CRYPTO SYZYGY CHATBOX : Telegram AMA Session with rBitex Exchange
AMA on Wednesday, January 27th at 12.30 PM UTC
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We were so pleased to host our Telegram AMA session with rBitex Exchange where we gave you the chance to ask the team anything you liked. And you certainly delivered!
Summary of the AMA
- Team and Project Intros
- Questions and Answers
Team Introduction
Abhishek : Rbitex is a unique social crypto trading platform that allows users to chat within the platform to create an exlusive #crypto-friendly network.
King : Lovely to have you here.
Abhishek : Pleasure to be here :)
King : Ok so if you could throw some light on the geographical coverage. What’s your target audience
Abhishek : Initially we are targeting Indian users. In March, we will open up for global users
King : That’s fantastic… Could you give a brief about the team, Like how big is it.
Abhishek : The team mainly comprises of P2P crypto traders since 2016. 8 full-time people… 6 part-timers.
King : Great… So 14 in total. That’s really awesome.
Abhishek : Yes
King : So did you guys achieve your targets with respect to the roadmap that was laid out earlier. Like building the smart contract, tokens etc.
Abhishek : Smart contract development went well. The exchange development took longer than we anticipated. We expected to start trading mid december. Now, we will be starting trading on Feb 8th, 2021.
King : Oh wow! So we expect a fully live trading platform by the date you mentioned.
Abhishek : Exactly.
King : Can you throw some light on KYC. Will the users have verified accounts or it will be anonymous.
Abhishek : We will follow strict KYC & AML policy.
King : And do you have any defined deposit/withdrawl limits right now or this is still under disucssion.
Abhishek : 50,00,000 INR per day.
King : I must say that’s a big amount.
Abhishek: Will be increased on case to case basis. As I told you, the team comprises of P2P traders. We have been doing OTC trades since 2016. So we already have a good clientele.
King : That’s really good. Now let’s open the forum up for communtiy round 1 questions. I am sure people want to know more about rBitex.
Community Q & A Round 1
Q1. Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?I wanted to follow your project for the long term. Where i can get all the latest news about your project? Do you have Twitter/Telegram/Discord community? If yes can you share the link here because there is a lot of fake telegram/twitter groups?
Abhishek: Most of the assets are stored on cold wallets. We have additional security features to prevent wrong people from exploiting funds. AI at play.
Q2. While you build your project, do you take into account community feedbacks and demands?
Abhishek: Yes, community will be the epicentre of our exchange..
We want this exchange to be a community driven thing.
Q3. Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?
Abhishek: We will increase the use-cases as well. Community likes buyback, but we prefer to reward using dividends to our token holders
Q4. What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
Abhishek: This is our first AMA. We will be focusing on crypto adoption.. the price of token will be a by product of how good we are able to build and deliver.
Q5. I’m a developer, and I’m interested in contributing to your project alongsides earning, Do you have any Bug Bounty to check for vulnerabilities ?
Abhishek: Yes, we will announce in Feb 1st week. I think one of the most relevant questions considering the rug pulls we have on Uniswap.
Q6. There are many coins project and i don’t see any significant from them. What make different? and beside governance and liquidity farming, any other use cases?
Abhishek:
1. 0% Maker Fee
2. In-built social media
3. High TPS
4. Regular Airdrops
5. Automated Deposit & Withdrawal
6. Dividends to #Rbitx token holders
7. Launchpad for new projects
Staking, Loans, Savings will be added in 2nd quarter.
Q7. Almost every investor is interested in large Defi projects as it delivers high returns and is fast. For what reasons can convince small and large investors to trust and invest in your project?
Abhishek: Holders of Rbitx tokens will benefit with discount in trading fees, dividends, participation in launchpad projects and other giveaways. I believe Rbitx can be a long term investment for them. In a way, their portfolio will grow as we grow.
Q8. There are so many futures exchanges launching including Binance. How will you attract users with so much competition?
Why did you choose the Ethereum blockchain and will you launch your own blockchain?
Abhishek: 0% maker fee. In-built social media. Our platform is very easy to use. The in-built social media feature will be very helpful for non-tech guys and new people entering crypto world.
Q9. Explain your plans on global expansion,
Q1) is it only market you are focusing All the time?
Q2) Or you focus on building or developing and getting customers and users, or partnerships?
Abhishek: India for now… Rest all countries from March. We are India-based exchange, so we need to prove ourselves here first.
Q10. There was a question about Tokenomics?
Abhishek: A lot of our tokens will be burned. Team owns 10% which will be unlocked over 5 years.
Q11. Can I stake Your Token? What are your Staking criteria ?
Abhishek: Staking will be launched in 2nd quarter.
Community Q & A Round 2
Q12. 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?
Abhishek: Already covered. In crypto since 2016 when btc was just $400.
Q13. A partnership is essential for Adoption, so can you tell us what partners you have now and in the future?
Abhishek: We want to evolve as a blockchain technology company. Exchange is the first step.
Q14. Who is your investor? How do you generate revenue to sustain the project? What are your goals to the end of 2021 and beyond?
Abhishek: Self funded so far.
Q15. Almost every investor is interested in large Defi projects as it delivers high returns and is fast. For what reasons can convince small and large investors to trust and invest in your project?
Abhishek: Form is temporary, class is permanent.
Q16. Do you think your system is secure enough? How safe is your system in securing funds and user data?
Abhishek: Yes, secure. We will announce bug bounty, etc in Feb.
Q17. 1-Increasing Token price
2- make Token Valuable
3-Building Community Trust
From above3, I want to ask,. Which one the most important for you?
If all above are important for you,. Which one that Will you do first?
Abhishek: All three.
Q18. How many wallets that can support $Your Token until now? And do you have any plan to build your own wallet?
Abhishek: All Erc20 compatible wallets.
Now the session ends with lots of thanks to our Guest Speaker…
Here are some important links of rBitex Exchange ⛓
