MinexPay Report | Week 6: The trend goes on!
As we’re sure you’ve been following us, this week, compared to the previous, may have appeared relatively easy-going to you. In fact, What can appear as easy is usually the result of preparation and hard work. But let us share that story at the end of the report and proceed with the awaited numbers.
Card statistics
It’s been 6 weeks since we presented the MinexPay VISA crypto cards to the world. Quite a bit of time, right?! Enough to train for an Iron Man race! During these 6 weeks, 13940 MinexPay card pre-orders have been made. However, this week presents a slight decrease in the weekly growth, (1684 instead of 2890). Fulfilling our duty of transparency, we are sharing with you the details: for unknown reasons, Facebook has banned MinexPay ads. It goes without saying that we have promptly engaged discussions with everyone’s favorite social media to resolve the situation swiftly.
As expected, the overall trend has remained the same. More than half (58.6%) of all new preorders went to the standard cards and thus the number of pre-ordered blues is nearing 7k now.
Purchased cards
As to the paid cards, discount and referral programs are both producing their first results, the number of purchases is 901, which is 124 higher than that of the previous week. We are still in the process of optimizing access to the cards and acceleration MinexPay’s adoption!
How are the KYC and referral proceeding?
This week, we will also add the topic of KYC approval, shall we? After a few hiccups with radio buttons and the list of accepted documents at the beginning, which we promptly fixed, the process continued without a hitch. At a present moment, 475 people have started the KYC process. 375 of them have successfully passed it and are now waiting while AML/CFT check is being conducted.
The last piece of numbers for today will be about referrals. So far, there have been 468 registrations made after following the referral links. Interesting start, and we want to thank YOU, our treasured community, for spreading the news. However, we understand that the current rewards of the referral program need to be more attractive, in order to develop a viral effect.
The key here is finding the right balance between incentivizing advocate and the referred friend, hence we are exploring a number of solutions that will significantly improve the program.
Among them:
- Giving out a certain amount of fund, such as 10$, to the referred friend.
- Increasing notably the reward for advocates.
- Making the reward that advocates receive proportional to the friend’s purchase, e.g. a percentage on the price paid.
- Creating the solutions where the advocate receives a percentage on the referred friend’s subsequent spendings.
- Giving out an additional reward to the advocate if a referred friend passes certain spending milestones, e.g. 0.5k, 2k, 5k, etc.
- And many others as well as various combinations of the previously mentioned.
Of course, we can’t make any modifications just yet as our 20% cashback program is a significant motivation of its own, and as time passes, we will design the most efficient program!
Instabuy news
The community has expressed the will to get information about INSTABUY volume and total exchanged MNX. While we understand that need and absolutely share the sentiment for transparency, preventing market manipulation remains the top priority.
Also, proving that we effectively bought back the exchanged MNX is a more delicate than one would think. Therefore, efforts are made to design the right process of proving the purchase with a limited amount, for now. Once the experiment is successful, we will disclose the overall strategy for Instabuy.
