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Origins & Innovations - MEXC Global Exchange
Recorded: Aug. 26, 2022 Duration: 1:12:01Space Recording
Full Transcription
Yes, sir, we can hear you.
Audio is perfect, man.
I hear you loud and clear.
I just want to give everyone about, like, you know, three more minutes to join in.
I don't want people to miss the beginning of this.
Yeah, of course.
No worries.
I'm here today with Andy of Mexi Global, Andy, before we get started, tell us a bit about
your background, how you found yourself working in the crypto industry. Let us learn a bit about
you, please. Thank you so much, Noah, for hosting me. My name is Andrew Weiner, the Vice President
of MEXC Global in the English Markets. I started my cryptocurrency journey back in 2016 on the
regulation side with KYC and AML. At the time, I was working with the director of Thomson Reuters
WorldCheck's Refinitive product for AML. His name is Greg Penn. We were using a lot of technology
from the identity space, like Ideology, Identity Mind, and similar, in conjunction with WorldCheck
AML, Comply Advantage AML, and Dunza Bradstreet entity data to create a suite for what I had saw
was likely going to happen to our business. At some point, banks, regulators, governments would be
looking to reclaim the market share, the fees that they lost, and some of the tax revenue that was
being usurped at the time by the industry. It was a very forward-looking bet back in 2016 that
fortunately paid off when some of the laws and regulations went into effect. Now that we deal
with things like travel rule, cryptocurrency frameworks, and vast registries, this type of
technology is used by some of the world's tier one exchanges. It's also licensed by companies like
KPMG, Hewlett Packard, Bank of China, so on and so forth. So naturally, with this type of background,
an exchange, a centralized exchange like Mexi Global, was able to make use of this skill set as
they expand into the English markets where things are highly regulated, you need to have good reg tech
to meet all the requirements, and to stay in good relations with those that allow this industry to
kind of prosper and the partners that can bring in lots of liquidity. Yeah, that's me. And then I
guess I can introduce Mexi as well. Yeah, I was going to say, let's dive into the world of Mexi Global.
Tell us Mexi's origin story and all that good stuff. Thank you so much. So Mexi was founded in 2018 by
some of the leadership behind great exchanges like OKEx, Huobi, Bybit, etc. And they built a platform
that they said was, you know, for traders by traders, the idea being, let's create the number
one destination for crypto gem hunters and adventurers. Today, in 2022, we proudly serve over
7 million users in 170 countries worldwide. And we can attribute that success to community partners
and customers, things like WhaleCoinTalk and other platforms that have given us the ability
to share and help people create their own financial freedom using an all-in-one services platform.
Right on. And go a bit deeper into that for us. What makes Mexi an all-in-one services platform?
What are some of these services that you guys offer?
Sure. That's a great question. So in certain markets, you might be limited to spot or OTC
services, but at Mexi, we've brought together the best of all worlds. We have ETFs, futures,
staking. You can facilitate launch pads, MDays and Kickstarters for projects and incubation with Mexi.
Everything from the trading side to the project side to even now NFT with our NFT index, we've tried to
create a single platform that provides all the things that you might be looking for in fragmentation
that were not aggregated together at a single destination due to multiple reasons, whether it
was just fintech or limitations around regulatory environments and similar. We are founded and based
at a Seychelles. So we have probably the friendliest environment to be able to aggregate all these
services together to make it so one account can unlock the world of crypto for you. So you don't
have to have so many different usernames and private keys and credentials across a network of
service providers. You can simply come to Mexi and receive that all-in-one experience from a single
signup. Right on. And I want to break down each of the individual components, everything that Mexi has
to offer. I know you guys have a very lucrative affiliate program. So give us some insight into that,
please. Happy to. So at Mexi, you know, especially when we're talking about English markets,
your primary service providers are companies that charge one to 3% on the taker maker fee,
which is quite high. They have very intensive processes to do simple things like fiat deposits
and other services that aren't really that sophisticated. You shouldn't need to be an accredited
investor to do. And they have very limited inventories of the competitors, you know, listing at most
maybe 500 projects and pairs in total. But at Mexi, we've tried to take an angle where it's very
consumer friendly. You know, our trading fees are incredibly low. They start at 0.2%. On the inventory
side, we have about 1,900 projects today and the largest depth and liquidity spread for the major
futures pairs, I think, compared to any other product in our space. And then finally, we have the most
convenient signup for KYC. When you combine all those things together, and then you add some
incentives like deposit matching up to $4,100 bonuses of USDT for your deposit and trading on Mexi,
make it a great place to kind of move your business if you are suffering from overpaying on fees, if you're
suffering from seeing oversubscribed limited projects, if you're suffering from exposing way too much of your
sensitive information to the warehouses and data centers of these competitors, it's a great reason
to come over. And then you can also enjoy, of course, this variety of services and these great incentive
bonuses to reward you for just giving it a try. We try to make it as easy as possible to not only be our
customer, but to also be our partner. The affiliate program is wide open. If you're somebody with a
community that needs support during the bear market, if you're looking to get incentives and values
downstream to the audience that trusts and relies on you, for quality thought leadership and education
in the space like the people that follow WhaleCoinTalk, Mexi can be a wonderful avenue to get you into
finding that next 100x moonshot. And very specifically, Andy, I know that users can qualify
for up to 100k bonus, or excuse me, 1k bonus. What are some ways that we can achieve at least most of that,
or rather attain at least most of that?
So we tier the release of the different incentives based on first the deposit. So just sign up,
make your deposit, make your first trade, enjoy $100 airdrop. Once you start trading larger volumes,
you'll receive another $1,000 airdrop bonus for futures. And then finally, once you achieve volumes
of 100k or more, if you're the type of person that's doing very sophisticated longs or shorts or
copy trades, you can enjoy an additional $3,000 released to your account. This is funds that are
not locked up, you can use them right away. We make these incentives very clear with the table
and step by step guide of how to get them. This is not a bait and switch like some of our competitors.
Andy, how have you guys been able to attract so many projects to your exchange? And also,
how can projects apply to have their low their token listed on Mexi? What's the listing cost?
