AMA Highlights | March 2023
Hey there 👋. We’re going to cover the highlights of this month’s (March) AMA session. Alin George Luca, enfineo founder & CEO, Cristian Mateescu, enfineo co-founder & CTO, and Eduard Beuran, enfineo CRO, were present. The AMA went live at 19:00 EET Romania time on the 8th of March.
Happy Women’s Day! 🌹
First of all, let’s talk about Edi Beuran, enfineo’s new Chief Revenue Officer. He’s going to take care of the user acquisition strategy and the onboarding process for new users.
To continue, here’s a rough idea of what we’ll cover in the following paragraphs: the token listing, when and how it will happen; tokenomics; a bonus given to users until that listing happens; IBAN accounts.
Starting with the Tokenomics, here’s the updated version:
The white paper also mentions a DAO platform, which we’re planning to develop this year. For it to be fully functional, it will require around 3 weeks, thus enabling investors to have some voting power, equivalent to how many tokens they own. So the first issue we will vote on is when we should list the coin. There are going to be 2 options:
- The token gets listed when the app is live with bank accounts, debit cards & crypto exchange, which is part of the Q2 goals.
- The token gets listed during the public launch, which is (most likely) in Q4, in November.
Voting will require a wallet connection and will be proportional to tokens ($ENF) owned.
Besides the first issue, we’ll also be subjecting certain features to voting and whether they will ultimately be implemented.
In addition, we’ll talk about investors from private sale & early adopters. We promised “premium accounts” to them, which have now been rebranded to “envision”, every investor receiving this account for free for one year. Furthermore, all early investors will receive a 10% token bonus until the token gets listed.
Now, let’s talk about Alin’s tweet, which showed a sneak peek of the IBAN accounts. What was shown in that tweet is a work in progress, so there’s still some work that needs to be done in the backend of the feature.
Moreover, right now, we’re focused on the compliance part because considering that we’re not simply a crypto exchange, but we also have the entire banking factor to take into account, things are endlessly more complicated. The compliance department will require a separate office so as to not interfere with the whole KYC/AML/CDD part of handling financial transactions. We need to be fully regulated & compliant with all European & National directives.
Q: How will the 10% bonus get implemented?
A: The 10% bonus will be added to already owned $ENF for all investors from early adopters and private sale.
Q: Why is this bonus getting implemented?
A: Because there’s a delay until the token gets listed.
Q: Can you talk about the KYC process?
A: The KYC process is mandatory when creating your account. During this process, you need to scan your national ID, take a selfie to verify your identity, and only then can you access the app. This is required by law.
Q: Can you give us an update on the app?
A: Right now, we’re working on implementing the IBAN accounts, which will be followed by implementing debit cards, and all of this while working on the compliance part. After that, we’ll release the app so we’re able to gather feedback.
Q: Is the app available on iOS?
A: Yes, it’s available via TestFlight. You’ll need to sign up using your email address, and on that email, you will receive details regarding the app testing.
Q: When will we be able to vote for the token listing?
A: Pretty soon. We’re working on the DAO platform right now.
Q: What features will be available when the app gets commercially released in November?
A: To name a few, we’ll have the crypto exchange, fiat & crypto payments, and the complete bank account opening process. There are also going to be other features that we can’t share right now. Ultimately, what will boost the adoption of enfineo will be implemented.
Q: Are you currently planning on working with influencers?
A: Yes, we are.
Q: Can $ENF holders propose features?
A: Of course. We’re always open to suggestions, regardless of how good or bad they might sound.
Q: Does the test network get shut down daily?
A: No, the test network (available for our testers) does not get shut down. If you have any problems with connecting to the app, please refer to our Telegram group.
Q: When is the next update to the app?
A: The app gets updated daily. A visual update will be introduced once we finalize the IBAN part of the app.
Q: Will the crypto exchange part of the app have future contracts or strictly buy & sell crypto?
A: At first, only buy & sell, but subsequently, futures will be added.
Q: Didn’t ValueX invest 50 mil. EUR?
A: The press article states that ValueX acts as an advisor and will attract a gradual 50 mil. investment. This means that several stages need to be achieved.
Q: Will there be offices outside of Romania?
A: Yes. There will probably be offices in the UK and other strategically important countries.
Q: Why is the UK an option, considering Brexit?
A: UK is a strategic location considering the Fintech industry present in the country. We’re aiming for the UK as it would serve as a gateway towards other industries, locations, and potential investors.
Q: Can you reveal the Dubai investor?
A: Not yet. Once everything is finalized, we’ll make everything public: how much money was received, and how much equity was given up in exchange for capital.
Q: When talking about the app and the bracelet, will there be a “Lite/Light” version adapted for children?
A: On the bracelet, you’ll be able to set a limit for how much your child can spend per day. We plan to create an interface for children, but that’s in the future.
And that was it for this #AMAHighlights. If your questions weren’t addressed, or you still have concerns, feel free to join our Telegram groups and ask away there! We’ll see you in our next #AMAHighlights!