Baanx Community AMA Recap (With Garth Howat, CEO of Baanx)
Welcome everyone to our AMA session with our CEO Garth. Our mods have collected recurring questions that we have seen within the community and we will be asking these questions one by one for Garth to answer. Welcome BXX community and Garth!
Garth : Thank you — good to speak with you!
What’s the latest update regarding the BXX new contract and how would you approach this in the future?
Garth : We have a number of questions that have been asked in the community — as the CEO I’m keen to answer them!
Yes, onto the first….
Naturally with BXX we want to be transparent on where we are going with this — as a regulated company sometimes we can find that 3rd party integrations, setups and in general building things can take a bit longer. We are learning a lot from our experiences and have hired a lot more people so our communication gets a lot quicker!
The correct CS is 125,689,463 — correct figure is on MEXC
We will not launch any new contracts of course in the future for BXX, now we have made the necessary changes to the burn functionality — though we are integrating into some other blockchains currently. That said we have learnt a lot from this experience, whilst it is always messy to move contracts, we have got a good process now we feel.
Thank you Garth
What’s the latest update regarding the Tezos partnership?
Garth : We have global experienced teams working on this as we speak, so that we can achieve the best possible result — and are working with our regulated partners on getting final launch approval for the Tezos Card…..
We are doing a joint announcement with Tezos very shortly
We’re very excited about it and we will be able to share with you more info next week.
We’re planning to give some exclusive rewards to the BXX community. Stay tuned.
Great news! Any other big partnerships that are coming soon?
Garth : We have big partnerships coming out with some other market leaders who are keen to push forward on cards, Cryptodraft and our unique managed service — we will be able to push many of our services and of course crucially BXX on critical functionality into these as well.
What are the benefits of holding bxx tokens currently? And why do you only offer staking in the app?
Garth : Currently you can stake BXX for up to 25% rewards per annum
In March at the latest (possibly before!) you can begin to stake BXX in order to get higher levels of 0% APR Cryptodrafts and this will continue to increase and improve
Our BXX token will reward our most loyal holders and this is just the beginning of all the utilities we have planned for BXX.
Of course as we bring out the Ledger service in March BXX has a key part in the loyalty rewards for a massive community — and it’s incredibly exciting to see the coin see such big use cases as it will have there…..
We also have a superb new hire next week as COO — more information on that next week — but his experience in this sector with the market leaders in COO / C Suite roles is second to none!
Stake & Earn APY — 25%
Cryptodraft Rates — Across Baanx partner ecosystem — these start at 0% APR and based on the level of BXX you hold the LTV can be higher
Cashback & Loyalty — Across the majority of the Baanx partner ecosystem — including Ledger.
One more question regarding BXX. What plans does baanx have in the pipeline for bxx?
Garth : We are very much focused on Tezos & Ledger at the moment, success on these services for BXX will be absolutely huge — tying up lots of the liquidity in utility, staking and loyalty. There are not that many BXX — so we can see that this will take a lot of the available supply and lock that in too!
You will see our new website soon. We’re currently working on it.
This is a very common question recently. “I’m having an issue migrating my tokens from the old contract to the new one, how do I do this?”
Garth : We have been working closely with MEXC to resolve this issue. We’re happy to announce that OLD BXX withdrawals are now live, anyone who has wrongfully deposited old BXX should now be able to withdraw it from MEXC.
Here you Follow the link to learn more: https://support.mexc.com/hc/en-001/articles/4410916989081
About the competition, When will the winners of the trading competition be announced?
Garth : That’s a very good question! But we do have the winner now — thanks to everyone who participated!
We will continue to do these fun competitions — we see it’s something the community likes!
Winner’s email ends *baseg.pl we will get in touch and reward them accordingly.
Awesome! Thanks again, Garth. Now when will cryptodrafts be available to us bxx users?
Garth : It’s something that we are currently working on, with Ledger as we speak — we have agreed with regulators that it is going out as we announced recently……Cryptodraft will be ready by March at the latest with BXX staking creating much higher levels of 0% APR
This will also be available in Tezos Cryptolife shortly, with increased 0% LTV levels based on BXX Staking by March
Our team has released a new blog post explaining how this product works. It’s been posted on our social media too.
Last question, What’s the latest update regarding the Ledger partnership?
Garth : We’re very excited about this partnership. We already have more than 210K people on the waitlist and we haven’t spent much of the marketing budget yet…..so there is a lot more potential for here that’s for sure — in fact we are expecting a ramp up on the waitlist over the coming period of weeks.
We are in deep testing with Ledger integrations — and have the first users receiving access in February (test users) with the first wait list users expected to onboard in March in Europe & the US. Then take it from there!
Lots of exciting new features and utility for BXX in there…..
Thank you Garth and everyone for taking the time to participate in this AMA session. The Baanx team will collect all the answers and share them in a blog post. Very exciting news!
Garth : Thank you very much for your questions — we will be doing more interviews shortly with further exciting updates!