BlockTalks x CoinZoom AMA Transcript!

18 min readMar 23, 2020

Hello! BlockTalkers & Blockchain Enthusiastic!

We recently hosted one AMA with CoinZoom, on 22tnd March 4.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Todd Crosland, CEO CoinZoom & Benjamin Crosland, Director of Business Development. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.

Introduction Question Asked By BlockTalks

Q1. Can you introduce yourself to the community? What’s your position on CoinZoom?

Ans — CoinZoom is a next-generation digital currency trading platform aiming to provide both retail and institutional clients with a highly efficient trading experience that combines high-level security and a variety of features that enable everyday ease of use. The exchange allows its users to buy, sell, and spend a range of digital assets with popular currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and XRP being supported. Up to 30 digital currencies can be traded on the platform and CoinZoom also facilitates fiat to crypto trading and supports fiat deposits and withdrawals via both bank and credit card transfers.

The team behind the project have extensive experience in operating a global financial services company, and have focused on remaining regulatory compliant and CoinZoom Australia Pty Ltd. has been granted a Digital Currency Exchange License by AUSTRAC the governing regulator in Australia. In addition, CoinZoom Inc. is registered as a U.S. Money Services Business (MSB) in 50 states, and has been licensed as a Money Transmitter in over 45 States. The project is also expanding into Europe and its subsidiary CoinZoom Europe, Limited has been registered in Ireland.

Strong relationships with multiple US banks allow for funds to be held in FDIC insured accounts, and the team also make use of multi-layer security protections including cold storage, and multi-factor authentication and authorization. Retail clients are also well served by features such as, comprehensive charts with over 100 technical indicators, IOS and Android mobile Apps and the CoinZoom Visa Debit Card.

Todd Crosland is both Founder and Chief Executive Officer of CoinZoom and has operated in Financial Services, Investment Banking, and Venture Capital for over two decades.

Prior to CoinZoom Todd founded and acted as CEO of Interbank FX, LLC (“IBFX”), a Futures Commission Merchant and Retail Foreign Exchange Dealer registered with the U.S. Commodities Futures Trading Commission. IBFX grew into a global entity with offices around the world and over 250,000 customers in more than 140 countries. The company also generated annual trading volumes of over $750 billion making it a leader in the retail Forex trading services industry.

Todd also serves as the Chairman and Founder of Seed Equity Ventures, a registered broker-dealer with the Securities and Exchange Commission, and is a member of FINRA/SIPC. Seed Equity Ventures has over 12,000 registered investors, entrepreneurs, and members, from around the world, and Todd is also the Founder and General Partner of CoinZoom Ventures, a venture capital firm that invests in fintech and blockchain companies such as Mainframe. He has also received a number of awards including The Ernst and Young Entrepreneur of the Year Award and holds the following Securities Licenses: Series 7,24, and 63.

He is supported by a core team that includes the Vice President of Trade Operations Mark Osterloh, who also worked as the VP of Trade Operations at IBFX for over 14 years, while Chief Technology Officer Paxton Powers previously served as Chief Information Officer of IBFX.

Q2. What was your motivation for starting this project? and what is your vision for CoinZoom?

Ans — The issues surrounding current cryptocurrency trading platforms are well known and include an overall lack of stability as legislators continue to shape the regulations that govern the industry. As a result, a number of exchanges seek to avoid falling foul of regulators by sticking to providing crypto to crypto services and not supporting any fiat currency transfers. The team address these issues head on by applying for and securing a number of licenses which allow CoinZoom to support fiat currency transfers and remain regulatory compliant.

CoinZoom also aims to address issues related to poor security with a number of leading exchanges suffering significant hacks, and a lack of responsibility/transparency regarding users’ transactions and funds. High frequency traders also often face significant price discrepancies, extreme lag times, and even low liquidity when not trading on one of the most popular crypto exchanges. CoinZoom aims to provide a next generation trading platform with a responsive UI and order matching engine, alongside deep liquidity.

With regards to institutional clients, CoinZoom aims to focus on security and ensure asset protection by providing secure custody and control of users’ assets. In addition, the team aim to provide a trading service that suits the requirements of high frequency traders and incorporates fair and orderly markets with comprehensive high quality market data available to all users. Platform users can also look forward to efficient trade execution with orders being completed at the best available price, and deep levels of liquidity as a result of partnerships with institutional liquidity providers. While there are an almost countless number of cryptocurrency exchanges, a more limited number remain regulatory compliant, and have also been given the green light to provide their services in the US. As a result, CoinZoom is competing with established players such as Coinbase, Gemini, and Kraken with Coinbase also offering a range of features which include staking, a custody service, and a Visa Debit Card. CoinZoom also finds itself going up against newer entrants to the US market such as Binance US, and ShortHop exchange which are also aiming to remain regulatory compliant. While the more established operators may prove tough to beat, there are still opportunities for new regulatory compliant exchanges servicing the US crypto trading market.