Fantastic question. So Catherine Dang, who leads the listing team is very experienced in the field.
She's been around the crypto space even longer than I have, helping to qualify projects, but also to
incubate projects. Mexi has Mexi Pioneer. And with our capital partners, we're able to help incubate
some of the things that may not be ready just yet for a full on listing. And we can do things like
Kickstarters and M-days and some of these interesting launch pads that we utilize to get you that
additional support, kind of take you the last 10 feet in your roadmap to get to that stage of,
okay, now we should be listed and traded, you know, openly amongst those seven million traders
worldwide on Mexi. There is a simple form that the guys here at WhaleCoin talking forward to you
if you're interested in following up after this Twitter spaces today to see if your own project
qualifies for listing, or if you need support, incubation or co-investment from the pioneer side
of Mexi because you know your project just needs a bit more development to get to that stage.
Those opportunities are wide open. Again, we try to make it very easy. It's a simple form.
Once the review team has gone through the process, we can connect you directly with an agent who can
give you an answer. And if it's not an approval, give you some feedback, some insight into how to
better develop or prepare yourself to work with an extra centralized exchange like Mexi and to achieve,
you know, real scale in introducing that project to the markets worldwide that trade over $4 billion a
day on our platform.
Kickstarter, very cool. I'm curious to know how many projects so far have taken advantage of the
service you offer.
Genuinely hundreds. So at Mexi now, I think we've just crossed 1,900 total projects listed.
We've incubated, I think, up to 500 of them through pioneer. The idea being that Mexi, if we're going to
put our own funds into it and put, you know, that at risk, we're going to do that first before we ask
our followers and our audience to do the same. We really put our money where our mouth is here.
And what if I'm a project that wants to utilize your launch pad? Is it the same sort of process
is applying to be listed on the exchange or using your Kickstarter?
It is because the review process will tell us kind of where you're at in your development and
will help us better qualify what package of services would make the most sense for the stage
of where you're at. So obviously, if you're coming from the DEX land and you have a very established
community, you're still well under your market cap and you just need that kind of like marketing support
to expose something you've already qualified as high value. That's kind of one angle. But then
for those that are a bit less developed, if you're in GameFi, Metaverse or Web3, that's kind of the
sweet spot for Mexi. This is really like even meme coins. That's the altcoin space that we've done
really well in. You know, at Mexi with the low caps, you can find a gem that can go 100x. And if your
project wants to be one of those gems that reaches the moon, we're probably the first place you want to
start. Also, Catherine's got a very efficient team. We get things listed faster than any of our
competitors and our marketing team pushes out excellent content to support your project to ensure
that eyes get on it. What kind of content are we talking?
Oh, stuff like this. We can get on lovely Twitter spaces, ask me anything. You can do YouTube videos
with us. You can benefit from, you know, our network of influencer partners and affiliates like
WhaleCoinTalk who would be happy to review and take a hard look at your project. You know, we're
all trying to ensure that these things are fantastic. We aren't just trying to list something for the
sake of listing it that's worthless to us as a community. We're trying to create value for each
other. And that's why Mexi is able to grow this fast. I don't know if our competitors have the same
level of standards, but here we're trying to raise that standard globally. And I believe set the tone
for how these things should be done in the market. You know, further to that, whether it's a campaign
across Twitter, Telegram, Discord, it really depends on the project. You know, there's different use
cases. Is it a utility? Are we talking about something that's more kind of an in-game application? Is this a
protocol? Depending on the nature of the actual white paper and the project itself, that might also help curb
what avenue makes the most sense to put you in front of the right type of consumers. There are different
various consumers in crypto, unlike the mainstream media who kind of lumps us all together in one category
as Bitcoin hodlers. There are so many layers of nuances to what's happening in our ecosystem.
Andy, we have a diverse audience here, anywhere from newcomers to experts. So with that said,
can you tell us very briefly, what is futures trading and why is it so important to the Mexi ecosystem?
On futures trading, you're able to perform your options, put longs and shorts to help indicate
what you believe is going to be the future of any particular project in our ecosystem or stablecoin or
token, etc. This type of information kind of indicates, you know, the fear or the bull of the
temperature of any particular stream or segment of crypto. And this information is like a signal
outside of our industry to traditional finance, to the institutions who are all very aggressively
collecting inventory during the bear market to put themselves in a fantastic advantage when the
prices go back up, which we all expect them to do. Because I can tell you from the exchange perspective,
this current market situation we're in, every metric that we use to measure the growth of the crypto
industry is up, with the exception, the one exception is the price per coin. You know, in a traditional
market, like we were talking about NASDAQ, we're out here in traditional finance,
the prices would not be down if all those other things were true. So this is a very unique and
unusual situation. I don't think that it's sustainably authentic, because there's nothing
to be afraid of in this business. We've got the world's largest creditor on the planet, who's got
over 5 billion credit cards in circulation, has acquired the world's largest provider of wallet data
and forensics intelligence. You know, if this is a bear market, if you shouldn't be long on crypto,
what are they preparing for with all that wallet data? You know, they represent these creditors
more money than the entire value of our ecosystem combined today. They represent a trillion dollars
each. And when they do get to the table, and they start releasing their products and services like
we've seen in South America, just last week with the Argentina crypto card, you're going to see things
go nuts. They have actuaries in the back offices of all of these institutions right now, building
sophisticated risk lending models for what they think is the all time high of Bitcoin, which should
be the stable price of Bitcoin $60,000 a coin or higher. So when they get that inventory less than 30k,
oh my god, the leverage that creates for their institution, the cost savings they'll have when
they go from pieces of plastic to wallet addresses. There's so much coming. We're at the beginning of
it, which is bizarre to think about. Because who in this room on this call, ever thought that they
would be alive to see the next transformation of the financial system. Okay, Andy, so much to unpack
here. And I had these, I had these questions formulated and sorted towards the end of the AMA. But
since you headed right into it, let's unpack this. When you say they, when you're saying
they and them, who exactly are you referring to? Also, where are you coming up with this number
of 60k? And furthermore, and I don't, I don't, I'm not concerned with packing multiple questions and
one because you're very good at answering all of them. But furthermore, what makes you so bullish? I
mean, what are these fundamentals you're referring to in the atmosphere that we're seeing that makes you so
bullish when things have been so bearish from an economic scale with everything? And I don't
want to get too political, but what's happening with the war, what's happening with China's economy
and their, you know, their real estate Ponzi and so many things happening in the world that
is, that is the Fed breaking, the Fed raising rates. Like, why are you so positive? Why are you
so bullish when everyone else is so bearish? Great question. So here's the thing to consider.
