Recap of Live AMA with CryptoNationIN Team
Here’s a little recap of the Live AMA with the CryptoNationIN team on December 7, 2020. The session was hosted by the CryptoNationIN team with Nitin Agarwal, Founder of B21 Invest as the Guest.
Introduction
Mayank— Hello Nitin welcome again to CryptoNationIN.
Nitin Agarwal — Hi Mayank! Good to be here again.
Mayank — Could you please tell the community about yourself and about B21.
Nitin — Let me start by talking about myself. I am Nitin Agarwal, Cofounder of B21. I have been in the crypto space for the last 7 years. I am one of the inventors of the crypto linked debit cards. We launched that along with Xapo in 2014 and grew it to 1Mn cards and 2Bn USD in transaction volume per year.
With B21 we are bringing investing in crypto to everyone. It is still very complicated for a non-techie to invest in crypto. B21 enables anyone to create a portfolio of coins and invest in them with as little as $25. Behind the scene, we have a heavy technology at play which enables buying of crypto to the cents. The multi-coin, multi-exchange trade engine connects to multiple exchanges and finds the best price to execute the trade. We also bring staking of the full portfolio to earn rewards / passive income. We connect to multiple DeFi exchanges. Users can easily sell their portfolio in a single click and withdraw funds to their bank or account or spend it using crypto linked Visa cards. So we offer Investing, staking ( earning passive income), and spending crypto. The product is live for 66 countries including the US. All customers’ assets are kept in regulated and insured custodial in the US.
Mayank — Amazing!!
Twitter Questions
Q — Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like B21?
Nitin — Yeah true. Being in I used to talk about it to many of my friends about crypto. And they all wanted to invest and I was not able to answer their questions about how to invest in crypto. Some of my friends started asking me to invest on their behalf, and then I realized we need a simple product to enable everyone to invest in crypto, and hence b21 was born. In order to make it very simple so that even my mom can invest, we had to build a lot of technology. Today we are proud to say that B21 is the easiest way to invest in crypto. One can invest with just 2 clicks in a variety of crypto assets. Now I myself and many of my friends and family members also use B21 to invest in crypto.
Q — How tech-savvy one should be to invest using the B21 Invest? Do we need to know the terms such as wallet keys, gas fee?
Nitin — Not at all! We started B21 with the idea of presenting it to an everyday investor. We realized that it is complicated to explain a wallet, key, seeds to people like our parents. So we made B21, where anyone can invest. We have taken great pains to avoid any kind of crypto language even. It has to be a very simple experience. And that's what we keep striving towards.
Q — What can B21 offer to those new investors in the world of cryptocurrencies? Can you say that this would be the perfect platform for amateur investors?
Nitin — As I mentioned above, this is the easiest way to invest in crypto — it is built ONLY for amateur investors. Even my mom can invest in crypto using B21. Isn’t that the way to judge if it is the perfect platform
Q — Can you give everyone 3 reasons to join B21 immediately? What is the reason why you are confident that B21 will be successful?
Nitin — Well I can give many — but if I had to choose 3 reasons I will say the below :
- Friendly to non-traders, portfolio management,
- Easy fiat on-ramp and offramp
- Regulated and insured
Q — Partnership is always an important factor for every project. So who is B21’s partner? What are the benefits you get from those relationships?
Nitin — Thanks again for a great question. Let me find a diagram which shows our partners
Q — How do you plan to spread awareness about your project in different countries/regions where English is not spoken well? Do you have local communities for them to let them better understand your project?
Nitin — That's a million-dollar question !!! We have an omnichannel plan. And we are for the non-investors — people who have not invested yet. So we have developed something very interesting.
We have local communities and are developing our Bishops program — Do check it out and join us https://medium.com/b21official/announcing-b21-bishops-program-fa13f50b8627.
Yes. We are a fintech or also called a wealth tech company. So we are using all means to provide awareness/training/education and more.
Q — As a community-driven project, how can I contribute my quota to your success? Do you have a Global ambassadorial Program or Referral Reward System?
