Bithumb Global
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Bithumb Global

Bithumb Global AMA live with Kris Marszalek ( CEO of Crypto.com)

3 June 2019, Monday

Recap of Live AMA with Crypto.com’s CEO Kris Marszalek

Hi everyone, welcome to this new AMA format, I would like to start by thanking the team at Bithumb Global for supporting Crypto.com and listing the CRO Token which we just announced (half an hour ago) and for hosting this fantastic AMA.

This is a new format, if you guys find this useful, if the community thinks this really works, we can continue doing this AMA on a more regular basis.

Today is mostly about CRO, Bithumb Global is going to list the CRO Token later this week. We have also shared with you a demo at a merchant location earlier today, showcasing Crypto.com Pay being used to buy stuff at Starbucks.

I’d like to start with this. As you know our Company’s vision is Cryptocurrency in Every Wallet ™ and we’ve got 2 major products on the payments front that’ll help us drive it, first one is the MCO Visa Card which currently ships in Singapore and is going to start shipping in the U.S. and then Europe, and the Crypto.com Pay which is a QR code payments systems.

Our strategy for Crypto.com Pay and CRO was to go to online merchants, we’ve got around 50 signups and we’re going to be releasing news about this shortly, but until today, we never spoke about how it’s going to work at merchant locations.

You can see an alpha test today, payments at Starbucks, you can use any cryptocurrency that Crypto.com supports, currently 25 or more of them, if you pay in CRO you get generous cashback, you can buy your coffee, soon you can buy your groceries, you can your buy movie tickets, and get cashback and I think it’s great for utility.

If you want to bring your friends into the Crypto.com community and they’re always asking “what can I use this for?”, now the answer is going to be really simple.

So much for the intro, why not we just tackle the questions right now. I’ll start really quickly with those from Reddit, and then we’re going to go into the live questions from the Telegram group.

Crypto.com Chain

Merchant Stats: How many Crypto.com Pay merchant have you signed up so far?

I’ve mentioned, more than 50 online, but the way we are rolling the offline merchants out, is it does not require deep merchant integration so we can roll those out much, much faster as we’re integrating into existing merchant payment rails.

No fees for customers, no fees for merchants, this is going to result in very rapid rollout, including some very big brands globally.

You can assume 100,000 locations at which you’ll be able to pay using Crypto.com Pay, and in crypto, and in CRO (you pay in CRO, you get cashback in CRO) later this year.

This is super exciting, you can get it to scale massively very rapidly, because of the optimized way of how we’re rolling this out.

Business Stats (Lockup and reserved cards): Crypto.com was at 120,000 card reserved, 4million MCO on lock, 8million on the platform with a net positive number of MCO coming onto the platform each month. Can you share the current stats on these past figures?

MCO locked up — 4.9M (we expect it to grow rapidly after the U.S. card launch)

App downloads — just last month we pass the milestone of 500,000 downloads of our app, which is massive, but we believe we can comfortably double that later this year.

APAC Expansion Update: What countries are included in the Asia-Pacific Expansion, you said “Q2 for card release in APAC countries”, are you still on track to meet this?

We are still waiting for Visa approval for this. It’s very hard to commit to dates; all major markets are included but not Japan. Everytime we come out with a date for when cards go live in a certain market it becomes traumatic, so we just try our very best not to talk about it. The team is focused, we’re working super hard on this, the sooner we can get it out, the better for everybody. So hang in there.

U.S. Launch: What quarter/year do you expect the U.S. to roll out to be?

We’re not talking quarters, we’re not talking months, we’re talking weeks right now. We’ve got literally 3, 4 minor items that we need to tick off before the launch date is announced. We already have something in mind, we think you’ll like it, but please, stay calm, be patient, this is going to be our biggest launch so far, so we want to make sure we get it done right.

Money Transmitter License: How is MTL progressing, how many states do you currently have an MTL in?

As you know, our App is available in 30+ states (U.S.) and we’re working on securing a partnership that will allow us to extend this number to all states besides Georgia. It’ll give us full country coverage for our App and card, this is obviously a very big deal for us, it’s a massive market. As soon as it’s in place, we’ll announce it.

