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AMA: Episode 29 - July 17, 2020
 Jul 17, 2020

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just connecting now and gentlemen we're live over to you thanks Tom so today thanks for joining the MA today I'm my co-founder Danielle Owens always too busy to do work he's working seven days a week so we never get him on the MA but today we dragged him in and he's gonna answer all your questions to go on the feed and put all the special questions you have for Daniel okay Daniel just had a baby girl and congratulations and instead of taking some time off he's still working so I don't know what to do with them we might have to take away his phone hi Daniel I am going on vacation on August first no more you probably guys like promise I promise I even can disconnect my what's up this time you sure won't be able to find excellent so let's be honest working together yep we'll do a quick update and then we'll jump into the AMA so for those who haven't seen we've launched a lot of new coins and bsv be eighty be USD gold the gold coin XLT including a theorem classic and pretty high rates on most of these so take advantage of that move your coins over you cannot buy a lot of these coins also on the Celsius platform and they immediately start earning interest so it's a beautiful new feature so try it out also shout out to all the people who are cheering for their favorite projects we we heard you and we're adding six different staking coins that I'm sure you guys gonna be really excited about and the most exciting feature is that we will be paying out ninety percent higher than 80 90 percent setting up a new bar for everybody else as you may know other companies like coin base and so on are challenging you 25% of your earnings so it doesn't matter what rate you publish the question is how much is left in your pocket so you always have to do my math on seeing again rate Celsius publishes eight that raid is after we already took our 10% rights it will give you the net rate that you're earning so we adding tezo's a link Zen Matic synthetic LPT khyber in addition to all the coins we have already which is - yes and so on and again you get you're gonna earn 90% so watch out next week we're gonna be putting finishing the rates in the wallet again these compound as well so you can't beat Celsius it doesn't matter what you do you can't beat Celsius so again because because we already have enough revenues from our 135,000 customers we can give even more back to the community right when somebody's bleeding cash they can't afford to give you 80 percent of 70 percent or even 50 percent that's why if when you do the net net when you include their withdrawal fees and there were generation fees and liquidation fees and all the stuff that other people charge you net net when you look at how much you're earning no one pays more than Celsius so we also added the AC agent SEPA if you haven't tried that these are enable you to connect your bank account in the United States in Europe and basically deposit money directly into Celsius which can then be converted it into a USD CBT coa th and that starts earning interest immediately the Celsius does not charge any fees on it but the service providers do so that I think it's 0.75% fees to transfer the money out we're negotiating a cap on that to reduce those rates and we'll update you on that when we have it the bank to the Future raise is going very well we exceeded the fifty million cap we exceeded the seventeen million cap and we have over 250 people still in the queue 750 of you already invested and there's still another 250 to process we'll keep it open for the next nine days anyone who registers in the next nine days we will allow you to finish your paperwork even if it takes another two or three weeks so the most important thing is just to if you're interested in our equity offering again there's a link on our website or go to Back to the Future calm and you can find all the details about how do you become a shareholder of Celsius not just a sell token holder but also a shareholder and again the the most exciting thing we've done anything in last since we got the tether ten million dollar investment was to double the rewards to our community so instead of you getting $10 and whoever you bring in getting $10 now it's 20 plus 20 right and it's live all you have to do is go into your wallet and go to your profile introduce other people send you the link or the number to people that you think are interested in joining and you make $20 they make $20 the minimum is $200 deposit also $50 if you use the deep link if you're going to become a partner of Celsius as a link you can generate on our website notice LC is that network and everyone if you create content or video or anything else you put that link in everyone you on board is $50 you get 50 bucks free right no nothing else and if you bring alone it's $100 $100 for you and $100 for the person who takes the loss so again more our users right if all of us bring more users more users means more deposit more deposit means more loans more loans means more interest for Celsius more interest for Celsius means we are paying out more meaning we have to buy more sell token you know what happens when you keep going to market and buying sale token nice prices go up so that is a flywheel of Celsius we're doing that I think better than anyone else a you know I think you know again we want the community to earn that money we don't want to pay it to Google or Facebook you see all of our competitors advertise like crazy people tell me how Alex when I search for Celsius I get block fine get next so and great let them spend their money over there great I'd rather give it to you I wanna give you the twenty or fifty or hundred dollars every day of the week right so so that's what we're doing we've been doing we're doing it better than anyone else thrown it out all right so we're done with the preamble Oh Danielle let's do an opening question I have an opening question I want to talk about hiring right people call me every day and say hey how do I join Celsius so since you're you were you're the one dealing with that every day I want to tell everybody what what kind of people are you hired well speaking of hiring more we're excited to announce that we hired a VP people that soon will take this very sole responsibility off of me I will continue to focus on hiring for the foreseeable future for sure but do you look the cool thing that this new exciting raise is allowed us to do is to start thinking about scaling this organization we're already very decentralized and we're already you know we've got offices and you know people San Francisco Atlanta and New Jersey and in New York and in Serbia and in Tel Aviv's and in the UK obviously as a UK company so and we're gonna grow we'll continue to go so we just oh right look with this exciting that race you know we're gonna continue to scale this organization we're looking for people in the UK biz dev compliance in the UK Israel the Israeli office is gonna grow significantly as we are fortifying you know there are security parentis here by hiring few people there we are hiring an office administrator we're hiring bunch of developers in Israel to kind of support there are Serbian team as were developing more and more tools both in the front and the back end and some trading exciting trading tools speaking of that we're looking to hire a few great developers that have done similar work and wall street and for various hedge funds in the community work various trading tools and and tools for institutional clients UK as I said it's going to grow few more people in Serbia we are very close to announce someone to lead our marketing and take that role for me as well as we are extending our marketing operation throughout the United States I can tell you this with that great if you believe you're a great candidate you know great candidates on email send me an email Daniel excelsis Network this is that sells is that network thank you it's one of those emails there and and we will soon have a web page that will detailed all those positions some twenty to thirty people were looking to double the size of the team by the middle of next year and that's super exciting to me as well and look as we're growing this organization can scaling a threat world yeah and in just two more