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Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Finxflo. This project consists in a DeFi aggregator platform and cryptocurrency brokerage firm, that is designed to provide the best prices and rates. The AMA took place on February 5 and our guests was Matt Page (head of institutional sales at Finxflo).
The total reward pool was 500$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Finxflo! Welcome to Satoshi Club.
Gold Rocket | Satoshi Club: Welcome to Satoshi Club, @ThePagey Thanks for joining.
Matt Page: Doing great…running on adrenalin…it’s been a busy and exciting month.
Gold Rocket | Satoshi Club: To begin with, please tell us a few words about yourselves and how did you get to be involved in Finxflo.
Matt Page: We can get into that as we go through…My name is Matt Page, I’m head of institutional sales at Finxflo. 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. I’ve spent a lot of time in India, Middle East, Africa, US and all around Asia…I know you have a global community so they all can appreciate how travel broadens the mind…Bit of a shame COVID has stopped that temporarily.
I came to crypto through taking a break from work and running deep into Macro Economics. I came out with two theses, precious metals (specifically industrial/ supply shock) and digital assets/cryptocurrencies. This led me down deep into the crypto forest. Through my network I was introduced to James our CEO and the rest is history. We have been working really hard in delivering this amazing platform. PS I used to be a DJ and still love my vinyl!
Mary | Satoshi Club: Oh! I like your intro! How’s your institutional investors doing?
Matt Page: Really good. As I’m running point on the launch and they know the platforms coming in late March/April is going to pick up hard after Mondays go live!
Mary | Satoshi Club: So, please tell our community more about Finxflo.
Matt Page: My pleasure… We are finishing off a platform which will solve a number if the key issues in the space. It’s important to note we believe regulation will be a key driver for the institutional money flow and this has been at the back bone of our development. We are ahead of the curve on our competition… In a nutshell. Finxflo is a regulated, CeDeFi aggregator platform and cryptocurrency brokerage firm, that is designed to provide the global best prices and rates. Our platform enables traders and investors to leverage market depth and liquidity by allowing access to 25 + aggregated protocols, liquidity providers and exchanges. We have a proprietary smart order algorithm in a dark pool with access to all who are signed up. There are some very key advantages to this which I will explain in more detail later.
This is all accessed with One Account One KYC and One Wallet. No more 12 screens, logins and price variants to deal with. Anyone interested can download and trade on our aggregated demo trading platform. https://trade.test.finxflo.com/. This shows the live aggregation engine working on BTC/ETH pair.
Gold Rocket | Satoshi Club: How is it works?
Matt Page: The client phases off to us and we face off to the exchanges and liquidity providers. The smart algo and dark pool allow top of book global best price with a lot lower slippage on large orders…and eliminates front running. That is super important. The exchanges can’t see our order book! Our smart aggregation engine is proprietary, built in house. This uses TWAP and VWAP in the dark pool. The TWAP works with time for optimization and VWAP is monitoring volume. When a spike in volume occurs we create market “sound” to ensure best execution and not be predictable in the way the execution algo works and operates. We can see a lot of the wash trading when orders aren’t executed, it’s going to help the trading community a lot!
This is institutional grade tools for everyone. Not just reserved for the big guns!
Q1 from Telegram User @AugusS7
Many platforms say “Trade anytime, anywhere”, but really when users want to complete the KYC, they realize that it is not available for their location, will it be so with FinxFlo? or is it available for all countries?
Matt Page: That’s true, KYC does have limitations and it is linked to certain restrictions for us the remain compliant. Certain countries and watch lists effected who can have access. It’s frustrating but this is the limitation of any regulated environment. Just to clarify the KYC forms part of the regulatory requirements.
This will always be the case, but certain parts will get better as regulators trust platforms and parties to do the relevant checks. This is why we feel we are ahead of the curve and in active dialogue.
Mary | Satoshi Club: Do you have a list of restricted countries? I am asking because it’s really annoying when you’re are sending docs and just after this realize that your country is restricted.
Matt Page: We have to work together but we have to be clear and transparent there is still restrictions and we have to abide by them.
Yes, we do, but they are known. We ran this on our recent whitelist for Polkastarter. When the platform opens up in March/End of April it will be updated.
Q2 from Telegram User @asalas95
Reading an article about Finxflo in The Daily Chain, I saw that they mentioned that Finxflo enables traders to achieve optimal buying and selling prices for all orders by “eliminating distortions in the market”. I would like to know, exactly what are the market distortions you help solve and through what systems on your platform can you achieve this?
Matt Page: Just to re iterate… bit of copy and paste… Our smart aggregation engine is proprietary, built in house. This 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. This uses TWAP and VWAP in the dark pool. The TWAP works with time for optimization and VWAP is monitoring volume. When a spike in volume occurs we create market “sound” to ensure best execution and not be predictable in the way the execution algo works and operates. The dark pool is open to everyone, it reduces slippage for large orders and front running! We can see a lot of the wash trading when orders aren’t executed, it’s going to help the trading community a lot!
