9 MARCH 2021
We are pleased to announce that we had a new record month in February 2021 with over 5,000 new merchants registered and more than 50,000 wallet holders in the Qoin community within its first year. It is also encouraging to note the significant amount of trading in goods and services with Qoin in the community.
Any individual over 18 or a valid business in Australia and New Zealand can download a Qoin wallet from the Apple or Google stores to join the Qoin community. We will continue this growth as we enter the International markets beyond New Zealand.
Qoin was listed on the Block Trade Exchange (BTX) on 11 December 2020. Since then, over 12,000 accounts have been registered for dealing in Qoin.
With rapid growth can also come challenges that need to be carefully managed. After a review of our operations and the first BTX quarterly update, a few of the challenges experienced were:
- Sellers registering multiple wallets to take advantage of the daily withdrawal limits.
- Merchants using their incentive Qoin to withdraw cash rather than spending in the ecosystem to support their local businesses.
- A significant increase in trading by individuals that purchase Qoin directly from the community but then cashing out daily on BTX.
- Some sellers who were spooked by false, misleading and deceptive posts on social media channels.
- Lack of understanding in the social media environment about the utility purpose of Qoin which differentiates it from the other 8,000 speculative cryptocurrencies.
These above activities have triggered a considerable increase in sellers. This has caused pressure on the sell side and consequently a larger spread on the buy side price. As a manager we have a responsibly to prudentially manage the BTX Exchange on a sustainable basis for the long term. Qoin and BTX must be protected against exploitation from the community or any abuse from outside the community.
Based on the above challenges we have been advised to review and recommend corrective measures for the longevity of the Qoin Community Ecosystem.
After consultation with the leaders of the Qoin Community, the key objective identified is to better support and manage the liquidity demands of the merchants in general and, in particular the merchants, who supply ongoing products and services to the Qoin Community.
Considering the above, we have been advised by BTX that the withdrawal limit will be temporarily adjusted to $2,000 per month at $100 per day from Tuesday 9 March 2021.
To ensure the protection and growth of Qoin into a mature global digital currency widely used for everyday payments, the Qoin Association, as per the whitepaper, engages transparently with three Corporations that are well-managed and adequately funded, these being:
- Bartercard International Ltd with its 30 years of experience in opening global markets and engagement with regulators.
- BPS Financial Ltd (Blockchain Payment Systems) who manages a global tech team including experts like Kaleido USA, Alpha Wallet, and XWP.
- BTX (Block Trade Exchange Ltd) providing an onramp and offramp service for Qoin Users.
A recent image of the Australian offices of Bartercard International, BTX, BPS and Qoin
In order to address the above challenges, our commitment to the community is to:
- Complete the development of the global exchange, BTX Global, and open the exchange to International buyers to purchase Qoin as planned from June 2021.
- Reduce the new merchant Qoin incentives.
- Escalate country regulatory approvals for international markets.
- Create more spending opportunities in Q Shop by attracting more products and services.
- Update and upgrade wallets with Apple and Android.
- Increase market ready and trading assistance teams to help merchants.
- Expansion of the Qoin Support teams.
- One week per month of foundation and compliance training for all agents.
- Increase Qoin brand awareness in Australia and New Zealand by sponsoring business and sporting events.
- Consistent communication and education for the community across Qoin Digital Network (QDN), social media and multiple online platforms.
To continue the success, buying power and liquidity of Qoin, we ask the community to:
- Use Qoin for its intended utility purpose by spending it with your local businesses to maximize buying power.
- Work together to stop false, misleading and deceptive comments on social channels.
- Have faith and patience in our digital currency which is only 12 months old.
- Introduce BTX to your acquaintances, suppliers, associates and customers.
We would like to take this opportunity to thank our Qoin community for your ongoing support and loyalty. We look forward to working with you in the future and the continued success of the Qoin movement.