really want to see this succeed. So, we’re really excited to see where this goes.
Fred Schebesta: Oh, and, should we go with Shane? While people use IVY Pay to pay for services, when they can pay in fiat?
Well, that’s true. We’re not going for the people who are trying to pay in fiat. We’re trying to go for people who are crypto-currency really favorable and they wanna use their crypto-currency to buy things. A lot of people have made money in crypto-currency so they kinda see it as, almost I guess free money. It’s not really free money but they just got in really early on bitcoins, they made a lot of money, and so they wanna pay with bitcoin, and they believe in it. So, there’s a lot of [inaudible 00:35:02] it’s the future of currency and I’m a massive, massive supported of crypto-currency in the block chain and where it’s going. Those people will slowly come as more and more of them realize that crypto-currency is the future.
James Caskey: And I think [inaudible 00:35:19] too, Fred — Yes, it’s a great way to convert crypto-currency to fiat but in that second iteration with the exchanges out of the way, it’s a great way for those mum and dads to get into crypto-currency as well. Specifically, Ivy, for us. (laughs)
Harry Tucker: I see we got Greg’s response on why we got the sad reaction. And so to answer you, what you said there Greg, is — What we’re talking about with Fred there in the KYC’s, and it goes back to what James was saying before, is that if we wanna get our per-use case now and technology that’s ready to go now. How we’re using the Ivy container [inaudible 00:36:07] is not gonna be how we’re gonna finalize using it. And once the — and I think James you can probably speak a bit more into this than I can, is once that side of it’s ready that’s something we’re gonna implement into IVY Pay and use it to that full potential and full technology potential which the Ivy team has always said they’re gonna do. Is that correct, James, is there anything more you want to add into that?
James Caskey: I think that yeah, that’s largely correct. I think what’s important to realize too is while this is a great consumer product what we’re building and what we’ve promised to build is much more a B2B focused product for larger scale transactions. That being said, block chain and crypto-currency and Gary can attest to this too, is that a pretty scary place for the banks and financial institutions out there. We’ve had the opportunity to go to a couple of US specific banking conferences right now, and they’re moving at a very slow pace. Especially here in the US where checks are still being written every day, people are still just getting their heads around Venmo and Quick Pay. What’s exciting is they’re only just now starting to talk about block chain and AI but they don’t really understand how they work and one of the beautiful things about this product, which will be already being utilized hopefully by the time we get into that next cycle of conferences and meetings next year at the banks, is we’ll actually have a tangible product that shows what the potential is and how it works, and selling that larger scale opportunity as well.
Fred Schebesta: I was just going to say, going back, if you always remember IVY Pay is a step-by-step incremental pace to eventually get to that place. And where the big containers are gonna be — really need to be used, is going to be between those end outcomes. So just always keep that in mind, guys, it’s a bigger few steps there Greg. Hope that makes sense for you Greg. Cool, thumbs up Greg, man. Appreciate your support — if you guys wanna talk through this stuff, really keen to get into it. But it is an incremental step-by-step journey.
Jack: We’ve got some questions now from just that Ivy community that we’ve got through our telegram. I think this one will probably be best for you Gary.
Branding for Ivy coin, can you please clarify? Ivy, IVY, Ivy Coin, Ivy Project, the Ivy Project, Ivy Platform, or something else?
Gary: Yeah, definitely. Happy to jump in and address that. I think at a high level capital I-V-Y is the name of the company and that’s how we identify ourselves. For a lot of our branding, for logos in particular we’re still using lowercase. We’re in the process of navigating a lot of these legacy naming conventions and part of that has to do with some of the changes we’ve had to make. I think our token obviously is IVY. Capital I, capital V, capital Y. And then, IVY network in particular is the long term technology that we’re building for the B2B $1000 transactions, plus. If I’ve missed anything else I think one of the things I wanna mention is just for future products like IVY Pay, you know IVY will just be in front of it as a naming convention which will show that it’s all under one family and under one organization. So, yeah, I know there’s been some confusion in the marketplace and I’m sure we’ll clean that up so that future naming will be consistent so everyone knows who they’re talking about.