positions that we're looking for biz dev and trading people in Asia so these are either in Hong Kong alia if you're in any of those regions and you know you gotta have at least two or three years of experience you got to know something that Celsius doesn't know when you come in and you want to distinguish yourself or get to the top of the list all you have to do is show us something that you can bring in that you think you can do better cheaper or faster and for the Celsius community it's not about Celsius about the Celsius community what what are you gonna add as a benefit to the community and convince us that we're crazy if we don't hire right that's we want people who are passionate about the community who who you know have the same culture and the same you know drivers that we have we just published recently a medium article that kind of lists all of the things that make Celsius Celsius and again Daniel is driving that so one two I'll let you talk about that a little bit you're referring to again I'm sorry there's some reception issues here and we published a medium article that was talking about Tom oh yeah well as if it was a title do you remember the title the exact title so people mission statement of the company yeah look I mean we are very committed to to our culture and to building on a grand organization that is driven by something that is greater than ourselves and when we started this company you know we we can talk about the history of this but I remember very clearly conversation that we had in Alex's living room in during which we said you know we're gonna do another startup and you know at that point in time we're investing in startups and we agreed that if we're going to go on another roller coaster this has to be for something far greater than ourselves it had to be driven by a mission that would get us excited to wake up in the morning every single day and knowing that while we're doing well we're also and most importantly we're first and foremost doing good and with that in mind we started Celsius right I mean you know the whole notion of putting the community and the people you guys at first you know at the top of our mind every decision we make we keep asking yourself a very simple question is this the right thing for the community is this what the community would want us to do and as we as we do we got together a team in one of the retreats almost a year ago and we brought people together and we asked them then we broke the team into various committees and we asked well let's talk about daddies let's talk about those core principles that are going to drive how we act how we behave how we make decisions and we came up with 90 values hoping to attend but the team felt very strongly that these are the right nine things like integrity and transparency and acting in the community of the best interests but we didn't stop there we started asking ourselves the question how do we synthesize how do we put in one sentence the reason why do we wake up every morning why do I at the rest of my team and the team here works extremely hard from you guys and that's the mission that is driving us and that for me knowing that I work for a company that puts economic freedom in the hands of the people you know this is the one the one statement that drives us the one plaque that we have in the world on the world but that's not only it's not a statement that stays in the plaque right everything that we do every service that we lunch every negotiation that we're getting to we keep one thing in mind will this do will this put economic freedom in the ends of the people and you know um when you work for a company that has so much meaning and and when you wake up every single day knowing that that's what's driving you it there is nothing more rewarding nothing more rewarding seeing those numbers grow you know visiting these various conferences Alex usually is the guy that do you know this conference but every once in a while you know Christy and six kids tell them no we need to here at home so that point like Daniel would you mind going and one of the kids that's very talked to this personality disorder and you know when I go to these events right people see the shirts and they stop me and be like you know it's thanks to you that I was able to buy myself this thing but I was able to make those payments that I'm able to go to college that I'm able to pay my child support check in you hear this and you like me no no no the interest income to the checks that you send me every single day thank you can I take a picture with you and I still don't understand why do you want to take a picture with me it's so such an honor really honestly it's an honor to wake up every day to work for a company that touches people the way that Celsius touches every single one of you by making this really worthwhile and it's it's you know it looks like take a vacation you know Richard Branson said once when you do what you love you don't think about vacations I can tell you something I I do what I love every single day and when you added the component of the vision and the vision that drives us there's nothing very worried and so um if you care about what we do if you believe that you can make valium like Alex said write to us we always want to bring on great people that are driven by that mission one more sentence about the way we we hire right it's not only about your skillset but that's a given we want to know that you are passionate about the space when you look at the people who stay with us and it's tremendous most people are standing in the stamping of still and they are here because they are passionate about that the digit glass they are passionate about cryptocurrencies are passionate about blockchain and if you peel one of those people please email us so yeah I also want to add that one of the best kept secret in celcius is the 1% alone I mean I'm actually shocked that thousands of additional people not using it all of you out there who have a credit card that you're paying 19 or 20 or 24% on why aren't you taking a 1% 1% alone it that's the only way you're gonna join the 1% is if you use the 1% loan and refinance take all that money and pay down your credit card debt it makes no sense whatsoever and I know most of you guys have credit card debt and you say yeah it's not a lot look at your statement look at your January 1st statement and see how much interest you paid last year that is money that just came out of your pocket instead of that money being in the Celsius wallet is income that is money you paid somebody else it's crazy so one of the best uses here is to is to take a loan and pay down expensive credit cards that's what we hear from so when we when we earn more we lower the rates that's why we kept lowering the rates lowering the rates Celsius has the best rates out of anybody and again no fees whatsoever remember some people charge you an origination fee right so if you're taking a 6 or 12 months loan and they charge it two percent of fun right whatever rate they publish is irrelevant you gotta add two person to that so just what look at the fees even without fees Celsius is lower rates but the fees make it twice as expensive so take advantage of that and and okay Tom let's hit some of the questions let's make sure we leave enough time for everybody to to so we can address all of the people in the queue sure so just whilst I have the two of you here I do want to ask how did you two end up working together so I'm gonna give you my version then you know no I know I so the story goes is that many years ago I had another startup that was bringing basically international contents to the Internet it was I believe 2006 7 don't anymore something like that and I troubled to too nice for to attend mix TV omit comm one of these content marketplaces and I'm kind of walking the various boots and this was this guy sitting with another guy kinda boot running a company and you know I spoke Hebrew and I recognized that he speaks Hebrew and we went to drink that evening and talked about you know Alex's view of the world and what he's working on and a few months later I left that company and I joined Alex in our first venture together which was part of various groups of companies that that point in time Alex was involved with and I rent that company and after a while and what during that time alex was also running but was that time