Freeway Internal AMA Transcript — Tuesday, 8th March 2022
All information included below is subject to the legal disclaimer at the bottom of this page.
Freeway Telegram Channel
Tuesday, 8th March 2022
7:00 PM UTC
Join Freeway’s Official Telegram Community Channel at: https://t.me/FreewayFi_Official_Community
Once a week, Freeway holds an internal AMA in the Freeway Telegram channel that gives the community a chance to ask direct questions with core team members.
This week, Founder and Co-CEO Graham Doggart hosted the AMA.
“Freeway is a project designed to bring traditional and new financial worlds together by using digital finance tech to generate greater total returns on the world’s top investment products and bring new access routes to financial markets for everyone while we do it.” ~ Graham Doggart
*** AMA Begins ***
Q1. “Hello, Graham! May I ask for this week’s GRAM including the percentage in each Supercharger? 🙏”
13,046 total users, 10,608 Freeway Lite and 2,438 Freeway Lite US users, 2,519 active users with $81.2m in Superchargers.
68.0% USD, 19.3% BTC, 8.8% ETH, 0.2% BNBB, 2.6% EURO, 0.6% ADA, 0.5% DOT.
Q2. “And just to double make sure, please could you provide what the Supercharger breakdowns are? 😉 (If you happen to know last week’s, that would be really appreciated)”
Oh.
I don’t have last week’s to hand.
I will ask.
Q3. “What is the nearest date when we hear some big news? (AuBit Prime, FWT staking, the new rewards system, or referrals, audit…)”
The next build release will come relatively soon…
Q4. “Hi, Graham! Could we get some numbers on the success of the referral program? For example, how many referrers are there and how many total referred people there is so far? Thanks!
2 — Is there any chance we could get a sneak peek of the new UI so we could give some feedback? Maybe ask the Guerrillas to do some beta test to help? Thanks!”
The referral program has a handful of top referrers like Trustwap, Coach K, Eliotrades and TMG and then a few hundred users that have referred a small number of users. We never expected the referral program to kick off until it was all live in the dashboard. I would estimate around half of our active users have been referred, but I will work to get more stats for next week.
I am sure there will be some new UI pics very soon.
Q5. “1)Are the referral awards permanent or not? Someone mentioned that they might last 1 or 2 years, irrespective of how long the referred user stays with AuBit. Can you clarify this?
2)There are ~80m in Superchargers right now and ~12,700 users. That gives an average investment of ~6,300$ per user. But can you give more details about the actual distribution? What is the median investment? Are some users millionaires (in Superchargers) and what is the percentage of that?
3)Are you on track to release the new Supercharger rewards by the end of March? And when will the referral rewards be visible in the dashboard?
4) Can you share what you did in Athens and London?
Thanks!”
Legal has advised putting a limit on it, so 2 years is the plan.
We are working on the nuances.
There are 2,519 active users with $81.2m, so the average is high at over $30k per active user.
There are 16 accounts in the 7 figure fam, 100 accounts in the 6 figure fam, the median is $315.
42% in 7 figures, 34% in 6 figures, everyone else makes up for 24%.
Supercharger rewards and referral rewards should be there by end of March or early April.
The main thing in Athens was to go through the planned expansion of the brokerage which is situated in Athens.
London was predominantly stablecoin-related but also a number of other synergistic opportunities too.
And some larger Supercharger deals.
Q6. “1) What book has made the biggest impact on you?
2) How do you ensure that you don’t spend all your time thinking about work?
3) What personal quality helps you most with the Freeway project?”
Good question! Personally, I think Robert Heinlein’s Time Enough for Love was the most impactful book on my life and choosing how to live it.
However, for Freeway, I studied some amazing books around economics. A Man For All Markets, Prisoners of Geography (which will really explain what is happening at the moment in Ukraine) and The Establishment: And how they get away with it, to name a few.
There are many great economics books to get your teeth into.
I have a 7-year-old son who keeps my attention away from work a healthy chunk of time each month.
I also make conscious decisions to not focus on grind-type work all the time and instead get creative. I also troubleshoot and debug things as “change as good as a rest” from other co-CEO type duties, plus I do the bulk of bigger sales at the moment so it is just about juggling these things.
