Q&A with CEO — 16/8/2018 ~ 22/8/2018
This week in Q&A with the CEO, investor questions focus on the future of EZToken in regards to the product, the price and plans for expansion. All questions are answered in detail below;
Question 1: What is the number of retailers in Vietnam that are already onboard to implement EZT / EZPoint ? And what will be the realistic target number by the end of Q4 ? (wil***aar@gmail.com)
Answer:
We are placing most of our focus on creating a product that will be welcomed in the Vietnamese market. For the launch into Vietnam, acquiring merchants won’t be a problem considering we have 10k active merchants using our POS and have strong relationships with these customers. We just need to work on getting the product and the expansion strategy for Vietnam right, rather than getting all merchants to join from the beginning. Getting 100 merchants to join the rewards program at the end of Q4 will be a good number for us to start rolling out through Vietnam as we continuously optimise the program.
Question 2:
For the merchants you have signed up, I assume they distribute EZToken as rewards for purchases. Where do they acquire these EZT to give away? Do they buy them on the open market, or are they given or sold the EZT by your team at a set price? If on the open market, is that facilitated through your internal exchange or some other system? (meh***012@gmail.com)
Answer:
Merchants reward their members by acquiring EZToken from EZToken Rewards program reserve at the market price (defined by CoinmarketCap price for the time being). Every week, we buy the amount of EZToken awarded to members from Exchanges (Internal Exchange, Qryptos or Cryptopia) to refill the EZToken Reserve.
Question 3:
Can you tell us how much EZT has been awarded thus far through merchants and how many merchants you have online? (meh***012@gmail.com)
Answer:
We’re currently rewarding 40k- 50k EZT per month, and this is a consistently growing number which is promising given we have just recently launched. Once we get to the minimum viable product level, the merchants acquisition will improve. We only have offline merchants at the moment but also planning to get online merchants very soon.
Question 4:
In your planning for the future, do you have a general ideal valuation for EZT? I assume the merchant partners have some amount in mind to help determine how much EZT they award to their customers? For example, if a merchant wants to value their rewards at about 1% of purchase price, then if buy $100 worth of stuff from a merchant and I am awarded 10 EZT, they would be imagining EZT to be worth about $0.10. (meh***012@gmail.com)
Answer:
We don’t have any forecast about the future value of EZToken. What we focus on is getting merchants to continue to purchase EZToken from the exchange to reward customers. As the Loyalty program network expands, the demand for EZToken grows indefinitely.
The rewards scheme works in the opposite way; if members buy $100 worth of product and the reward is 1%, then the member will get 10 EZT if the EZToken price at that time is $0.1; if members buy $100 worth of product and the reward is 1%, then the member will get 5 EZT if the token price is $0.2.
If you want your questions answered next week, please send them through to our mailbox: eztoken@ezpos.io, for next Wednesday.
Thank you for participating in this important initiative to strengthen the relationship between the EZTeam and Investors.
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