AMA TRANSCRIPT — SPYKEFAST x FINXFLO
Date : 26 Jan 2021
Host : HunterX & GemFlair
Guest : Finxflo Team ( Matt Page — Head Sales , Joe Wong — Advisor )
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with FINXFLO , on 26 Jan at 2 PM UTC . So here we are up with AMA transcript, for those who missed the live session, this post will be saver & feeder of knowledge for them.
Round 1 — Introduction Questions Asked By Spykefast
Q1: Gem Flair — Please give brief introduction about yourself, your role in #FINXFLO project and experience in crypto?
Matt Page — Yeah sure, My name is Matt Page, I’m head of institutional sales at Finxflo. Bit of personal info, I’ve worked in many countries and regions building businesses up from the commercial side but in more traditional industries. I’ve been very lucky to travel extensively across the world. Bit of a shame COVID has stopped that temporarily. I came to crypto through after running deep into Macro Economics and came out with two theses, precious metals (specifically industrial/ supply shock) and digital assets/cryptocurrencies. This led me down deep into the crypto forrest. After listing my primary role will be onboarding the institutional clients we have been speaking with. PS I used to be a DJ and still love my vinyl!
Gem flair — Hopefully your travel spree will resume soon. Wow it’s good to have DJ with us. Let’s make everyone dance to your #FXF tunes.🙂🙂
Q2: Gem Flair — You have a solid team of 9 executive team members, teams at Singapore, Cyprus, New York and numerous advisors which is very impressive for a crypto startup company. Can you please give a short description about core team members?
Matt Page — Yeah, we are really lucky to have such veterans, James, Thomas, Liam and Greg. All veterans from the institutional space. James, our CEO has successfully scaled a number of businesses, inc hedge funds and algo trading FX, all after a very promising football career came to an abrupt and painful end. After having premiership glory snatched from him, he picked himself up to be the youngest head of desk at close brothers!
Thomas our CTO has been heavily involved in setting up the architecture of trading floors...super bright guy
Liam is a veteran of FX, worked in all the majors...knows everyone and everything about that space....was sat on the desk at every major financial event of the last 35 years
What this brings is deep intuitional knowledge
Gem Flair — #FXF is incorporated with such a solid team.
Matt Page — Especially when you talk about money flow and liquidity. A key point to all the members...
We do not have VC funding...it’s self funded
We are a bit different to other projects, the listing is the last part. The platform is near completion...go check out the demo and try the BTC/ETH trading pairs
we like to bang this drum. We get asked a lot about which VC’s etc. I get how researches like to feel some DD has been done by the VC’s
HunterX — That’s a Blaaaaaast 💥💥
Q3: Gem Flair — Let’s talk in detail about #FINXFLO, and what problem will it solve in crypto space?
Matt Page — Finxflo is a unique platform in the space. We are a hybrid liquidity aggregator that directly bridges the worlds of CeFi (centralized exchanges or CEXes) and DeFi (think automated market makers or AMM like Uniswap or Balancer). We are a platform that does this. Other CeDeFi liquidity aggregators, like Orion, are actually protocols. So while we totally respect what they’re doing and are excited for them to rollout their services, we’re a little different. In that sense, we’re more like Binance, in that we require you to open an account with us, and not just use a Web3 wallet to interact with our protocol. We like to say “One Account, One Wallet, One KYC”! What that means, in essence, is that you can use our platform to interact with liquidity opportunities on a variety of exchanges, and not have to deal with dozens of login/password combinations. So while there are a lot of CeDeFi platforms out there or (mostly) on the way, we think our offering is pretty unique.
Q4: HunterX — Who all are your competitors and How #FINXFLO is unique from all of them?
Matt Page — In addition our dark pool is open to all and our proprietary smart ordering algorithm gets top of book and global best pricing with reduced slippage (especially for larger orders)
Finxflo is unique in that we are multi jurisdictional, not just a protocol. We are regulated (under MAS grandfathering status) and will be regulated in the US and EU...applications are under way and we are ahead of our roadmap. EU and US office is now opened.