Gold Rocket | Satoshi Club: Thanks for the answer! Does this mean that while you have a demo version running?
Matt Page: We do, here’s the Link again https://trade.test.finxflo.com/. This shows the live aggregation engine with BTC/ETH.
Mary | Satoshi Club: Just one pair?
Matt Page: You can run 4 pairs on one window, run different time frames. Have a 15m and a 4hr of a pair for example, the demo account is set up and working for BTC/ETH and USDT but we are running some test on the stable coins. Remember although we have the tech not everyone else has the testate for us to run it and also you need the fake etc. to trade.
Mary | Satoshi Club: No need to deposit real money there?
Matt Page: Nope, practice trade without fear of loss with the dummy eth.
Mary | Satoshi Club: That’s a dream
do you have feedback from testers?
Matt Page: Yeah, we still have lots of work to do and would love more feedback. So please join and hit us up. We are doing a lot of work on the UX/UI behind the scenes. Some of the lag is down to the stable coins as we are running a lot of tests but the BTC/ETC pair show’s it all working nice. I don’t see anyone else running 4 pairs in one window. Just think of the possibilities and what we will integrate…stored profiles, favorite views…integration of…I can’t say more just yet!
Q3 from Telegram User @manugotsuka
The Whitepaper says that Finxflo trading site have Zero withdraw fees! That’s awesome! But how this doesn’t affect your economic sustainability?
Matt Page: We want to create the No1 platform to access the markets in a regulated and secure environment. Remember we aren’t storing your crypto in the exchange it’s with our custodian provider. We will offer a number of staking and farming options. We obviously want to make it attractive to keep your assets with us but if you want to withdraw every night at the end of your trading day that’s totally cool and we won’t charge you to do this. Our financial model is strong and the team is from a traditional institutional background from FX, hedge funds and banking. We have a very deep understanding of the money markets and believe we have a solution which can truly solve a lot of the issues in the space.
Gold Rocket | Satoshi Club: Thanks for the answer. BTW, for which of your services is required to hold FXF?
Matt Page: FXF is a utility token…it can be used and rewarded in a number of ways, including reducing your trading fees buy up to 30%…do you want the full utility described now?
Mary | Satoshi Club: Yes, and as I see you have this solution, right?
Matt Page: Dual node with TRC20 will come in Rev1.5 but we are looking at other options, can’t say more yet but. Is where it’s at.
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.
Gold Rocket | Satoshi Club: Indeed, your project is aimed at solving very important goals.
Matt Page: Yes, and what’s critical is the platform is going live soon. End of March/April time isn’t far away…obviously this won’t be the full suite but there is a rapid role out planned.
Q4 from Telegram User @Pratze
I’m interested with staking FXF token, you said we will get passive income only by hold and stake but how is the calculation to get the passive income? And beside passive income, is there any benefit that we get by hold or stake FXF token?
Matt Page: Sure, full details will come soon on this. The rewards earned, staking time etc. As I mentioned above it also allows for voting rights…lobby for a new token pair or add a feature etc. Community is very important to us so we value the input.
Gold Rocket | Satoshi Club: It would also be interesting to familiarize with the tokenomics of the project.
Matt Page: Yes, we are quite unique in the space, especially our fair launch. Unlike a lot of projects, we aren’t raising based off a white paper via pre seed and seed rounds to gain VC money.
We are self-funded up until the private sale round which was $2.7M, 54M tokens. All at 5c.
That’s the same (bar ETH peg variance) which the Polkatsarter lottery winners will be able to secure and 100% unlock on day 1…no waiting for crazy tiered pre seed unlocks.
We are so committed to our project the team are locked for 13 months with a further 3-year vest….4 years total and it’s at the same rate every month. Not in bug chunks.
Q5 from Telegram User @jobel4
For better use and be accessible to users and traders, do you have plan to launch a mobile application version for Finxflo Exchange? Is this plan, in line with your platform’s roadmap? If yes, can you share an overview of Finxflo application and its unbeatable features that other platforms didn’t have?
Matt Page: Sure it’s critical to have for our core market. It will be released in R1.5 of the platform as will the full API integration for institutional. We are still in dev on the UX/UI as the amount of data (four pairs on a tiny screen won’t work etc.) but the key is to allow your profiles to work easily. UI/UX is important but it won’t be the super simple way of coinable and swissborg. It will have the power to trade behind it. Don’t forget to join our community to keep up to date with all the developments https://t.me/Finxflo_Community
Q6 from Telegram User @Arisabela
Finxflo offers a lot of security features in partnership with Fireblocks, one of them is fraud detection of behavioral analysis and suspicious pattern detection using machine learning, I’m always interested about artificial intelligence and machine learning, how does this one works?
