Celsians



AMA: Episode 31 - July 31, 2020
 Jul 31, 2020    0 comments   0 likes    253 views






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our live over to you alex all right thanks everyone another ama another week uh feels like groundhog day it's like uh 14 hours a day every day seven days a week um a lot of great news um i want to share with you some of you probably haven't noticed but we raised last week we raised the rates on bitcoin litecoin for other coins but more than 10 bitcoin is four and a half litecoin is over five percent and this week we raised the rates on east by more than twenty percent actually both eth xlt to the gold and we raised it to four and a half percent and that's more than 20 pop and if you have any of these coins uh hurry on and earn more interest right so we we need more we're fully deployed we need more coins so we're raising the rates that's how celsius works that's why we are changing our rates every week because demand goes up demand goes down over the last few weeks demand was going up very nicely and that's why rates have been going up good for you good for us also as you've seen we've launched ac agent sepa now you can directly transfer funds into celsius buy one of three or four assets your app tells you based on your jurisdiction what you're allowed to buy but normally you can buy bitcoin ethereum and usdc and immediately starts earning interest there's no extra you don't have to move it somewhere you have to buy it somewhere else you don't have to do anything automatically start earning just a second you transfer the funds um you can take a loan now against 30 different coins in the wallet right more than anybody else probably three times more than anybody else and the good news is that cell token is now part of it and there was some confusion about the united states yes united states uh uh citizens or residents can take loans against their cell token and we are putting clarification language on tuesday all the states where you can take a normal loan you can now also take a sell token loan it does include exclude california new york state and a few other states but most of the states in the united states are open and you can decide you want to earn interest on your sale token or you want to take a loan against your sell token so all of that is available immediately if you have questions again email app at celsius network will help you with uh figuring out your specific situation again you don't have to do all of it you can do a little bit and leave the rest of them to earn interest but take advantage one percent interest loan still open right we're going to run it until we run out of money to lend you out so first come first served i think our target was 10 million dollars we probably are already halfway there so just see what you need take advantage of all these different things again it includes omg and bat and bsv and xlm and etc and 11 different stable coins right so uh again like i said i think i mentioned it last week in ama uh in many countries if you sell bitcoin to cash you pay taxes but if you sell bitcoin to usdc for example or two usdt that's considered crypto to crypto not taxable and then you can take a loan one two one loan to your stablecoin right so because it's a one to one asset so even if you want ten thousand dollars from us against a stable coin you can borrow one to one not fifty percent of tv so you it's very important that you learn uh the tax rules in your country and your jurisdiction uh i'm not your tax advisor nobody in celsius is your tax advisor you have to have a professional that helps you with this the more money you have the more it makes sense to consult with someone who's an expert in the space in your country and have them give you the best tax advice what you want to do is defer the taxes out as much as you can right i know some very very rich people who died and have never paid taxes right so so if you want to join that club it's legal to do that for the rich it's also legal to do that for the people who are not billionaires right you can use exactly the same rules as the very very rates to take advantage of it defer your taxes right as far out as you can uh okay what else so uh in new york state you can uh now deposit bitcoin uh ethereum usdc and earn interest so it's been open enough a few weeks but i'm just reminding everybody that you can take advantage of the stuff and today we have uh besides tom who's always with us from london we have our business development team so camilla churchill and leah who have been with us lea has been with us since the beginning uh will tell you all about uh all the bt stuff we're doing exchanges partners institutions and add your questions to the is it this way or this way which where is the the form left or right i don't know i don't see that so that's fine it's on that right somewhere just add your questions and these are very knowledgeable employees of celsius they're part of our secret sauce and you can ask anything we'll try to answer all your questions and uh let's start so maybe leah we'll start with you since you've been waiting for a few seconds sorry to interrupt you alex um i just need to clarify the loans for the us team for taking against cell token that will be sometime next week and we're hoping for tuesday but we will let you know via social media i've also just been can you mention the ambassador ama that's also today please alex yes that was the top of my list but i ignored it so and so we have a special m8 today for the ambassadors we have over 600 ambassadors if you are not an ambassador go to our website sign up there's still time and uh we're also going to be posting a link here how to join the ambassador uh gathering we have special programs for ambassador the hundred dollar rewards is only currently available to ambassadors you can earn a hundred dollars for each loan you refer to us um and other benefits as well but will uh train your teacher how to create content how to earn uh create a make a living from being a celsius and from being an ambassador right so um um follow the link register on the website and again you can help us uh do good and then do well right that's what the whole purpose of this is anything else i forgot that we can move on to the that's perfect over to you so leah tell us everything about celsius why did you join how long ago what you've been doing and uh then we'll move on to camilla okay cool so yeah as you mentioned i've been with the company for quite some time now i think we met on the fall of 2017 um at a meet-up um right when you know celsius was was getting ramped up i pretty much fell in love with the idea um stopped your team at that point around um they ran into me at a meet-up and i pulled the white paper out of my purse and like had it highlighted and annotated and they were like why are you walking around because celsius was such a small project they're like why are you walking around with the white paper in your purse um and so at that point i think you know you and daniel were like she's crazy enough to work for us um when she passed she passed that test um and so since then i've worn a lot of hats at celsius everything from you know the events side um to you know all hands on deck where we all wore you know a ton of different roles during the ico um but ended up suddenly in business development and um since then have grown a couple key initiatives um mainly our api program that plugs into other partners like mode and bitwalla and monarch to allow all of them to get interest or provide interest to their users also things like our treasury management program for institutions and our staking program on which we kicked off with dash last year and we're continuing to grow out and you know hopefully a lot more really cool strategic initiatives in the future to add value to our users and i guess the reason why i'm at celsius still after two and a half years um of working you know crazy hours is that i've never i i don't know if many people can say this but i've never not been excited for work i've you know there's been stressful times there's times that are overwhelming but um you know let's go through the list of how many places you got to live in while working for celsius right i mean london berlin tel aviv uh north carolina san francisco i'm living in georgia now georgia yeah but no i mean i i went to all of the conferences i was you know i know a lot of people within the industry mostly because i would organize all of the you know travel and all the um meetings for all of our like conferences that alex spoke at and if you saw me there i probably wouldn't be talking i would be running this way in that way because we would pack alex's schedule with like 17 to 20 meetings a day um but yeah i've tried like how how long did you spend spending in london and in israel for example six months gigs right how long was it i was in um so i was in berlin for about two months um and then i was in tel aviv for about four months back to new york for two months and then to london for six months um which would have probably been longer if it wasn't for you know corona shutting everything down um but you know each move has taught me more and more about what our community looks like around the world which i think is really important for business development to know because you know we live in a bubble here in the united states of what crypto assets mean so being able to expose a lot of different team members but especially business development that are pushing forward initiatives to you know how other people see crypto and how they utilize it is i think a really key piece of um you know celsius's success is understanding kind of our community all right let's give camilla a chance to talk so camilla you joined us about five months ago tell us a little bit about your background and and why did you decide to join and what you're working on i think everybody wants to hear the word exchanges so yes i haven't heard the leah worked on the litecoin foundation she forgot to mention it completely our partnership with the litecoin foundation your time has run out that's it we're moving on the chance uh so five months alex uh of course it feels like