EQIFi’s Chairman, Jason Blick attended the AMA on the EQIFi Telegram channel on Friday, 24th of June, providing insights on how EQIFi is setting the standard in the DeFi industry.

The AMA lasted for an hour and the EQIFi community got the chance to ask questions about security, product developments and EQIFi’s plans for the future. It was a pleasure to get closer to our users through this session.

If you missed the session, we’ve got all the important topics lined up for you.

Q1. With the recent events in the industry, with liquidation etc. Can you explain more about how EQIFi is different and how our assets are protected?

Jason Blick: This is a two-part question and relates to processes, compliance, technology, HR, and macroeconomic conditions. Let's start with processes/compliance, as you know, EQIFi and EQIBank benefit from the exceptionally protective feature of operating to Bank level security. This has been the case since 2015 and we have a full Compliance and Security team that ensures all elements of the Group are safe and secure. Ioana might want to comment on the Technology element. Turning to the immediate issue of liquidations, EQIFi has NO exposure to assets that have recently collapsed or risky debt. More specifically, we invest in liquidity provision in DeFi and not lending. We are also insured to US$300M with Ledger Vault. This all helps to make EQIFi very safe and very secure.

Q2. Does EQIFi have any safeguards against hacking, etc.?

Jason Blick: EQIFi manages Security to Bank standards. EQIFi benefits from the skills, resources and depth of experience of EQIBank's Compliance and Security Team. This means that we maintain extremely detailed processes and manuals on security, testing, evaluation and our Regulatory audits. I can't talk too much about our security technology (for security) but our users can feel secure that we operate to a standard that most platforms may never be able to reach due to the complexity and cost of establishing bank grade systems.

The best safeguard against hacking is well-written code that is audited and tested before deployment. We have the highest standards in OpSec and code deployment to ensure safety. In addition, as you all should know we have a bug bounty program to enlist the help of our community to keep our platform in good shape.

Ioana Frincu: We are fully audited for multiple hacks.

Q3. What would happen if there was a Black Swan Event?

Jason Blick: Good question. Especially in our current times. Let me explain our processes.

A black swan risk has three attributes: rarity, extreme impact, and retrospective predictability.

We released our first Risk Matrix, Business Continuity Plan and Risk Disclosures all the way back in 2015 and the materials are updated monthly. We are also required to have these processes in place by our Regulators and Auditors. Accordingly, we plan and manage the business for literally millions of possible outcomes, so we are well placed to deal with risk in public markets, the broader ecosystem, macro or micro economic changes, technology changes etc. Nothing is ever guaranteed but it's times like this where experience counts. It's also not our first rodeo and all, for example, the Management Team of EQIFi successfully led and grew financial services businesses during the 1998 crisis. We are well tested and well-proven.

Q4. The team have been at quite a few events lately. Is there anything coming out of these? Partnerships? Connections? Can you give more?

Jason Blick: EQIFi continues to grow and scale in the crypto and non-crypto communities with a series of innovative JVs and partnerships. For example, EQIFi has been selected as the platform of choice by one of the largest on-line gaming communities. There will be a BIG announcement shortly! We are also launching our EQIFi Channel Model next month enabling all members of the community to earn $$ by promoting and recommending our amazing platform to others. We are also aiming to partner with a large number of other Banks that are looking to access the DeFi market and leverage our technology. This is part of our broader strategy to ensure existing financial services groups are using EQIFi to diversify their investments into alternative investment cases at the best possible time – a bear market. Because we are Licensed and Regulated we can form partnerships that unregulated entities could never undertake.

Q5. Can you tell us how many users are there on the platform and applied for the card?

Jason Blick: In December we grew a staggering 10,000 new users a month! Given we only launched a few months ago we are very proud to have over 40,000 users AND EQI just received our largest order for our credit cards (just over 15,000 cards) so we are extremely happy!!!!

Q6. When can we expect more support for other chains?

Jason Blick: There is a lot happening! The team will shortly deliver on BSC Yield portfolios and integrate Avalanche into the mobile App.

Ioana Frincu: We are currently working on adding the BSC portfolio to Yield and then working on Avalache to integrate it into the mobile App.

Q7. Can we get any future marketing plans?

Jason Blick: Following on from our huge successfully campaign on the London Underground, and major events in Miami, Austin, Dubai, and Monaco, we are going to even further increase our PR and marketing campaigns with a focus on reaching key client targets in growth markets, institutional monies (treasury management being a focus) plus cross-sell to established clients of EQIBank. And that’s a HUGE opportunity. Over the next few weeks, we will be rolling our almost weekly AMA's so you can meet our border management team and we can stay close to the people that matter - you. We will also be launching social media campaigns in 5 specific target geographies in addition to our new global campaigns. At all times we want to drive excitement, support and traffic to EQIFi and we love our community to make this happen.

Q8. What about the institutions and other banks in DeFi space are we getting on board with them?

Jason Blick: Great question Muhammad. One bit of BIG news is that EQIBank invested in the EQIFi Yield Aggregator and Fixed Rate Deposit. This demonstrates how much WE believe in our products and our future. There is no greater sign of support. In addition, we are working very closely with (i) one of the largest investment banks in North America to look to promote our product via their global footprint; (ii) we have been asked to consider listing as a public company in the US (this reflects how much institutional interest we have; (iii) our new Channel Model is designed to market wealth managers, IFAs, banks, funds and family offices. Our long-standing relationships in this sector are really helping.

Q9. Did you give a rebounding boost on price? Did everything leave her flow?

Jason Blick: For legal reasons, I'm not permitted to speculate on price. What I would say is that public and crypto markets have been in a downward trend for 5 months. Its impacting everyone in the market and, as always, there is no magic bullet. The key is time. Allow enough time for the market to rebound. The strongest always survive and thrive in times like this. I saw this during the dot.com period, I saw it in 2008. EQIFi is in a great position to scale and dominate the market over the next 18-24 months.

Q10. When will you intervene in the price with a huge loss?

Jason Blick: We are a family. We are all in this market together and we will all come out of it in good shape if we support, promote, and stick together. I've had the good fortune to get to know many of you and the support we receive is exceptional. Together we can do much more, but it's a combined task. All of us pull together and promote, sell, and grow!

Jason finalized with a heartwarming message for the EQIFi community: “We are a family. We are all in this market together and we will all come out of it in good shape if we support, promote, and stick together.”

With that in mind, stay tuned for further announcements, as there are many big things to come.

Special thanks to the EQIFi community for participating in EQIFi’s AMA session and engaging in the discussion.

See you soon!

The EQIFi Team

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