Our current composition of cryptocurrency traders represent the types of investors,
and this is probably more than 80% of them, that have less than $10,000 in holdings each.
So when life becomes, like you mentioned with all of these recession issues around a war and supply
channels and rising costs of rent and food, when life becomes $1,000 a month more expensive,
if you're one of those, let's say 80% that holds $10,000 or less, you probably need that money right
now. And thank God crypto was there for you as a storage of value so you could even get it.
So when all those people pull that money out of the system at the same time, unwrapping into fiat,
the system's not designed to unload that much volume into fiat at an all-time high of $60,000,
which is what we saw just a couple of months ago. So that's kind of the first stress point in the
system. When that happens, that's going to impact bot trading and algo trading and copy trading and
lots of stuff in the network where people are getting their signals and it will just
create discounts on order book prices until you can actually hit that fiat number during
that mass stress in the system. That's kind of point one. Point two is the they's, the them's,
these are credit card companies. These are banks and wealth management firms and family
offices that represent capital that far exceeds what all of us have already put into crypto.
Now that's crazy to consider that somebody could come double the amount of fiat flowing through our
system with one point of entry. A lot of people don't talk about this. What they also don't talk
about is digital transformation. The banks, the ones with the most money and the creditors,
the ones that serve 5 billion or more people each. Why are they digitally transforming their office?
They already have digital banking. Why are they buying wallet forensic service providers?
Why are they buying these APIs? It's to carry crypto. It's so crazy to think about. Now you can't
buy crypto at its all time high. If you're a lender, that makes no sense. You buy assets after the prices
come down because you have some actuary telling you it's actually worth something else. And you start
building your leverage and risk models around that. Now being a KYC guy, and I'm trying not to violate NDAs here,
but I worked on a lot of those back offices. I provided the technology that they're using in
their order books to make this all happen. There's a lot of banks out there that haven't
even told their clients their paper share certificates are now tokens. They just say
it's a digital representation of your asset. They don't get into the weeds because billionaires
that are having their wealth managed don't need to know the details. They're just looking at the PNL.
So, you know, these two things are just never talked about. We get into the weeds with each
other about how we're feeling and the temperature of the market amongst people that, you know,
aren't whales. And it's a fantastically titled Twitter spaces we're on today, whale coin talk,
because the kind of whale that's coming is different than the ones we work with today.
And I, if nobody understands what I'm saying, I'm happy to unpack that further.
Please do. I would love to hear you unpack that.
All right. So the kinds of whales that are coming represent positions that will be billions.
Now, there's not a lot of products in our ecosystem that are currently designed for a
billionaire to invest a billion dollars, get 10x on it, and then unwrap it a fiat. Can you imagine if
Warren Buffett did that? But that's coming and the banks are working on creating sophisticated
products and services to kind of meet that pent up demand. The word here is pent up demand.
Our industry has been so successful in creating value that we've proven to all these stuffy,
stiff people, especially the mainstream media that were so bare on us. They were so angry to
see their market share and their customers coming to our space that they wanted to discourage it in
every way possible. They don't benefit from it. But now that we've demonstrated to them how these
products and service work, there's fintech that they can white label. There's already
hundreds of millions of dollars that have been spent to get their back office ready to do instant KYC,
to do ongoing monitoring of AML, to do transaction monitoring of wallets, and to do what we haven't
seen really sophisticatedly done yet, transfer management of assets, which is really the only
mechanism that you could use to ensure compliance end-to-end on the entire lifespan of a token.
You see, something that happens in our industry right now that's also not really talked about is
some issuers are not designing securities, they're designing utilities, and they're able to manage the
issuance of that during the initial crowdsale distribution. But once that asset hits that wallet for
that person that's freely going to take this down maybe to a secondary market, how that person treats
your asset on the secondary market could undo your intention. They could take your utility, they could
take your stablecoin, and they could go trade it like a security. And this is kind of one of the loopholes
that people are falling into. We saw with the Coinbase lawsuit, nine of those projects did not intend to be
securities that were named in that lawsuit. And yet, because of how people traded them and treated them
in the secondary markets, they have now passed the Howey test. So this is the type of stuff that I think
that these new partners, these new TradFi people that are so interested in white labeling DeFi products,
adding reg tech from CeFi, and then essentially marrying them together to create their version of TradFi
and crypto is what's going to change the outlook and the trajectory of everything we're doing in this
industry. So you've identified a lot of dormant catalysts, if you will, things that are happening,
very bullish indicators that most people right now are not aware of. Would you say that is the primary
reason that Bitcoin is trading so much? I think I think you projected 60k is trading so much lower
than what its actual value is. And how is that actual value actually? How is that determined?
Where are you getting 60k from? So I'm just looking at, you know, these order books in the charting of
where we started to lose stability on what people were willing to pay for your asset in terms of liquidating
you to fee it. That's really where the stress came from. And there was like, a couple of weeks in a
row, where so many people were pulling out of the system at once, that that was just causing bots to
discount themselves, and kind of fight with each other driving down the price on almost unintentionally.
And on the other side of this, had we already had these traditional finance type partners in the
space, as opposed to them like ramping up to get the assets that they had already been in the space,
you would have been able to sustain those prices at those all time highs.
And then it would have been a fight now to just who can get the asset because it's going to climb
in that type of situation. But this is not financial advice. Do your own research. I just
make sure that we say all these things. Because this is definitely not me giving signals. I'm just
very comfortable in being convicted that I don't think banks would waste hundreds of millions of
dollars to implement technology when they hate doing that. They really hate digital transformation
at banks, even for simple things. So create all that friction internally in all of your branches,
all of your offices. I can't see them stopping in the middle of that and not going through it all
the way to having the crypto.