Making sure all the MTL licenses are in place, in terms of our licensing, will take another 2 years, easily. So partnering with somebody who already has a license or license-exemption gives us a quicker rein and a quicker go-to market.

⁠⁠EU Issues: Could you be specific in what kind of things that are holding back the release of cards in EU? ( eg. with EU regulations, or with bank regulations, or with finding a partnering bank — but specific)

EU is next, we’re not going to talk about exact timelines, all I can say is that it’s progressing very well. You have seen Visa Europe approving the Coinbase card for launch, this is great news for us because it means that Visa Europe actually approve card programs to go live. We are at the top of the queue, and after we’re done with the U.S. launch, we’ll go to Europe, there are no major roadblocks, we’ve got a partnership with a very large, very stable issuing bank for cards in Europe, it is just the box ticking exercise right now.

Switzerland regulatory issues: Could you please tell us if Switzerland will also be excluded from the cards and what is the regulatory problem that holds you back from offering your services to Swiss residents?

Our cards will be available to Switzerland users and we hope that over time we can enable other services like Crypto Invest, Credit and Earn to Swiss residents, but we’ll only do this after we have regulatory clarity and we’re working with a regulator there to establish that.

Adding on, probably you have seen things accelerating on the announcement front from Crypto.com, this is the result of a lot of hard work from our team, we now have 138 people in the company, and most importantly they work together extremely well, there’s a lot of talent, the bench is really deep, people work really long hours to keep on delivering so you can see announcement after announcement after announcement. There’s more to come and we will continue to scale our operations to support the growth of business.

It’s still very early days but we see great stickiness of our product, people use both the App and the Card a lot, the new product launches that we’ve done recently for Credit and Earn are very successful, I personally never feel better about the progress we’re making and I really appreciate the community’s support and all the positive feedback we’ve received recently from you.

Crypto Earn

Token Offerings (MCO, BNB): Will MCO & BNB be offered in Crypto Earn

We’re working on both, until it’s done, you guys just need to be patient, we need to tick all the boxes and finish with development but definitely both are in great demand, so we’re looking into it.

Insurance Funds: With crypto earn, is there insurance of funds?

We’re working on insurance as well. Again, this is neither expensive nor easy to do, to organise but we’re working on it so far. As you know all our customer funds are kept in cold storage, we’ve partnered with Ledger Vault on this. This is an institutional grade solution so your funds are secure; we’re an ISO certified company we invest heavily in cybersecurity, and in the process to keep your funds safe, this is the foundation in which the company is being built. Insurance gives additional level peace of mind to our customers, so we’re working very hard on this.

Crypto.com Card & Wallet App

Additional Security Feature (2FA): Are you planning on having 2FA or being able to have user controlled suspend withdrawals within the app to improve security?

We haven’t done this, it’s in the roadmap. We don’t have user controlled suspend withdrawal functionality to improve security, although we have a lot of logic in place to do this thing automatically, including some machine learning algos that run and help our risk team make decisions.

This is really an absolutely critical area of the company, and there’s constant improvement in how we run our operations to keep our users’ funds safe.

Export Function (CSV): When can we reasonably expect a .csv type record (or something similar) of our in-app crypto transactions?

Export Function (CSV) is on the roadmap, we’ll definitely do it so that you can meet your tax obligations.

*That concludes Reddit’s questions.*

Questions from the live AMA

In the absence of fees, how does CRO pay for staking rewards and 20% cashback as shown in the demo video?

Well, there was no ICO, there was no presale, there was no private sale. So basically we’ve created the pools of incentives for both merchants and customers, and we use these pools to fund it. Over the long term, of course, one of the merchants would like to convert to fiat, as you know from our white paper there are some fees that can cover the ongoing operation of the business.

Is there a specific reason for listing Crypto.com on Bithumb Global? Kinda strategic marketing?

So Bithumb has always been very supportive of Crypto.com, we love working with Bithumb. They are one of the key players in the Korean market and now Bithumb Global is expanding on the success and go global. So we are fully supportive of what they are doing and we are very close to them so this is just natural that we are doing this.