Q3. What are the major milestones CoinZoom achieved so far & what’s are in future pipeline?

Ans — The platform is and available for customers around the world to sign up, and able to trade, make deposits and withdrawals. Additional features such as the Visa Debit Card and i0s and Android mobile apps are still being developed and will be rolled out once the exchange goes live.

CoinZoom Inc. is registered as a U.S. Money Services Business (MSB) in 50 states, and has been licensed as a Money Transmitter in over 45 States. CoinZoom Australia Pty Ltd. has been granted a Digital Currency Exchange License by AUSTRAC the governing regulator in Australia, while CoinZoom Europe Limited has been registered in Ireland. CoinZoom has also partnered with renowned digital currency custodian BitGo. The ZOOM Token. ZOOM is an Ethereum ERC20 utility token, and provides holders with a wide variety of discounts, product enhancements and rewards. These include discounts on trading fees of up to 50%, and a cashback bonus of up to 5% on all CoinZoom Visa card purchases. ZOOM holders also gain access to higher Visa Card tiers including the Gold, Platinum, and Black cards, as well as staking bonuses. The safety of clients funds is the main priority for CoinZoom. Cold storage Wallets are provided by BitGo, the leader in digital asset financial services. BitGo Custody carries $100,000,000.00 in insurance protections through a syndicate of underwriters through the Lloyd’s, the world’s specialist insurance and reinsurance market. And this premium service comes in at no additional cost (details can be found here)

The $100 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:

• Third-party hacks, copying, or theft of private keys

• Insider theft or dishonest acts by BitGo employees or executives

• Loss of keys

CoinZoom has chosen BitGo as its custodian because BitGo provides 100% cold storage technology in bank-grade Class III vaults and the BitGo platform is SOC 2 Type 2 certified. Advanced authentication mechanisms are employed to ensure the authenticity of data, and assets are distributed geographically and organisationally.

Question Asked in Twitter For Todd Crosland & Benjamin Crosland!

Q1. New Projects tend to offer thier “UNIQUE factor” to the Real World market. @troytrade = BROKERAGE @BingbonOfficial = Copy-TradingNow, May I ask, What is COINZOOM’s Unique Factor that Users & investors will expect?

Ans — While there are a large number of cryptocurrency exchanges currently in operation, only a few are currently able to process fiat deposits and withdrawals. In addition, there are just a handful of operators that are legally compliant and able to operate in the USA, and the CoinZoom team have focused on obtaining the necessary licenses to operate legally in both the US and other jurisdictions.

In addition, the platform incorporates a number of handy features such as ZoomMe Money Transfers which enable free peer-2-peer transfers in either crypto or fiat for both domestic and international transfers.

The CoinZoom Visa Debit Card also allows people to easily make use of the digital assets held in their accounts and provides up 5% cash back on all purchases, as well as a trading discount of up to 50%. Physical card and virtual cards will only be available for US customers for now. However, the team have mentioned that both cards will soon be available to global customers. The ability to easily spend cryptos will appeal to retail users and compliments the services also on offer for institutional clients.

Q2. How do you overcome the threat of centralization in CoinZoom? And what are the main differences between CoinZoom and other platforms?

Ans — The platform also incorporates a Visa Debit Card which provides up to 5% back on all purchases, and also allows a trading discount of up to 50%. The physical card will be accepted in 50 US states while virtual cards will be available for all domestic and international clients. Card users can enjoy enhanced benefits by holding ZOOM in their accounts with the Select card requiring 0 ZOOM while the Preferred card requires a balance of 100,000 ZOOM. The cards are rewarded to customers automatically upon sign up.

Q3. Recent hacks on Vechain, IOTA, and Steem. Now, how do you provide better and good security to the project? And how $ZOOM can protect its users from hackers?

Ans — Security and Insurance

The safety of clients funds is the main priority for CoinZoom. Cold storage Wallets are provided by BitGo, the leader in digital asset financial services. BitGo Custody carries $100,000,000.00 in insurance protections through a syndicate of underwriters through the Lloyd’s, the world’s specialist insurance and reinsurance market. And this premium service comes in at no additional cost (details can be found here)

The $100 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:

• Third-party hacks, copying, or theft of private keys

• Insider theft or dishonest acts by BitGo employees or executives

• Loss of keys

It is the account holders’ responsibility to safeguard their accounts by means including but not limited to using a strong password, enabling two-factor authentication and controlling all login credentials to CoinZoom. CoinZoom has partnered with the BitGo Trust Company which will act as an institutional qualified custodian and digital wallet security provider. BitGo is fully audited and is also a SOC 2 Type 2 certified custodian. As a result, assets held by BitGo are insured up to a value of $100 million via an insurance agreement with Lloyd’s of London.