it's been a couple of years already between uh everything we've we've been working on the last few months but yes i was thrilled to join earlier this year um i made my switch into crypto in late 18 into a into another startup and prior to that i've spent most of my career in the traditional side so you've crossed i've crossed over to the new frontier in crypto uh i'm a full convert um so it's a very exciting place to be love my love my prior job i learnt a lot uh close to 20 years in the prime brokerage space and the big banks um but you know here we are building something new i think i'm lucky i'm joining now it's just uh getting exciting right so um sure you're originally from the uk right tell us a little bit about when you come to the united states yeah yeah so i'm originally from london uh born and raised central london started my career in london i graduated in 2000 so everyone can tell how old i am um and then i got a job offer uh to come to the us in 2005. i got a one-way ticket packed my bag and moved over here to join a bank in new york and uh and never looked back so i've been here 15 years now right and i love it so you're running the bd team you have a few people reporting to you i know i heard you're recruiting a few more people right so yeah we need to grow we need to grow i mean look there too i'm sure a lot of the people watching this right now are saying am i a good candidate tell people what type of what are you looking for what are the people you would hire yeah absolutely i mean look we we have lots of different things that we work on in the bd team right we're bringing in uh you know customers uh onto our platform and then obviously we have the institutional side we're lending out we need people who are passionate about this space right and and uh you know want to deliver these services um and can can communicate well our value proposition and uh you know understand really what we do um we are looking probably for people who have you know relationships in the crypto space um and know the ecosystem well so that we can grow it um and deliver these services to clients and bring new ideas i think it's also we're a very creative company we have our core services but as we touch new customers get into new geographies it's very clear that there's opportunities to create new things um so people with with expertise in different areas but we can leverage and and you know create new things and build on what we have i think i'll name some of them cfi defy staking dexes institutional lending uh partnership with other companies which is mostly what lea is working on right the partnership with uh uh chains right so we we have a few announcements already we announced chain link we announced like litecoin when else we have a few others that we're announcing so basically almost everything in crypto we're touching one way or another and if you know more than us about any of these subjects how do they reach you what what do they do how do they reach out to you to send them your res send your resume yeah i mean linkedin is great right you can i'm right there i'm very available i can you know my email is camilla at celsius.network you know everyone has your email address alex so i guess i put mine out there you can spell camilla you can find me it has two l's by the way um so you know we reach out we know we need good people and um you know we have some specific spots but i think when we see good talent um there's always uh you know way to make a you know make a space for that's something that's interesting so if you know i'm not sure sorry i'm sure you have to ask i don't have to ask we were cutting out so that's why i jumped in but or i was coming out but somebody was cutting out i don't have to ask tom i'm sure the top question is exchanges i'm sure they want to hear from leah and you what are you guys working on uh why haven't we listed more exchanges when are partnerships launching so can you spill the still the beans yeah uh well i guess i'll i'll take one piece of it and then leah can kind of take the other angle um so obviously one of the things we are very excited about at celsius and and very passionate about is our token and i think we have been now that we have just had so much you know growth as a company and the you know as the sell token gets more and more uh users uh you know now has been the time to really approach you know tier one big exchanges i can't yet say any names um that we're talking to um we've been working hard to negotiate because we don't want to pay uh fees for these listings we want real partners who want to work with us and list the token and and will benefit from having a partnership with celsius um but we're very close on some uh some top tier names that we're very excited about so so they can stop nagging me and start now i'm like now that they have your email they're gonna be emailing you about this all right good connect me about it but but it's exciting because it will just open up so much more liquidity you know more people will be able to have access to it uh in more size and and that's just um going to be benefit for everybody in the community and our customers so that's a big problem all right then leah what are you working on what part of it yeah so you know the exchange space in terms of interest um accounts or you'll bear accounts is very interesting right now because you know you see some other developments from other companies and so we have a lot of partners coming in from the exchange side um we're very careful about who we choose and um there's two specific partners that will be launching in august i don't want to give exact timeline because obviously tech is tech and it can be delayed you know slightly but um we're very excited about them being able to offer interest to their users both in the us globally and you know i think that it will just massively benefit our community to bring in more assets allow us to compete on a broader level um and to be honest the the list for integrations is massively long i mean every day we have to pick and choose exactly who we want to work with um so as we grow the team we'll be able to take more of these integrations on both from wallets custodians exchanges our apis work with all of them um so it's it's a really really exciting time specifically in regards to changes but also just broadly on all the platforms that want to be able to offer you know passive income to their users and and bring it worldwide yeah and it's different there's other you know there's other buckets too like you know large family offices or some we're seeing more sort of sort of in boutique asset management firms who want to you know take this yield bearing product and weave that into their products and customers so you know we can take you know again you mentioned treasury management so we can take in corporate deposits we have apis for that um and we're actually just rolling out a desktop version as well of our app so that i think for people out there who are interested in making large deposits to unyield um you know we're looking for some beta testing customers for that as well which i think will be if i'm a rich guy with a lot of money i can talk to you directly that's what you're telling me if i don't have a lot of money i gotta use the app you call me direct no i'm kidding i'm saying of any means you can tweet at me and i'll probably respond to you so we're we're equal opportunity here right and and leah's leah at celsius.network so it's pretty easy right in a way you probably would have found it exactly so but but there are a lot of people who want a desktop version not because they're a lot of money but because they don't want to use an app they feel it's more safe or whatever so if you are if you want to join our beta program on the desktop uh it's coming very soon you could be one of the first ones get access look at it play with it uh again same services there's nothing special there that you cannot get on the app but um definitely reach out to our team and and we'll uh will um uh help you out and so i get a lot of questions a lot of emails about okay well what's uh what's the secret sauce from for celsius like i think half of these emails are coming from our competitors but what when you guys uh or ladies when you look at celsius what how do you uh distill down the the uniqueness of what we've built here compared to some of the other guys out there i from my perspective i think our secret sauce is like the passion of our employees but if we're going to strung a spotlight on bd i think it's really the fact that you know our relationships our network what we've built allows us to keep our ear to the ground all the time um that's what's so important um for bd to stay on the front lines of is is where the industry's going is a fast moving industry it's always evolving and our job is not only to serve the partners that are coming in and and work on our current initiatives but also you know kind of look into a crystal ball and say okay this is what's coming up um staking is a great example when we added that you know last year that it was about to explode um on a lot of different levels and we we wanted to be able to stay at the forefront of that so i think that what it comes down to is is camilla and eyes and the recipe teams like ability to reach out to our network stay in touch with them and really bring the best products and services for our community um you know before anyone else yeah but no it's listening it's listening right we're out there we're talking to people you've got to listen you know we listen to the community we listen to our institutional clients we talk to them all the time and and often things come up that we hadn't thought about you know and then you know we i think the passion comes from this creativity and this we have this amazing you know concept this amazing platform and it gives us an opportunity to you know take what we have and maybe do something a little bit and make something new for a customer so i think it's it's listening and uh iterating and continuing to get better um which is which is pretty pretty cool that's right we're very we're very good at innovating and our competitors are very good at copying