Do I get any benefit from holding a $B21 token for the long-term?
Nitin –I think we are right on track by developing the B21 Bishops program.
We have an AWESOME ambassador program “B21 Bishops” It is going to be an exclusive club where we give out amazing rewards to make our B21 family bigger. Do check it out!
Yes. if you hold $B21 you get rewarded. We have a great staking program running which will be enhanced as we grow. Once the user base grows, the utility of $B21 will grow — benefitting every holder.
Q — What are you most excited about on the roadmap of 2021? When DeFi supermarket will be integrated into the $B21 wallet? Can we go to the moon?
Nitin — I am super excited about staking, and on cards. We have a BIG demand for both these. We will be integrated with all DeFi marketings — Not only DeFI but CeFi also. Isn’t that the only way to provide the best value to our customers? We are all for our customers' and yes we are already on MOON . We have worked really hard to get the right product in the market and we are growing every day new users joining us every day. We are working on reaching 200K users by end of 2021.
Q — Can you share with us the Tokenomics for B21? Do you have burn plans for B21?
Nitin — Also to note — these are all new users — users who have never invested n crypto. You can find the Tokenomics on our official deck https://t.ly/hfZ7
Our private sale is open till 15th December and all unsold tokens will be burnt
Q — By using your international card, I can withdraw and spend my crypto, did I require gas fees when transferring funds into my bank account?
Nitin — We are super excited about our card. B21 card will be a VISA powered card — you can spend, shop, withdraw cash, and do everything that you do with other payment cards. We take care of all the gas fees etc — we make it simple for everyone. I also want to ask people to join our social media channels. We have exciting things going on there always.
Telegram: https://t.me/B21Official
Twitter: https://twitter.com/B21Official
Facebook: https://www.facebook.com/B21Official
LinkedIn: https://www.linkedin.com/company/b21-limited
YouTube: https://www.youtube.com/channel/UC3mImscAqeUnO8IyG4-071A
Medium: https://medium.com/b21official
Reddit: https://www.reddit.com/r/B21Official
Telegram Questions
Q — There are other apps similar to the B21 app and KYC is not mandatory. Why is KYC verification mandatory on the B21 app?
Nitin — Would you trust your crypto with someone who doesn’t even do KYC? We are regulated and ensured and compliant — so yes KYC is mandatory. But it is a ONE-time thing — I would encourage you to try it.
Q12. Does #B21 have to first verify “KYC” to make a withdrawal or deposit or just google Authenticator and What is the exchange B21 listing?
Nitin — Yes KYC is needed for any monetary transaction. I can’t tell the name of the exchange but it is Tier 1 exchange and within December.
Q — How can I get and use the B21 application? and whether to use a fee to get the application.
Nitin — Download from b21.io.
Q — When will the B21 token be listed on exchanges? What are it’s tokenomics? How is B21 better than it’s competitors? When will B21 reduce the withdrawal fee and integrate with Indian payment gateways?
Nitin — I think we answered most of them. We will ensure the withdrawal fee is also reduced. We wire funds from outside India and hence this fee is higher but this will be taken care of very soon.
Q — What about the low-capital investor opportunities in B21? I decided to start a small amount, what’s the minimum investment in B21?
Nitin — 2000 rupees and you can invest in 6 coins in a proportion you decide.
Q — Will there be NFT available on the B21 app?
Nitin — Once NFT gains some traction we will add.
Q — From where you get the project name (B21)? What does it mean to you? And why you choose this name for your project?
Nitin — B21 — B stands for Bitcoin, blockchain and 21 comes from 21st century and 21 Million bitcoin which will ever be.
Q — I have understood that B21 uses the services of custodians companies? So can we know who are these actors?
Nitin — Prime trust
Q19. There are lots of new protocols launching that is designed to bring non-ethereum tokens to ethereum via a bridge. Is this something as a lending service you are looking forward to?
Nitin — We will evaluate as things progress right now the market for that is very small.
Q — Do you consider according to your own point of view that B21 is easy to use and understand by beginning users?