Q4. For any Cryptocurrency exchange, Liquidity is very important. So, what's your solution to these problems?

Ans — High-frequency traders also often face significant price discrepancies, extreme lag times, and even low liquidity when not trading on one of the most popular crypto exchanges. CoinZoom aims to provide a next-generation trading platform with a responsive UI and order matching engine, alongside deep liquidity. We have liquidity streaming to our platform from the largest OTC desks in the world. We currently have $2.5 million on the bid and offer on BTC and any given time. As well as deep liquidity on 30+ cryptocurrencies.

Q5. For each project or an exchange, community factors contribute to the project’s victory. So, what strategies does CoinZoom have to develop community and retain users in the long run?

Ans — The team has outlined their strategy for developing the platform which revolves around providing crypto trading services in the US and other jurisdictions including Australia and the EU. As already outlined, they also aim to attract users by employing reasonable fees and by using the ZOOM token to reward and incentivize token holders.

They also aim to attract users by offering staking services and ensuring the highest levels of security for both retail and institutional clients. Community is very important to us and we see the early adopters of CoinZoom and the ZOOM token to be greatly benefited in the future. We look to hire community managers around the world to build our community and let all crypto traders and enthusiasts know the CoinZoom is the best place to buy, sell, and spend crypto. We currently have a bitcoin halving sweepstakes live on our website to reward those that engage with CoinZoom.

Question Asked by our BlockTalks Community Members during live Session to Todd Crosland & Benjamin Crosland!

Q1. What’s so special about CoinZoom that users use CoinZoom ?What are CoinZoom’s future plans?

Ans — CoinZoom is one of two exchanges that offers a Visa card to its customers allowing them to spend their crypto in real time. The platform also incorporates a Visa Debit Card which provides up to 5% back on all purchases, and also allows a trading discount of up to 50%. The physical card will be accepted in 50 US states while virtual cards will be available for all domestic and international clients. Card users can enjoy enhanced benefits by holding ZOOM in their accounts with the Select card requiring 0 ZOOM while the Preferred card requires a balance of 100,000 ZOOM. The cards are rewarded to customers automatically upon sign up. Our ZoomMe feature also allows you to send your fiat money or cryptocurrency to anyone around the world for free. Think WeChat pay or Venmo but ours is cross-border and zero fees.

Q2. What are the advantages of Coinzoom exchange to compete with another big one such as Kucoin,Binance? Is Coinzoom a good exchange to store my asset in long time?

Ans — From the teams background in the Forex space. We have what traders want, security, deep liquidity, filling orders quickly and quick withdrawals. This is our bread and butter. Our Visa card and ZoomMe features are icing on the cake and are features these exchanges don’t have. Securing our partnership with Visa was very difficult and is not easy to replicate. We know of other exchanges that have tried but because of their reputation, they are not able to.

Q3. What trading fees discount are available on your coinzoom platform?? If I hold the token, is there special benefit?

Ans — Market Maker: 0.20%

Market Taker: 0.26%

• Fees are only paid on executed orders.

• Maker fees start at 0.20% before ZOOM Token Rewards are applied at your program level.

• Taker fees start at 0.26% before ZOOM Token Rewards are applied at your program level.

• Maker fees are paid when you add liquidity to our order book by placing a Limit order that is below the market if you are buying and above the market if you are selling.

• Maker fees also are paid when you add liquidity to our order book by placing a Stop order that is below the market if you are selling and above the market if you are buying.

• Taker fees are paid when you remove liquidity from our order book by placing an order that is matched with an order that is already resting in the order book.

• ZOOM Rewards. If you hold ZOOM tokens in your account and use ZOOM tokens to pay your trading fees, you can receive up to a 50% Discount on your trading fees.

Discounted Trading fees are determined based on the ZOOM token balance in your account at the time the trade is executed

Q4. How safe is CoinZoom? Is it sufficient to ensure the security of user assets, as well as personal information?