Do you have the listing time for MCO on Bithumb Global too?

Concurrent listing is not planned, MCO is coming to Bithumb Global as well but we’ll leave the announcement to Bithumb team, it’s definitely in the works.

It seems like Crypto.com is providing very good benefits compared to competitors, would this be sustainable in the long run? Is the company already profitable? Or is the money being spent for customer acquisition?

First of all, we’ve been a revenue generating business over a year, we’ve got monthly growth rates that other companies would consider very attractive even in terms of their annual growth rates. But we are still in investment stage. We are hiring aggressively, we’ve got 130+ people in the team right now. We are bringing more people specially on the engineering and product front. We are acquiring users so it’s a stage where we are investing. Luckily, we are very well-funded business, we’ve got a sizable balance sheet, we’ve got two coins, one has a market cap of a hundred million and the other one roughly five hundred million. To achieve our growth goals, we do not need to raise any funds at this moment. We may evaluate raising an institutional funding round next year to continue growing aggressively but it’s just conversationally entertained right now. Even though there’s a lot of inbound interest from A-grade globally recognized VC brands, we think we have everything that we need to build into a global recognized brand and great product that everybody wants to use, so we are focusing on this. We also take very long-term views, we see crypto as an opportunity from 5–10 year time frame, we are really taking our time to build a company with a solid foundation. Even though it sometimes takes more time but we have to make sure to build a business that can stand the test of time.

How does your ecosystem works?

So again, come back to the basics. Alipay and WeChat pay would not get mass market adoption if they didn’t subsidize the customer and merchant side incentives to boost up the network all the way to scale. So we aren’t doing anything different than the largest players. This is a very typical playbook. Overtime the incentives are going to be transferred from us putting the bill to merchants putting the bill or reduced. This is just how the business works. But we need to make sure that on day one customers have reasons to download our App to use it. I think with the brands we are bringing on board, and delivery of perks we offer is very attractive, and over time, we will make it sustainable.

As a company, you know we’ve got full portfolio of the products: we’ve got a card product, you can buy and exchange crypto, you can get an instant loan, you can set up your portfolio using Crypto Invest. So there are just so many products and so many opportunities for us to generate revenues, and sometimes we’ll use revenue from one part of business to subsidize the other part of the business. But again, we are in the game of building a sustainable business that will stand of this time. But it doesn’t mean that we’ll shy away from investing in customer merchant acquisition.

Will Crypto Credit be available in Singapore? Fiat on App for SG card users?

Our card in Singapore is very hard to top up these days because you can only do it with crypto. So you can’t just send money from a Singapore bank account to the card directly. But we are working on this, we’ve got the commercial deals done, it’s just the functions of implementation. Given how packed our roadmap is, it’s probably going to be August to September. It’s the realistic time frame. But we understand this will increase the rapid of the utility of the card for our Singapore users and will allow us to grow user base there faster. So we are working on this.

We don’t launch any products without sign off from our legal counsel both internal and external.

So the moment we have the sign-off, it will be activated. You can see that we already activated Earn for Singapore users and we are working on the Credit part as well.

Which Network use CRO for payment? Is payment with card in future over CRO possible or only Visa?

The whole point of Crypto.com Chain is that this is the network. So the transaction don’t go through Visa or Mastercard or any payments like these. So we can keep costs extremely low, we can achieve instant settlement or near-instant settlement. That’s the objective. Right now what we are doing is we are using our existing infrastructure fiat-in and fiat-out to on board merchants to process the transactions and reach a certain scale. So the moment mainnet goes live, we’ll just move those transactions onto the network.

Crypto.com Pay, will there be referral system for retailers to use?

We are working on an uplifted version of our referral program which we are planning to launch in June. This is going to be very attractive for our users. We really want to focus on the word of mouth, so the thing is that our products are pretty powerful, and we want our community, our users to talk to their friends and family about it. So the new referral program will focus on this.