so for those of you that that you know are in the telegram group all the time um you know all of us on the celsius team are working 15 hours a day but we also you know just know we're also reading that i was up till 2 a.m last night reading through all the telegram messages so if you post ideas in there um even if we don't respond right away i know what seems very active alex will be really active everybody sees that even if they're not responding at that moment so um i think it's really important you know to hear from our community hear the feedback and um just as much as we listen to our partners our institutions about what they see coming down the pike it's important for us to hear from you guys and and what you guys see um as a benefit to to the product in the company's future yeah yeah alex my piano is gathering dust here i do too many emails show us your skills can you do that my seven-year-old it's a mandatory uh it's a mandatory uh experience to play the piano if you're growing up in england right especially in london it's like uh you're not allowed to leave the home of before yeah i had to sit in north alone and play piano every night with with scums me and you are going to do the what do you call the celsius song with you uh you know playing yeah you got to figure out what it is so yeah all right so so i know there's a lot of questions uh i do want to address the coindesk article because uh you know people said oh we didn't respond we did respond it's fun very our community responded there are hundreds of responses out there calling out coindesk for being basically a fund for genesis and trying to while not talking about us raising uh almost 20 million dollars from tether and nine over 920 different investors crypto investors and trying to find a blemish in celsius i can assure anyone who's watching this that celsius is doing less uncollateralized loans than any of our competitors and uh we announced our numbers i'm i'm i'm i'm calling out on black fire and genesis and all the other guys to publish how much uncollateralized loans they do okay because we announced it's much much less than one percent of our transaction and it has never been at any time more than five percent of our aum and it was only done to companies that had a billion dollar uh balance sheets so i think uh genesis is a little uh frustrated that we keep uh taking customers away from them and and their response is try to write things about bad things about us i promise i promise to stop telling the truth about them when they stop telling lies about us now let's move on to the questions tom it's in your hands let's go it's me i'm glad you're fired up because this first question is going to get you it's from tim what will happen to celsius if jamie dimon decides to offer competitive interest rates that's for you alex look so so i said this a hundred times before jamie dimon can pay you right now more than celsius he just doesn't want to right so uh we're paying eight point six percent uh jp morgan would still be a profitable bank if they paid eight point six percent to all of their depositors they just choose not to give you any money so we have to be probably i don't know 100 200 billion dollars in aum before it will bother jamie because he has i think 12 trillion dollars under management so right now we're at a billion so we can grow a hundred x before jamie will look and say oh what is this fly on my hand i gotta get rid of it right so today jamie dimon makes uh the bank right j.p morgan makes over 30 billion a year in net profit um they could care less about this entire segment if if jamie dimon owned the entire crypto industry there would be nothing it would be just a little bit of more profit so he's not interested in anything like that but let's assume that he does offer it celsius now with the occ announcement that all banks in the united states are allowed to uh offer or hold crypto we look to partner with as many banks out there as possible actually if you're a small bank or a medium-sized bank you want to get into this business you want to offer interest income you want to offer loans partner with us so call camilla corlea and uh runs this program so just we can get you up and running in 30 days i can offer crypto interest to anything out there you want to you want to just add crypto interest just you have my email now we already partnered with a few banks we have uh a partner bank in germany we have a partner bank in switzerland we have a partner bank in the uk which uh mode is using bitwell in germany and so on so they all of these uh services have a bank behind them that is touching crypto right so so uh anyway next question unless camille you have another comment on this are we good uh no i mean i think look if banks like jp morgan come in i think we're all about getting more people into crypto right i mean that let's get more people in if they help more people cross over and and bring them into the marketplace then there's more favorites it's good for all of us one thing alex you you always uh i don't know if you remember this you gave me the book real deal by sandy weil a while back um and it you know i want it back it's all it's autographed by sandy i should have brought it up to be honest uh i know but so it taught me a lot about like the consolidation and financial industry over you know the last 50 years and i think that what we all fail to forget is that this shareholders in these banks are not about to just let jamie dimon come and say hey we're going to you know cut your dividends by hop and we're just going to give it back to the you like to the depositors like that there's conflicting interest and inherently i think it would be very difficult to get a a bank like jp morgan to kind of get back to their users the kind of or the customers the way that we are right now right if you want to understand this better there's a great book by christensen called the innovator dilemma where the banks are all the way at the upper right side and celsius is all the way on the bottom left side and if you want to understand the dynamics and why the banks will never win in this game which kind of gave it in one sentence if you want 200 pages explanation book next question so the next question is for you leah in the future will celsius users be able to hold fiat currency in their wallets would that create issues with regards to regulations is that something business devs looking at so it's definitely something we're looking at there's a number of licenses that you would have to get um in specific areas to do that i think that the better question is what why would you need to like i think that we have stable coins all over the you know we i don't know how many is it six seven at this point stable coins 11 stable coins i think that you know the better approach um and this is my personal opinion is create a seamless user experience to be able to take either paychecks and stable coins or um receive payments invoices all that stuff and stable coins um and in that way you don't need to hold it as a cash account um we want to get people into the digital economy and i think that the best way to do that is is converting them into using digital assets um but that's just my my personal opinion i think that we're working really hard on you know allowing people to uh have less or reduce the friction of getting into stable fines as well as the rest of the cryptos that we support um and i think that's a much more like worthwhile endeavor um than going after trying like trying to go after a cash account in a in in celsius but um yeah that's just that's my opinion i mean alex just announced that we have zero fees right on all of the um on-ramps although ac agent sappa is zero fees we have to still implement it so wait until we actually announce it but it will be you we won't charge you anything on the way in or on the way yeah so i don't know for cash accounts when ultimately we can we can give you the best user experience watch this space for this yeah just to add to that some people do need a checking account or debit card or other services and as of this week again with the occ announcement banks are looking forward to partnering with companies like us so we should be able to offer banking services you could still unbank yourself you don't need to use a bank you'll never pay an overdraft fee you never pay an account fee you will never pay a withdrawal fee atm fee or you know you touch your head past three dollars you know like whatever so so we will offer you all the banking services you need but you will not pay any fees that's the magic of it and now it's much easier for us to get there so the answer is yes when we find the right banks we have a fine to find a bank in the uk and a bank in germany and the bank in the us and canada and so on each country we're gonna need to partner with someone who holds a back banking license and email me to enable uh maybe wants to do this what and then now we come back to just email leah if you have that yeah exactly emilia if you have a suggestion or you are a bank if you're a bank and only if you're a nice bank email lia or camilla and uh and we will try to partner with you on uh offering this in your country or in your region and again we can either give you the interest income and the crypto and the loans or you can give us your banking service and we'll package that for all of our customers next question so alex this is for you this is from mahinthiran can a celsius employee run away with our crypto no so so celsius has two very distinct level of protections uh which prevent anyone from doing anything inside celsius without what we call multi-six so multiple people have to sign and it's not like i sent an email and i'm good to go you have to have very specific procedures i'm not going to explain but without three or four people basically authorizing something on a specific process with a specific tool and nothing happens so it doesn't matter and none of these account all the addresses we use are white listed all the keys we have are encrypted they broken into pieces that's called mpc where you take a key you encrypt it you break it into four or five pieces you ship it around no one knows where the