James Caskey: I think, too, just off the back of that, from a sales standpoint, is as the market changed at the end of last year using the word coin and having more of a crypto-currency reference in the name was actually causing banks to not necessarily open the door for us. So, yeah, so IVY Coin is still a legacy name that we use however, especially talking to our business partners, a decision was made to all fall under the IVY banner and build out the products from there. So, that was part of the decision making process there too.
Jack: Awesome. Another one from the community. A kind of basic — we kind of started seguing into that, what has been the biggest challenge for the team so far?
Gary: Maybe I’ll jump in and take that first and then James you can add in your commentary. You know, I think one of the biggest things, one of the biggest challenges for us is really trying to navigate the crypto world versus the traditional financial services and bank world. You know, I think James and Fred and some of the guys talked about it earlier. These two industries move at a different pace, and some of the things that we’re trying to accomplish, obviously that’s sort of the end result for IVY, and that’s been part of the biggest challenge is convincing either side that we’re here to bridge that gap. And I think for banks in particular, part of it had to do with naming conventions, but the positive thing is when we get down to the actual conversations and we focus in on the type of technology we’re building and the real world problems we’re trying to solve, [inaudible 00:41:28] find the common language necessary to gain progress and traction on the projects. I know that’s something we’re actually really, really excited about internally. Ultimately, it is new space, trying to figure all of this out, and that’s been part of the challenge. But with big challenges, when we’re able to solve them it’s a big win for the team and it feels really positive that we’re gaining some significant traction with a lot of the banking partners that we’re speaking with.
James Caskey: Yeah, look, I think the best way I could explain it, at least for me personally, it’s almost been a very bi-polar way to tackle our marketing. I think the real world example from me would be attending several conferences both in terms of speaking and just hanging out and meeting people. On one side we have consensus where, like Fred said, where we met, and I think Fred was one of the more mainstream looking people there. And then on the other side, we went literally a week after to a digital banking conference where you had very conservative, older, CEOs, decision-type makers who still needed help turning their laptop on. So between the two crowds, we’ve got this very fast moving crypto-currency type audience who love the whole market, investing and they love where the technology’s going and diving deep into that vs. the old banking guy who can’t turn his computer on and is scared ’cause he’s been reading online that people are getting ripped off. There’s two very different stories that we’ve been trying to take to the market there, and it’s not a one-box solution there. I mean, Fred, I’d love to hear — ’cause you sort of have a foot in each camp every day, especially in Australia with the banking crowd, but then also this new upcoming crypto-currency seed. It’ll be interesting to hear your take on it as well.
Fred Schebesta: Yeah. You know, banks are big companies around the world. There are smaller banks as well, but it’s really hard to run a bank. It’s actually really hard. You’re holding people’s money and keeping it safe so that when you go to the bank you can get the money out. They deal with fraud, they deal with all sorts of unbelievable amounts of things that they’ve got on their radar. Then they’ve got this crypto-currency thing coming in and it’s pretty intense as well. I don’t think [inaudible 00:44:09] as much on their radar day-to-day. They know about it, to some extent, but it’s not like they’re going, “Ph my God, I’m threatened.” Because right now, today, realistically, the big majority of their customers, they’re just trying to manage that. They’re just trying to run their core business and their going concern.
What we’re dealing with and what we’re talking about today and what we’re really working on as a crew is the future of where banking goes. And so a lot of those conversations are — not today, it’s maybe 12 months, 24 months down the track and smart banks, the smaller ones, that’s why I try to bring both of them on, those guys can move a lot faster. But these big companies, they’ve got risk mandates, they’ve got government requirements that they can’t do stuff with, they’ve got all sorts of manner of shareholders and stuff and realistically there are ones that are gonna move a lot faster.