Crypto.com Pay, what is the timeline for taking it to market in terms of Starbucks payment?

We don’t have a timeline for enabling this for our users yet. What we would like to do is do something similar as we did for all the other functions, where the community gets to use it first, and 1–2 weeks later after we remove all the bugs then we just make it available. The product works like now in alpha. I mean I can just take my App and go down to buy coffee at Starbucks, it works. But there’s a little bit more complexity putting it into production. I would not go as far as to discuss the timeline right now. But what I can say is rolling this out globally is much easier, 3 orders of magnitude easier, than rolling out the card product globally. We are very excited about this because this will allow us to go super fast on the merchant acquisition, we can bring huge brands on board very quickly, we can give great incentives, and all these things together will attract a lot of users to the platform. It’s so good that we want to push this out as soon as possible, but again, there are so many excellent features that are on the roadmap that we need to talk timeline separately.

Do you have any plans to optimize the user experience for China users?

The short answer is yes. As you know right now it’s hard to open an account in Crypto.com if you are based in China. We are looking for ways to address this while staying compliant. It’s on our to-do list for the second half of the year. It’s not a small task, it’s pretty complex. But we understand that there are a lot of demand for products in China, and we are working and making this happen as soon as possible.

You once mentioned there’s the potential to become Alipay — how exactly?

Well essentially, if you look at WeChat or Alipay, people call it the super app, so we can do everything with your WeChat app and same for Alipay app. Crypto.com very soon will become the crypto super app. So anything related to crypto you can do with us. To buy crypto with fiat, bank transfer, cards, you got it, you want to exchange crypto, any crypto to crypto you got it, we can track it like you will do in the portfolio tracking apps, you can earn interest, you can get an instant loan, you can build a crypto portfolio, you can pay with your card, you can pay with Crypto.com Pay. So we’ve got basically every single need that you may have if you are interested in crypto, covered. This strategy is what made WeChat so useful that it became an essential part of everybody’s life right now. So we want to play this role for anybody who is into crypto. And I think we are getting there. Probably we are the only company in this space who has full coverage of all the key products. We are competing against a lot of players individually. Some are focusing on the loan, some are interest earning products, some people have cards, nobody has everything. The point is it is extremely difficult to build a high-quality product and maintain extremely high speed of product utilization if you do so many things at the same time. We are putting in place a team that can do that. This will give us a huge competitive edge because we can bring more people to the platform. Guys who just do one thing simply won’t be able to compete on the distribution front.

What about the cryptocurrency industry in a year? What’s the difference from now?

The difference is that mid-2020 is a big date for Bitcoin with the halving coming and historically that results in less Bitcoin supply coming to the market to be sold every day from the mining community. With the supply there is a lot of upward price pressure and the market as a whole is going to be extremely well if Bitcoin does well. So that is purely just from the technical side.

But what you will see from the adoption side is that a year from now, Facebook Coin, I really hope they are going to change the name to Global Coin but I don’t know what they are going to change it to, CRO is already taken. I think that this is going to be huge for the industry cause they’ve got 2.5 billion monthly active users more or less. So this is going to be massive.

And at the same time you will see increase participation of financial institutions on the institution side so there is going to be cost and flow of institutional money coming in within the market and of course we are not the only company building real products to solve real customer problems there are another 1–200 hundred projects out there building and shipping products every day. So this will help drive adoption a lot.

In terms of the role that media plays, I will also talk about this for a second cause right now. You have seen the market move from 3–4 thousand to 8 thousand but there is no media coverage basically. But once we get to 15 to 20 thousand dollars again, in terms of BTC price, there is going to be massive hype again especially once you hit a new all-time high. I know it’s a little bit sad that media focus on the price and not on all the great stuff in terms of the utility of crypto that we are working on every day but that is just the reality of it. Right now there is no media coverage but the media coverage is going to increase massively and when the next wave of users comes in to think about all the infrastructure in place to serve them now, it was not here in 2017.

I would like to remind you that if you wanted to send an email to Coinbase customer service in 2017 the average response rate was six months. Exchanges had to stop opening accounts because too many people were getting in and all systems were going down. Bitmex couldn’t handle the traffic.