Each time we grow we hire people to take over anything that is dragging me down in terms of productivity or creativity, so we are now in the midst of putting a whole sales team structure there for example, so I can move back up again.
We have a mission at Freeway so it does not feel like work in the same way.
I am persistent and innovative so I like to figure out how to solve things for the better. It makes me happy, so it is a very good fit.
Q7. “Hi, Graham. A few things were ‘promised’ over previous AMAs.
- Audit results and or preliminary data.
- UI/UX previews.
- UAT prior to launch.
Can we please have a concrete date on which these can be expected?
How are the team planning to capitalise on the recent rate cuts from other platforms (i.e., crypto.com)? Is there any marketing planned around this? Also, what marketing materials have been crafted to explain why Freeway’s returns are sustainable when all of these other platforms are cutting rates?”
Trading data has been given out to trusted community members and influencers in our private VIP group under NDA for now.
This is part of a market research focus group.
The new UI will get a preview soon.
We are considering the user testing part, this was actually in and around Freeway Bank, testing some preliminary stuff out.
I don’t know when or if the trading data will be disclosable publicly because of legal.
But we did get it to a lot of community members last week.
I would expect a preview of the UI either this Friday or next Friday.
User testing, we’ll see about.
We are not in the game of bashing potential competitors so that is not really our style.
I believe there is a whole storm of regulation and prohibition coming on crypto lending platforms.
We are lucky that neither Superchargers from Freeway Lite nor Deposit Rewards from AuBit Prime involve crypto lending.
Also, even our staking systems for FWT do not involve any kind of lending.
I think we can continue to grow at a rate of 2x every 2–3 months (this month a little slower likely because of current affairs) and it is fast enough!
We see enough wallet movements from crypto lending and staking platforms to see that users are finding out Freeway is an option instead of these platforms and protocols.
Q8. “Is there a specific type of demographic being targeted for onboarding to Prime, as in, how much money a person will deposit, where they reside, or what occupation they are in? Or, alternatively, people are chosen at random? Or are they chosen according to when they signed up for Prime?”
There will be demographics and personae figured out but a lot of this relies on the referral program, improved UI and fiat on-ramps for non-crypto-savvy audiences.
For now, we are most easily useable by crypto-savvy users and crypto projects looking to supercharge their treasuries.
Q9. “Hey, Graham, the returns on this seem too good to be true (Bitconnect is coming to mind). Is there an independent auditor or some way we can verify the quant-trading algorithm exists and is providing the expected returns? I love this project and so far it’s been great for me, but before I put my life savings into it, I just want and need to be sure.”
There are works underway to get this done but there is still uncertainty on what we can and cannot publicly disclose after it is done.
This is the whole reason for AuBit Prime for those that are uncertain.
By providing full investor protections and compensations on the assets in their accounts under custody, we remove the requirement for the argument about where rewards come from.
Just a simple mental model shows it: If the assets in my account are fully protected, then there are two options: rewards are possible and rewards are impossible. If rewards are impossible you won’t get them and can just take back your deposits. If rewards are possible, then great!
We had to do it this way because there is no way to categorically prove future trading performance and even if we could, these products would not exist in the same way and would probably only be available to the elites.
Q10. “Hey again, Graham. Are there any plans for some NFT that could boost rewards?”
There are a whole bunch of NFTs planned, but later!
Q11. “Would you consider making a CNY based Supercharger?”
Yes, although we will have to look into the legalities and ensure the Chinese government do not consider it a Yuan-denominated stablecoin (should be fine but we would have to make sure).
Q12. “In the past, we have had giveaways which presumably has been a result of surplus profit from the company’s revenue-generating techniques. With FWT staking rewards coming to fruition, presumably, this surplus would feed into this new system instead.
Does this signify the end of the Giveaway Rewards, adjusts their frequency or instead, such events would have to be designed and factored into the trading as a quota to fill?”
No, we will continue to do giveaway rewards in different and engaging ways, we have just not had much focus on it recently.