Do you think banks implementing and adopting that infrastructure is more indicative of a
CBDC or some sort of bank currency on the way that they're trying to integrate? Do you really
think that they would want to make it easier for the everyday man and woman to invest in decentralized
assets that we know and love today?
So that's a loaded question because each jurisdiction is tackling that differently.
There's been a Coinbase recently published a little kind of heat map on where regulatory
frameworks are in place, where travel rules already implemented and being complied with, where AML and
CFT restrictions and requirements are. And this is really informing how the banks are going to respond.
So my answer to that question in the United States might be very different than my answer to that
question in Estonia, as an example. So I'm not going to pick that one apart. We would need a whole
other call for that. But what we're seeing is we've created a situation where we've taken so much market
share, so much fees. I'll give you a figure. I'm not going to name the bank. But in Alberta, where crypto
was doing very well, especially during the ICO, STO, IEO period of 2018-19, their banks used to lend
$40 billion a year, with a B, to their partners in oil and gas. There were subsidies, there was so much revenue.
Now, I think the numbers from 2020. But after that ICO period, the next year, they only let 20 million
with an M. That's 39.9-something billion dollars of revenue that has just left their ability to
lend and leverage. It's gone to crypto. So yeah, they're in a situation where if they don't
try to reclaim those fees, that market share, that cash flow, if they don't, you know, put together,
if the country allows it, a CBDC to make the whole process of just getting your fiat onto a wallet or
into a digital environment that you can use to buy crypto and have a standard stable asset around it
that really benefits the governments that have been losing these fees and those tax revenues back to the
industry. I think that's kind of the framework that I'm thinking about. At the same time, though,
I can't totally predict the future. So I guess I don't have the firmest answer on this one.
Right on. But when you break it down like that, it makes a lot more sense. And I'm able to wrap my
head around what you're describing. Andy, it's quite clear to me that your outlook on the bear market is
that it's not a real bear market. It's all smoke and mirrors. So I'm curious to know, at a high level,
and we can definitely unpack this based on your response, but where do you see the crypto industry
in five to 10 years? And what are some important catalysts that you think need to fall into place
in order for us to reach mass adoption? You've already described some of them with the banks
adopting all this technology. Money is going to move faster. You know, right now, the banks benefit
from money moving very slowly, because they can leverage it longer in the markets, the longer it's
in their custody. Where we're going with things like, you know, your own wallet, where we're going
with things like, you know, all these different exchanges that you could go, you know, put your assets
on. That in itself is like payment processing, processing is going to be faster, wire payments
will be faster. I think that's something that we can't even calculate how it's going to impact the
world yet. I don't know what it looks like when my bank loses one to two business days of leverage
on the money that I have in their custody. It's just this data that doesn't exist today. But I'm very
curious to see how that impacts things and how much deeper they get. Like, will they have their own
blockchains? Will they have, you know, their own exchanges within their ecosystems? Like how many
pieces of the pie, like OTC, et cetera, are they going to just try to do themselves to ensure that
they kind of keep the consumers within their umbrella of companies? So that's the one thing.
And I'm sorry, the rest of your question, because these are complicated thoughts.
No, of course. Yeah. And just because you're such a great speaker, I try to pack them all
in one sentence. But I'm curious to know what some important catalysts you find.
Right, right.
What are some important, yeah.
Digital, this is the other side of this thought. In foreign markets, especially Southeast Asia,
they've always had digital wallets. They had it before crypto. So if you were a consumer in those
markets and you were traveling around Europe for work or around Asia for work, you probably had
won and yen and Deutschmarks and francs. And you know, it's impossible to be doing the physical
cash forex of that without tons of friction. So the digital wallets, they turn these different
currencies into symbols and you have them denominated in the wallet. They've always been there.
Very normal behavior for that kind of consumer in Asia. Crypto came around. It's just another
symbol of that wallet. You know, it's just currency from a countryless country
that you would have to have had. So that behavior for that consumer was really easy to kind of get
into the space. It wasn't unfamiliar to them. But here in the West, especially in North America,
digital wallet adoption is abysmal. The major payment processors, even coffee shops and their loyalty
cards. They've had these things for years and they're so underutilized. And so I don't even use
the Starbucks card when I go get coffee. Why do you think that is? Why do you think there's so
I wonder this myself all the time. I say, why can't I just go to Starbucks and pay for
pay for my coffee in USDC or even in Bitcoin or Ethereum?
You know, as somebody that lived in the States for 16 years myself and did a bunch of schooling in
there, I can tell you that we're a very tangible person, very tangible consumer.
Americans like to touch, feel, smell what they have and know that they have and count it.
And that's what cash is. You know, you have in your head. I know
a lot of family offices and wealth managers in the US that are still taking paper checks.
You know what I mean? Like, and they're still, you know, it's funny for some people to tap their
debit and credit card. Still like my own mother still inserts her card or swipes her card every
time. She just doesn't use the tap and it's totally turned on and she could pay. My mother
never spends more than 50 bucks, so she could totally use it. But for whatever reason, that's
the kind of concern you have there. And you know, in the US, you always use US dollars.
Even when you come to Canada, they rarely convert it to CAD. They just pay par at the counter.
So that's an ingrained behavior. I can't explain it. It's been there for generations.
And I've also found that Americans can be resistant to change, especially when that change
doesn't come from within their own country. So these are kind of the things that make you
an American is to be very proud of what you produce and to participate very closely in supporting
what it is that's yours and local to you. And crypto is the complete opposite. Crypto is this
very globalized idea where we're going to bank the unbanked, where everybody is a brother and a
sister and related somehow in the effort to make this happen. Like we're a community that does not
segment itself based on what some government said is the border of your country, whatever lines they
drew around a map somewhere. We're very much so global.
So with digital adoption and some more knowledge and experience in the typical, you know, North
American consumer with using that as a medium for payments, a medium for trading, a medium for
storage of value and all sorts of other stuff. That's where I think we're going to see that huge
curve up like a hockey stick moment in the charts. I think that the metrics right now, you know,
you can't quote me on this because these might be outdated numbers from when I did KYC,
but there were like 27 million KYC wallets in North America. That includes Canada, Mexico,
and the US. And then there was like another 90 million unidentified addresses using DEXs and
PancakeSwap and similar. So if we think, you know, hey, the US is, let's say, 300 million
banking people. Canada's got 30 million. Mexico's got, you know, another 20 or 30 million.