Companies invested billions of dollars in the last two years and this will show when the next wave of users comes in and as Crypto.com we are one of the companies who will help onboard those users and bring them in and give them a reason to come here and take care of them.

What about ICO Cards Kris? Can you tell us something more?

Again this is a compliance issue, here is the thing about compliance when you’re in the middle between crypto and financial industry. Risk appetite changes for our partners so today maybe cross border shipping is possible, two weeks later, maybe it’s not possible anymore and 1 month later it’s possible again. So we need to navigate this very carefully. We could obviously try to cut corners and ship the cards but we don’t want to put the program at risk so we are not going to do this. We will be patient and we will ship cards to every single user as fast as we can. This is our number one priority, we understand in many users mind there is a direct connection between having a MCO Card in the wallet and the trust for Crypto.com as a company. A lot of these are equators, we are not blind we understand this. We know this is about our reputation and this is our number one priority to ship all those cards as soon as possible.

You know the product is great we own it, we understand it, we want to ship it but we need to play by the rules if we want to build a business that is stable. Nobody wants to see a situation like the end of 2017 when some of those programs were cutting corners and got shut down right. So I know it’s frustrating, it’s frustrating for us and it’s frustrating for the community. Give us time to do it the right way and we will deliver we always deliver, it’s just a matter of time. And when we do and when you actually get the card and use it and you will see it was worth the wait.

Would it better for the cryptocurrency to be placed under government supervision?

This is an interesting one. So here is the thing, governments’ role is to provide clarity to the market and make sure that people who are participating in the market are protected and some jurisdictions do it better and some jurisdictions are catching up.

I don’t like to use the word supervision, I think regulation is better. We don’t need anybody supervising Bitcoin, technically it’s not possible. That is part of why is it so attractive and disruptive. But we just need to make sure that everybody who participates in the market is protected and there is a way to move the bad actors out of the industry because it’s not helping, seeing all those exchanges with fake volumes, wash trading and all these stuff. If you fast forward five years, this is going to be a heavily regulated industry, just like any financial services and that’s fine but we need to remember why people show up here and why people buy Bitcoin. It’s just the best money we’ve ever created the best money we’ve ever had. If it was under any government supervision which again is technically not possible, it would just never happen.

Any progress for the missing functions for various jurisdictions? (Invest/Credit/Earn)

We are working particularly hard on enabling these features for the U.S. customers given that we’ve got an upcoming card launch in the U.S. And this is the biggest win on our to-do list, for the next 30 to 60 days.

Security, what’s the guarantee for our fund locked in the Crypto.com App? What are the compensations if the system got hacked and our funds are stolen?

So, we are the custodian of client funds. So every time you deposit funds to Crypto.com we take care of it. Keeping our customer’s funds safe is our number one priority. We understand that if, touch wood, we get hacked it will kill our brand. We see this as an existential threat. Which makes us extremely careful. A good example of how this affects our decision making is that recently we have been launching so many new coins on the platform and for some of them we are not enabling deposits and withdrawals yet because we’ve got an extremely stringent process to verify the code that goes into our deposits and withdraw infrastructure. So until we have full confidence that everything that we build is 100% secure we are not going to put it into production. It slows you down and it affects our growth rate, it affects our P&L but we’re just taking all the precautions we can to make sure that we keep the customer’s fund safe. We’ve got roughly 10% of the company in our cybersecurity team, we’ve got the pen testing done all the time, we’ve got red teams, blue teams. We’ve got ISO/IEC 27001:2013 certification, which is the gold standard globally for information security management and we are now working on obtaining PCI compliance which is an even higher threshold in terms of how difficult is it to obtain. Our CISO is a great professional in the space, very well respected. He was recently appointed as adjunct professor at one of the Hong Kong University talking about privacy and cybersecurity in cryptocurrency. So we’ve spent a lot of time thinking about how do we scale this business in a way that it is safe and in the end it comes to this. We will not never compromise on users funds safety, ever, not for faster growth, not for a faster product rollout, not for any reason.