memorized and then brown Lincoln which was the uber before uber and we've decided that the best use of our time is to really focus on on one thing and we worked in growling for several years together building that company I remember I was running product at the company I was building the first app that point was in blackberry and then when iPhone came out we bought the first iPhone app but we take for granted by booking various vehicles and a girl get one of these other companies in many ways reinvented category and it was one of those exciting in 2010 we won the world's best mobile app for travel because you were able to book a car right now booked it for tomorrow from anywhere we were in 110 countries and tens of thousands of vehicle and one day we're gonna write a book sitting and at that conference showing it to the CEO of Expedia and he was like ah this is not a big deal that guy is now the CEO feel we were we were literally ahead of our time you know yeah yeah you know the rest is history with that company I am in 2012 went back to Tel Aviv where I'm at right now and worked in another startup that spent four years trying to disrupt the Yelp Interest business local discovery which was a very tall order I was extremely difficult to raise money because we struggled with getting that product market theme that mass adoption was very proud of that product Atlas in fact the guy who was supporting us right now also work with me supporting us in the UI UX which we'll discuss later will help me to build atlas and then I remember having a meeting in my New York model my investment group for that investment Atlas and Alex was there for a lunch meeting after I believe what four or five years of not not seeing and grabbed lunch together I decided to let go of Atlas and I joined Alex the governing dynamics which was his investment firm and we started to invest in disruptive companies you know cybersecurity marketplaces AI and then one morning were like you know it's blockchain what's going on alex has been and been looking and watching for quite some time in that sense you know that's I just posted some emails from 2009 and 10 and 11 here of me saying no to Bitcoin you know like several times so it's really look at my Twitter it yeah dude should we tell everyone the various company that were supposed to invest which she said no I just went public definitely yeah like Daniel I could have doubled my exits from three billion and if I just said yes to lemonade and wanted us to invest in so yeah yeah but then the bin is we were looking at you know FinTech and blocking and looking to make some investments as I said earlier we we believed in there's so much we looked at it as you know web 3.0 is this revolutionary technology that would able to find right destroy his toll collectors and finally being some more quality to our financial system and we decided that he'll we entrepreneurs first and foremost by just investing but just just dive into the water and and do this ourselves and we knew that we had to put everything else aside you know the various investments and etc etc and three and a half years later you know the new Jillian this is our third co-founder and nuke and I had known each other for many years in fact one of the my startups nuke and I worked on and when Alex and I started and we was very clear that we needed to stop technologists I picked up the phone to nuke who was in Israel that time I said I dude I don't know what you're working on with everything aside you know II mean the rest is history we are very very fortunate to have this tremendous team behind us that's every single day doing an amazing work for you all and this is as I said it's an honor and we had a pretty arrogant point of view we basically said everybody else is doing it wrong everybody else is trying to be yet another toll collector on the blockchain and we're gonna come up with a business model that no one has ever seen it does not charge any fees ever remember those whiteboard well not those fees are they committed that always act in the best interest of the depositor which again no one has ever done no Bank in the history of banking has ever done right so so it was definitely a revolutionary idea and there were a lot of skeptics not just outside the company but also inside the company and and and people said why do you need a token and people kept saying you're never gonna make enough money and people said why would people trust you why would people give you their coins I mean then I said I I said it remember I said look when we lunch this thing was mainly you know couldn't cook peer-to-peer loans when that's our first original dinkie and the new team is like you know if we're gonna start paying interest and I said people are actually they've never met us they're gonna give us their money and it's like and you like what they'll give us the million I'm like I'm betting you're telling me they're not gonna give us their money five hundred six hundred million dollars later they've been giving us um you know lending us their coins and trusting us more and more and more and this is this is just my Bible I remember sitting with new can and looking at the numbers and seeing more people depositing and joined the positive again because they didn't trust at the beginning and then the first time we paid interest people were like oh this is actually working and then you saw the floodgates and more and more and more and you know just is this very very hard thing to to build and it takes time it takes effort it takes consistency of execution it takes having tremendous amazing security team led by sure I'm here in Tel Aviv and and the technology that that you know keeps you safe and it's it's been an amazing experience and we're just starting so I want to follow on from trust there we've got a lot of questions about the Twitter hack as two founders and leaders of a company tell us from your perspective what happened what should they do next everyone wants to know okay this is one time we're being verified there was on Twitter was a bad thing you know because the only accounts I think that got hacked were all verified accounts and they used social engineering and other means to basically get inside of Twitter take over these accounts and post messages in an amateurish way I mean like yeah Bill Gates wants to give you he's so generous that isn't gonna give you two bitcoins for one Bitcoin right and then they saw it didn't work so they said oh he's gonna get a ten Bitcoin for each one Bitcoin so the the total amount that they actually stole is not that great and you know like in a weird way this all may be a positive thing for Bitcoin because now hundreds of millions of people they use the people with the most followers so now if you're following Obama if you're following Bill Gates so if you follow any of these people you're like what is this Bitcoin thing right so home so we may look back to 83 years from now and say well you know mass adoption was not exactly mass adoption wasn't caused by the happening by somebody or by jack dorsey saying you know if you look at Jack Dorsey profile it just says Twitter under his name it just says sorry Bitcoin under his name right so so he's obviously a very important you know speaker for the for the industry and is a very devout ambassador for Bitcoin but my point is that just like tick tock made it gave a second life to doors I think Twitter here may give a whole new scale it's a people look back and say this is the day when that caused Bitcoin to go to a hundred thousand you know so that's what my analysis is but look no hacks are good hacks right then and people are saying well if they can hack Twitter they can hack Celsius there's no connection between these two right again Celsius uses multi-sig for everything we do actually many times you need three employees to sign off on something to to touch or move any coins so so it's not that easy it's not like okay I've managed to sneak into somebody's email account and I can suddenly you cannot approve anything in Celsius with the NEEMO so you need to have a secure system I'm not gonna get into all the details but the point is it's nothing you cannot get anything done via email a social messaging or anything like that so so both our internal systems and our customer facing systems are using the latest and greatest technology a multi-party computation and multi say