Q5. HunterX — There is a tab for Demo Trading on #FXF website which is really eye catching, since when you are working on #FINXFLO project and what all are the achievements so far?
Matt Page — There are a few competitors which aggregate...Orion, 1inch, tagomi all good but cater for a different market...as a regulated entity we have to do KYC AML...regulation is coming and we are ahead of the curve.
I know it splits the community but when the real institutional money enters it’s a must...this is what will drive the market to where we all know it can go
Joe Wong — The early bird that catches all the ‘whales’
Matt Page — I know it splits the community but when the real institutional money enters it’s a must...this is what will drive the market to where we all know it can go.
Regulation, ahead of the game. EU and US office opened with regs applied for...token listing...very soon. Working hard for platform release end of March, Early April...this will be of course limited pairs initially quickly scaling.
Gem Flair — Institutional money has started to pouring in #Crypto now. It is just the beginning
HunterX — We are still early.. 💥😅
Matt Page — Exactly, what we have seen is just the maverick...the real weight of institutional money is still sat on the sidelines, waiting for the ability to gain entry to the market.
Just look at Guggenheim. They took $500m out of their macro fund and had to put it with Greyscale.Which has become a defect ETF, before ones released.More and more corp treasuries are discussing how to get in...I can’t remember the name but another 150M cam in recently
Most is through OTC
We are ready to bring intuitional grade tools with regulation to the market...the players want to know they can have the security of this.
But … We haven’t forgotten about the everyday traders.
Joe Wong — It’s a much bigger segment to capture than retails buying and selling now.
HunterX — Yeah.. They can’t be left out..
Gem Flair — Yeah. I also forget the name.
Q6. HunterX — What are the major utilities of holding the #FXF token? How does team plan to enhance it further?
Matt Page — We have all built crypto to what it is today and we recognise that. Fair trade policy is key for us.
HunterX — Well that’s appreciated.. That the team at Finxflo understand this as a primary requirement.
Matt page — Yes, we can’t forget. It’s very important. We recognise this and although we come across quite institutional, we know it’s community that brings projects up and fairness is in our blood.
For the token...By staking FXF tokens, holders become eligible for passive income. As the platform charges trading fees, the reward pools are filled. Proportionally with the number of staked coins, investors get rewards for their staked FXF tokens through an automated smart contract. This compounding effect is another incentive for all holders to utilize their FXF tokens not only for trading but also for additional passive income.
Finxflo has a huge yield farming potential of its own as FXF token holders can choose to provide liquidity to FXF for underlying exchanges. These funds are used as a margin on underlying trading platforms and liquidity providers (yield farmers) are rewarded with FXF in return. This process is called liquidity mining and all FXF holders can utilize this innovative system in the DeFi industry to generate profits in FXF tokens.
More punchy less wordy is FXF token utility - 1. Reduced trading fees 2. DeFi/CeFi access 3. Liquidity Mining 4. Staking FXF to receive a portion of platform fees 5. voting rights
We will share more after polkerstarter...DONE
Gem Flair — Thats multiple usecase of #FXF token.
Q7. Gem Flair — Could you please share brief details of #IDO on @polkastarter, when it will be conducted and initial marketcap at launch?
Matt Page — Sure...We are excited to release more information about our White Listing process for Polkastarter on Friday. For now, all I can say is that we may have some surprises for you by then! So stay tuned. In the interim, we’d love if you went and checked out our Demo Trading Platform (another shamelss plug). We’ve recently undergone a radical change in our tokenomics that highly benefits early FXF token holders. The best I can say right now is that our FDMC - fully diluted market cap based on a total of 150m FXF tokens - when we launch trading on Uniswap will be SIGNIFICANTLY UNDER $10 MILLION. Compared to other exchange platform tokens out there, we think this is a great value for our community.
On the rocket theme...watch this space
Gem Flair — Wow thats a very low fully diluted MCAP at launch.