Now the compensation if the system got hacked and the funds are stolen. The company is going to cover the losses, this is the only right thing to do. If you saw the Binance hack that happened just a few weeks ago, obviously it is a very challenging event and I hope that we will never have to face this. But what they did was right, they communicated with transparency, they made their users halt so nobody lost a dollar in the hack and they improve subsequently their systems. So we try not to learn from our mistakes from other people’s mistakes at this point and we are implementing systems that we allow us to keep the platform as safe and secure as possible. But there is a reason why people should only keep funds with companies that are well funded that are serious about their business and counterparty risks is something every single cryptocurrency holder needs to think about. We think about it every day.

Can you make lounge access available without physical cards?

Thank you for this idea. We will discuss this, I’m not sure how feasible this is or how this could work but definitely an interesting idea.

What about virtual cards?

There are some use cases where virtual cards make sense, again this is about prioritization it’s nice to have bucket so whenever we get some spare space in terms of our original resources we will build it, it’s not complicated.

3.5% for buying crypto using debit cards is too high. Any plans to reduce it for European debit cards?

Yes, so I actually quite frequently sneaked into our Telegram group and read what people are talking about. So I’ve seen this over the weekend and shared it with the team, as you guys know on debit cards the interchange in Europe is like 20 bps so there is an opportunity for us to actually offer this for free but it will require some work and our team is working on it and I’ll assume that we should be able to have a version of this implemented before our European card launch. I think the user experience is great you can just get a debit card instant payment to buy so you don’t have to wait for the bank transfer. It is doable, give us some time to work on this, the team is already on it.

Is Crypto.com trying to get a bank license?

I have a pretty strong view on this. I think if you look at the 3–5 years horizon, a lot of the products that we are offering or on the roadmap are going to require banking license. We kind of look at companies like Revolut who scale their platforms to a certain level without getting a license and we are probably going to follow the same way. In terms of our set up, it doesn’t really differ much of what the banks have. In fact we also have a big four firm review our KYC, AML, transaction monitoring and set up so it passes the highest bar in the industry in order to run card programs. So it’s not like we have to build our company in a massively different way, we definitely will get it at some point in time, in some jurisdictions but we don’t have an exact plan to do so in the coming couple of quarters. Getting a banking license is actually very complex topic, it takes time, management time, efforts, we will prefer to focus on solving customers’ problems first and increase the size of the business first before we become a heavily regulated banking license holder.

Is there any plans to get 10million locked up cards?

So here is how this works, we are now at an early stage of the industry, where crypto is probably like 50million users globally right so we will try to serve as many as we can within this group and then expand it for everyone using solutions like Crypto.com Pay or the MCO Visa Card. Obviously if you extrapolate this to like 10 years down the road, we are probably going to have a billion users in the overall crypto economy, so getting a 100million users at that time is perfectly achievable and so is having 10million cards locked up so it’s not that complicated. Now in the meantime what we are trying to do is, if you look at the KPI of MCO locked right, we are approaching 5million, out of the 15million circulating right now, that is before any major market launch because U.S. is just around the corner. So we believe that we can very quickly lock up 10–15million MCOs just by launching this year in the U.S. and Europe; and then we just continue to scale the product gradually. The beauty of our product is that once you receive it , and once you use it, it is just very sticky and it is a great conversation starter, it will grow by word of mouth and it’s extremely powerful. So yes, it is possible to have 10million cards with locked up tokens, we don’t think we need that many to lock up all of them, and it will definitely take time to get the industry to get to the point where we have those kind of numbers.

Is it possible in the near future to lock up for a longer time frame in SG for higher tier card?

That is an interesting idea, thank you. We will discuss it, we don’t have this thing in the roadmap today.

Will MCO be accepted in Crypto Earn?

We are working on this.

Are corporate cards in the to-do list eventually for big companies?

This is a function of prioritisation, we don’t have it on the roadmap today. There are just too many important features that we need to build for our customers to deal with the corporate side of things. I will come back to this conversation of corporate cards at some point in 2020, not earlier.