pieces are and only several people signing together allows the key to come back together and then it can only be transferred in and out of a white white-listed account meaning uh to whitelist something you need even more signatures so so whitelisting meaning it can only move between existing pre-configured accounts or addresses right on the blockchain so if we're moving something in or out to an institution or to an exchange or back it always goes to a predetermined address just like when you go to work and you come home you know exactly where those two addresses are you know that everything else is a foreign address this works in a very similar way so no we have never had a breach we never had any coins stolen and we never had a hack no one ever stole our customers information like many of our competitors even if you stole stuff all you're going to get is ones and zeros because everything in celsius is encrypted next question thank you so camilla this question's for you it comes from mark what does celsius have planned for the future what does celsius have planned for the future wow that's uh that's a big open question um um well where do you even tackle that one i mean i guess you know growing number one i mean i think we have this incredible uh platform this incredible offering we have a lot of people that want it on the retail side uh as well as on the institutional side so i think just sort of growing and hiring and satisfying that demand um i think again there's um you know new regions that we definitely want to spend more time and expand into and offer our services to more people around the world um i think we we definitely want to grow our footprint in asia we're actively seeking um you know to build that presence in in singapore get licenses in australia right alex um so i think that will be that will be exciting um and then i think you know no big announcement but more products more services um more you know more ways to earn yield um that is is going to help our customers build their own financial financial wealth in this ecosystem um so i mean that's a sort of a general answer but um that's a very broad question i know alex do you have anything to add to that one yeah yeah so we have a four b plans that means four billion by the end of next year so it's like a milestone probably a million customers uh going up from about 150 thousand we have right now and so these are lofty goals and again coinbase is only seven billion dollars will be almost the size of coinbase by next year and so these are these are things that you can only achieve if you continue like camilla said continue to deliver to for your customers right and and uh that's not easy because all the people watching the show are they're not celebrating the fact that we're earning all this entry for them they're like okay what's next what else can you do for me what else are you gonna build where how are you gonna surprise me right that's what they want to hear so we're working on a lot of exciting uh thing i mentioned some of them again cfi defy uh um um you know dex is staking staking uh plenty plenty of stuff to do and uh again we're not looking at it oh let's just participate in somebody's else game we always create a new game right [Music] this whole concept that you can just download an app deposit and earn interest no one has done that right celsius invented the one percent interest rate or most of the stuff you see in our wallet we created no one it never existed before right now everybody's just scrambling to copy what we're doing so we continuously raise the bar again we support more blockchain than anyone else probably more blockchains and more tokens and all the other guys put together we've paid more interest than all the other guys put together we publish our numbers no one else does that tells you something so just keep watching the space i mean we believe in full transparency from the beginning and we're not just bragging about the numbers because we have big numbers we're bragging about the numbers because that's how we believe everybody should be anyone who's not publishing their numbers on all areas good and bad we have days when we have more withdrawals and you'll see our balances go down we don't hide those numbers on those days we publish the numbers on good days and on bad days and our volume our adoption double after march 12 event why because we published all of our numbers and everyone could see that we had no liquidations we had no issues everybody wanted to withdraw could withdraw everything they wanted which was not the case with most of our competitors right the guys that don't publish anything so if you talk about transparency if you talk about uh accountability if you talk about security celsius is still number one across all of those categories next question so this question's for you as well alice it's from sigurd is there a plan or some kind of binding commitment that ensures that the 80 20 split will exist for the long run so the the 80 20 is not a fixed number i i told this before uh most of 2019 we paid more than 80 probably more than 90 right so so we were we were paying too much uh more than what we promised and usually what we do uh when we put when we don't pay enough we just raise the rates that's what we've done in the last few weeks right so we we went to like 75 or something like that and we had to raise the rate to get back to above 80. right so it is not a hard commitment it is something that uh is our goal and it's our purpose and but what we promise you what we do promise you is the rate that is published on the website or in in in the app that is a promise that you during the week again we earn stuff and then we publish a rate and the rate is good for a week then we see what happens during the week and for the next week we publish what we did this week right so if we earn less we have to lower the rate if we earn more we have to raise the rate now we've been raising the rate like i mentioned on almost every coin especially on eth bitcoin our largest holdings right on gold why because we're earning more on those things so we don't have enough coins like right now we'd love to get another 100 200 million dollars in bitcoin any right so uh so all these things are are things that can't change uh but look if we lower the rates and we start to be greedy and we lower the rates you're just gonna take your coins and go somewhere else someone who pays you more we set the bar very high right and no defy uh project pays 80 fine go go to the go to the compound.com website and look at the rate that you borrow at and look at the rate that they lend at the gap is not it's not like the the lender gets 80 the lender gets sometimes only 30 or 40 so where is all the rest of the money going to so the celsius model is much much more efficient we also don't charge you when and if you're getting liquidated most of our competitors charge you fees up to 20 percent when you get liquidated so they want to liquidate you the reason we don't liquidate h is because we don't make any money liquidating it we don't have the opposite we have an incentive not to liquidate you we want you as a customer for life next question thank you so nice questions for you leah celia asks what are the implications of repeated hard forks on the value and growth of cryptocurrencies uh yeah i think this is kind of theoretical it depends on like you know what you see as the future of crypto if you're someone that sees you know of course if you're like a maximalist then you know it's harmful if you know you're uh you know top five there'll be five cryptos out there then um you know you think the other four will die out um i'm more of the opinion that there will probably be a multiple ecosystems of different types of crypto of course you're talking about one specific coin um you're looking at the dilution of that community um i think so this is a great example of the coalescing of a community and how powerful that can be i think that hard forks in general aside from just the like the economic impact of deleting that community it's that you're causing internal fighting and i think that one of you know the big things that i see in crypto is um you know these these spats that are that are within the community don't move us forward so if you look at a hard fork as dividing uh ethos straight down the middle then you know they'll spend too much energy you know saying i'm the right chain i'm the right chain and then all of a sudden it's not moving forward because they're fighting internally so i think there's you know it doesn't do a lot a whole lot of good but then again i'm not also a technologist so i i'm not gonna get into kind of what the splits you know mean from a technological level that was great thank you so i thanks sorry the next question is for all of you however i'll start with you camilla now that this is from steve now that the bank to the future equity application is closed what are the next steps and what are your priorities and your plans to spend it on well that's uh that's a fun question i mean i guess uh we have big plans that the 4b alex talked about so we're spending it on on everything that's going to get us there um so i mean that's definitely bringing in more people uh we need more brilliant passionate people to come in and help us build this um you know that will be putting money into again licenses um and technology so we can expand and and build you know the platform out in a safe scalable way that obviously is in the best interest of our customers um and and just you know keep enhancing the tech adding new features building out this desktop version um i mean that's just some of the many things i think that we're looking at right alex yeah look there's a lot to do i mean we have uh i think 12 new people already accepted uh new positions at celsius so some of them are starting on mondays and and some of those starting uh the next week the week after that and besides people which is the most important thing i think it's also for example taking celsius and having it in a hundred different languages right right now we only speak english and uh yes it's great for the english-speaking people but people in other countries and other