That’s, definitely. You look at banks like Signature Bank, Silvergate, Bank of Silicon Valley in the U.S. really pro-crypto companies that even I personally bank with, and so does Finder, and that’s because they move fast. I guess I just wanna be open with what I’ve seen. It took us 18 months to get a deal with Sydney Bank in Australia because it had to go all the way back up to New York. And I’ve been to Long Island office in New York, it just took a really long time. We work with all sorts of banks in our New York office as well, it just takes time. It just takes time with these guys, but they get there, and we are gonna get there. And if I can tie this in ever-so-slightly with the question, remember I think Greg T asked can HiveSpend, HiveEx and IVY pay coexist with their very similar objectives. Remember with IVY pay it is similar to HiveSpend initially, potentially, but it’s long term view is much bigger. It’s to solve this bigger problem of what we’re trying to do with IVY coin, IVY in it’s biggest sense, if you remember that.
Remember, we’re on a step-by-step journey guys, so if anyone asks you, you can share that in the telegram, share that in your groups, guys we’re taking steps. It’s a three step campaign. We’re gonna go off ramp, we’re gonna go on ramp, and then we’re gonna finish the end and we’re gonna be the first ones that do this all around the world. It’s just how it’s gonna be. It just takes time, guys, if you can just give us a bit of time. Finder took 10 years to build, and a lot of people think it’s an overnight success, but it’s not. And that’s what we’re doing with IVY, and let me assure you, I’ve never seen a crew work harder. That’s why I love these guys and that’s why I’m putting my support behind them as well. So, I hope that helps.
James Caskey: [crosstalk 00:46:48] bringing all that extra energy that we need when we’re getting beaten down day-to-day. Between Australia and U.S. wake up in the morning, we can see Fred and get excited about what we’re doing. (laughs)
Fred Schebesta: I was gonna say, if I can just bang out a few quick answers.
How is IVY pay going to be promoted and marketed to reach retail customers as well as FI’s, financial institutions and banks?
We’re working on the marketing and promotion as we speak, as well. So, do stand by. But it is coming and that’s why we’re here today ’cause we’re talking about — we’re trying to give you guys a preview of what we’re working on and we will give you guys, obviously, some testing places, potentially, where you can have a little tinker around with what we’re trying to do. And obviously, from our community, from where we’re building we’re gonna obviously trying to work towards that. We do have some other plans and other marketing, we’re still working on that, guys. [inaudible 00:47:47] company works at a 1, internet companies work at a 5, and crypto-currency companies work at a 10. So just to give you guys an idea, we’re working real, real hard on all these kind of things, and I promise you we’re gonna give you guys some better information on that. I hope that, Marcus, helps answers your question.
Drew says, Although IVY pay is intended to enable users freedom from exchanges is IVY pay envisioning having IVY pay as a withdrawal service for exchanges?
Not right now. We didn’t intend that. It could be maybe a [use-case?] down the track. Awesome suggestion, thanks Drew. We’ll have a think about that. It being an off-ramp exchange. Not sure. Might eat into their business, to some extent, potentially. But, we’ll keep that as an idea to maybe target exchanges down the track. Haven’t really thought about that. Cool thought.
Do you think banks will want remote IVY pay as it will help to return deposits to them?
You know, I’m hopeful in the future, yes. And that’s why I’ve tried to bring Goldfields Money along with this. And hopefully they can be seen as doing a joint release down the track. That’s not [inaudible 00:49:15]locked in. But yes, I would be keen to see that and I wanna see Goldfields really become the crypto-bank of Australia, like Signature, Silvergate, and Bank of Silicon Valley.
James Caskey: Sorry, I think we have here some questions coming through from people that joined us late just in regards to CCA and some of the partnership stuff. We aren’t addressing those today, we’re much more focused on IVY pay and some of the broader IVY things. But as Gary brought up at the start, we will absolutely be doing future AMAs addressing those when the team’s fully available to discuss as well. But yeah, keep the questions coming if you’re talking about anything IVY pay. I think Jack, you have a few more questions that came through —
Jack: There’s one I think probably closer to Gary. Does IVY have a legal department?