Will Crypto.com Pay eventually cannibalise MCO Card down the road?

So as you know, right now, in order to transact with a Visa Card, you need to convert from crypto to fiat. With Crypto.com Chain and CRO, you just pay with crypto directly. So it’s a slightly different way in which we operate and with our on-chain and with our user experience end to end, we are more in control of our destiny. We set the rules rather than following other people’s rules. We think that we can serve cryptocurrency community better over a long time with Crypto.com Chain than with a card, but the card itself as you know it serves a great purpose with 50million merchants acceptability. You can go to the ATM, the perks are great, it is a very useful product from day one. But over time Crypto.com Chain will improve and all these stuff that you do with your card you will probably prefer to do with the App. This is just a natural evolution. In terms of the tokens, we think they will coexist. I don’t think this is a zero-sum game. If CRO does well, MCO will do extremely well; if MCO does well, so does CRO. They are mutually reinforcing, they are not competing.

Just a short commercial break for our sponsors, we would like to thank again, Bithumb guys and their community for great support and we look forward to do more with you guys in the future. I encourage everybody to go and open a Bithumb account, they will be listing all the amazing projects in the next couple of weeks so you should be there where the action is!

Any new functions coming up in the App?

So here’s the thing. Our roadmap is so packed and it is so good. It is my favourite thing to do, in fact, I open the roadmap file more frequently than I open the app these days to check the price. So you can see, it’s very good. There’s a lot of features that you asked for, on the roadmap. The reporting, things like alerts, showing instantly your P&L, your crypto portfolio, all these are coming. There are some things that we didn’t tell you about, it’s really good, and it’s coming really soon. So I am just absolutely amazed at the speed and quality of products, how quickly it has been improving recently. Our team has been doing a great job on this. If you think that in the last 60 days we released a lot, this is nothing compared to what is coming in the next 6 months. The team that we put in place and how we work together right now, this is the speed that you need to iterate super fast and really solve customers problem to build a great product. So it is going to be a massive second half of the year for us. Just keep on updating the app, every two weeks, there is going to be a juicy surprise in for you, and if are here during our ICO days in 2017 in May-June, and you see how far the project has gone and you will be really happy to be a part of it from day one. Some great things are coming.

Are you guys aware that Earn and Credit are not so easily accessible in the App?

Again, come back to this crypto super app vision, this is being worked on right now and you will see it very soon. So the UX will change we have got an app with heavily packed functionality and you need better accessibility to it, we get it. Our team designed something cool for this so it’s coming very soon. I can’t say when, but soon.

Every beginning of the month, can you have an AMA with updates?

It depends on the community. If you guys think that this is much better than just talking about it on Discord or Telegram, we are keen to do it. As you know by now, I am not very good at doing AMAs but I am very keen to do it. Not every month, I can do it every two weeks, there is just so much coming out these days, there’s going to be plenty to cover every two weeks. But we need to hear from you that you think this is helpful, this is better and then we will keep on doing it. We are very open, very transparent. Everything that we can share we will share with you and you can give us instant feedback and ask us any questions that you like. I am also keen to sometimes bring maybe some other guys from the team onboard, there’s a lot of people here right now, those are all smart guys working with us so I will bring in some guys to join us in the AMA. Just let us know what you think, I mean this is for you guys, tell us what you want and we will do it.

One last question! How soon will MCO be applied to Crypto Earn and Credit?

I promised the team that I will not give any dates, you could see I’m struggling with this for like 45 minutes to 50 minutes as of now. Of course, I have the dates on our roadmap file but it’s coming really soon. It’s a matter of weeks so we are working hard, it’s a high priority, we hear you, it’s needed and it’s coming.

So this was originally scheduled for 45 minutes so we are 5 minutes over. Again, thank you, everybody who tuned in this first live AMA on Twitter. Give us some feedback on what would you like to improve, does this format work and thank you for hosting this Bithumb Global. Make sure that you go and open an account, don’t just click on the Telegram group actually go and open the account on the exchange and trade a bit. Looking forward to seeing you guys soon.

Bye bye!

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