And we only have seen maybe 15 to 20% of the market adoption. So again, what does that mean
when the other 80% of the market catches up and their cash starts flowing through our ecosystem?
Could mean good things.
So you're quite obviously very bullish, Andy. And I wanted to tie this back to Mexi. Mexi is very
bullish. You guys are building out the infrastructure and getting ready for what you believe to be the
next big wave of cash coming into this market. What is Mexi doing specifically to be a proponent and,
you know, play, play a catalyst and allow users in a seamless way to bring their money into this
market, bring their cash on chain?
Everything we do in the business development side of our operation, as well as the
operation side of the operation is focused on being consultants. We're going to these conferences,
we're going to the meetups, we're doing these talks, expecting people to give us the feedback
as to how a business like ours can earn their loyalty, if they're an existing customer,
or what it is that we need to provide in terms of education or thought leadership
to help convert them from crypto curious into a real crypto trading consumer.
And there's a lot of costs associated with acquiring someone at either stage of that journey.
Obviously, it's a much lower cost if you're already in the space and you're just looking for
all the services you need. But obviously, the cost is much higher if you're just kind of toying with
the idea of maybe I should try this space out. Maybe this is a better way for me outside of like
maybe mutual funds or other things that you might invest in to secure your financial freedom in the future.
So, you know, as we receive these feature requests, this client insight and feedback,
we're able to go back to our developers and product team and enhance the product.
We're able to go to the market maker and partners and the listings team and find the things people
are really interested in because they're telling us. And I think that's a way better strategy than
watching charts all day and making assumptions about where the market's going, which is happening
kind of outside of Mexi. Not a lot of people are really listening to their customers.
Not a lot of people are delivering great customer service. This is a huge gap in our industry.
Time zone differences, language barriers. People are not, you know, connecting with somebody
in their countries, speaking their language, who understands their problems in a lot of these
situations. But Mexi has done a great job of filling that gap.
So, yeah, it's all about talking to your customers, listening to your customers,
going back to the industry, being engaged with the communities, the conferences, the influencers,
the affiliates, and just listening with an open mind. It sounds so simple, honestly.
So I'm playing devil's advocate here for a moment. Much of the world doesn't have access to just
basic needs, yet alone a crypto wallet. I'd be curious to know how you see those parts of the
world participating in this market and this whole banking the unbanked thing. How do you see that
playing out over the next five to 10 years? That's a great question. So leaders in really
disparaged places like Nigeria, Tonga, you know, even places in the Bahamas where the economy is really
down. They do definitely realize that with one smart device, you can now begin to bank a consumer
who used to travel by bus or walk by foot or just have no access to some brick and mortar that could
have been hours or days away from them. I think there was a use case recently out of Mexico. And
I'll just talk about this like crypto for social good as a point. Mexican migrant workers were coming
internationally to work agriculture jobs. They're being paid, you know, money orders and cash in
some cases. They go to the check cashing stores, they fly home. When they flew home, you had like
criminals waiting for them at the airports and the bus stops. You know, organized crime was
lifting the cash, lifting the paper checks, taking it directly from them. So what they did for a lot of
these migrant workers is they created a wallet address for them. You know, they're not carrying it around.
When they get off the airplane, they're completely safe going home. These are some of the applications
and use cases how we can do more with crypto other than just make money.
A few more questions on Mexi, Andy. And then I wanted to talk a bit more about the crypto space
as a whole, the crypto industry as a whole, as we've been. You guys have some very unique
fiat crypto gateways. Can you give us some more insight into those, please?
Yeah, so Mexi has Swift, Fedwire, Banks, I believe Plat and Wirex as well. Just fantastic
third party processors that can help you on ramp with fiat. They charge very low fees. And again,
they're providing access in places where normally would have no path to get on our product and
participate. I believe we currently have 170 total countries supported with that. And by October,
we will also be unveiling the off ramping component through the similar providers.
And where would you say you guys stand with respect to all your competitors?
Oh, I think we're number one. I mean, truly. And it's really a combination of access to service,
fair cost, and customer service. So if you can do everything you need to do as a consumer,
get support when you need it, and do that at a fair price with Mexi, this is the best.
When I think of the competitors that are close to me in volume, it's tons of friction to use their
products. It's very limited in terms of the scope of what they offer. Many people are VPNing into
their global products anyways. So they're not really nailing it on meeting the consumer where
the consumer's at. And I also don't see a lot of my partners thinking of the little guys. They seem to
be very willing to work with these major institutions and players to do things to kind of gather more
inventory. Whereas Mexi is not kind of taking that angle. We're here fighting for all the gem hunters
and the altcoin people and the regular trader to kind of ensure that they always have a convenient
place to do this stuff affordably without being forced out of their asset or onto a product that
doesn't meet their needs.
You and I have chatted offline a lot about education, crypto education, blockchain education,
the importance of it. Is Mexi planning on launching something like Mexi Academy sometime in the near
future?
We have been hard at work developing a couple of different things, whether it's learn to earn or
kind of like tutorials. But we do lean really heavily into our partner network because the best
people that can educate you as to how the products function and how to best utilize them are the people
using them every day. Not just the people building them or the people promoting the service,
but those that are in the Fox tool. Again, this is why I'm so happy to be on your spaces today
because I get to speak with a bunch of people and share with an audience that actually has a lot
more insight and education and how these things work than your leadership might in your local
jurisdiction. And when you guys share that experience, when you show people how it is that you come to
your conclusions and how it is that you essentially set your day up for trading and how you monitor
the activity, those types of videos are so priceless. And we need more of that in our space. We need less
shilling and more education. We need less promotion and more thought leadership. And you guys provide
that very phenomenally as well as a bunch of the other partners that we've chosen to work with.
Love it. Andy, I want to talk about some more generic topics now, things that pertain to crypto industry
today. What are your thoughts on the Ethereum merge? Give us a high level overview.