Round 2 — Questions Asked on Twitter & Telegram For Finxflo
Q1: From Clarasaktii ( Twitter) — What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year for $FXF project?
Matt Page — Great Q...We have a proprietary algorithm that connects a multitude of exchanges and liquidity providers all over the world to ensure global best pricing for any crypto asset that we support on our platform. Unlike other exchanges, we will not take a fee for this best price service. We’ll go live with 4 or 5 key pairs but we’ll be adding new ones all the time! How we plan to accommodate this growth is to remain laser focused on user acquisition! We’re already doing that now by being the only trading platform to be fully licensed in multiple jurisdictions. Currently, we are regulated by MAS - the Monetary Authority of Singapore (under grandfathering status) - and will soon add Cyprus and other places!
The key is liquidity doesn’t just sit at the exchanges...there is a lot of money flows in 'liquidity providers'
Also don’t worry about the limited pairs....we have to run additional elements with our custodial partner for the compliance. A comprehensive roll out is planned and we will share more as we scale
This is one of the joys of going the regulated route but we are ahead of the curve.
Gem Flair — Fully compliant regulated exchange👏👏
Q2: From Emon_520 ( Twitter) — Do i need Any KYC requirements on Finxflo Trading platform? What are the KYC requirements on Finxflo trading platform? How can you guarantee that the users identity will not just leak somewhere?
Matt Page — KYC is at the heart of the regulatory process.
It’s a pain we know there issues with multiple exchanges signing up with multiple accounts.
That’s why with us you will have access to all with 1 KYC 1 account and 1 wallet.
Security is of upmost importance to us...thats why all your assets are held off exchange.
All our partners have to have the same regulatory process.
If it’s not institutional grade then that money won’t flow freely into the space...we have built this ecosystem.
Q3: From Crypto_Isaac ( Twitter) — Institutions are investing big on crypto assets. Does FinxFlo have plans on launching any institutional-grade products or products such as Margin and Futures trading to boost liquidity and attract big investors on FinxFlo platform?
Matt Page — Sure, great Q. We have to be mindful of the regulatory landscape. We have all seen the issues in the US and UK.
We will be looking at this but it will have to meet with their frameworks so we remain compliant to the regs.
It may mean this part is only open to people meeting the criteria.
Q4 : From Alex513038 — When i open Finxflo Website, There i Saw about Voting rights. So can You tell us What about Voting rights?How much FXF token I need hold to join Voting Rights?
Matt Page — Ops, I forgot to shill some more...have a look at tis about our institutional ambitions
Joe Wong — Check out who FXF is placed amongst.Serious players..... serious giants!
Gem Flair — Wow $FXF is mentioned amongst the likes of Grayscale and Bakkt.
Matt Page — Great spot... yes the token will provide governance rights.
Q5: From @Idee01 — The recent price surge witnessed inefficiencies in prices of assets across various markets. How will FinxFlo provide users with best prices of assets? Do you plan to use a reliable oracle services?
Matt Page — We will expand more on this as our platform grows but the governance goes back to community and you will be able to shape the part of how the token is utilised.
We are very much a centralized platform, so we don’t need to rely on decentralized oracles unless those are the only way to obtain pricing for assets like on DeFi platforms such as Compound and Uniswap. For most exchanges we plug into, we’ll be using their trading APIs directly. To ensure best pricing, our unique proprietary algorithm was developed in house, with our dark pool and enables TWAP and VWAP ordering...splitting into child orders to get global best price and best execution, with limiting slippage (for larger orders).
Also if coinbase goes down....again, you aren’t stuck.
Q6: From @alamsp — Over 5K+ cryptocurrencies in existence today. And I feel 70% of them have no utility, Can you tell me 3 good reason that Finxflo is here for long run and have real utility that will increase demand of token in future?
Matt Page — Thats why institutions go through brokerage....they cannot be exposed to that .
FXF token utility - 1. Reduced trading fees 2. DeFi/CeFi access 3. Liquidity Mining 4. Staking FXF to receive a portion of platform fees 5. voting rights
More info about our liquidity mining and staking opportunities will come out soon.