Gary: IVY doesn’t have a in-house legal department. We’ve been actually using some of the best and biggest law firms outside of us to help with our legal issues. They have specializations in different sectors like compliance, finance institutions, security focus, and then they’re also regional all around the world. So we have some partners, legal firms, in North America and other markets where we’re doing some business development. The firms that we use are actually all over the world, and we have specific firms that deal with specific issues we’re looking to address.
Jack: Another one, yeah, so, coming through, I’ve just gone through James [crosstalk 00:51:02] a bunch of questions for him.
So, yeah, maybe, you’ve been at IVY for some time, what brought you to IVY, what are your plans for IVY, what do you see in terms of the marketing mix to get IVY mainstream?
James Caskey: Yeah, well, firstly, hi everyone. The reason I say that, having come from a large organization that does run like it does, I’ve definitely in the past had a role that’s much more behind-the-scenes. There’s something that I’ve learnt very quickly here and again, I think it’s something that Fred has done very well, is a lot of crypto-currency companies — there’s a lot of faces and there’s a lot of loud people which is fantastic. So, I’m definitely going to do my best having come from a behind-the-scenes role to get a little louder and really get in the trenches, so to speak, with the telegram crowd and some of our social crew.
I think you asked why I joined IVY. I think, as everyone’s been saying for the whole block-chain/crypto-currency space is just — it’s a really exciting space that I’ve been loving getting my teeth into. I have been investing in a whole heap of different tokens and projects for the last two to three years, and when the opportunity came up to join a team like IVY and come to the table and help with our marketing and communication efforts it’s why I’m here and it’s been a very exciting, interesting journey we’ve all been on. I think especially in the last couple of months as we’ve gone through token generation event, we’ve had a couple of listings, and now we’re starting to really see some traction with products like IVY pay in the works as well as the network coming along. The key is here now, for me, to make sure we’re getting loud and proud with the product as well as what we’re doing. So, sorry I missed the last bit of the question?
Jack: It was just, basically, kind of explain all the different mediums and methods you’re doing for IVY, what are your plans?
James Caskey: Sure, sure. I think we have to look at it from two key different markets and audiences as I discussed earlier. On one hand we’ve got this very conservative B2B audience, who we’ve actually been getting very loud with because as we continue building out the product, one of the most important things is As we continue building out the product, one of the most important things is insuring we have great partners on board to work with us on the product. As I said, the banks are moving very slowly, so a lot of the tactics we’ve been doing there is very hands on in terms of knocking on doors, conferences, webinars. A lot of behind the scenes stuff that I think sometimes the community doesn’t hear about. I can assure you that Gary, we’ve barely seen him in the office. We’ve all been out and about. I think it’s important, and its on us and we’re hoping to do a better job at communicating with you guys. Look, we’re a small team right now, and it’s all hands on deck to get things happening. Unfortunately, as a result of that, we haven’t had the opportunity to communicate to you guys as much as we’d like. We know. We’re sorry. We’re going to really work to do a better job. In terms of the other side which is the token holders, you guys, the community, and the people that are interested in the project, we’ve undertaken a few more short term marketing initiatives which helped us to get to the steps where we are today. Then, we also have some larger initiatives running which I can dive into top of line.
We’ve had to go through these steps up to the token generation event which literally happened day one for me coming into the office about three or four months ago now. That next pivotal moment for us was getting listed on exchanges, making sure we all were on CoinMarketCap. It was really interesting to be in the trenches with everyone as a community too really getting behind pushing all the buttons to ensure that we hit these goals. The crypto space works in a really interesting way in the sense that there’s a lot of goals that need to be hit without there being necessarily a lot of thought behind them. One of those, which I saw someone bring out with some questions, was around some tactics that saw us go up to fifty thousand followers in Telegram.