languages uh you know think that we should give them these services in their own native language with their own native currency right so there's a lot to do i think educating people on explaining to them why we're doing this how are we acting in their best interest proving to them here is the blockchain this is how you look at it this is where the data is here's an independent source here's what celsius says verify put all these pieces together that takes tremendous amount of work right and we're still doing parts and pieces and and we do by the way we do a monthly hackathon with different blockchains to create these tools so we we've done one with chain link as i mentioned we've done with horizon uh with the zen chain and and coin and we're doing uh several others with other projects uh to really uh distill down uh the the transparency and use the tools of the internet and and the tools that are available on the blockchain like zero proof uh protocols and things like that that almost no one is using everybody's talking about it but show me actual services that are being used for it so so a lot of the stuff takes uh a lot of infrastructure built meaning you actually have to build stuff that doesn't exist today and connecting pieces that are on oracles or on certain chains with stuff that is sitting in amazon or sitting somewhere else including outside sources and creating that proof right that anyone even without programming skills can come and feel comfortable about our disclosures comfortable about deployment comfortable uh risk uh and and then make a decision do i deposit my life savings here or do i skip these guys and go somewhere else and i think as we raise the bar we're also setting uh uh higher and higher uh best practices and good standards for the industry as a whole i said this 100 times right i don't think we should be copying wall street and bringing their best practices here the whole point is to create new set of best practices that are acting in your best interest if you take the best practices from wall street then you're building the opposite of what i just said leah if you want to add to that yeah i think you guys covered it um you know completely i think that you know using you know the funds to really make that continue to build that bridge between you know the mainstream and the crypto world is what's really important and that comes in a lot of different forms whether it's you know through marketing and you know easy to understand ethos and brand recognition and um you know product explanation to you know partnerships that make it super easy to access crypto through our app or any other app that we um integrate with it's it's really those funds are used to bring adoption which has always been our mission um and that comes in many forms so they've done a great job of covering that no no and i would just add one more thing so so people that a lot of people ask me well what happens if you do have a break and you do lose a little bit of money and obviously having more money on our balance sheet guarantees that we are you are you have so much more levels of protection right because uh the funds in our possession that we've been lent to us by our customers and belong to the customers they don't belong to us they don't belong to the company right so so if something goes wrong we have to basically protect that and use our own funds to cover any losses any misses and i'll say it again i'm saying it in every ama but i'm still going to say it again at all times we had and we do have enough assets to cover all of if all of our customers came and would drew all their assets at once we will have no problem returning everybody obviously it'll be devastating for the company the company wouldn't survive but every one of you can get their money back at any time uh we just need to close the loans with our institution it takes three to five days uh so we never have more loans than assets now go to your bank and ask any bank you work with if they can do the same and the answer would be no there isn't a single bank in the world that can do that because they all use a thing called fractional reserves which means that they land out 10 times 20 times 50 times more than what they have in their possession that's why the governments in each country has to come and bail out the banks every 10 or 15 years because when they get in trouble even if they lose 10 percent of their assets on a bad real estate deal or lending to a hedge fund or whatever even if they lose 10 the whole bank goes out of business because of the leverage right lehman deutsche bank you name it burst turns all these things collapse because of fractional reserves celsius does not use fractional reserves we don't ever will the whole point about our service is to give you this yield while taking as little risk as possible not as much as high risk as possible we don't get giant bonuses at the end of the year because we took excessive risk that's not how celsius works next question so next question is again for you alex it comes from our friend otis is bank to the future an investor in celsius in other words did they invest any money in the celsius equity raise and if so how much please yes so so the amount so the way bank to the future works is that they pulled together all the people that wanted to participate in the race right now the number stands at 927 investors the investors contributed 9.284 million dollars i think that's the latest number and on top of it tether put directly in the company 10 million dollars that's why the round is 19.284 whatever the number is all of the 927 investors are pulled together into a special purpose company an llc i think there's one specifically for the us with 99 investors there's one for europeans and then there's one for others but basically these are all entities that then those entities get the shares in celsius so those entities give us the money and in return we issue shares new shares so we issue uh additional shares which dilute me and daniel as a co-founder and uh um those shares are then reside or held by bank to the future and if we have a liquidity event or we have a dividend or anything like that then there's a pro rata distribution or if we go public for example then your private shares and celsius are replaced with the public shares of the public version of celsius and you get one to one but you still get to own the same piece so again you can own you can just benefit from earning interest in celsius if you're earning in kind bitcoin on bitcoin you don't need to own sell token you need to buy equity there's a lot of competitors of ours who tell you hey if you put fifty thousand dollars worth of cro or something else in this account we'll pay you this high rate well you just gave him 50 000 for free so you have to do the math you have to know how to do the math and understand that the rate you're getting here is money you're not making on the other side right so celsius doesn't play any of these games okay you can come and just earn the interest we published with nothing no string detached you don't have to take a credit card from us you don't have to do anything right you can also earn and sell right so you get more of it now you can also buy sell hold it earn five percent on it and if on top of it if you still don't have enough of celsius you want to earn equity you can come in and contribute buy equity in celsius a seat on the bus right next to me i have all of those i'm a depositor in celsius right i have sell token i'm earning interest on sell token i have equity right so i'm i'm not biased i'm not sitting there thinking ha i'm gonna do good just for me as a shareholder no i'm i'm a very large depositor i'm a very large cell token holder right so so all of our decision and the reason for that is that we want all of our interests to be aligned with your interest if we're not aligned then we will make decisions that are not in your best interest and and you can watch what we're doing we publish every every week we publish how much cell do i have you know you you can basically deduct how much equity i have and so on so on so next question so this one's for you camilla it comes from greg do we have a date on when you can list a new exchange we don't have a date um but it's going to be as soon as possible it you know it is a process um again we're very close to having good conversations um but i don't have an exact date but um i i would hope it would be pretty soon so just bear with us and trust me we'll be big announcements when we get there um but no no date for you today i'm afraid every week this or that exchange comes to camilla and says look if you just give us half a million or a million dollars we will list you tomorrow just give us the money and camilla says to say to them no i have to give this money to my depositors i can't give it to you this money belongs to the depositor i earn it for them now if i give it to you then i have to lower the rates because it's going to be less to give out to the community so all of you have to decide what comes first your interest or or in a hurry hurry hurry get let's go get on binance so let's go get on some other exchange right so we prefer to always have the highest rates and and we see as a privilege we we think the exchanges should pay us for bringing the best customers in crypto the best huddlers in crypto to those exchanges on wall street i don't want to copy whilst it but on this we do have to copy wall street on wall street if you bring customers to nasdaq they pay you money let me tell you a secret they pay you money to bring them customers and that's a norm in crypto it's the opposite the exchanges want you to pay them to bring you them your best customers we don't homie don't play that next question so the next one is a joint question for both you liam carmilla but we'll start with you leah comes from mike how will we on board the unbanked in society um that's a great question i think that you know as a crypto industry we tend to build walls around ourselves um and these walls are like you have to learn this in order to enter you know our world you have to learn how to hold your own keys you need to learn how to um you know it go on an exchange