Nitin — YES. You can try it yourself and compare us with other exchange or wallet apps.
Q21. What makes $B21 better than its competitor? Is really hard to get compete these days cause a lot new projects bringing new technology?
Nitin — Let me find the diagram for the comparison and give some details here.
Q — Regarding your B21 International Card, do you ship to all countries? Are there any restricted countries?
Nitin — Largely all countries. Of course not to sanctioned countries.
Q — Truly, you’ve done AMA in many telegram groups, so what next, what another way will you make your project more popular?
How do you planning to solve the scaling problem And how do you overcome the threat of centralization?
Nitin — We have 10,000 orders for cards and we have 100,000 more in waiting. So we think getting the right product and experience will help us scale faster and better.
Q — Your project has great features. There must be an experienced team behind. Can you tell some about your team and their experiences in the market?
Nitin — check us out https://www.linkedin.com/company/b21-limited.
Q — TRUST and Security are very important for success. So how do you convince investors to believe that B21 Is not a scam and convince investors to make long-term investments? How does B21 protect the assets of its users?
Nitin — Regulated and insured. We have been here for the last 3 years. When a lot of projects couldn’t sustain we are still here solving all issues !!!
Q — Can you expand our knowledge about Your Roadmap this year and the future and any Updates on your Research and development progress?
Nitin — We continue to develop — cards and staking are the first few things coming and then we are working to add investing in global equities as well.
Q — I want to have a LONG TERM INVESTMENT with this PROJECT, but I’m in doubts right now, how can you convince and assure me this project is SAFE and PROFITABLE?
Nitin — Why are you in doubt. The best way to answer this is — I myself am an investor and believer in the project !!!!
Q — Southeast Asia is a very vibrant market and many projects developed here so with your project what do you think about Southeast Asia and do you have any plan to develop here?
Nitin — Very excited about south east Asia. We have a good network. Happy to be pointed to any place to market more.
Q — There are many cryptocurrency startups that were established by talent teams, but they got a problem in raising capital via token sales due to many factors as a bear market, bankruptcy. This leaded their potential startups fail. So how will You break these barriers and attract more funds from outside crypto SPACE?
Nitin — These are true for any startup. We have kept our heads above water. We have a dedicated small team that is able to deliver to market needs and our vision. That defines a great project — isn't it.
Q — The sharing economy is getting colder now, the business model is yet to prove, how would you make sure that the decentralized model will work?
Nitin — We are not in the sharing economy — we are in fintech/wealth tech. I think there is HUGE potential in this space.
Q — I read something about a VIP account within B21, what are the requirements to become a VIP member? What exclusive benefits do VIP members receive?
Nitin — You need to hold 500 B21 tokens. I am very excited to hear that you have seen the app and know about the VIP program
Q — You probably know sir, contract security is a big issue in DEFI. Has your smart contract been audited? How do you guarantee the protection of users’ funds?
Nitin — We have got our token smart contract audited a long time back by premium names in the industry.
Q — What is the biggest challenge for B21 in the future? how do you plan to solve this problem?
Nitin — Banking. This is the biggest problem for any crypto project. We have solved this by getting our own license. So we are future-ready.
Q — What are your major goals to archive in the next 3–4 years? What are your plans to expand and gain more adoption?
Nitin — To be the preferred platform for investing in crypto-assets and in other alternative asset classes.
Q — Do you have support from the government or Start-Up in your country? What is the rules and regulation on governing for your Blockchain?
Nitin — It's a global business and we are thankful for the great support from our investors, customers, partners, and our entire team.
Conclusion
Mayank — Thank you to Nitin Agarwal (Co-Founder) and Community for participating in the AMA. Have a nice day!!
We would like to thank CryptoNationIN for hosting the Live AMA session, and also to everyone for taking the time out to attend this.
As we keep getting questions from our community, we look forward to conducting more such sessions to answer them. We will keep updating the future live sessions on all our Social Channels, so don’t forget to follow us.
Stay Safe. Invest Regularly.
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