Look, that was a big push for us and that was a very pivotal in us getting listed on both CoinMarketCap an also on the exchanges as well because it’s this perceived community. That’s definitely been a point of frustration for me because if you dive into a more qualitative approach, and the actual community that’s really in the project, some of that was getting drowned out. I think it’s been a real mix of tactics between having to hit some of these goals like exchanges and some of the crypto space as well as doing stuff to get new token holders out there. So, super top line. We’ve sort of been taking this peso approach which is a mix of paid, earned, shared, and learned. We do have some paid display campaigns running. Predominately focused on the US and now Asian markets. So perhaps I know that’s why there is a lot of Australians in the room and in our community who are asking why they haven’t been seeing things. Look, I’m hoping you’re not seeing things from a paid perspective because a lot of that is us really focusing our dollars on driving into new markets and getting new token holders and interests in awareness in the project out there.
From an earned perspective, we’ve been a little quiet as of late, we’ve had some great pieces. I can’t stress enough how good it was getting a Wall Street Journal article in print. That’s kind of the Holy Grail from a PR perspective, which we were really stoked about. I think now we are just a little quiet while we wait to hit our next really big milestones. Between the team we have here and the agencies we are working with, as well as Michelle from the finder team, who’s there, ready in the wings, ready to press some buttons once we get loud with IvyPay.
Harry Tucker: It started a month. Her face sort of came on to have a look.
James Caskey: Hi Michelle, if you’re out there. She doesn’t want to put her face on the camera. [inaudible 00:58:52]
Harry Tucker: Turn your camera bit. You can show the guys where you are.
Fred Schebesta: Michelle’s over there.
Harry Tucker: Give us a wave Michelle.
James Caskey: There she is back there. Hi Michelle. So yeah, we really like you to have Michelle from the Australian perspective to help there. We have a new PR agency coming in next week who specialize in B2B marketing, the focus on banks in the US. They’ll definitely be some exciting news come there from that. Other than that, we’re making sure, to go back to what I was saying. We’ve got a lot of things happening, and I don’t think everyone knows about them. I am aware of this and it’s on me and the team to make sure we are better communicating to you guys because there are a lot of really exciting things happening. A lot more still to come. I think as we hire more people and get more bandwidth, all you’re going to see is more information and more exciting things. I’ll shut up now. Sorry, I’ve been talking too long.
Jack: That’s all good. We’ve got to somehow go to the questions. We’ve got … Gary, this one could be for you. Do you have any thoughts on all the work R3 is already doing? It seems that’s our huge competitor with Ivy with far more backing. They’re much further along in their product development partnerships in testing. Have you got anything on that?
Gary: Yeah, so in general, my understanding of R3 is that they’re actually a bunch of ecosystems. They partner with a lot of fintech companies similar to what Ivy is doing to build on their blockchain core product. They do have a lot of partnerships from a marketing perspective. They do have a lot of big banks and large financial institutions already signed up. I don’t see them actually as a competitor. I do think sometime in the future there may be an opportunity to work with them in some capacity. Again, I think, particular to what they’re looking to do is actually different to what we’re looking to achieve. I really don’t see them as our competitor. Maybe someone we want to partner up with at some point in some capacity.
Jack: Great, great, Another one probably for you Gary. You’re [inaudible 01:01:21] a huge banking market, but there’s been almost no mention of your Ivy. What is Ivy doing to find partners in that market?
Gary: Yeah, so we’re really trying to leverage our existing relationships and our existing networks so that means a focus particularly in North America, specifically in the US. Then, also in Asia PAC. That’s mainly where our focus has been. There’re thousands of banks all over the world we haven’t even touched all of them yet so our focus is really getting into the places where we have internal connections, and we actually have an ability to get to the decision maker quickly. In Europe, obviously a great big market as well. We will be getting to that, its just not on the immediate priority list for us as it relates to banking relationships.
Jack: For sure. Sure. Going through another one that was kind of round about in a general way. Who are Aaron Kidd, Dominic Union and Chris Conway and how are they related to Ivy? They’re admins in Telegram but I’ve never seen them comment or be introduced?