And on the long run part we have been working very hard on the tokenomics.
Here’s some fresh news for you...
The team are showing their commitment by having a 4 year vesting schedule.Then 2.78% monthly release over 3 years.Not many projects can say that!
We know what we are building and the scale we can have...Trust and community is key for this
HunterX — Yes.. Some team dont go for the initial cliff at all.
Matt Page — Thanks so much...make sure you like subscribe comment and have a go on the demo account.We want a super strong community.
Round 3 — Open Telegram Chat questions
Q1: From Deshi Airdrop — If Finxflo really wants to get the best tools and features from Defi and Cefi, why we need to do kyc? Why not take the path of decentralization in the aspect of data protection?
Matt Page — Because the large institutional flows will not come unless it’s regulated...we are offering a one stop shop for all 1 account 1 kya 1 wallet and gain access to that...not everyone wants to haver multiple access points. We can leave that side of the market to other players who are happy in this space. Lots of room for everyone.
Q2: From Boss Lady — Trading is always time consuming, why should I choose to use the Finxflo trading platform, what makes you better than the others?
Matt Page — 1 kyc 1 wallet 1 account global best price and execution...and...no front running when using our dark pool!!!come check us out when we launch.
Q3: From kucing Neko — How do you deal with pump and dump investors who just buy and sell regardless of the technology behind it? In other words: how do you plan to gain the trust of all kinds of investors?
Matt Page — We have an aggressive release schedule...don’t forget we have no VC backing in the previous rounds, our community have bought into our vision. Of course there will be sales pressure but unlike other projects we will have price discovery early...with the teams commitment and 12 month lock three year vest you can see we are looking long term.
Q4: From T-Cheetah — I have a question to get a better overview of the development plan of Finxflo as follows: The crypto community in ASIA is very big. Does Finxflo have a plan for users to directly deposit fiat into the system to buy crypto-currencies, which is also a way to compete with other exchanges. And what is the expected fee if that happens?
Matt Page — Yes this is our roadmap, the travel rule with MAS comes into play. Once this is clarified we will actively work on on and off ramps. We will keep everyone updated as we know it’s critical.
Q5: From Green Dragon — Finxflo has only trading pairs of BTC & ETH, while the demand for long / short altcoins is very high. Is Finxflo planning to open more trading pairs? In addition, many traders and I are afraid that on exchanges with orderbook like Finxflo , stop-loss when price is dump means nothing and leads to burnt order. What is the plan of Finxflo to handle that?
Matt Page — Only on the demo...not on launch. We will ramp up to 50 pairs and beyond. As I mentioned before we have additional steps through the custodial partner to meet regs with DPT and non DPT (digital payment token). It’s annoying but when completed, again we are ahead of the curve.
Q6: From Gonzales — I understood that Finxflo will have a buyback mechanism from the supply. How will you distribute the tokens bought back from the market, will you burn part of them - redistribute to stakers or how does the mechanism work as a whole?
Matt Page — Last one...due to MAS regulations we aren’t able to burn the tokens. It will form part of the trading fees if you choose to offset them )by up to 30%) and then we can move around in treasury (take them out of supply) and add back to staking rewards etc.
Matt page : One more shill
Don’t get stuck on coinbase now!
Joe Wong : Thanks for hosting us over here. It was a fun AMA.Those are really solid questions. U have a community filled with smart traders.
HunterX: Yeah.. These guys are waiting for a new Coinbase 😍
We thank @ThePagey @KhunJoe @JG_CEO_FXF for being available for this AMA.. 💥💥
1) Finxflo Website : https://www.finxflo.com/
2) Telegram : https://t.me/Finxflo_Community
3) Twitter : https://twitter.com/finxflo
4) Whitepaper : https://finxflo.medium.com/
5) Spykefast TG : https://t.me/spykefastofficial
Contact Spykefast Group (TG Members — @realsch & @Gem_Flair) for promotions and AMA!!