On May 13th CoinZoom conducted an AMA in Satoshi Club Telegram group. Our guest was Ben Crosland — Co-founder and head of business development. Prize pool was $200 for 30 winners. As one of the really good Crypto Exchanges out there CoinZoom was very interesting for Satoshi Club Community. A lof of our users asked for an AMA with them. We got so many questions posted on Twitter and Telegram for them. Let’s take a look at the most important points:
PART 1, INTRODUCTION AND TWITTER QUESTIONS
Serg | Satoshi Club: Hello, dear friends! Today we will have another episode from our AMA series in Satoshi Club.
Today we present to you CoinZoom! Our guest is @CoinZT (Ben Crosland) — Cofounder and head of business development.
Welcome to Satoshi Club! Let’s have a great time together. Please tell us a little bit about yourself and how did you start CoinZoom?
Irina Kravchuk | SatoshiClub: We’re happy to have as our guest today Ben.
Ben Crosland | coinzoom.com: Thanks for having me!
Irina Kravchuk | SatoshiClub: How are you? Where are you joining from?
Ben Crosland | coinzoom.com: Doing well! I’m joining from Salt Lake City, Utah.
Irina Kravchuk | SatoshiClub: Land of the free
Serg | Satoshi Club: Tell us how did you start the project :)
Ben Crosland | coinzoom.com: Great! I’ll give you guys a little intro. I’m Ben Crosland Cofounder and director of business development at CoinZoom. Todd Crosland is both Founder and Chief Executive Officer of CoinZoom and has operated in Financial Services, Investment Banking, and Venture Capital for over two decades.
Prior to CoinZoom Todd founded and acted as CEO of Interbank FX, LLC (“IBFX”), a Futures Commission Merchant and Retail Foreign Exchange Dealer registered with the U.S. Commodities Futures Trading Commission. IBFX grew into a global entity with offices around the world and over 250,000 customers in more than 140 countries. The company also generated annual trading volumes of over $750 billion making it a leader in the retail Forex trading services industry.
Todd also serves as the Chairman and Founder of Seed Equity Ventures, a registered broker-dealer with the Securities and Exchange Commission, and is a member of FINRA/SIPC. Seed Equity Ventures has over 12,000 registered investors, entrepreneurs, and members, from around the world, and Todd is also the Founder and General Partner of CoinZoom Ventures, a venture capital firm that invests in fintech and blockchain companies such as Mainframe. He has also received a number of awards including The Ernst and Young Entrepreneur of the Year Award and holds the following Securities Licenses: Series 7,24, and 63.
He is supported by a core team which includes the Vice President of Trade Operations Mark Osterloh, who also worked as the VP of Trade Operations at IBFX for over 14 years, while Chief Technology Officer Paxton Powers previously served as Chief Information Officer of IBFX.
The issues surrounding current cryptocurrency trading platforms are well known and include an overall lack of stability as legislators continue to shape the regulations that govern the industry. As a result, a number of exchanges seek to avoid falling foul of regulators by sticking to providing crypto to crypto services and not supporting any fiat currency transfers. The team address these issues head on by applying for and securing a number of licenses which allow CoinZoom to support fiat currency transfers and remain regulatory compliant.
CoinZoom also aims to address issues related to poor security with a number of leading exchanges suffering significant hacks, and a lack of responsibility/transparency regarding users’ transactions and funds. High frequency traders also often face significant price discrepancies, extreme lag times, and even low liquidity when not trading on one of the most popular crypto exchanges. CoinZoom aims to provide a next generation trading platform with a responsive UI and order matching engine, alongside deep liquidity.
With regards to institutional clients, CoinZoom aims to focus on security and ensure asset protection by providing secure custody and control of users’ assets. In addition, the team aim to provide a trading service that suits the requirements of high frequency traders and incorporates fair and orderly markets with comprehensive high quality market data available to all users. Platform users can also look forward to efficient trade execution with orders being completed at the best available price, and deep levels of liquidity as a result of partnerships with institutional liquidity providers.
Q1 from Twitter user @YWise2020
What are the guarantees of reliable storage of CoinZoom users’ funds?
Ben Crosland | coinzoom.com: 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.
Q2 from Twitter user @VasiliySantru
Many worry about the security of new exchanges. Please tell me why at http://fincen.gov under №31000132506830 you can’t get the info. How to check your licenses?
Ben Crosland | coinzoom.com: You can visit https://www.coinzoom.com/legal-licenses/ to view all of our licenses as a regulated exchange.
Serg | Satoshi Club: Thanks! So are any restricted countries? Or everyone can register?
Ben Crosland | coinzoom.com: Anyone can register with CoinZoom except for those that live in countries that are on the OFAC sanctions list.