Ans — The safety of clients funds is the main priority for CoinZoom. Cold storage Wallets are provided by BitGo, the leader in digital asset financial services. BitGo Custody carries $100,000,000.00 in insurance protections through a syndicate of underwriters through the Lloyd’s, the world’s specialist insurance and reinsurance market. And this premium service comes in at no additional cost (details can be found here)

The $100 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:

• Third-party hacks, copying, or theft of private keys

• Insider theft or dishonest acts by BitGo employees or executives

• Loss of keys

Q5. What are the competitive advantages CoinZoom enjoys? What strategies does CoinZoom’s put in place that will bring a wide range of brokerage services to the network participants while ensuring compliance?

Ans — While there are a large number of cryptocurrency exchanges currently in operation, only a few are currently able to process fiat deposits and withdrawals. In addition, there are just a handful of operators that are legally compliant and able to operate in the USA, and the CoinZoom team have focused on obtaining the necessary licenses to operate legally in both the US and other jurisdictions.

The CoinZoom Visa Debit Card also allows people to easily make use of the digital assets held in their accounts and provides up 5% cashback on all purchases, as well as a trading discount of up to 50%. Physical cards and virtual cards will only be available for US customers for now. However, the team have mentioned that both cards will soon be available to global customers. The ability to easily spend cryptos will appeal to retail users and compliments the services also on offer for institutional clients.

Q6. What are the key points attract to me choose CoinZoom for buying/selling BTC & altcoin instead of Binance, Huobi exchanges?

Q7. Who is the CEO and Developer of COINZOOM? What are they doing to keep COINZOOM moving forward and developing rapidly?

Ans — I am the CEO and founder.

Who Is Behind It?

Todd Crosland is both Founder and Chief Executive Officer of CoinZoom and has operated in Financial Services, Investment Banking, and Venture Capital for over two decades.

Q8. Can you tell about your security and service system ? How it protects asset and data?

Ans — Security and Insurance

The $100 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:

• Third-party hacks, copying, or theft of private keys

• Insider theft or dishonest acts by BitGo employees or executives

• Loss of keys

Q9. With people who are familiar to Visa card, Mastercard…or traditional payment cards, how will CoinZoom touch and convince to them for using products of CoinZoom?

Ans — CoinZoom Visa is the first step toward mass adoption for crypto. Think of spending XRP for dinner, paying rent, etc, etc, all with crypto. Then this on ZoomMe. Free global peer to peer payments system for both fiat and crypto. We are not thinking of just being another exchange. We want to be your global digital back for all your crypto and fiat needs.

Q10. CoinZoom has a p2p money transfer service called ZoomMe. Can you recommend some information about it?

Ans — Easily Send & Recieve Money and Crypto

A Simple, Instant, & Free Way To Send And Receive Cash and Crypto Quickly Between Friends. ZoomMe can be used internationally and it’s Free!

Q11. What is a ZOOM token?Why is ZOOM token for on your platform? What are the advantages of holding a ZOOM token in long term? How easy is it to use CoinZoom in your existing infrastructure?

Ans — ZOOM Token

ZOOM is an Ethereum ERC20 utility token, with a limited total supply of 600M, the token distribution is as follows:

• 50% VIP — Available for purchase by community members in order to participate in the VIP rewards program.

• 30% Rewards — These tokens will be distributed to reward users and grow the CoinZoom community.

20% Team Incentives — Subject to 3-year vesting schedule.

Q12. CoinZoom announced the launch of the company Visa card called the CoinZoom Visa card. Can you tell us about the Visa Card, why it was created, the technology behind it and the problem it’s intended to solve?

Q13. what is the requirements to become vip user? What is the benefit being VIP user than regular user?

Ans — To participate in our VIP program you need to buy and stake ZOOM tokens. ZOOM is an Ethereum ERC20 utility token, and provides holders with a wide variety of discounts, product enhancements and rewards. These include discounts on trading fees of up to 50%, and a cashback bonus of up to 5% on all CoinZoom Visa card purchases. ZOOM holders also gain access to higher Visa Card tiers including the Gold, Platinum, and Black cards, as well as staking bonuses.

Q14. Most crypto exchanges have token of their own, does CoinZoom has it own token? If Yes, can you tell us about the token and it benefits ? If No, why don’t you have and is there any plan of having later in the future?

Ans — Yes we have our own exchange token. ZOOM is an Ethereum ERC20 utility token and provides holders with a wide variety of discounts, product enhancements, and rewards. These include discounts on trading fees of up to 50% and a cashback bonus of up to 5% on all CoinZoom Visa card purchases. ZOOM holders also gain access to higher Visa Card tiers including the Gold, Platinum, and Black cards, as well as staking bonuses.

Telegram Community — https://t.me/coinzoomcommunity

Telegram News — https://t.me/coinzoomnews

Twitter — https://twitter.com/GetCoinZoom

BlockTalks x CoinZoom AMA Transcript!

Written by Block Talks

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