and utilize it and that's not really how you get mass adoption because a lot of people they don't have time for that they don't have the technical know-how so i think you bank the unbanked and you and you bring new people into the ecosystem by going to their level first what do they need and that's what i think is the secret behind celsius is that there's not one person in this world that doesn't need passive income that wouldn't benefit from that in some extent um so instead of making it harder and more complicated to get into the system you need to make it as easy as possible and you also need to make the benefit so simple that if they never learn anything else about crypto if they don't want to go down the rabbit hole if they don't want to you know listen to podcasts on while they do laundry every day like we do um they'll still benefit and it doesn't matter like it it should not matter if they don't want to go down the rabbit hole if they don't want to get the technical know-how i don't know how what happens when i turn on a light but i still benefit from it it needs to be that simple um and so i think that that's what we're working on every single day and there's a lot of really cool things i think stable coins are a great example of how to introduce um you know the general public to crypto and passive income in you know non-volatile way that they feel comfortable with and then you know maybe once you give them a taste it's a gateway drug into the rest of crypto but even if it's not they'll still benefit from it and that's i think that's the key um in really the mission and the driver of celsius yeah and i think as well like when we talk about people who are you know well i guess unbanked or underbanked you know these are people who are the ones who are getting hit with the fees and the overdraft fees and the expensive loans and the loan sharks and i think that's where you know we're trying to bring a service that is is is you know enabling people to have more financial services that are affordable uh you know the one percent loans i mean obviously you have to make a deposit to get that but i think it's um again it's not you know constantly taking fees and and taking bites out of people who are probably at the lower end of the of the spectrum um and absolutely to your point making it completely intuitive you know on a mobile device or something very simple that you can access it um and um and helping people find their way in yeah yeah there's about two billion on banks or are partially unbanked they're underbanked uh and to serve them you first have to serve the middle class right so what celsius is focusing on our average account i think something like fourteen thousand dollars right so so we're driving it down we want it to be lower and lower or lower not higher and higher but when we have enough of those people in the middle uh who are the people with the income or the people with excess cash they are the ones who are effectively going to also help fund the unbanked because for us to offer unbanked services to people that have 10 or 20 dollars in total assets and bring that cost to zero and we need to have enough customers that are paying for or distribute the cost among enough customers for us to be able to afford that but we've done already when we we partnered with uh the un sdg initiative and we donated we provided services to to help and basically provide uh these type of services for people that don't have access to banking services or people that don't have enough income both on a kind of like distribution of donations as well as on managing uh assets that that that are available to these people and i'm working on a project right now that that does something similar again with with the un and the gates foundation and and they're looking to basically use the blockchain to track who actually uses these funds so it's not just managing the funds but also verifying the recipient the last recipient when it actually converted into fiat or local currency uh that it was really the intended participant and how do you do that in a way that no one can gain because we know that when we uh use donations or when we give money to charity up to 80 of that it goes to everybody besides the intended recipient right so so to fix that you got to have enough a big enough base and i think we got to reach a million users or more before we can really put these programs as one of our pillars and say here we we helped make this happen uh today we have a participant but i can't tell you that we are leading the charge but it's definitely something we're going to do in the future thank you for so much alex so i've got a question for you camilla this comes from kyle if the celsius business model is dependent on having a market to lend to could that market ever reach saturation and does celsius have any other revenue streams if that's a possibility yeah i mean well i don't think any of us are here because we think we're in a small pond um you know that that is sort of going to um we're going to be constrained in that way i mean i think um you know this marketplace is growing i mean uh everyone watching this i'm sure is familiar but being inside is it's uh it's incredible the pace of growth and more people coming in you know we talk about adoption and it is happening there are more institutions coming in more people looking to invest in the space so i i certainly don't see us reaching a point of saturation um by any means um i think it's just the pace the space is growing uh at an extraordinary pace and i think there's going to be an extraordinary amount of room to grow so i don't see that as an issue at all um other products and services i think was the other half of the question um yes again yes i mean i think um i mean look we're ultimately offering financial services so i think there'll be different flavors and different products and things that we do um you know the core of our products is is um offering this yield and offering loans and working to to lend those assets out on the other side so i'm sure there will be we have lots of ideas that we're working you know around that space but i think um you know that is that is our core business right i mean and i think you know just building off that and expanding it and and um uh there's again more than enough room to grow so i'm certainly not worried about that can i can i hop in there on this one tom for a second too absolutely i think that one of the biggest things uh in when i first came on was before we even had any assets alex always said the deeper your pools the more you get to make the rules um that i don't think that was meant to rhyme but it kind of did um and ultimately you know part of the the partnerships that we do with other um exchanges wallets and custodians to offer interest in their apps to their users means that we're able to funnel and scale um you know our assets at an accelerator rate and as more institutions come in more lenders are out there at the end of the day if you can't fill an order for you know 200 million btc you can't fill that order so um ultimately if we have the deepest pools we have the most assets in their management um then we become the first stop for all of these institutions coming in and i think that that's a key component of our growth strategy in that you know we attract these institutions we maintain their relationships but also you know we hold more coins than any other lender out there we can serve you know more needs for borrows um we can serve bigger sizes and as traditional um institutions start getting comfortable with the risk and they start opening up crypto desks and all that good stuff um our ability to access assets through our partners um allows us to dictate you know the interest rates more have a bigger pull in um getting those borrowers first and i think that that will allow us to stay competitive and also not you know have to dilute because ultimately they're we're the first stop yeah anything i don't know this isn't the right forum for a big macroeconomic discussion but i think there's a lot of things happening right now that are also casting a lot of light on this space and making people look at other places to invest their capital so i mean again i think it's just the the growth uh sort of a perfect storm for crypto at the moment so i think um there's not going down anything yeah yeah the rule i said to leah was that um the ones with the gold get to make the golden rules that was a quote i think that i used but i didn't i don't have my outlast quote book in front of me i could go get it though if you want i can just flip to that page but yours is good enough i might add it to my uh at the deepest pools make the rules yeah that's good i like it so then we while we do make uh most of our income from institutions is definitely not not even close to being the only source of income so we obviously make a lot of income from issuing loans right dollar loans to to our customers and and institutions and everybody else we also have uh we lend to exchanges we make money on d5 we have plenty of other sources but yes the largest single source of income for stocks is community is lending to large institutions there are over 800 hedge funds out there and institutions we only work i think with 260 that will board it or something like that so there's plenty of growth not just in how many funds we can work with but also how much business we're doing with each fund so we could probably double our business with each fund uh that we have today so i don't see like camilla said i don't see any problem with saturation or we are limited by the size of the crypto community but now that we're adding gold and other assets uh gold is a 10 trillion dollar asset right so it's 200 times bigger or 300 times bigger than crypto and one of the b's in the four b's is is gold right so we got to get a billion dollars in gold so if you didn't buy your gold yet you can buy buy them with a credit card you can buy it on ftx or bitfinex transfer it in earn four and a half percent in gold and if you ever go to switzerland you walk in give them the tokens they'll give you physical gold you can't do that with anybody else so that is a product that is