all these things that again we use in the military we use in in places where that are much more secure than your average app or your average you know banking solution so the next question we have has come through from Steve he says what is your opinion about the long-term value of crypto assets is it really the underlying tech that holds the value rather than the currencies themselves Daniel if you could answer this from force please look we better believe in this right we are here we believe that you know it depends on our ability to get this to mass adoption and that's something that we work on every single day we believe it's critical for regulators and that remains to to come through with a more clear regulatory strategy that I think will give more and more people when special institutions institutional investors a reason to come in and participate in the building of this ecosystem and we believe this is one of those very very critical developments look big banks and financial solutions are not going to go down without a fight we expected this and but when you when you are driven by such a cause and when the cause is gonna benefit your billions of people it is a word cause it's a word fight and we believe in this and we're working extremely hard to bring this about oh I like Shoreham you me yeah just to add to that there is this long-standing debate I actually had this debate with Fred Wilson about fad protocol or fin protocol and so on and I'm not a believer that all the value is going to be in the protocol if you look at the internet and evolution of the Internet yes cisco made a lot of money from tcp/ip but if you look at the valuation of Facebook and Google and all the other apps that are running on top the apps not the protocol and they're worth a hundred times more right so so what's up all right but what's up anytime we look at any company they're all Netflix right any company so so I think the same thing is gonna happen in encrypter and the issue in crypto is it because we haven't seen one of those there hasn't been one yet everybody assumes that a theorem is gonna capture all the value or Algar is gonna capture all the value but you have to understand that that what seven and a half billion people want the magic the Nirvana that they want it's a magical thing that allows them to accumulate wealth and have that magical thing pay all their bills that's like the dream of everybody right if I could go to sleep and wake up and this thing just that takes care of all of my assets it's always acts in my best interest and then it pays all my bills then I'm living free and I can do what I really want to do every one of us have these passions and again the in every survey worldwide 70 to 80 percent of the people say I'm not happy in my job well why aren't you happy in your job because you're not doing what you were destined to do what you're destined to be born in and you have to worry because you have the kids a family you're helping your parents and so on right so so the only way to get out of that and actually go and do what you want to do is to free yourself look daniel said create that economic freedom right to enable yourself to actually be free to do what you're destined to do and and again me and Daniel are blessed that we got to do what we want to do we wake up every morning we can't wait to wake up and work on enabling all of you guys to have it financial freedom and but when you get that point the first day it happens to you you'll be like wow you mean I don't have to go and work for that nasty boss that I that I have on a shitty company that I work in right that is the dream and and and the thing is that we can easily achieve it there's enough wealth and enough value creation around the planet to enable all of us to have that life instead of it's being concentrated with the one percent rights instead of going to the politicians and convincing them to do wealth redistribution and tax the rich more that's not a solution okay the solution is teach a man how to fish and people will have pride in their work right because they're not getting a hand-me-down we're getting money from the government money from some nonprofit and they on somebody else right they have the pride of living their own life and having you know the dignity right the self the dignity in yourself and in what you're doing every day so so I think we we have a formula it's working extremely well we've shown that it works again and again and and how do we know it's working every great idea has competitor has copycats right everybody's trying to copycat Celsius now so so we know that we definitely hit a nerve not just with the community but also with with the competition because they're all pivoting to be just like Celsius so the next question we have come through is are the percentage of cell required to maintain certain membership levels fixed forever or will they likely change in the future yeah I'll just jump in first okay we already changed it once we we actually raised what it takes to earn the highest reward with Celsius and all of that is listed on our website if you go to a website and you look under the cell token profile you'll see there's a lot of you got to scroll down a little bit to see it but but there's very detailed description of these levels and we plan to change the levels over time based on how big the community gets right obviously we want to keep it balanced but those rates of what it takes to earn the highest level probably are going to go up then you anything further to add nothing lastly thank you so Daniel is next questions for you it comes from Shane do you see a bill in expense paying feature possible on Celsius in the future yes it's one of those features that you know as we are now with this new race are able to plan and longer and longer and wider roadmap right this is one of those features that many people have asked us and it's one of those features that I'm sure nuke is already planning for hard to tell when that will happen but I believe early next year thank you Alex this next question for you it comes in from Chris but how long do you see celcius being able to offer high returns on staple coins so the reason we can offer these high yields and we actually increase them several times is because it's still demand right and like right now we probably need another hundred million dollars worth of deposits on stable coins so so there's more demand and supply and as long as there's more demand that these rates Celsius can continue paying higher rates the only time we're gonna see that go down is when suddenly and it may happen not with a C agent simple because people can now basically buy as much as they want right on the Celsius app you can go and put a million dollars if you want it worth of a USD C for example but just connecting your bank account and moving it over and it immediately starts earning 80 times more than your bank it's it's crazy right how can Celsius pay 80 times more than your bank and the answer is it's not that Celsius is a scam it's your bank is the scam your bank earns fifteen percent fifteen to seventeen percent you don't believe me look at their quarterly statements they tell their all of their investors how much they earn on their capital so they everybody knows they're earning fifteen to seventeen percent why aren't they giving you a seven or eight to nine percent out of that well because all of that goes to their shareholders as dividend payments all right so they this is not look a block fine now is trying to compu Celsius with the similar rates next is trying to copy Celsius huh so now it used to be just Celsius now there's like half a dozen companies offering the same rate so what does it tell you right so my point is is that the rate we're paying is 80 percent of what we're making right and anyone wants to compete with us has to match up that ray and we basically raised the bar for the entire industry to give the community much much more right before Celsius did anyone pay you anything for your coins right so so that's what we're doing right we raised the bar we just raised the bar on all the staking coins we're paying out ninety percent I want to see what other guys do I want to see the announcements from from bye Nance and coinbase and all these other guys who supposedly have staking platforms when they see that Celsius is paying twice as much as they do or three