CoinZoom x SatoshiClub AMA from 17 December
Satoshi Club is always happy to welcome projects that come back to us with incredible news. And today we would like to tell you about the AMA session with our friends from CoinZoom. The AMA took place on December 17 and our guest was Ben Crosland, the Cofounder and director of Business development for CoinZoom.
The total reward pool was 1000$ and has been splitted in 3 parts.
In this AMA Recap we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&Bitcointalk community
Mary | Satoshi Club: Hello, Satoshi Club! We are happy to announce our AMA session with CoinZoom! welcome to Satoshi Club:grinning:
GoldRocket: Good evening, dear community! We are delighted to welcome our good old friends from CoinZoom. Greetings @CoinZT! Welcome to Satoshi Club!
Ben Crosland | coinzoom.com: Hello everyone
It’s great to be back. The community has grown quite a bit since our first AMA with you. Congratulations :tada:
GoldRocket: You’re right! a lot has changed since that time! but we are still glad to see you with us!:heart:
Mary | Satoshi Club: Yes, we always happy to see projects back:wink: and happy to hear news from them!
GoldRocket: Tell us a bit about yourself before we hear about your project
Ben Crosland | coinzoom.com: Yes, my name is Ben Crosland. I am the Cofounder and director of Business development for CoinZoom.
Mary | Satoshi Club: And besides intro could you share latest news from CoinZoom :grinning:
Ben Crosland | coinzoom.com: Yes! Wave made the top 50 of exchanges on CMC this month. Since launching in March of 2020 we’ve onboarded over 100,000 customers to the CoinZoom platform.
We also have a holidays giveaway
Mary | Satoshi Club: Wow, it’s really great achievements! I see you’re growing fast!:grinning:
Ben Crosland | coinzoom.com: Every card swipe and trade on the CoinZoom exchange gets you entered in the giveaway
GoldRocket: I will definitely participate and try my luck!
Ben Crosland | coinzoom.com: Every $10 traded = 1 entry to the giveaway
Mary | Satoshi Club: Super cool!!! When it will end and we will know happy winner name?:grinning:
Ben Crosland | coinzoom.com: The Giveaway ends January 1st 2021. Winner will be announced January 5th
GoldRocket: maybe it will be me
Ben Crosland | coinzoom.com: It could very well be
Mary | Satoshi Club: No, me:joy: Tesla is my dream:joy:
Ben Crosland | coinzoom.com: Tesla or BTC. It’s your choice
Winner gets to pick $50k BTC or the Tesla
Q1 from Telegram user @Jonahapagu
CoinZoom Is operating in the United States.. the US is known to have a lot of issues regarding the regulation of Crypto-Currencies and Cryptocurrency trading platforms, so how is CoinZoom coping with the regulatory demands there…Do you have plans of restricting most of your features to only residents of US
Ben Crosland | coinzoom.com: CoinZoom is following and complying with all rules and regulations for US. We have money transmitter licenses in all states required. The only state left is New York, the Bit License. We should be issued that License in Q1 of 2021. We are also a registered MSB with FinCEN in all 50 states and territories. Our services are not restricted to just US. We have over 100,000 customers in over 180 countries on the platform that are using CoinZoom on a daily basis to buy sell and trade crypto as well as free money transfer services. The CoinZoom Visa card is currently only available in the US but will be available in the UK, Europe, and Canada in the spring of 2021.
GoldRocket: I see that you have good lawyers!:+1:
Mary | Satoshi Club: So, rules will be the same for all countries?
Ben Crosland | coinzoom.com: What do you mean by that?
GoldRocket: How does the card get to anywhere in the world, for example?
Mary | Satoshi Club: I mean, for example, KYC will be required for everyone?
Ben Crosland | coinzoom.com: CoinZoom is available to everyone around the world except for countries that are on the OFAC list. For example: Iran, Iraq, Venezuela, North Korea, etc.
Yes KYC is required to register and use the CoinZoom exchange
GoldRocket: Europe? Ukraine for example?:wink:
Ben Crosland | coinzoom.com: Yes, CoinZoom is available there
GoldRocket: Yes I passed CoinZoom KYC. it was easy
Ben Crosland | coinzoom.com: Yes it only takes a couple minutes
Q2 from Telegram user @phule13141912
As i can see,Using CoinZoom is not only intuitive for trading the crypto market, but also allows investor to spend their holdings in the real economy via the CoinZoom Visa card. How much ZOOM do I need to hold to get the CoinZoom Visa card? What will be the offer when I upgrade the card level ?