a killer product in this environment like camilla said next question so leo back to you i've got a question here from at running water 207 you're behind a lot of the api program and i actually learned about cersei's through monarch what is your vision for that program will we see interest income in our cash app wallets at some point um yeah so i think that the vision for the program is to access all of this all of this crypto that i i don't have a better name for it so i sometimes just call it still crypto like crypto that's unmoving that you know it's not we're not talking about um the crypto in a hardware wallet that people are keeping offline for a reason we're talking about you know you downloaded a wallet two years ago um you like the user interface you trust the company um but you're not getting any benefits for just holding it in that app so we're really looking to go partner with um these platforms that store you know billions really in in crypto assets and their users trust them and as soon as you know we we come to them and they do their due diligence on us um you know they're able to integrate our product and by default their users trust us because they trust the company that they've been holding their asses for you know did all the diligence and i can tell you it takes months a lot of my partnerships uh but while this thing took like a year um you know the two exchanges that were launching in august took you know four months at very least so you know they're they're really diving into us but once they're able to integrate us then we're able to provide that interest income for tons of different platforms addressing cash up i think is interesting because i'm talking about crypto platforms um and accessing the billions of dollars that are untapped right now i think there's also a massive benefit to being able to take these apis which are fully mature the only very unique in the space no one else has apis as advances ours no one has a program a partnership program for integration as advances ours and we're able to take that to you know mainstream partners um and we're that's definitely something that we're looking into um you know cash up alone earned 60 of its revenue last year from their bitcoin transactions i think it's insane to think that every other digital wallet out there that doesn't have crypto integrated now isn't looking at it um with this program that's because they don't charge anything on the money side and they charge fees on the crypto side that's why right but you i mean we have to so we're calling on them to not charge any fees like celsius so yeah i think that i mean but that's that's our power i think that that's really what you know our ethos is in general is the bigger our community the more assets we hold the more we get to set the precedent we have to set the bar high and that's what we've been doing with our transparency but that's also what we're you know the power that we wield with partners if i have 30 partners that have emailed me which i have like in the last two months um i get to choose the ones that have the best you know ethos and values behind them um it's the same when you go mainstream and you go to someone like a cash app or you go to someone like a square and you say no i want to partner with you but in order to partner you need to charge fee free transactions or you know whatever it might be so it's key to just continue to grow that program and mainstream products like that are definitely um on the horizon and in our four sets crosshairs thank you ever so much so back to you camilla i've got a question here from greg do you think that we will have euros stable coins dollar is losing strength against the euro now so euro stable coin in the works at all uh well i think there is uh you know that i think there are people out there who have um you know created euro stable coins um [Music] again it's sort of a very broad question i mean i think stable coins have incredible utility uh we have 11 of them right alex on the platform um they will have different platforms different exchange stable coins different currency stable coins um so i think we are definitely going to just see as a general trend more stable coins i think you have to do your due diligence on them so you really understand what you know how they operate because they're not all structured exactly the same way um but i think it would be great to see you know more assets in a euro-stable coin um because again the friction in crypto is sort of um moving the fiat you know it was when i first started in crypto it's just all about the on ramps and i think we've come a long way um but i think you know um yeah there's definitely going to be i think growth in stablecoins euros is obviously challenging um because of the the interest rates and and so on and other currencies but there is i think there are euro stable coins out there and you know i'm sure they will start to get more attraction um and what was the other part of the question i think was that that was it yeah that that was it was just about the euro so alex i've actually got a question for you and it comes in from chris this one because it's important that i'll just head to the stable coin there uh what what the experience we want you to have when you deal with any product in celsius is if you bought it and you forgot about it and 10 years from now you looked at it your stable coins are still going to be there and you're going to be able to go to the institution that issued them because we don't issue those stable coins and be able to redeem them and you're gonna get the value back and so the problem is that some of these issuers are either too small or don't have enough float where we cannot stand looking in the face and say we have a very good we can't guarantee that it's not like it's our product that we can guarantee but we we have a very good uh uh feeling or we we we we feel comfortable that you're gonna get your money back right and when you talk about gemini dollar or when you're talking about usdc when you're talking about usdt uh tusd right all these assets these all trust companies well usdt is not trust company but the other guys are and and you know that they're holding that money in escort actually it's sitting it either bought t bills with it or they put it in deposit in an fdic insurance account and your dollars your fiat is actually in good shape so just like recently celsius raised money at 120 million valuation which tells you what very smart and and and sophisticated investors think of celsius what is the value higher than all of our competitors the same way you have to when you do research about this so that stable coin you have to make sure that you are buying the stable coin that you know is gonna come back when no matter when you wanna if if it's there's a giant storm outside i'm talking about a financial storm you could still at any time go back and get your dollar and and that is not the case like the all of these uh companies that that basically used commercial paper and and promised you're going to get your dollar back in 2008 or even recently that we're not trading in a dollar you couldn't get your dollar back right so the only thing we list in our wallet today are things we are you know very very confident you're gonna get your money anytime you want it right and and so for us to add an asset that is very low circulation or doesn't have enough users is not an easy one right so we are very again we always represent the best interest of our users and our depositors it's not like we're sitting and saying huh we can make fee on these things so we have very very different incentives than the guys that normally sell you different products on wall street they make fees on everything right since we don't charge fees we don't have those the same incentives so we are much more careful in selecting the assets listing the assets again that's why we are not adding all these fly-by-night defy projects that we think you know you want to be a farmer uh great you know go go somewhere else we're not gonna support that because that's not a sustainable business model right next question thank you alex so this is actually back to you so this comes in from chris does celsius support corporate accounts for single member llc's that are owned by a self-directed ira there are legal uh requirements and restrictions that relate to the ira uh services i i we we were looking into that i think wasim was taking the lead on that uh so we have to get back to you with uh what we're allowed to do and not allowed to do and it's still a murky area i think yes you are allowed to hold these assets especially now with the new regulation that was just passed but we do need to make it much easier and enable automated withdrawals and deposits and investments and so on so but now with ac age in place that should be much much easier today the ach service we have is only one way it's only for deposit purposes you cannot actually withdraw yet so we need to enable the second part and i think that's a requirement for these ira services so when we solve all the pieces we probably can do that integration again wasim is the guy to talk to about this inside our company next thank you so leah over to you i've got a question here from barney if a business wants to lend stable coins to you as a company is the correct step to fill in the corporate onboarding form and then apply for omnibus integration api access yeah it really depends on what you want as a company look you could you could get a corporate account and set it up today um and start using it as a corporate account period right that's the easiest thing to do if you do want to plug it into your back-end system um you can will give you an api key there's two things you can do you can either do just read write or you can have full functionality through it i think that that will continue to get developed out in the future um building you know buoys that people can plug into their back-end system that kind of stuff um but either either one of those three right either just applying for a corporate account opening up as soon as you get approved doing that plus getting a rewrite api so that you guys can plug it in and see