times as much as they right so so the point is is that we as depositor so we as the owners of the assets get used to the fact that we shouldn't get anything that the bank does me a favor that they cash my check me they do me a favor that they allow me to withdraw my money and an ATM and charge me three dollars to withdraw my own money all right so these things are just ways of the past and we're basically showing every day how we can deliver all of these services without any fees zero fees why because we make enough on that 20% right to pay all of our expenses a better our competitors are probably swearing to themselves this comes in from Shawn will you pay Bitcoin interest in u.s. dollar coin in the future Daniel if you could answer this please look I mean very from the beginning of this company we've said that we were entering into uncharted territory and that we would always stay committed to working with the regulator wherever it that they're going maybe whichever country which other country we are providing that service and look if the the u.s. regularly would allow us to do something like this we would of course consider that as an option but the world the regulatory world this change it's developed and there are various things that are happening throughout and we are fortunate to work with an amazing law firm in the United States and an amazing law firm in the lawyer here in Israel has been it's been not only a closed for any model but also a tremendous supporter of the company quite often people said to me listen you've worked for us so does he work for his law firm in fact I uh I feel it's enough is enough we're gonna invite him for an MA AMA next week with Alex is going to tell you all about everything that's really going on reveal a secret weapon this role is he's gonna come in he's gonna wear a mask most likely a mask you know and asking to you to take the call outside so to be compliant not only with financial regulation but also with what's growing we are very fortunate I mean to answer you as I said to answer your question more directly we have been examining various ways to to bring more more innovation to whatever it is that we do how we pay in kind in cell now the number of American friends that have told me wait a second you know you're our friend how come you cannot you know we cannot earn in cell and I said look the regular is not allowing us to do that just yet and I can tell you doc Jeremy actually compliance officer in GC has been in discussion and with various organizations and when we are law firm in this case and we are always looking for ways to to either pain kind or definitely investing to to pay what cell and this is something that would consider in the future hopefully there was various laws and regulations what allow us to do and and we don't look we don't want what happened to us and opera and other people where they got slapped by the regulator's because they cross the line right we don't want that to happen to Celsius so Celsius is one of the very very few companies that has not had any inquiries or audits or and you know like demand for documents or anything like that because again we've been fully compliant from day one we we have more people in our compliance department that are marketing okay and we have more lawyers than you know like any campaigns and now these you see people people don't know people don't know that we were one of the first companies one first there were very few that is applied and and went through a very exhaustive audit in the UK we completed that for oddity or the year that ended in February of 2019 and working on the audit for for this year 19th up to 20 and you know it's not only those lawyers it's the accountants were working were being advised by the top four accounting firm arbiters in the UK and all those things right are us working with regulators to these amazing law firms ours being advised by top top four accounting firm and tax firm and as going through these various audits should continue to demonstrate our commitment to to working with various bodies in order to do things the right way and and by doing that we hopefully gain more and more of your trust but they're always gonna be photos who try to find any blemish you see you have a blemish yeah we are a hundred percent compliant and we have a blemish yes that's true you know so so don't listen to the putters look at the facts again we publish all that information on our website on our tweets and our information and if you have any question go ahead right now post your questions and we will again display or provide all of that information we have zero issues to hide or or not talk about right you'll answer any questions next question so the next question comes from Rohit does services have any plans for acquisitions to stay ahead of the competition Daniel as we look with this race an acquisition makes possible acquisition targets makes a lot of sense right from our perspective anything that would make sense financially that will help us to get to market faster is on the table right look mainly a year now ago we acquired a small Israeli company called be safe we actually acquired the team required one guy near New York Taro's our is a head of product and it's an amazing you know runs our customer service team that was an acquisition not only of that team but also of various customers and one of the best positions that we've made to date and we're going to look at doing more of those the examine each one of these opportunities on the merits and ask ourselves can we build it festers or we can can we build that capability faster we can who isn't better off that we're better off to acquire those various capabilities and as I'm sure you know we know with cupboard 19 there are a lot of companies that are not doing well unfortunately right and from our perspective there is an opportunity for us to go out there and convince these amazing entrepreneurs and founders to join the cause and create a situation that one plus one equal three if not 300 so the answer is yes and yeah any anyone out there who thinks they should be part of Celsius if you want to come and talk to us and you can reach out to me or Danielle and we'll definitely look at again like Danielle said that way it's all about passion if you have the right passion even if you don't have a finished product or you don't have that many users and we want to bring you in and make you part of the Celsius team and and again Celsius has one of the best performing tokens we have the currency all right we have over 150 million dollars worth of dry powder in our coffers to go and do with their transactions or acquisitions or anything else so talk to us thank you so the next question we have to come through is from Sauron how will see BDCs impact the model of stable coins and therefore celsius do you think they could you'll just the same amount of interest if any Alex if I could get you to answer that please you talked about defies central bank digital currencies will that elect a stable coin market but so first the last thing that any central bank currency wants to do is pay higher interest rates right show me one place in the world where central banks have been increasing rates right so they're all driving rates to zero or negative and and you have to understand that it doesn't matter if it's digital currency or paper currency more computer currency all right they're all still being printed with unlimited supply it's not like Bitcoin right it's not like a theorem classic which has for example limited supply you know exactly how many of those are going to be minted in the next 100 years right so so so I don't see any situation where central banks can compete with D Phi or C Phi and I actually don't see any situation where even pure D Phi can compete with Celsius because as you've seen on compound where basically farming all farming is is taking alone and then redepositing it and taking a loan and redepositing it and hoping that they will shower company and you will end up with a positive year actually reserve you yeah that's so that that is not that is not a real business like with there's only 150 million died out there in circulation so how can there be 900 million die deposited with compound you understand so so what Celsius does is a sustainable we occuring business that has nothing to do with any kind of short-term scam or coins