Ben Crosland | coinzoom.com: Great question. There are 5 levels of cards and they are all based on the level of ZOOM you are staking. You get the green “select” card for free. When you register with CoinZoom and deposit funds you automatically get the green select card and is activated immediately. Upon sign up you can started spending your crypto instantly. To earn cash back on the select card, you need to stake 1000 ZOOM.
Each Card level has more benefits and rewards. Staking 3,000 ZOOM gets you the “preferred” card. You can spend $1,000 per day and earn 2% back on every purchase.
“Gold” card you earn 3% back on every purchase and can spend $2500 per day. That requires 12,000 ZOOM staking
“Platinum” card gets you 4% back on every purchase and can spend $5000 per day. That requires a staking of 50,000 ZOOM
“Black” metal card gets you 5% back on every purchase, spend up to $10,000 per day. And requires 100,000 ZOOM staked
Mary | Satoshi Club: Which is the price of 1 Zoom now?)
Ben Crosland | coinzoom.com: ZOOM = $.0634
Mary | Satoshi Club: So, it’s not hard and expensive to get preferred card:grinning: And staking also gives income, right?
Ben Crosland | coinzoom.com: Correct. Staking gets you the cash back rewards. You can also earn interest on our exchange staking Algo and Dash.
GoldRocket: What card do you own? Btw
Ben Crosland | coinzoom.com: Black metal card of course
Q3 from Telegram user @Brainchest
Tell us about AI pattern recognition. I could not understand how it works and how to enable this feature of the assistant in trading.
Ben Crosland | coinzoom.com: Hi. CoinZoom AI is a feature we looked to add but is not available right now.
Mary | Satoshi Club: What we will be able to do with it?
Ben Crosland | coinzoom.com: It is not a feature. We are updating our site. We will not be adding it to our list of features
Mary | Satoshi Club: Ok, understand
Btw, are any new features that are coming to CoinZoom in the nearest future?)
Ben Crosland | coinzoom.com: CoinZoom allows users to spend their crypto at over 53 million locations worldwide and any VIsa ATM. Users can earn up to 5% back, using the CoinZoom Visa card. Our card is a true debit card. It is not a prepaid card like crypto.com
With the Crypto.com card, you have to sell your crypto and load the card first before you can use it. With the CoinZoom card, you preselect which crypto you’d like to spend. The transaction is all done at the point of sale. Our cards can be used at Hotels, rental car agencies and other places unlike like the prepaid cards of crypto.com and Bitpay.
The CoinZoom Visa card wil be available in the UK, Europe, and Canada in Spring of 2021.
CoinZoom also features a FREE money transfer service called ZoomMe.
ZoomMe is a P2P money transfer service. Think of Venmo or WeChat pay but for free and cross border. Most payment remittance systems like these are limited geographically and have super high fees involved. With CoinZoom’s unique wallet system we allow our customers to send and receive fiat or crypto to anyone around the world for FREE. How it works? Upon signing up with us, you will create a username for ZoomMe. Once that username is created you can share it with your friends and family all over the world. I sent BCH to my friend in Brazil in milliseconds yesterday. ZoomMe transfers Crypto instantly! If I had sent it out of my BCH wallet to his BCH wallet it would have taken hours.
CoinZoom will also be introducing margin trading, lending, and earning interest in 2021.
Mary | Satoshi Club: Wow, great feature! I think everyone should try it! Great job, Ben:grinning:
GoldRocket: What about the fees?
Ben Crosland | coinzoom.com: https://www.coinzoom.com/fees/
You can learn more about the fees here
Q4 from Telegram user @AmirJosh
CoinZoom Staking initially supports two tokens — Dash (DASH) and Algorand (ALGO). Why did you chose the two tokens as your initial tokens on staking? When will you plan to add other tokens for staking?
Ben Crosland | coinzoom.com: We have chosen Algo and Dash because of our unique partnership with our wallet provider BitGo. We will be adding more tokens to staking as we roll out earning and margin next year
Mary | Satoshi Club: What this partnership gives you?:grinning: Can you tell which tokens you will add?
Ben Crosland | coinzoom.com: It allows our customers to earn interest on Algo and Dash. I cannot at this time sorry
Q5 from Telegram user @konditer_rolex
What functions are available on the platform to improve the user experience? What can you offer traders for the convenience of trading, market analysis? After all, any little things are important. Sometimes even the absence of a dark theme or a chart that does not fit on the screen repels the user.
Ben Crosland | coinzoom.com: Yes, the platform offers charting that has over 100 key technical indicators, depth of market, and price chain analysis.
Mary | Satoshi Club: Nice:grinning: do you have feedback from traders?)
Ben Crosland | coinzoom.com: Yes, they love how fast their trades are filled. They also love our choice prices. Our matching engine is very quick and efficient. We also feature price improvement which our traders love.
