The contents of this newsletter are point-in-time statements. Please note the date of publication.
24 November 2022
Welcome to our November newsletter where we update the community on all things Qoin. Please watch our QDN broadcast channel for fortnightly news and events updates.
During the past almost 3 years over 37,000 merchants have been registered into the ecosystem and dozens of trading, education and information videos have been produced as tools for merchants. The Qhub has now been launched as your Merchant Virtual Office, giving access to these range of resources and tools for merchants to learn and develop their Qoin trading skills, support each other, grow the community, and build confidence. We are proud of the extensive off-chain resources and videos created by our Marketing and Training teams over the past 3 years. These valuable tools are available at no cost to the community.
Check out the Qhub in the HELP button.
Industry News and FTX Collapse
As has been widely reported in the global media one of the world’s largest crypto exchanges, FTX.com, collapsed owing users billions of dollars. Like most large centralised exchanges FTX held custody of users’ funds whilst allowing them to trade within the exchange. The FTX bankruptcy had a contagion effect where billions of dollars have been withdrawn from exchanges into users’ self-custody wallets. These withdrawals are akin to a bank run and has caused other exchanges to pause withdrawals or significantly reduce their withdrawal limits.
The Qoin wallet is created by the user and is a non-custodial wallet where every user has self-custody of their own funds on the blockchain. The BTX do not hold user funds and is a non-custodial exchange. The Qoin project therefor do not hold any user funds, and this is the key difference to Centralised projects like FTX.com.
At a recent community group leaders meeting, Paull Chaffey, noted this difference and described Qoin as a “global goods and services trading community that trade using a digital currency on the blockchain which is traded direct from one user’s Self-Custody digital wallet to another user’s Self-Custody digital wallet to complete a transaction.”
Listing on Public Exchanges Update
The contagion from the FTX.com bankruptcy has caused widespread selling leading to a circa 25% average drop in crypto prices. Bitcoin and others are now down circa 76% from their highs a year ago. At the same time, there has been a significant increase in global regulatory interest in crypto assets. These factors combined has caused exchanges to retreat in listing of new tokens as buyers have significantly decreased and the regulatory risk on exchanges have increased.
The community group leaders and management met last week to discuss the suitability and logic to pursue larger public listings during these current negative crypto market conditions. After much discussion it was unanimously agreed that it would not be in the community’s interest and to revisit the matter in the second quarter of 2023, giving the markets time to recover. During this period the tech team is working tirelessly to complete the features in the Tech Update below, which should add considerable value to the Qoin Project.
The Tech team are still underway with the development of our latest Android and IOS wallet upgrades.
Current App Features that are in development:
- Live Chat support functionality
- Ability to support more blockchains and crypto tokens
- An inbuilt voucher solution for merchants
- Overhaul of the current in app messaging functionality
- Biometric login functionality
- Enhancing the consumer and merchant onboarding for a greater customer experience
Blockchain and Off chain features in development:
- Public Block Explorer
- Open Merchant dashboard
Wrapped Qoin (wQOIN)
BTX has advised that 2,389,177 Qoin has now been wrapped as part of the beta testing. Wrapped Qoin holders are reminded that you can unwrap back to Qoin at any time. Although the beta testing has been progressing well, the technology team has recommended extended security testing due to the recent hacking of bridges. The beta testing will continue through the first quarter of 2023 when it will be reviewed.
For extensive information on the beta wrapping process go to the HELP button in your Qoin App and click on the ‘Wrap Qoin Important Information’ tab.
During the month of October 2022, the community transacted 4,980,482 Qoin across 7,804 transactions between wallets resulting in an average transaction size of Q638.
QDN Featured Deals
This month aired the 86th QDN episode on our YouTube broadcast channel. These episodes update and educate the community on news, trading tips, deals features, events and great merchant stories.
During October QDN showcased deal features including:
Hassell Free Christmas Gift Hampers can plan your gifting needs for your family, friends, and corporate clients with a beautiful gift box.
Check out the Q Shop listing in the description below.
Lynn Jaanz: Why not make a statement with a stunning masterpiece from Lynn Jaanz for either your home or office. Lynn is an internationally acclaimed artist. Her art explores the human condition and the complexities of living and is appreciated for its unique and fresh approach to abstract. The use of colours, curves and crosses portrays the different journeys mankind takes in search of meaning and peace. And now you can own a Lynn Jannz original on Qoin.