So on the Ethereum merge, I'm probably not the best person for Mexi to comment on that particular subject.
But what we saw with the previous fork is it brought a lot of new interest into Ethereum.
I believe when we had the previous fork, that was when we saw the price ascend quite a bit.
To discuss this subject, though, I feel like I'd be giving financial advice. This is one that I would
like to pass on. No worries. No worries. And audience members, I always say this at the end of every AMA,
whale coin talk. We are strictly an educational channel. Everything you hear on this platform is
for educational and informational purposes only. We never give financial advice. Nothing here is
meant to be used for financial advice. So definitely always do your own research,
do your own due diligence, only invest what you're willing to lose. This is a volatile market,
and there's always risk involved in crypto trading. So I'll put that there and we can move on to
the next topic, Andy. I'd be curious to know if Mexi is planning, and this might be a bit out of,
far out, but is Mexi planning on developing their own DeFi platform, their own decentralized exchange,
or even their own blockchain in the future? Not at this time. There have been no announcements further
to that. In our roadmap right now, we're really heavily focused on expanding what has been
most popular, which is NFTs, Web3, Metaverse. Right now, we have the NFT index. Obviously,
we would like to enhance that for consumers to give them another destination or alternative to,
let's say, like OpenSea. And also on our roadmap, the fee offer up in October, I think is going to be
really tremendous and just, again, streamlining the end-to-end experience from opening an account,
making a deposit, doing your trading. And then if you want, exiting the position comfortably.
That's where we're focused, making that user experience like real seamless. And, you know,
end-to-end is a word I'm probably going to repeat several times as we continue this call.
What about a Mexi credit card? Is that something we can see anytime in the near future?
No, not at this time. You know, again, our partners there, I'm sorry, our competitors are
partnering with these giant institutions, gathering your inventory, and they're about to lend you your
crypto back at huge interest rates. This is not a position that we're interested in at this time.
I don't know if that's going to change in the future.
Sure. The MX token, we didn't talk too much about it, but curious to know
what utilities it provides with respect to the overall Mexi ecosystem.
Now, the utility I use most often, and this is going to be a free plug for one of our partners,
is the MX token is spendable on Travala. Travala is a phenomenal competitor to Expedia that allows you
to pay in crypto and save quite a bit of money when you spend in the MX token.
That is a wonderful place to go book your travel, book your hotels, book your flights,
and even get in some tourism attractions. The team there is actively, you know,
canvassing the entire world to implement this type of payment processing for all those major
hotels and tourist providers, as well as airlines. And then within the own platform, you know,
the Mexi token can be used for staking. It can provide you discounts on fees when you hold it.
We have a whole package. If anybody's interested in more information on the MX token as utility use
cases that I can send via PDF to anybody who DMs me after today's talk.
Perfect. Andy, I want to get your thoughts now on Bitcoin. Do you believe that countries should
be adopting this as legal tender? What are some advantages, disadvantages, and challenges?
Well, you know, my opinion on that is not so relevant. What I'm really interested in pointing
out is there are countries, especially in South America and Europe, where they've proven that it's
very smart to do. You know, in Honduras right now, they have nationalized Bitcoin ATMs. In El Salvador,
they've been in Argentina, like we mentioned earlier, they've been rolling out a lot of use cases for
spending your crypto at the retail level in very fractionalized payments. In places like Estonia
and Belarus and similar, they have the ZoidPaid product. The ZoidPaid debit card for crypto has
been around out there for quite a while. And I remember Andreas Antonopoulos and friends buying,
you know, just $5 in coffee and eggs with crypto at a counter, which was something I had never seen
before until 2019. And those are all fantastic ease of application use cases that go beyond just buying
and selling crypto for a profit. So with Bitcoin, you know, the actual speed of processing, they need
to improve. And I think that's kind of the thing to work on to support the scale of seeing that adopted
worldwide and being used more and more often. But you know, this, this is a great idea as been proven
in other jurisdictions. We just haven't seen it tested and tried in larger markets.
I'm going to get to audience member questions here in a moment. But Andy, is there anything
about Mexi? And I can circle back and ask more after people have had an opportunity to
ask you more questions. But is there anything about Mexi? I'm sure we haven't covered everything,
or just the general crypto industry that you want to discuss and unpack before I go ahead and call on
people? You know, I think we've hit the most important value propositions that your audience
would be interested in on the different things in Mexi, you know, being all one, being very affordable,
being very convenient, having all those paths in and off. So I think we could get to audience questions.
I don't want to be a salesman.
No worries. Let's go. Let's go to Captain Levi first.
All right. Thanks, Noah. I actually have about four questions. Two are about the Mexi project,
while the other two are concerning your own personal thoughts on some issues. So the first question I
have is that you said earlier that project owners can come and ask advice to find ways to improve their
project utilities, thereby making the entire project framework on its own better. Now, you said these
projects can get support from your agents. I wanted to ask you, are these agents all affiliate members
of the Mexi team, or are they externally contracted? Oh, fantastic question. So our business development
listings department has a number of professionals that have been working in the listing space doing
review and analysis projects for years and years. They would be the people that I would be pointing you
towards to assist you in evaluating where the project's currently at, what are some of the
blockers, barriers, or opportunities that present itself for you to be qualified to work with Mexi.
And then if it's within our sweet spot of GameFi, Web3, Metaverse, NFTs, and meme coins, and similar,
this might be something we can consider co-incubation of or similar.
So if you have a project, there's a link that anybody can send you from WhaleCoinTalk or personally
from myself, if you DM me. And once you fill that out, we will put you in touch with a Mexi agent,
who is a full-time contracted employee of Mexi.
All right. All right. Understood. Okay. Maybe I'll be sending you that DM pretty soon. Here's my next question.
You made mention of a tiering system for investors concerning when they are buying into your project.
