On April 15, Cred hosted its fourth AMA highlighting what was in the company pipeline, and explaining how Cred is navigating through the uncertainties of the financial market.
Thanks to the continued support from you, our valued customers, and the combined experience of our team, Cred has been able to traverse uncertainties with surprising ease and demonstrate continued company strength. Now more than ever, we see the importance of coming together as a community and stand with you in any way possible.
Below are the top 10 highlights from today’s discussion. If additional questions arise, hold on to them, Dan and the Cred will be back for our next AMA on May 20, 2020. As always, keep checking out the Cred Telegram Channel for updates.
Top 10 Highlights:
Q: Hi Dan and Cred team, how is the current economic situation affecting Cred’s bottom line?
A: Hi, thanks for asking! In this economic environment, our counterparties have remained stable, and we remain focused on counterparties that are lower risk. The markets are highly volatile, but generally, we’ve seen a flight to quality. In essence, larger partner prospects are working with us; you may have seen the recent partner announcements with Huobi Wallet and BitPie.
Cred community, we are excited to engage in yet another Ask Me Anything series. This month we’ve seen massive growth in our partner networks specifically across the Asian economic market! We recently welcomed HuobiWallet and Bitpie Wallet, two massive wallets in Southeast Asia, to the Cred portfolio. We have more to announce, so be sure to keep monitoring our Telegram and social channels, and as always, thank you for your continued support of Cred!
Q: Hello Dan, is there an update on the Cred “LBA lock-up” period?
A: The final LBA tranche will be unlocked in May of 2021. There are roughly 650 million LBA currently in circulation.
Q: How is Cred addressing the fluctuating value of LBA in the current market?
A: Great question. Our premium rates are still among the highest out there. We are still offering up to 10% for UPUSD. The altcoin market, in general, has been challenged in this period. The sell-offs start in the equities market, and there is still a strong correlation between those and altcoin sell-offs.
Q: Congrats Dan and team, I have seen consistent progress in Cred’s partnership announcements. Would Cred’s business model remain sustainable in an extended downturn?
A: Thanks for inquiring, our team has been fortunate in the success of our recent partnerships. Similar to the downturn of 2018, Cred is seeing steady returns thanks to our All-Weather strategy and caliber of our employees.
Q: Hey, Dan, why did the BTC rate get reduced?
A: As of today, the BTC rate is still quite high, sitting at around 8%. Many factors go into these rate changes, such as the cost of futures premiums to hedge the Bitcoin, our desire to ensure we’re deploying the funds in a low-risk manner, which assets generate lower returns, etc.
Q: What attributes do you see from COVID-19 that could affect Cred’s progress?
A: In general, we have not seen COVID-19 impede our progress, which is very surprising. We continue to sign partners, roll out new functionality, and build the business. All of us at Cred are in lock-down and have a bit of cabin fever like I’m sure all you do, but I’ve personally been a bit surprised that we’ve been able to make progress in this environment. A testament to the community, to the need for blockchain, the level of technology we all have, and great people
Q: Hi Dan, where do you stand on the efforts to ban stablecoins by central banks?
A: The technology behind stablecoins can keep fiat relevant. I believe most central banks will employ crypto technology in the future; it’s only a matter of time.
Q: Dan, are there assets that Cred is deeming more favorable in these markets?
A: Some assets are more liquid than others, and often we can offer more favorable terms such as stablecoins and BTC.
Q: What are Cred’s plans with UPUSD? I haven’t seen a lot of activity around it since you partnered with TrueUSD.
A: Bittrex Global has added a USDT-UPUSD pair this week, we continue to work on several commerce solutions that will employ UPUSD. Keep an eye out we will have more news for UPUSD this month!
Q: Are there any plans for updating the interface of the CredEarn-platform? Such as further data organization and an increase in visuals?
A: Absolutely! Please keep your suggestions coming! We will be updating the interface and functionality regularly