Gary: Those gentlemen are part of discovery. Discovery is an advisory firm that we’ve engaged. They’ve actually been with us actually from the beginning. Those guys have been a very valuable resource both from some business initiatives we’ve been driving and participating in the community specifically in Telegrams so for those of you who didn’t know historically, those guys are a part of an organization that we engage with, and we consider them part of the team as we’ve built out the company thus far.
Jack: Sure. For sure. Just going through some questions on the … what else have we got? We’re coming through in marketing. Yeah, okay, so James this might be one for you. With marketing, who are you going to target? Thanks! Other financial institutions, general population to use Ivy. Gen Pop to purchase the token? What’s the plan for the marketing target?
James Caskey: So as of right now it’s a mix of I think the most important one for us is the beta base stock. We’re working with Gary and getting him in front of banks. A really important thing for us is making sure beyond the banks learning about what Ivy is and then what some of the projects are that we are doing, is helping to establish Gary as a thought leader in the space in relation to block chain and cryptocurrency itself.
Outside of a handful of the large banks, there’s not many people that are actually knowledgeable in this space or thought leaders in this space. I think there’s about six thousand banks in the US, sort of smaller banks Gary?
Gary: That’s right, yeah.
James Caskey: About six thousand banks so that’s a huge, huge potential market for us so we’re really focusing on knocking on doors there and just starting with some awareness of what Ivy is as we build out IvyPay. This will be our opportunity to bring something tangible to them along with some of the test network stuff that we’re working on for the larger Ivy product.
Separate to that, from a token holder consumer side, it’s been a really interesting journey. The way with us doing a private sale, vs an ICO, it’s really interesting in the sense that there’s not many other, at least I can find, companies and cryptocurrency start ups that have done that. As a result, there’s a very formulate template that all the companies are taking. When we had conversations with some of the so called cryptocurrency marketing specialists, as soon as we say that we’re actually post ICO, they get very quiet because people don’t know … there’s no formula like silver bullet for marketing there.
Look, we’re testing things and we’re trying things. Somethings have worked and done really well. Others you could question. I think there was definitely some strong learnings from some of the air drops that we did and bounty campaigns as to how helpful they are with things. I think one of the challenges for me, coming from Red Bull, has been really interesting to read some of the comments. It’s like, “Why haven’t we thrown someone from space yet? Why haven’t we wrapped a NASCAR? Why haven’t we done this or that?” I think the best way to give you an example there to borrow from Red Bull land was as much as I liked spending money to do some sort of crazy, out there video that people would talk about, that wasn’t what was getting Red Bull cans sold. It was the cartoons. It was very low key stuff that didn’t have skateboarding kids buying Red Bull. It had the truck drivers and the mum and pops and people in the moment of need to drink Red Bull. I guess where I’m going with that analogy is while it’s great to do a big flash in the pan, we are really committed to building a cool product and changing the way business is done utilizing block chain.
Like Fred said before, we’re building this RAV thing. We want to make sure we do it right because that’s what is really going to show long term value. Yes, there’s definitely going to be some marketing tactics and angles we take to get loud, do something cool and different, make noise in the cryptocurrency space. At the end of the day, we want to make sure that banks and consumers realize that we’re building an amazing product and it’s here for the long haul and that they should be stoked.
Gary: Yeah, I think that’s a great segway to one of the questions that I think came on from the live comments from [inaudible 01:07:33] that have to do with the Ivy price. From where we started and to where it’s at today. I think one of the important to address there is historically Ivy hasn’t been focused on particular initiatives to make short term decisions to help prop up price. I think ultimately what we’re looking to do is to build a longer term business that actually generates [inaudible 01:07:59] and revenue and has a life of its own.