Matt Page: Yes, our security partners are really important to us…we will be announcing a new partner very soon, their tech is amazing…all our partners share our vision of security in a regulated environment. MPC Multi Sig, HSM are integrated. Machine Learning and AI is heavily linked to the analysis KYT etc. Watch this space of the announcements coming up so you can dive deeper in the tech.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @Pratze
Finxflo is a great project, do you have plan to add new feature like NFT? As we know NFT is really popular and do you have any new development feature in the future?
Matt Page: Purely cus your name rocks, got to answer. I would love to do something with NFT. With the token governance get voting to add it on the platform. It would get my vote.
Q2 from Telegram User @BeaEvolet
Is it real that Finxflo offers zero withdrawal fees? Apart from the very low fees of 0.01% do they also offer zero withdrawal fees? What makes this profitable for the project?
Matt Page: Yes, its real…remember large volume traders get a much better deal than the majority this is how we can bring these prices to the community. The significant liquidity and partnerships allow us a much better execution than you can achieve on your own. Remember its Institutional grade tools for the larger community.
Q3 from Telegram User @Gutike95
You mention that the FinxFlo platform is a platform that provides the best rates in both CeFi and DeFi, but is a KYC really necessary? How is it possible that FXF is totally Dex and need a KYC?
Matt Page: Hi we aren’t a dex we are a platform which will integrate into CeDefi. You face off to us we face off to the various protocols, exchanges and liquidity platforms. We believe with adoption Regulation is key, safety and security brings additional money flow and that’s the big money moving into the space…look at Guggenheim’s macro fund, they pulled $500m and had rot put it into Greyscale which has become a quasi ETF as its an institutional front end. Just think about how much more could be achieved through this space if you had a regulated platform which opens up the CeDefi space. The opportunity is significant and they won’t place it to non-regulated protocols!
Q4 from Telegram User @LLeeKuanYew
Can you share about Finxflo’s public sale plan on Polkastarter on February 8? Is KYC required to join investors?
Matt Page: Yes, sadly the whitelist is now closed and we are busy running through the kyc for our lottery winners. Emails will be coming out but you can appreciate there is a lot of work to run through…As soon as the Polkastarter event is released we hit Uniswap so go grab FXF on the 8th…timing tbc.
Q5 from Telegram User @meml97
I read that on your tokenomics you have 27% destined to Treasury, what is this treasury exactly? What’s its function and why did you designated 27% of your tokenomics to it?
Matt Page: Yes, that’s correct. The treasury is also on a vesting schedule. Unlocked in April with 2.5% monthly release. The treasury’s primary purpose in any business is a war chest, to enable business to grow, maintain and seize opportunities. We can react to rapid expansions or acquisitions far more effectively.
Q6 from Telegram User @RosemaryBianco
As Finxflo claims to have: -Best price, -Better liquidity, -Better execution.
How does Finxflo accomplish all of this? Isn’t it marketing? And truly offer an unmatched level of transparency and efficiency?
Matt Page: I’ve explained a lot about our proprietary smart algorithm and how this with the dark pool enables top of book, global best price and execution. Eliminating front running and reducing slippage. Yes, it’s a marketing hook because the complexity is often over looked. The traditional space our team comes from and offering institutional grade tools enable this. We have dealt that the crypto market does not offer this and we have a clear market opportunity.
Q7 from Telegram User @bathulosnom
Usually DARK pool is for big Investors. So, as a small Investors how can I Participate in the DARK pool staking program? What are the process?
Matt Page: Everyone gains access to the dark pool, it’s part of our fair trading policy. You trade you get it. By a few million satoshi or 100BTC…obviously the slippage advantage comes with the larger orders. And it’s available on more pairs…think of the arbitrage opportunities.
Q8 from Telegram User @markzuber
Does the Finxflo team have a training and guidance system for newcomers to cryptocurrency? How do you attract to investor to buy the token?
Matt Page: Great Q, we are building this up and why the demo platform will remain active even after magnet so you can practice trade in that environment. We are aimed at the more experienced trader but we recognize we all have to get there and want offer the environment to do that, including proper customer service.
Q9 from Telegram User @moe_808
Everyone thinks that a successful blockchain or cryptocurrency project is measured by the price of their token and is less concerned with the technologies and adoption in the blockchain world after it. So for Finxflo What success goals will be achieved soon outside the price side.
Matt Page: Really cool. For us success would be to become the number one trading platform in the space. The token will take care of its self. We will concentrate on building the best platform out there.
Q10 from Telegram User @Boylut
Why did you mandate KYC for your users? Don’t you think this would discourage more users from getting involved with the platform?
Matt Page: I’ve explained about the need for KYC and the importance of adoption in this space, mainly the regulated institutional flow. Without it, it won’t happen. There is a number of really cool protocols which you can go to without KYC but remember with regulation comes tightening of on and off ramps…we want to be ahead of the game.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Finxflo. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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