Will there be a tiering system applied to projects that want to come on your launch pad? I mean,
most projects usually do this. And would there be a recommendation system for projects that have
the best case utilities, especially from those that have gone through rigorous internal and external
KYC testing on audit? I actually think some of that question would be best answered by the members
of the listing team as it's not my department. I'm here on the public relations side of Mexi,
helping to promote the products and services, as well as provide thought leadership on kind of the
current state of the industry and what's lies ahead. What you're asking is a bit more technical,
but I'm happy to connect you with the right person. I simply don't want to answer something I'm not
completely articulate on. All right. All right. So understood. Those are the two Mexi related
questions. About these ones, you can feel free to express yourself as much as possible. You made
mention of people panic buying, pulling their assets when a beer run is in place. And this affects or
even alters the behavior of these holders and other holders. What silver lining did Mexi see that puts you
guys on edge and at an advantage and by extension, put the investors and Mexi traders and holders at an
equally proportional advantage? Great question. So in your like blue chip space with the projects
that are available on everybody's CACs or everybody's DACs that are oversubscribed and, you know, the market
cap's really, really high. It's like you're talking about when that crashes, the impact is so much
greater than if you saw an alt coin or a gem with a really, really low price and a really low cap
get impacted. So, you know, when the big dogs fail, when things start slipping on these very expensive
assets that everybody holds, most consumers who are scrappy, who are very adventurous, who are like
hunting for the next win, the next gain when that's going on, typically turn to all coins,
typically turn to low caps, typically turn to the type of asset that you may only find on something like Mexi.
All right. All right. Understood. Okay. Here's my final question. One time I saw a post from CZ
Binance where he got said he got from his credible sources that privately owned companies and other
privately owned enterprise companies are buying into blockchain,
are buying into blockchain and crypto related technologies. I mean, you mentioned something
similar where banks are actually doing their research on this particular form of technologies.
What's your take on this? And does Mexi plan to use any of these anonymous centralization strategies to
its advantage? They want to actually comment that they're not just investigating. They've already
completed their research. They are well on their way to implementing what they call the digital back
office. You see so many other banks, there are restrictions from entering this market. It's the way they
need to be able to do it. They were literally photocopying IDs. They had AML officers here,
writing out AML results. They had people who claim you for adverse media instead of using sophisticated
APIs and tools like. So that meant the processing for even opening an institutional account might have
taken six to eight weeks at your bank two or three years ago. But because of crypto and the types of things
you need to do to identify secure assets in a digital market, to even apply transfer management
of wallets, this is kind of where the banks ended and started really. And they're very, very deep into
those investments. I would say that most of them have finished this work and are just kind of waiting
for the temperature and the price per asset to unveil and roll out what they've already built and
had a lot of risk. So I hope that answers your questions.
I really appreciate your elaborate answers to these questions. I still have a few more. Maybe I'll be
asking you those in your DMs so that other people can actually ask the questions. I may have to listen
back to this recording because I think I have a lot to learn from this. I really appreciate your time.
Thank you very much for your answers.
It's been a pleasure.
Thank you, Captain Levi. And Andy, I think there's something going on with your mic on that last question.
I can hear you, but it's kind of it's kind of muffled.
Let's go with let's go with Dreams next.
Hello, everyone.
Thanks for giving me this great opportunity to ask my question.
My question is, does does Mexi operate globally? Like, can anyone use your platform services
anywhere without any restrictions?
So we currently serve 170 countries globally, and you can create an account at Mexi.com
slash register. I recommend that you use the WellCoinTalk referral link.
Once you're there, you'll select your jurisdiction. And if for any reason your jurisdiction disallows
the products or services that we offer, you will not be able to access those. But because
there's 170 countries we serve, to give you a list right now on this call, it would be very inefficient.
Please DM me. I'm happy to send you more information.
All right. Thank you so much.
Yeah, thank you for the question.
You're welcome.
Andy, I got a question from my founder, Andrew. He'd like to know
what the largest hurdles for navigating global regulations are. What do you believe they are?
I think it's always been the privacy framework, because it doesn't match what the expectations
are of the reporting framework. InterTravel says you have to report the originator or beneficiary
to each participating member of any particular crypto transaction.
But with the globalized nature of crypto, you know, the originators may be in jurisdictions that
are not allowing in their GDPR and PIPA regulations for personal identifiable info like
directors, officers, stakeholders, articles of incorporations, passport photos and images,
and the info off of it to leave the country.
So this is like a major hurdle. And I think digital identity, if I can preempt the follow-up
question here, which is probably what's the answer. Digital identity and moving your credentials
and custody of your PII to you and your device or hardware like your smartphone or similar.
is work that's in progress right now from a lot of rig tech providers that know that, again,
there's this weird issue between one framework and another that prevents us from, like, fully,
you know, adopting, implementing, and meeting those standards. It doesn't make any sense for
a virtual asset service provider to set up a server in a warehouse and put somebody to manage it physically,
on-site, on-premises, in every single country the way banks do. That sounds like it's rift and rife
with risk for privacy theft. So this is kind of the obstacle that we're all looking at is how do you
create scalable processes that still comply within the frameworks that exist? And when are some of the
countries, especially the G20, if we just limit it to a few, going to harmonize their verbs and their
definitions? Like, you know, in some countries I'm a VASP, in other countries I'm a DASP. You know,
am I a virtual asset service provider or a digital asset service provider? These types of inconsistencies
and legislation around the world are preventing from lots of businesses to just spin up a turnkey
back office and get the license and go to market. Let's go with David next. David, you had your hand up
for a while, so let's get this question. David, you there, buddy?
He's just on mute. I think so, yeah. Let's go with NFT Zone. He's raising his hand.
Hey, zone.
What's up, NFT Zone? You on the mic, brother.
Guys, you need to unmute your mics before, uh, when I, uh, when I call on you. Otherwise,
we can't hear you, but give me, give me a sec. Let's go with Crypto Cat. Crypto Cat, you're next.
Hello?
Hey, Cat. Uh, in the future, we have, like,
you'll be.
Cat, your connection's unstable there. I can't hear you. Is that me, or is that, is that me?
Like, uh, in the future, we have, uh,
Yeah, it looks like they're having some issues with their mic.
No, no.
I can hear you, but it's breaking up. The signal is broken.
Yeah, no worries. So, Indy, I know that we can't go to-
Hello, sir. Can you hear me?