Q13. “Hello, Graham. In which jurisdiction will Freeway Bank be based?”
Most likely, several. We are working on licenses in Lithuania right now.
We are also looking at US, Mexico, Singapore and others.
These types of setups cannot be done from one entity, you need several to build an ecosystem that works.
Q14. “Hi, Graham, will we be able to have Freeway Prime and Freeway Lite at the same time?
For example, a savings account with the brokerage where funds are segregated and tokens in Freeway Lite Superchargers which can grow as capital investments?”
Yes, they are completely independent services provided by different entities.
Q15. “There have been multiple “competitor” platforms doing rate cuts.
1- Do you know if there is an industry-specific reason for this? (Besides the general market malaise)
2 — There is a void for high APY low-risk platforms like Freeway. Is there a plan to capitalise on these competitor cuts?
3 — Can you disclose how much of AuBit is owned by “insiders”?
Thanks!”
Most lending platforms are lending to traders that use high volatility and liquidity to make much more than the cost of borrowing the assets to trade with.
When there is uncertainty investors move to cash.
There is more going on in FX than ever.
These platforms rely on the crypto markets to be viable.
So the rates are being slashed.
These lending platforms are likely to be targeted by regulators for these reasons.
I think the “competitors” are doing a good job of advertising for us, as users will be looking around for alternatives.
I am not sure what you mean by “insiders” but equity-wise the founding team hold around 80% of the equity and 100% of the voting rights at the moment.
Q16. “Hello Graham, is FWT staking still planned to go live in March?”
Yes, that’s right!
Q17. “Could the team also look into Kinesis Gold as an alternative for PAX Gold?”
Yes, we can do that. I thought Kinesis was a very ambitious attempt to redesign the existing financial system, I am not sure how protected the gold is or how liquid the tokens are, so we would have to look into it.
Q18. “Why not just release FWT rewards now? The team seemed to be able to implement changes to Supercharger rewards with no FWT quickly.”
It is not just a tech tweak, there are legal and UI aspects to add.
Q19. “What are you most excited about for March and/or April?”
The new build release, plus some key work I am doing on the stablecoin and Freeway Chain implementation too.
Q20. “Graham, will you be watching the first televised game to see the Freeway pitchside branding in place? Access permitting, of course.”
I’ll certainly want to see screenshots and clips of it!
*** End of AMA ***
Freeway Lite #AccessForAll Is Finally LIVE!
Any eligible user in more than 150 eligible countries worldwide can now create an account for access to Supercharger Staking products, FWT native staking, and Freeway Forever Referral Rewards.
Visit our website freeway.io to get access to Freeway Lite now!
Join Freeway’s Official Telegram Community Channel at: https://t.me/FreewayFi_Official_Community
DISCLAIMER
The following is a transcript of a live AMA session held in Telegram and represents the opinions of members of the team and has not necessarily been approved by legal counsel. Transcript and all content therein (this “Transcript”) is for information purposes only and may be subject to change. The transcript is of a live event and, as such, errors and omissions are accepted.
Statements in this Transcript may not be applicable to or intended for US citizens and residents; US citizens and residents may view www.freewaylite.us to view the limited offerings which adhere to US regulations. This Transcript does not constitute an offer or solicitation to sell securities. Any such offer or solicitation will be made only by means that are in compliance with applicable securities and other laws. No information or opinions presented herein are intended to form the basis for any purchase or investment decision, and no specific recommendations are intended. Accordingly, this Transcript does not constitute investment advice or counsel or a solicitation for investment in any security. As such, this Transcript does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of or be relied on in any connection with, any contract or commitment whatsoever.
AuBit, AuBit Prime and affiliates (collectively, “AuBit” or the “Company”) expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (a) reliance on any information contained in this Transcript; (b) any error, omission or inaccuracy in any such information; and © any action resulting therefrom.