being air-dropped on you or any incentives right we cherish ourselves okay we don't just spray it on people and give it for free or whatever we we use it to create the flywheel effect inside our system and yes it takes longer than what compound it but it's a sustainable model right you could see how it grows to ten billion and a hundred billion and so on right because our customers are people are institutions they're not speculators or boring stuff so the yields we have are the most sustainable yields we've been paying more interest for longer in more coins than anyone else right our rates are average rate is in Bitcoin is higher than anyone else our average rate paid out any theorem is higher than anyone else right the fact that some people have a spike or they do a promotion for a few months so the airdrop coins on you for a few months these are not sustainable models and what you're going to see that over time only the people that have the best business model just like Netflix has the best the smaller Facebook has the best business model Google has the best business model those companies it doesn't matter how many competitors they have that the best business model and they're now worth a trillion dollars each right or close to it so so what matters is are you delivering value to your customers are these customers staying with you we hope to have these customers for life we hope to serve your children that's our plan our plan is not to oh how do I drop some coins pump up the value dump my coins on the community and then going live on the yacht for the rest of my life right that's not Celsius so if you in it for pump-and-dump great you came to the wrong place Celsius the harder community the delivers a value to its deposit anything further to add then you know we think that is usually with Alex okay so this question comes through from Dave what happens if suddenly no more new investors deposit their coins on Celsius what happens to the interest rates it will go up yes it's less fewer depositors more demand typical economics 101 interest will go as long as there's still demand yeah like Daniel said man what we will pay out to the remaining people if tomorrow no no one need joins then the remaining people will actually earn more today many times for us is that for example like we open be a suite we got too much bsv and now the we may have to lower the rate because we don't have that much demand yet but you know we'll see what happens but but yeah it's all supplying them it so follow them from supply and demand Mauricio asks our be USD deposits gaining interest already yes it's live in the app and the miniature deposit or you or you transfer it to Celsius it starts earning interest it's also on our website so we had a little delay in publishing it but the miniature deposit your clock starts from the second you deposit there's no we it doesn't matter if it's not published on our website or we forgot to add it to the to the the to the app and the clocks on every coin starts from the second your deposit so Alex I've got a question for you from Flickr it's here he says when trying to tell friends about Celsius a common question is how can I feel safe leaving a large amount of money if it is not insured how can I respond to this place so the insurance is a tricky thing right so so I know a lot of people tell you all I am insurance well let's let's let's break that down let's look at what insurance me so for most companies like let's say block 5 for example block fly claims that they have insurance with Gemini right and Gemini has legitimate insurance as long as you keep the coins in cold storage so if you deposit coins with block fight and then they lend them out just like Celsius right lend them out to third parties those coins are not sitting in Gemini so the fact that there is insurance doesn't mean anything for you right same thing with with other provider when you here bid go other company say oh we have 200 million the worth of insurance we have the most insurance in the world great it's great if you keep your coins in cold storage I agree without a hundred percent if you just want to keep your point simple storage there's zero income on them then keeping them with an insured custodian is definitely something very important right but when you're using any other platforms that are like Celsius what you care about is who is the borrower what is the credibility of the bar is the borrower gonna return the coins is the lender doing non collateralized loan Celsius does not do non collateralized loans with a we had a cold right before this that it called with the big exchange it said hey we gonna borrow hundreds of millions dollars from you but we wanted on collateral isn't we like okay next you have anything else to talk about and like when we have other people who lend a cycle out as I migrate go to them and borrow from them on collateral it's excellent go ahead Celsius will not do that because that would be taking too much risk on your behalf so what you care about is what is the business model what is the history what happens during flash crashes what happens when the entire system is being tested when the entire system is stressed to the limit March 12 the system the Bitcoin system was stressed more than ever more than any time in the last 12 years it went down faster and more viciously than ever before and look at what happened to different companies who had to liquidate who was begging for cash who was running around town saying oh I need more deposits and who was just running as normal right so these are the things you have to worry about don't don't listen to the look at the facts go on Twitter go on telegram and search search for any negative comments from Celsius users real cells these users versus negative comments from our competitors and that tells you what's happening right Celsius has the best quality borrowers we don't lend to retail like compound other people who just kind of basically run the same loan again and again again alright our borrowers are the highest quality boards and and our platform provider fire blocks has hot wallet insurance meaning that while the coins are moving between different borrowers and back to Celsius and back to another borrower and so on as they're moving through the hot wallet we have twenty million dollar insurance so because that's what you want to insure is the period during which the coins come back for example and then you sending them to a different high-quality borrower who's giving you collateral against it by most a lot of our collateral is in dollars so the safest thing to do is to lend it to a high quality bar take dollars put them in in a in a good bank and we use Wells Fargo will signature which is a bunch of different banks to be able to basically hold those assets in a safe place so so I think we our business model works better yes our providers have insurance but you have to understand that most of the time most of our coins are not in that deposit because if they were then I wouldn't be able to pay you that eight or nine percent right and anyone who tells you they're the coins aren't on deposit and still pays you eight or nine percent it's lying to you they're not earning that year so they either subsidizing it or they faking it so Daniel Benjamin asks we recently saw a hack with block five where customer data was late what can you learn from the hack and how can you make sure that customer data is held even more securely yeah look I mean what you learn from it is that you need to bring the best people in the world to work tirelessly to protect customers data to protect people's assets can think of a better place to build our cybersecurity center than here in Tel Aviv which is led by Sheeran who has worked for some tremendous organizations and brings his experience and this is a guy who likes me doesn't sleep and his team don't sleep I mean these guys are looking and and testing and doing our executive committee meeting we had almost on the tabletop cast we basically conducted these various simulations of what happens we're also in negotiation right now with an Israeli company that is built a very sophisticated cyber security software specifically for CRM so all the customer data will be fully protected as we go through this in fact as part of that deal we are looking to get some funding from the Israeli chief scientists to kind of fund this project