Oh, yes, we can. Zone, what's going on, man? You had a question?
My question is, MXC future trading are mostly for professional traders. What about me as a new user?
Zone, can you try repeating that one more time for us, please?
MXC future trading are mostly for professional traders. What about me as a new user?
Got it. So, I think, and, and Indy, if you didn't catch that, I think he's saying that, you know,
futures are typically more for professional traders. What about for the average guy?
Yeah. Can the average guy get involved in futures trading?
Yeah. So, that's a great question. So, you know, depending on your skill level,
you should be looking at products that kind of fit where you're at in knowledge.
So, you know, I would say, like, Spot is kind of a beginner product.
A more intermediate product may be Kickstarter or Launchpad when you want to support something that
you think has a lot of viability in the space. Once you're getting into futures trading, you're
basically saying that you can predict what's going to happen. So, you better be an expert.
That's fair enough.
Let's go with pro trading next.
And I'm, I'm happy to take this one last question. Unfortunately, I had the hard stop here at six.
Perfect.
Love to hear from pro trading.
Let's go. Let's see if he, if he's got a question. If not, I got, I got one last one for you.
Pro trading, you there, brother?
Yeah. Yeah. Yeah. Yeah. I'm here. Hello, everybody. Hello, everybody. Hello. Yeah. Um,
I just want to ask about the, what's it called? The supplies of MS token.
Um, I communicated with one of your representatives recently and, uh, asked me about it. He said, um,
uh, I should check. What's it called? Yo, there's this page. There's this link he sent me where
I saw an update of, uh, about 3.70 million MS token being burned. Then I asked some of my people and
made some research online. I, I find out that the main goal is to maintain the 100 million circulation.
So my question is, is that still the main goal? I mean, is, is the, is, is the goal to maintain
only the 100 million in circulation? I mean, what about the rest? There are about 450 million
supplier or about the rest was, what was the, what was going to happen to them? And how soon,
how soon is that going to happen?
Well, it's a great question. This is, uh, going to be in the MX white paper. We have, uh, articulated
kind of the journey of the token in terms of where it was when we launched utilities. It has today
and our plans for it in the future. Um, not well versed to read off script for that,
but I'm happy to send you the resource. Um, I believe I have your name here. So I'm going to
go ahead and send you a DM and yeah, happy to share that with you. All right. Uh, thank you. Thank
you. Thank you. I've DMD you before, but I haven't got any response yet. I'm glad to receive you.
I'm going to message you now. Um, um, um, um, um, are you there? Hello? I am. I am. If we can,
you know, count for time because I do have a hard stop for three minutes past. Okay. Okay. Okay. Okay.
In the, in the nearest future, right? Maybe in few years to come when the, all the supply is, uh,
the truck supply is, I mean, the circulating supply is 100 million. In the nearest future,
what are the benefits for people that has been buying for years? I mean, the holders,
like have a friend who has been buying BNB since under five years? Great, great question. So the
primary use cases of the Mexi token beyond Travala are in platform use cases, things like being able
to stake and earn rewards, being able to participate in the M days, which are very specific, special
listing events, limited to holders, the MX token. Um, we try to incentivize the holding and the asset
and giving you guys really unique opportunities to utilize it in the ecosystem, um, that should gain
and benefits as time goes forward. This is something that I believe it was up 2000% from the last time
we did the report, uh, which was published at the beginning of this year in 2022. Um, and as we
continue to add partners to the ecosystem, cause there will be more applications beyond Travala as we
continue to grow our partner network, especially now with me leading the English markets, one of my primary
objectives is finding more ways that we can get the MX token, um, kind of leveraged in, in benefiting
other providers and other strategic partners from the space, uh, quite a bit. I'm not allowed to talk
about just yet as a lot of the stuff's under NDA, but I do think that the future is bright, not only for
the crypto industry, uh, but for Mexi as a company, Mexi Global, uh, the token, the MX token, uh, and all the
partners, affiliates, listings, project teams, and traders, uh, who rely on us and trust us with great
quality service. And with that perfect question to help us wrap up, Noah. Andy, I want to thank you
so much for taking time out of your day and joining us. I appreciate you going four minutes, five minutes
over, and I appreciate you sharing all this knowledge with us. I'm very excited to have you on again. I
think you have a lot to offer our community and hope, hoping that we can continue to work together
in this capacity, um, going forward. So thank you so much again, enjoy your weekend. And, uh, if you
want to leave us with a bang, go ahead and do so now. Noah, you guys are such a pleasure. Your
audience has really great questions. You've also prepared a whole bunch yourself that I really loved
getting to answer. Um, let's all remember that my thoughts and opinions are solely those of my own.
Uh, I work for Mexi and represent Mexi in a professional capacity, but today on whale coin talk,
you got some really raw insight into how I personally think and feel, um, especially my
expectations for where the market's headed and where the market's at some of the barriers,
challenges, and obstacles we need to all tackle together as a community. Uh, and I'll leave you
with this as a bang. The reminder here is you need to support this for the audience. You need to support
whale coin talk and you need to support everybody in our ecosystem. That's providing us real,
uninhibited, raw insight into what is really happening. There are no benefits to the hate
clicks. They're not publishing FUD and nonsense. We've left that to the mainstream media. They're
doing a very good job of trying to discourage all of us from continuing to cultivate, grow and make
better the best thing that's ever happened to the world, which is crypto. So I thank you all.
And I leave you with that. Thank you so much, Andy. Thank you for being with us and audience
members. Remember that we do have a $100 giveaway. Um, I've chosen two people by random. The first one
is clips zero that's at clip zero. And the second winner is lucky Chan. That's at underscore Chan zero
nine. So if you guys want to collect that prize, go ahead and shoot me a DM in the official whale coin
talk inbox. Um, that was Mexi global everyone. My name is Noah. I'm representing whale coin talk.
As Andy said, I'm going to mention this again. Everything that you hear on whale coin talk is for
educational purposes only for informational purposes only, uh, always do your own research.
This is a volatile market, so invest what you're willing to lose. It's been a pleasure,
everyone. And we look forward to seeing you in the next one. Take care. Bye-bye. Thank you, Noah.