Check out the Q Shop listings and website detailed in the description for more information.
TEAM Technology help small businesses to market and promote their business, products and services to encourage B2B and B2C trades. This is achieved through a series of audience centric mobile apps targeting specific consumer groups and focusing on connecting local businesses with potential customers that are local to them.
TEAM Technology helps businesses to do more business and until the end of November, they’re offering a special promotion to Qoin merchants. Pay 75% of the membership fee in Qoin. That’s four hundred and fifty dollars in Qoin and one hundred and fifty dollars in cash, plus GST.
And as an extra bonus, the first 10 Qoin businesses to join TEAM will receive a complimentary 90-minute strategy session with the TEAM CEO, Randall Harper, valued at $525.
If you’d like your products or services included in our merchant feature of the week, please contact us via [email protected]. Remember your Qoin Deal feature will be seen by hundreds of viewers.
Are you looking to strengthen your business connections, meet more Merchants in your local area and cultivate trade opportunities for your business? The Qoin Community Networking Groups provide a place for all to interact to build better relationships.
Over the past month more Networking Events were hosted including:
- Alan Solomon hosted a networking event in the Bay of Plenty. It was a successful evening with a good turnout of merchants providing another opportunity to promote the benefits of Qoin and share trading stories. Congratulations to Alan for continuing to drive the Qoin brand across New Zealand.
- Sydney hosted an Exclusive Networking Event at Zanya’s Café on 2nd These events are a great way for merchants to nurture mutual partnerships and trading opportunities.
- Our friends in New Zealand also held an event in New Plymouth on Thursday, 17 November. The event focus was to attract new merchants to the Qoin community and show them what’s possible with the power of Qoin. Master Agent Ruka Te Moana is looking to create a group of like-minded first adopters to share knowledge.
Please visit the EVENTS Button in your Qoin App for information on future Qoin Events.
If you are a Qoin Merchant and interested in learning more about the benefits of hosting or joining a Small Networking Group in your area, please contact Qoin Networking Group Support via [email protected].
GrabbaCoupon is now live for the Qoin Community. Please have a look at the coupons available via https://grabbacoupon.com/
GrabbaCoupon is a coupon sharing platform where Merchants offer coupons for great value that can be redeemed in store or online. It’s designed to help you spend Qoin on daily deals and bundles all in the one place. It’s easy to sign up, browse GrabbaCoupon deals and redeem with merchants.
For merchants who have coupons available and who want to encourage traffic to your deal, simply copy the URL link and use this to promote via your socials.
The benefits of the coupon site include controlling how many Qoin deals you have, based on coupons redeemed, and being able to direct people from the Qoin community to your best deals. When all merchants participate by promoting their coupon deals in their socials, this creates value as each merchant potentially benefits from the other merchant’s foot traffic.
Expanding the Ecosystem and Refer a Merchant Incentive
Qoin is focused on expanding the merchant ecosystem, so the community has more spending opportunities – more merchants more product. The Marketing and Training departments have created dozens of free educational and trading videos in the HELP button under the tab “Qoin Spending Plan”, “Trade Education Series”, “How to Transact” and “Merchant Stories.”
Please support the Refer a Merchant tab in the HELP button that includes a 6-minute Qoin video where Julia explains exactly what Qoin is, the benefits, and how to download the Qoin App. You can send the link to a fellow business owner to inform them how Qoin can benefit their business at zero fees. Have a look in the HELP button for details on the generous reward for both you and the new merchant.
Monthly Qoin Community Chat
The last Community Chat of the year was held on 3 November 2022.
The community update was dedicated to our merchants and consumers and provided the opportunity for all to learn about our current and upcoming projects and initiatives. The community was given an update on the beta wrapping project, tech tools being developed and the progress of listing on public exchanges.
The first Community Chat for 2023 will be held on at 10am AEST on Thursday 2 February. We encourage community participation, and this is your opportunity to ask any questions you may have during the Zoom.
Please visit the HELP Button in your Qoin App and tap the Monthly Qoin Community Chat topic for the zoom details.
Movember Charity Challenge
One Light Charity Foundation challenged the Qoin project men to grow a mow and raise awareness and donations for men’s health. Prizes are on offer and the best mow will be chosen on 30 November. Thanks to One Light for a bit of fun and charity.
Thank you to all our members of the Qoin Community for your support, loyalty, and trading thousands of transactions in October.