To be honest, I think a lot of us were disappointed in how the trajectory has gone. I think moving forward, there are some things that we’re doing to help bring awareness. I think bringing more eyeballs to the project is important. I think my recent trip to Asia and sort of future marketing initiatives that we have, part of the issue that we believe is an activist is that the overall worldwide consumer base, or potential token buyers, there’s a better way or a better way we could target and get exposure to those folks. That’s some things that we’re doing that you guys will be able to see in the next couple of weeks and couple months. Will be targeted towards in that vein and that focus.
Prior to this, we really weren’t focused on pricing. We were more focused on trying to build the technology, getting the partnerships. It’s more of a long term play as far as creating valuation. Obviously the token price today, all of us are incentivized by where that’s at. Definitely know that everyone is aware of it and also looking to do things the right way to help support that in the future.
Without giving away, ultimately we want to try to be more communicative like James was saying. There are some initiatives going on in the background that when they are released, you’ll see that the company is focused on trying to support initiatives and execute decisions that could help bring and create value for existing token holders. That’s something that we’ll be doing.
James Caskey: I think off the back of that, the communication part, and to Greg about more updates. Like we said, we’re very aware. The technical part very important for that. We can’t dive too deep into it not because we don’t want to tell you, just because there’s a lot of things there that is a secret source for what we’re building. That being said, there’s definitely news coming on that. Throw on top that the wonderful kick starting development we’ve had with IvyPay and screen grabs that you saw today.
If you missed those screen grabs, almost any part of this live webcast today, we’ll be putting up a whole webcast after on Facebook and on YouTube. We’ll be transcribing and translating them as well. There’s definitely a lot of information here on that.
Like we said, it is our goal to make sure we keep everyone informed. We’ve got Fred on the ground in Australia with his amazing team that sees IvyPay as a fantastic product tool so it’d be making sure we’re keeping everyone in the loop as well.
Jack: Absolutely, absolutely. Yes, couple more back again. More questions on the SEO staff and different things that I don’t really want to go into. Again not at the right time and yeah, the questions are starting to wrapping up. I guess we’ll take it back onto the floor. Any final thought from Fred and Harry and Gary and James? Then we can wrap it up for the day.
Fred Schebesta: Yeah, I think what’s really important guys if we can share out to the community that it’s a step by step campaign. LinkedIn and Amazon took fifteen, twenty years to build. Unfortunately, unlike cryptocurrency which moves twenty-four hours a day, seven days a week, we can’t build that fast. I would love to be able to do that. I’m really trying [inaudible 01:11:53]. It’s not a reality.
Just straight chat, guys, prices are going to move and as Buffett always said, “Day to day, the market is really about speculation but underlying value is really where you’re going to want to look at.” For us, we’re building real stuff. You can come and chat to me where I’m at all the different events and things like that. I’m happy to see you. You can come as we move along with building out the actual technology. We’re here doing that, and that just takes time. That’s always going to happen. That’s how the market moves. Not necessarily a direct connect to what we do, the value of providing, which is going to be awesome and I’m really excited about it. As I said, the reason why I really like this Ivy crew is because they’re working really, really, really hard.
Just to give you an idea, I’ve worked with a lot of different companies over my fifteen years of being and entrepreneur. Let me assure you now, I can tell the difference between certain teams by the speed in which they reply. Ivy guys, we’re [inaudible 01:13:07] that we talk with those guys and they are laser fast. This is what they’re working on twenty-four hours a day, seven days a week. If you compare that to other teams on the projects out there, I’m not sure you’re going to get that kind of response. I don’t know if you get any response.
I just shared this out there. It takes time. Be patient, guys. That’s really hard. Your long term investors, I think, this is my financial advice, you’ll see that alignment of longer term projects, that’s where they come in. They take time. Hope that [inaudible 01:13:42] that.
Jack: Harry, in terms of the build of IvyPay and what your role is, is that what you’re looking forward to the most?
Harry Tucker: Yeah, so leading the development project there and there’s a lot happening with that. We are a really good bunch of guys. I know everyone says this, but I feel like we’ve managed to pluck some of best bunch of designers and engineers in the Australian scene. It’s a credit to the Ivy project and what’s happened here because they’ve come from good companies. They want to work on this and the potential with that. It’s a credit to what the company is doing. It’s a credit those guys and we’re doing a lot there.