Q3 from Twitter user @m30hoang1990
I really love staking on CoinZoom platform. However, why does CoinZoom only support two initially tokens Dash and Algorand? When CoinZoom supports more token and standards for choosing a token listed on CoinZoom Staking?
Ben Crosland | coinzoom.com: We will be adding additional tokens for staking bonus in the near future.
Serg | Satoshi Club: Can you give more details about that? If you can disclose :)
Ben Crosland | coinzoom.com: In the near future, we will be adding margin trading soon. With that we will offer lending and staking in additional tokens.
Serg | Satoshi Club: Do you have some numbers about the volume on the exchange?
Ben Crosland | coinzoom.com: We just launched in March of 2020, we’ve added thousands of customers from 108 countries in a short period of time. Those interested in volume can view the platform trading volume at www.coinzoom.com
Irina Kravchuk | SatoshiClub: Ah, that’s not bad for a few months. Congrats!
Serg | Satoshi Club: Good achievements for such a young project.
Q4 from Twitter user @philicrohit
Where is the CoinZoom Visa Card available? And is it limited to us citizens? When it will be available for all people around the world?
Ben Crosland | coinzoom.com: The CoinZoom Visa Card is currently only available available for US customers. In 8 weeks the CoinZoom Visa Card will be available for international customers in 160 countries.
Serg | Satoshi Club: How can we spend the funds? will we convert the crypto to fiat first?
Ben Crosland | coinzoom.com: You spend the crypto instantly! With the app you preselect which crypto you want to spend. With our sophisticated authorization engine the whole process of exchange is done at point of sale. This allows customers to spend their crypto seamlessly at over 53 million locations worldwide.
Q5 from Twitter user @jazieph
Is it possible that $ZOOM will be listed on largest cryptocurrency exchanges like Okex, huobi especially binance in the near future?
Ben Crosland | coinzoom.com: The ZOOM token will primarily be listed only on CoinZoom and be utilized in the CoinZoom echo system. In the future we will look at having the ZOOM token listed on other exchanges.
PART 2, TELEGRAM COMMUNITY QUESTIONS
The chat was open for 2 minutes and some hundreds of questions were posted by the Satoshi Club community. Ben have chosen 5 of them.
Telegram User:
Did coinzoom provide liquidity by it’s own marketbook and market order or there is any mark price from other exchange?
Ben Crosland | coinzoom.com: We have some of the largest market makers in the world providing liquidity to our platform. We have about $2.5 million in bitcoin on the bid and offer at any given time.
Telegram User:
• What uses does $ZOOM currently have and when do you plan to launch into the market to be able to trade with this currency and see it going to the moon!
• How is the development of the Android App going? For when could we have a beta version?
Ben Crosland | coinzoom.com:
The ZOOM Token
ZOOM is an Ethereum ERC20 utility token, and provides holders with a wide variety of discounts, product enhancements and rewards. These include discounts on trading fees of up to 50%, and a cashback bonus of up to 5% on all CoinZoom Visa card purchases. ZOOM holders also gain access to higher Visa Card tiers including the Gold, Platinum, and Black cards, as well as staking bonuses.
The android app is in beta right now! Here is a link to our android app. https://drive.google.com/open?id=13vM8ZhhpLI7Gs9ZIQ5M8zDGrQeOkM7m7
Telegram User:
What would be the total supply of tokens after completing the token burn?
Ben Crosland | coinzoom.com: 600 million total supply.
Telegram User:
Can you tell us, For Using CoinZoom exchange like, Trading, Deposit/withdrawal, Is KYC Required for using services? & Also, What are the benefits of doing KYC on CoinZoom Exchange?
Ben Crosland | coinzoom.com: Yes, as a fully regulated exchange we require to do full KYC on all customers.
Telegram User:
What are the main differences between CoinZoom and other cryptocurrency exchanges? Why is CoinZoom better than these exchanges? What are the benefits of being a user of CoinZoom exchange?
Ben Crosland | coinzoom.com:
CoinZoom Visa Debit Card
The platform also incorporates a Visa Debit Card which provides up to 5% back on all purchases, and also allows a trading discount of up to 50%. The physical card will be accepted in 50 US states while virtual cards will be available for all domestic and international clients. Card users can enjoy enhanced benefits by holding ZOOM in their accounts with the Select card requiring 0 ZOOM while the Preferred card requires a balance of 100,000 ZOOM. The cards are rewarded to customers automatically upon sign up.
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.
PART 3, CONCLUSION
Irina Kravchuk | SatoshiClub: That was it for today. Thank you all for your participation. Ben if you want to address something to the community?
Ben Crosland | coinzoom.com: Yes! Don’t forget to enter the CoinZoom bitcoin halving sweepstakes! https://www.coinzoom.com/sweepstakes/
Irina Kravchuk | SatoshiClub: Nice.
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CoinZoom Official Community: https://t.me/coinzoomcommunity