and for us to work on this together so you know for a company that is committed to join innovation also in our technology we're coming to innovating and staying ahead of the curve when it comes to our security because we know look this is paramount right we talked about trust one something something like this happens once where I trust is really hard to build and really easy to lose all right so companies like us that are managing ever growing any when me to invest significantly in our security and new Goldstein are a city on a co-founder has gotten one of you know look at how we are allocating the capital that we just raise Luke's budget is the biggest budge and specifically and most specifically because of that with this thing I have the curve and continue to protect customer data and the very small so just just to add to that we we we do pen testing or penetration testing almost every week right and we do it with employees like employees don't know that ok this email came it's a it's a fake email or it's a hatch in attempt at the hack they didn't attempt for them to click on a touch file or click on the link that has mail wearing it and so on so we test our team all the time but we also encrypted all the data which is a simple thing to do I really don't understand why a buck if I did not encrypt the data and the damage was blocked I was not actually in block fight damage block fight was it again many many people got same swap and then money was stolen from coinbase and other places using the same swaps and so the damage and and and that's what it's not just blocked I mean that's what happens we are who and that's what happens when for example Twitter gets hacked right suddenly customer data is being stolen passwords and people use the same password everywhere and the hackers have a much higher chance of basically breaking this of that system if you look at the at the Celsius out.we it's annoying right I mean it logs you out all the time it forces you to put the pin it for any any move you're trying to make it asks you again and again to validate your 2fa it's almost like I always go to my product and security guys and I say enough is enough you guys are killing you think killing our computer experience because it's a balance between a beautiful customer experience and security you can't be in both right and Celsius chose to be much more secure then give you that one-click experience on Amazon because when you do one click on Amazon great then your $29 whatever toothbrush didn't show up but here it's for a person's life savings and and and that's what we proud to have never had a hack never had a break-in and you know we train our people all the time and and like Daniel said we're adding the latest technology as layers on top of what we're already doing but today all of our data is encrypted and I can tell you that even if somebody broke in all they're gonna get is ones and zeros the gibberish any sense of thank you so the next question comes from wolf Alex what are you doing about new competitors offering higher rates but without a token so again all I'm worried about is cancer is somebody earning more than Celsius doesn't matter with the token or without at all the question is did somebody figure out a mechanism a way to earn more than Celsius and the answer is no the answer is that we know for sure that anyone is offering the same or higher rate is either subsidizing it or faking it and the reason you know that is because again not to name names we already have enough enemies but but the people that offer higher rates great so I should we work with over 260 institutions right so I should be hearing from these institutions every day saying hey this company in Hong Kong not to name names but during Hong Kong is offering a crazy rate you know like they're they're willing to lend us this coin that this is that price I've never never met a single institution who said to me this company from Hong Kong is beating you on the baurel rate for Bitcoin aetherium litecoin doesn't matter we have 30 coins in the wallet so so if we never met them in the marketplace with the institutions and okay where are they lending the courts the lending them on compound great the rate is two and a half percent so how you paying seven or eight percent so you have to ask yourself it doesn't matter how big their the question is are they earning it are they faking it and they're faking it all these guys are faking it so sooner or later they either gonna get you to buy their credit card or by their coin or buy something else and they hope that the lower the rates later or they're just gonna go out of business right so you have to really ask yourself and you can test it take any rate that Celsius publishes go anywhere go on CMC go anywhere and find out what is the real wholesale rate what is the published rate that institutions pay and you will see that Celsius is the best thermometer we are always within 10 or 20 percent of the actual rate in the market because the rate we publish is 80% of the wholesale rate so and I'm happy to take a debate any any of these competitors wants to come on my show I'll go on their show and debate these issues compound or or anyone I don't care who what's your name it's right let's let's talk about it because I will I will show everybody how you swimming naked that's a surge of us is your deposit and earning interest model sustainable how many years do you think you can maintain the current interest rates banks have been paying interest for 700 years it's just very recently only in the last 10 years they discovered that they can get your money without paying interest so paying interest is how things should be paying high interest is how things should be okay so it's just the youngsters among us don't remember the time where all banks used to pay a lot of interest and you don't have to do anything used to earn great interest on your bonds used to earn great inches just from from your CDs you used to earn great interest from just having money in their checking account all of that is gone so so Celsius model scales into the hundreds of billions that's why Forbes published an article saying finally in the banks of somebody to worry about because you have to remember it's not just that every deposit we take or every time somebody lends us their coins its money they took from a bank right they converted that into a stable coin or Bitcoin or a theorem now the banks have less money what did banks have to do when they have less money they have to collapse loans because they have 10 to 1 leverage so if you took a thousand dollars from a bank they have to collapse 10 20 30 thousand dollars worth of loans that is a huge impact on them and we keep explaining it to people you as an individual even if you don't have a lot of money you have a huge impact you have a 10 or 20 times impact on the bank and all we doing is we look a lot of the people we lend money to used to work with banks right a lot of the loans we take are loans that people went to the bank and either got rejected or the banks chart tries to charge them some crazy rate or they had to go to a hedge fund so on and we just say look if you have assets we will lend you against those assets at single digits one percent three point nine five percent seven point nine five percent depending on the LTV all right and and no one can beat Celsius of this because we are deploying their assets faster and better than anyone else so if we can do that with the borrow and then the deployment and pay the interest to with our community it's a win-win-win because we took out the middleman from the from the middle we took out the bank we took out the broker we took out all the people who used to make all the money thank you so Justin asks what is the reality that cell will become a full-service bank one where we could totally get away from central bank's on Bank ourselves completely Daniel this one's for you at least exavation right I mean this is this is where we're going there's very we're committed to bringing this to millions of people we will need to go to that route in fact when you look at everything that's happening around the world I bet that that's direction for us to take but as I said there's so much uncertainty in this regulation environment and different countries are doing different things and we're global organisations so we have to you know act locally