Mary | Satoshi Club: Very nice! It’s important to listen to your community and i see you did it successfully
Q6 from Telegram user @Arisabela
Recently everyone has been excited about Bitcoin breaking 21k barrier. Some platforms also went down for some minutes when that happened and panic where all over the chats. How did CoinZoom managed this volatity in the market? And what features do you recomment to exploit in you platform whiling this Bitcoin’s uphigh?
Ben Crosland | coinzoom.com: The platform has met demand. We have had 0 outages and our servers have kept with demand. Our customers are very satisfied with the stability of our platform and being able to benefit from the market rally :chart_with_upwards_trend:
Mary | Satoshi Club: Did you do something special for this?)
Ben Crosland | coinzoom.com: We have a world class tech team
GoldRocket: By the way, how big is your team
Ben Crosland | coinzoom.com: 30 on our team right now
Mary | Satoshi Club: Great! You can fight with any storm now!
Part 2 — live questions from the Telegram community
Q1 from Telegram user @lahkoklu
Does CoinZoom have an app for users to make trading easier without opening a website and buying coins on the CoinZoom market, is it possible with the CoinZoom Global Debit Card?
Ben Crosland | coinzoom.com: Yes we have a mobile android and IOS app
Q2 from Telegram user @paul_adebayo
How do you ensure the safety of the digital currencies used by investors on $coinZoom. Any insurance policy in place to boast users confidence in $coinZoom.
Ben Crosland | coinzoom.com: Security and Insurance
The safety of clients funds is the main priority for CoinZoom. Cold storage Wallets are provided by BitGo, the leader in digital asset financial services. BitGo Custody carries $100,000,000.00 in insurance protections through a syndicate of underwriters through the Lloyd’s, the world’s specialist insurance and reinsurance market. And this premium service comes in at no additional cost (details can be found here)
The $100 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:
Third-party hacks, copying, or theft of private keys
Insider theft or dishonest acts by BitGo employees or executives
Loss of keys
CoinZoom has chosen BitGo as its custodian because BitGo provides 100% cold storage technology in bank-grade Class III vaults and the BitGo platform is SOC 2 Type 2 certified. Advanced authentication mechanisms are employed to ensure the authenticity of data, and assets are distributed geographically and organisationally.
It is the account holders’ responsibility to safeguard their accounts by means including but not limited to using a strong password, enabling two-factor authentication and controlling all login credentials to CoinZoom.
Q3 from Telegram user @BlancaSdF
How good are the withdrawal fees in BTC ETH and for trading, does appropriating ZOOM give me a discount?
Ben Crosland | coinzoom.com: Yes ZOOM can be used to discount withdrawal fees, wires, trading commissions, and card rewards
Q4 from Telegram user @Spott
Who is eligible to stake $ZOOM token, Is there any minimum worth of $ZOOM to be staked to be eligible for lowest tier of VIP status ?
Ben Crosland | coinzoom.com: 2500 ZOOM is required to stake to get to preferred level in VIP
Q5 from Telegram user @DiegoRME
I saw the news that I can win a TESLA 3 with COINZOOM !!! Can you tell me how I can participate and what are the requirements for it? Do I need to verify my identity with some kind of KYC?
Ben Crosland | coinzoom.com: Yes, you need to go through our KYC process to register. Once you trade $10 on the exchange you automatically enter to win!
Q6 from Telegram user @tuvalunia
ZOOM coin is only listed on CoinZoom. Do you have any plans for listing it on other exchanges?
Ben Crosland | coinzoom.com: Yes it will be listed on 3 other exchanges in 2021
Q7 from Telegram user @nobody301
What role does ZOOM token play in the exchange and can they be earned?
Ben Crosland | coinzoom.com: The ZOOM token is used within the CoinZoom echo system to discount fees and card rewards. You can earn ZOOM by spending with the CoinZoom Visa card.
Q8 from Telegram user @A5loveZ3
Is there any minimum limits to deposit In CoinZoom Exchange?
Ben Crosland | coinzoom.com: No limits in terms of ACH, Wire, or Crypto. Limits with Visa and MasterCard deposits.
Q9 from Telegram user @leixagarcia
Will Visa CoinZoom cards be accessible to users in Latin America?
Ben Crosland | coinzoom.com: We are working on that right now. They will be available in Latin America in the future yes
Q10 from Telegram user @Hengerbert0
Why are you so sexy???
Ben Crosland | coinzoom.com: Genetics
Part 3 — Quiz Results
In the final part we tested your knowledge in terms of CoinZoom. They’ve prepared 4 questions for this part. The total reward pool for quiz was 700$.
For more information and future AMAs, join our Social Media channels:
CoinZoom Community: https://t.me/coinzoomcommunity