I saw some other questions as well just around international roll out, and what we want to do there. That’s around regulation and money transmitter license things in the US. Obviously the objective is get it to as many places as possible. We’ve been working very hard to get there. Everything comes back to what we were saying before as well where it’s one step at a time. We can get it going in Australia and then hopefully in the US very soon after and we’ll go from there.
I’m sorry but someone has just printed something. The printer is next to me so apologies if you can hear the printer going up there.
We got some really cool stuff happening. We really want to be very transparent with the build on this. It comes back again, and I think Greg asked it before, technical stuff and I think one of the stuff myself and guys I talk about is we really want to give you regular updates on where we are at with IvyPay and if we’re missing targets I want you to call us and make it hard on us and put the pressure on us to get tit out there.
With your support and getting it out there at the right timeframes, I think it can be something really messy. [inaudible 01:15:40] monitor a little more if you have any questions regarding IvyPay, hit me up on that as well. Great to be on today and chat with you guys. I’ll be on the telegram if you want to ask me any more, I’ll write back.
Jack: Right, thanks for that Harry. Yeah, Gary and James, what are you guys most excited for moving forward with the Ivy project and IvyPay as a whole?
James Caskey: Look, I think Fred hit the nail on the head. There’s a lot of exciting, passionate people. All really committed to seeing this happen both in the short term and the long term. We definitely are pulling the strings behind the scene that we hope will show value to everyone in the short term and the long term. We’re here for the long haul. We were going to get loud and really start making sure the community feels like they’re sitting next to us every day. I think someone made the comment about limitless and whether we’ve seen that movie. It’s very much like that where we’re working on Australian and US zones here. Crypto doesn’t sleep but as a result, I think we’re going to see some really amazing stuff with a really amazing team. I’m really stoked to be a part of it so yeah, Gary?
Gary: Yeah, I would agree with that. To the team, I think one of the things that’s not as visible to telegram and some of our other supporters, we are actually extending and building out the team here in Los Angeles. We have a few offers out. We have a few people who are coming on board. We are building out the core team. Some of our capabilities, especially as it relates to communications with the market, communications to the community, and also communications to the bank themselves will improve and get better in the short term. I think that’s one thing. I think the other thing is we actually do have some good traction with some bank partners we’ve been speaking about. I think timing is always a bit slower than we like. Some of that has to do with MBA’s, some of that has to do with some of the preliminary work we are doing to build out demos and other specific customization options for those entities. The work is being done, rest assured. Every opportunity I have, I’m out there talking to a bank. I have to hop off this call to hop on another call with another bank in ten minutes. We are working our best to execute on what we committed to.
I feel really good about the progress we’re making. With that said, I want to thank everyone for coming to the AMA. I really appreciate all the comments. We obviously couldn’t get to everything but we do want to have these types of channels where we can communicate a little more frequently with the community. Again, everything will be held so we can re release this on Facebook and also on YouTube so if you could go check it out for those didn’t make it. For any other outstanding questions we weren’t able to get to, we’ll try our best to collect those and answer them in some channel. Whether that’s in writing or some other way. We definitely appreciate all the feedback. We definitely want to continue engaging with the community. Thanks again everyone for coming. I really appreciate it and we’ll see you the next time do one of these. Again, thanks for Harry and Fred for coming aboard. Thanks Jack for helping to monitor and manage the thing. Thanks for James for showing up and representing the company.
James Caskey: And we’ll stick around for a little while to see if we can answer a few questions online and social and if not, there’s definitely going to be this live as well as a transcript and some other questions that we couldn’t get to. We’ll try to answer those and be on the look out for more AMAs from us in the future.
Gary: Thanks everyone.
James Caskey: Thank you very much!
Harry Tucker: See yeah.
-ENDS-