but always think globally and to see how we are continuing to bring these various services while staying compliant in the various countries and that's the one thing that I'm gonna ask that alone in our journey to talk about tomorrow and can I give you his vision on on how we're going to continue to extend in scale are offering in such a way that more and more people will be able to benefit from it but you know I always look at regulation is not only as a challenge but it's a true competitive advantage and this is something that soleus is going to be investing heavily you'll see us with the next several months gaining more and more licenses some of the financial license and some of the more lending licenses we're not gonna sit down and come and educate our competitors where we're going and what we're doing and what our business strategy is but the world is becoming more and more regulated and so this will continue to comply with various regulations around the world some of them are banking regulations you know just just to add to that we I know that the equip to community started with anarchists but cells is definitely not an anarchist organization right I think I don't see any blockchain any time soon replacing any of the central banks or the fiat currencies right so so our job is not to pick winners or losers it's not like we are cheering for Bitcoin and we want everything else to fail right we love us DC we love TUSD we love gu st even though it's a gemini coin right so we we don't pick winners and losers what we care about is are these things providing utility are these things scalable are they acting in the best interest of our user community are they safe right are they and are they scalable from a monetary standpoint right and we're seeing massive adoption especially in the stable coin area and our job is just to enable more and more thing we have something like 13 different stable coins our job is to enable more and more of them so people can do what they need to do 24 hours a day seven days a week 365 days a year and and that's so we we want to stay compliant like Daniel say we want to be under the wing of the regulator and under the wing of the Fed we're not in any way trying to create some anarchist currency to replace the dollar or whatever right that's not our business associates version of Chas okay so it's the last last last questions X I believe you have a dinner Daniel so are you planning on doing any more equity raises in the future okay I'll give you my take and Alex will give us to build an organization like Celsius to do that around the world so get the word into hundreds of millions of people at first is something that costs a lot of money to do that or in a compliant way which requires as I said more and more licenses I will most likely require another equity raise you know you raise money when you can not when you want to we're very excited about this race this race will allow us to do some amazing things for this community will allow us to offer more services to build more features to do it in regulate it away in compliant way multiple countries all around the world as we've been doing already so if you you know if I have to make my bed most likely sometime next year we're going to do another equity race to continue to offer more and more services to more and more people around the world it costs money to get to millions of people yeah the perfect scenario for us is to bring as many community members as possible I rather give this equity just like again I'd rather give the dollars to you instead of Facebook and Google and everybody else I'd rather give the equity to you than to give it to a VC or some strategic guy or some fat guy who's I don't mean basically needs wants to make even more money for himself right so so the reason we did this Bank to the Future thing is because we thought that we could bring legally we allowed to bring up to nineteen hundred people and several thousand people applied to come in now some of them don't qualify in the u.s. we can only take 99 investors and things like that we have to be still compliant but the point is that several thousand people more than half of them not current Celsius users have come and said we love what you're doing we we many of them already have so token as well we want a piece of that we want to sit in the bus with you side by side can we have that right and and the beauty of it is that then no it's not just you getting engagement but you're getting passionate people to be with you on this mission it's like it's like a crusade this is taking down the bank's is is the biggest fight of my life I'd and Daniel I'm sure the same way right this is not a little thing no one has ever put even a scratch on a bank look at FinTech for 30 or 40 years FinTech spent hundreds of billions of dollars from venture capital money over the last 30 or 40 years show me any scratch that any FinTech put on any bank anything the bank's got bigger more consolidated more profitable than ever before so we know that the current model just doesn't work it works great for the bank the JPMorgan and City buy a lot of these startups right then when they get big enough but it doesn't work for the people what did you get from it what was the benefit you got from the fact that PayPal of an mall companies are doing well nothing right so so the point is to deliver something that cannot be replicated neither Citibank nor venmo can replicate or nine percent interest on your money they can't doesn't matter how high they jump or what they do not nor can revolute know I can Robin Hood none of these people can replicate that because they're running on the old rails and as long as you're running on the old rails what you can do is the best that the bank can do Celsius and the companies are running on the blockchain are not bound by those rules we are running on completely different economics and because of that we can deliver that value to our community and through that we what we want to do is participate but allow people to participate in the value created in the company again when you use Facebook when you use Nick and Netflix you're creating value for that company every time you order a movie on Netflix Netflix becomes more valuable every time somebody signs up with Netflix naturally what are you getting out of it did you did you were you allowed to participate come in and buy shares in that flicks but it was worth a hundred million dollars you weren't right and the same thing is true for Twitter and telegram your name your name a company you were not allowed to participate so what Celsius did here and again over I'm looking at the screen right now 742 people already get funded another 215 the queue and there were over a thousand or over 1500 that couldn't even get in because they didn't qualify because of the regulatory issues so yes we want to reopen this window when we legally can and allow another 2,000 people to commit right and we will keep doing that until we accommodate everybody now again the valuation may change the timing may have variance is because of compliance issues but this business model of doing everything for our customers allowing a customer to participate in the growth is the opposite of what every VC does look at the B C's that invested I don't know 20 or 25 billion dollars in over they squeezed everything out of this thing they ran it for ten years and then they dumped it on all of you guys who bought the stock at $60 and now licking your wounds because it's a twenty-something no so is that a good trade it's great how does that good for you I rest my case thank you gentlemen oh so much for your time today thank you very very much adjust that do we have another minute to say thank you to some tremendous group of people Alex and I could not have done this and cannot do this all by ourselves right so my ops team and finance team in compliance the tech team that is ever-growing thank you very very much for all that you do and it was great being here today with you guys and hopefully it can take some rest that my daughter hero came all the way from America to be with me in Tel Aviv and I look forward to doing more of this deposit with us so entrusted us with your coins and again Daniel naira committed to always act in your best interest thank you for so much gentlemen goodbye okay you can go

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