Questions & Answers with Daniel
Here is the last live session with Daniel in writing. If you could not see the live session, we also leave you the link to it, so you don´t miss anything!
Daniel: They always bring good staff as connections between entrepreneurs. Also, they help you with different things like pitching, business model, introductions to partners.
For example, we are setting up a company in the UK and we will need some support, legal, accounting, etc. Natwest has different partners, they help us to set up calls, meetings and so on.
Not sure if anyone knows how an accelerator works but basically they give you classes on different aspects of your company, introduce you to people, provide you with connections. It is always good regardless of the stage of your company, so it is good to be part of the accelerators.
Natwest is a huge accelerator, there are around 50 companies per batch, startups and also late-stage companies generating a lot of revenue, companies with E-money licence, so as said before, it is always good to be part of it. That’s why we are “the kings” joining accelerators programs.
Accelerator Frankfurt is already over, Natwest will last for 2 months more, so we keep working with them, weekly interactions, classes, etc. Digital Magic will finish at the end of June.
Daniel: Most of the questions were about the card so let’s disclose it.
WE GOT APPROVAL! We are very happy about it. We will make some official announcements.
Our card scheme is UnionPay, we decided to go with Union Pay because we will be able to expand quickly with the same issuer, with union pay you don´t need different issuers/applications to release card in other countries or continents, definitely, it is an opportunity the make the expansion easier and faster.
Coverages in Europe are pretty good for UnionPay card. Countries like Spain, Italy, Austria have 100% POS coverage and many other countries like the UK have also high coverage. Moreover, Unionpay is expanding fast in Europe and we can expand along with them.
The card will be in EURO and GBP, you will be able to spend in both currencies, you will have two wallets.
All the users will have virtual IBAN, just like you have with euro now, you will soon also get one for GBP. When you go to the store and spend pounds it will be detracted from your pound wallet and the same process for euro payments.
We are working on some graphics of the website as well, I think this is the really first time we say it publicly, we got the approval more or less 1 month ago.
We are working on the integration, there is a lot of compliance staff to do it, like limits and rules to set. We are trying to keep the deadline as we said in Q2, we hope we can launch a testing card in Q2, I cannot confirm the dates yet because it depends on the integration, how fast we can be, and a little bit on the compliance side, we need some approvals, so when everything is ready we will have another call with Unionpay and our card issuer, to make sure that everything works fine.
We are working with the card manufacturing for the card shipping, cards will be shipped from Spain for all the Europeans regions. I hope to give some exact dates in the next few weeks but what is very important as a milestone in that we received the BIN Number, it is basically the number to start issuing the cards.
We have everything in place, you know guys, we worked on this for the past 2 years, so everyone should be happy.
Daniel: To make it faster we will launch one card only. So, our strategy is to go live with one card now and then add more perks and features. When you are live it is faster to add new features, new cards, new designs.
In the future we will create different layers of the card based on the amount of AMN tokens you hold, you can choose between some of them.
Daniel: Our first priority is the integration in our system with our processor then comes the token functionalities. I give you an overview of how the card structure works:
There are three parties: issuer, processor and card manufacturer. The issuer is the party we deal with for compliance and risk management, the processor is the party we deal with for IT integration and the card manufacturer is the party that creates and ships the cards.
We are now in the integration, basically, when you make the transaction we need to be connected with our processor. So the first stage we faced was the compliance KYC, documents, processes, etc that you guys already have seen, now we are in the processor stage.
All the parties are coordinated between them. So when a company like us releases the card, there is a lot of work and coordination between the different parties.
We are focusing a lot on the integration but also in the token utility. As said during the ICO, the token is related to the card so, there will be benefits for ICO investors, we will keep our word. So there will be extra benefits for ICO users.
We will release more info on the website in the next weeks, follow us on telegram or via the Newsletters to don´t miss it.
Will you allow exchange BTC or another crypto to AMN?
Daniel: Yes, it is something we want to integrate before the launch. If you have been following us, we tried in the past to allow the exchange between crypto to AMN Token. At the moment you are able to trade 8 different cryptocurrencies and euros. We will be adding AMN when we will get listed on a “regular” exchange. The problem for us is that we have mainly liquidity in Bancor or Uniswap, it is a liquidity exchange so it gets hard for us to connect it to our wallet. It leaves a lot of space for speculations. What we need to do is to release our token to another exchange where there can be eventually liquidity.
I guess now with the impulse of the card, we will be able to easily list AMN in other exchanges. Formerly we were listed on some “middle” exchanges but they ask you for users so we need to make an agreement with a good exchange to receive benefits in both directions not just for them. There is no point to listing AMN in another exchange without liquidity because after some time they will say “Hey, there is no liquidity”, we need to find the right balance.
We also want to add a functionality where users will receive cashback in AMN token when they do an exchange within Amon Wallet.
Example, if you want to change BTC to ETH, we don’t charge fees but there is always a bit of margin that we do because of the fluctuation of the market. We can take part of these profits and give it as a cashback in AMN to the user. Then we buy back the tokens with the other part of the profit.
I think this will be a great feature for our token and for all the users. There is also a question about the staking, frankly, we don’t have any plan for staking.
Daniel: Yes, we are starting to move, we have been a bit stuck because of the development but yes we will make an announcement also with Celsius in the coming weeks, they want to support us as well with marketing.
If you check the website, we have different landing pages for each product, we also released a video to promote the card.
Cristian: So, we rebuilt the entire APP, we integrated GBP and XRP, it will be available in the next couple of weeks. We are already testing it and almost ready. You can also get a PDF receipt when you have an incoming or outgoing transaction. Basically, we rebuilt everything from scratch so the APP is going to be much faster. We also improved the Amon Earn section to have a clear overview of the functionality and tour benefits. From now on, we will try to add more coins/tokens quicker than before.
We would like to get your feedback, share with us your feelings about the APP and what you would like to get in the future.
In the next sessions, we will share the screen so we can show you the new improvements and it will be easier for new becomers.
Daniel: We used to have a referral program during the ICO but then we focus on other things. We will integrate it as well but let’s say that it is not a priority and will come later.
Daniel: We have monthly calls with them, they are following us every week. It is going very well, every time we ask something they are willing to help, they are a great team.
Daniel: We haven’t been in touch with Daneel for a long time, we are doing the AI internally with another resource. The AI will be a separate section from the wallet. It will not be integrated with the card. It will be mainly a section of the wallet where users can receive information, portfolio analysis information related to their portfolio. It is gonna be like a custom machine learning for each wallet you have.