The Company cannot guarantee the accuracy of the statements made or conclusions reached in this Transcript. The Company does not make, and expressly disclaims, all representations and warranties (whether express or implied by statute or otherwise). This Transcript does not constitute advice, nor a recommendation, by the Company, its officers, directors, managers, employees, agents, advisors, or consultants, or any other person to any recipient of this Transcript. This Transcript may contain references to third-party data and industry publications. As far as the Company is aware, the information reproduced in this Transcript is materially accurate and such estimates and assumptions therein are reasonable. However, there are no assurances as to the accuracy or completeness of such reproduced information. Although information and data reproduced in this Transcript are believed to have been obtained from reliable sources, the Company did not independently verify any of the information or data from third party sources referred to in this Transcript or the underlying assumptions relied upon by such sources.
The Company makes no promises of future performance or value with respect to its proposed business operations or Freeway offerings, including no promises of inherent value, no promises of payments, and no guarantees that Freeway offerings will hold any particular value. Unless prospective participants fully understand, comprehend, and accept the nature of the Company’s proposed business and the potential risks inherent in Freeway offerings, they should not use the AuBit Prime or Freeway and Freeway US platforms.
No regulatory authority has examined or approved any information set forth in this Transcript. No such action has been or will be taken under the laws, regulatory requirements, or rules of any jurisdiction. The publication, distribution, or dissemination of this Transcript does not imply that applicable laws, regulatory requirements, or rules have been complied with. Freeway offerings may be impacted by regulatory action, including potential restrictions on the ownership, use, or possession of such tokens. Regulators or other authorities may demand that the Company revise the mechanics and functionality of Freeway offerings and the Company’s proposed operating model to comply with regulatory requirements or other governmental or business obligations.
The distribution or dissemination of this Transcript or any part thereof may be prohibited or restricted by the laws, regulatory requirements, and rules of any jurisdiction. In the case where any restriction applies, you are to inform yourself about and to observe, any restrictions which are applicable to your possession of this Transcript or such part thereof (as the case may be) at your own expense and without any liability to the Company. Persons to whom a copy of this Transcript has been distributed or disseminated, provided access to, or who otherwise have this Transcript in their possession shall not circulate it to any other persons, reproduce, or otherwise distribute this Transcript or any information contained herein for any purpose whatsoever nor permit or cause the same to occur.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Transcript constitute “forward-looking information” under applicable securities laws. In some cases, these forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “seek”, “believe”, “potential”, “continue”, “is/are likely to” or the negative of such terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements are provided to allow potential purchasers of Freeway offerings the opportunity to understand the Company’s beliefs and opinions in respect of the future, including forward-looking statements related to the Company’s proposed operating model. The proposed operating model speaks to the Company’s objectives only and is not a forecast, projection, or prediction of future results of operations. The forward-looking statements are not guarantees of future performance, and undue reliance should not be placed on them. Forward-looking statements are based on certain assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate.
These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual future results, performance, or achievements of funds, cryptocurrencies, or the Company to be materially different from any future results, performance or achievements expected, expressed or implied by such forward-looking statements. These factors include, but are not limited to: (a) changes in political, social, economic, and cryptocurrency market conditions, and the regulatory environment in the jurisdictions in which the Company conducts its businesses and operations; (b) the risk that the Company may be unable or execute or implement its business strategies and future plans; © changes in exchange rates of fiat currencies and cryptocurrencies; (d) changes in the anticipated growth strategies and expected internal growth of the Company; (e) changes in the future capital needs of the Company and the availability of financing and capital to fund such needs; (f) war or acts of terrorism; (g) occurrences of catastrophic events, natural disasters, and acts of God that affect the businesses and operations of the Company; (h) other factors beyond the control of the Company; and (i) any risk and uncertainties associated with the Company and its business and operations, Freeway offerings, the sale of Freeway offerings, and the underlying assets.
Although forward-looking statements contained herein are based upon what the Company believes are reasonable assumptions, forward-looking statements may prove to be inaccurate, as actual results and future events may differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or the Company’s estimates or opinions should change, except as required by applicable laws.
USER CONTENT DISCLAIMER
We do not own, control or endorse any User Content that is transmitted, stored, or processed in our Telegram Group. We are not responsible or liable for any User Content. Although we have no obligation to screen, edit or monitor User Content, we reserve the right, and have absolute discretion, to remove, screen or edit User Content posted at any time and for any reason.