balances or full functionality with the full omnibus um any of those are possible and i think that it's definitely something we see a large pickup in as more and more companies see the value of using this as a revenue generating um a service for what they hold on hand right i think if you're not going to use thousands of transactions on the api and it's not worth the while to do all that integration so i think and have you use our desktop version so yes fill out the corporate application and then reach out to camille at celsius.network and tell them i want us i want to be beta and we'll give you view you'll be able to see it if you need to tie it into your system then yes use the apis that sounds great thank you unfortunately tim i'm down to our last two questions and that's the end of the ama so this question is for you alex actually stranger comes in from another alex what will it take to be able to purchase cell tokens alex is like writing questions to himself he's like oh this will be a good one just just texting himself in his sleep dear oh what a great question alex what will it take to be able to purchase cell tokens on the app for us customers such as myself well it really is you it really is it's your favorite thing no definitely not me um it is it is a hard question we we are we do have a solution that we're working on and to enable you as accredited investors to earn interest in sell so today you can only earn in kind and a lot of people are saying to me when can i earn and sell when can i only sell so if you are a customer of bank to the future meaning you on boarded with them you participate in the fundraising or you you bought i don't know coinbase to them two three years ago or or you did you know as long as you're credited with them right they verified who you are we're working on a program with them and that will make it legal and compliant to earn interest and sell now you won't be able to withdraw it immediately and use it there will be some restrictions but that's a great example of how we solve these problems and stay compliant but to to buy sell in the united states uh there are other type of restrictions so we need to basically so create a solution there and uh again we're working just like we're working with back to the future to solve the earn in cell problem we're working with other partners and until we can announce that i can't share that information but but we do feel that u.s users are being uh almost penalized and and that's part of the reason for example for the last few weeks we've raised the btc prices or in a reward income award rates uh for u.s users because they cannot earn yet uh in sell right so we're kind of closing the gap between earn and sell and earn in kind right but so all these things are things that we do care a lot about i know people are very sensitive to this i get emails every day now that everybody knows my email uh people huge by the way thank you it makes my day to wake up in the morning and read thank you emails so thank you very much i mean people tell me how i change their lives and how i help them with their retirement plans or i help them pay for their house or whatever so you when you ask me where is all this energy coming from it's reading those things first thing in the morning so thank you for that but also get a lot of emails who say hey how come you can't do this and that how come all these foreigners are getting stuff that i should be participating in so it's not like we're not thinking about you it's more that the u.s regulation is the toughest regulation right it's the most strict regulation and we from day one were compliant and we plan to stay compliant uh we are actually adding all of our compliance stuff all of the licenses and applications that we have and filings in different jurisdictions to our website you'll see it probably by monday ryan they're talking to you monday you got to put it on the site and um and these are all important questions i'm not i don't diminish any of them because i know again when you put your life saving with someone uh you won't worry about it every day because there's so many fighters so many people around and say oh these guys these celsius guys what are you talking about well when we were the only ones doing this everybody was saying oh it's celsius you know forget it they're fighters they're they're scammers they're they're just gonna run away with your money now everybody's doing it right everybody's copying celsius now not everybody's paying as much as we do but they're all basically trying one way another copy our business model so that proves to you if 20 companies are doing this including coinbase and binance and everybody else right what does it tell you it tells you they were all making that money before but they kept it to themselves we forced their hand we forced them to give you what was yours in the first place so we force them to stop behaving like wall street and start behaving like main street next question good thank you so this is our final question this is for you camilla it comes in from jim how many women entrepreneurs smes see celsius loans as a vehicle for their business growth in a us and b outside of the us wow um well i i i yeah that's a great question i mean i think we sort of haven't touched on on diversity you know in this conversation so that's uh that touches on a lot of different things i mean i think one of the biggest things we we talk about we've spent time on internally is how do we bring women into crypto how do we bring women into technology i mean i you know i was uh you know a in a small minority in financial services and now here we are in financial services in technology you know so so i would you know unfortunate i don't know how many women entrepreneurs see celsius loans as a vehicle i don't have an answer for that but i think we do think about how we reach women how we uh you know encourage women to um you know use our platform um and i think again it's about education it's about trying to reach people i think it's different channels i think everyone would acknowledge that crypto is still not 50 50 men and women in the space i think women are starting to catch on um but um i think we have a lot of work to do there to educate and and hopefully again bring women women come in this space and work in the space then they can also you know help help more women come in and and see the opportunities here so um i you know i would i know alex maybe we can figure out some promotion some something like that to uh to promote loans to women entrepreneurs or do something like that i think um i think that's a great idea actually but you know we need more women in the space um you know and and i think in household economics it's usually women who uh you know are usually in charge of household budget so i think if we can reach reach that audience more and bring more women in um it'll be good for everybody yeah i think it's really um you got to lead by example and i think that celsius has done a really good job at that um i think that we you know from the start alex i don't know if from the founding team we have like five or six like key um key people that have been with us since you know 2017 but they're all women you know and i think that they if you look at eliza or ashley for me or kristen it's it's really been a culture internally to you know let women hire who they want like i i feel as though we bring in um more women to their company truly because we're just a more welcoming company because we already have that diversity and i think that by doing so it allows us to think about these issues in a way that actually gives us a chance of solving them because we understand that we understand the challenges um or the wage gap that might be um perpetuated and so i think you have to lead by example first by bringing more women to your company before you can ever tackle the challenges that have to do with that specific group of people um so you know i think me and camilla should now have uh some homework to do on how to address that okay it's the problem is the industry uh started with anarchists and there aren't that many women are unkissed right and then it was speculators and it's mostly a men's game right and there was gamers and there was so institutions well most financial institutions are men right so no matter what wave you're looking at it was all uh we didn't make it easy for uh women to come and join and we're still working on it but i do have an exclusive uh cryptocurl on youtube is doing the first and exclusive product review of the new celsius app and the celsius website which is new skins that are much more attractive than what we do today at least what all our employees will be on the website you can catch us literally as the photos on the website right we're using we're actually using our own employees we're not using stock photos and all kind of fake people who pretend to be something they're not so uh i think it's coming out in the next two or three weeks uh so if you want to know that and that product is designed uh to bring more women in it's designed to be even easier to use the the onboarding flows the the colors the the design everything is much more feminine much more friendly uh much better flows and watch out for that we're also going to post it on our youtube channel and hopefully you like it and that will set the new standard for the entire industry which seem to only design things for men so so that's our uh that's what we are all right next that's the last question so that is us tom uh i do have a question for you when are we gonna have uh theme song and when are you gonna produce it because uh you're in charge of that thing so everybody's asking me like about the theme song do you know the celsius app song is so good that i still sing it to this day and i'm trying to learn the dance moves and then i will film that thanks tom thank you to the 85 people who work at celsius soon to be over 100 and we thank you for your trust we thank you for your support we thank you for uh being with us and and stay safe stay healthy and we'll see you next week music video to come goodbye guys thank you bye-bye




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