Q&A summary

Hello community!

Today we conducted a Q&A session with our CEO!

Thanks to each of you who took part in this activity!
We’ve summarized most of the questions and answers in the article, so if you’ve missed the session, please, read:

Q1: Tell us about Credits, what does this company do and why is it important for today's crypto/fintech sector?

A: Our project sees as its main task the popularization of digital financial assets, Credits blockchain, as such, and facilitating the use of it by all people on the planet.
We connect the cryptocurrency space with the payment sector. We make it easy to use cryptocurrency products, and we want to make using them as simple and inexpensive as possible.
For these reasons, we are developing various digital solutions such as:

  1. An On / off ramp service

  2. A Credits' Payment App

  3. A Crypto Debit card

  4. Crypto Payment processing service for businesses

Q2: Since Credits are competing with giants like Cryptocom and Revolut, what advantages do you have over them?

A: It is no secret that decentralized services differ significantly in structure from banking ones. In turn, banking services are very complex. Many banking services take years to launch. The main way in which Credits sees its competitive advantage is the connection of the cryptocurrency world with fiat world.
Our main advantage is precisely in the combination of fiat and crypto. Revolut is a banking project. Cryptocom is more of a crypto project.

Q3: It is impossible to develop without investment. When is the fundraising planning to start?

A: The launch of the first stage of fundraising is expected at the beginning of Q2 2023. Fundraising will be carried out in several stages. To successfully raise funds, you need a product.
Our main advantage is our product. This is what makes us sure that we are on the right track!
We plan to start working on raising funds after the New Year. In general, we are leaning towards crowdfunding. We are considering using either Republic, Seedinvest, or Seedrs platforms or  issuing shares of tokens on tZero or Securitize.

Q4: How do you expect to invest the collected funds in the future?

A: Already at this stage of the existence of our wallet, a full range of financial services for the consumer is available in our application. First of all, there is the possibility of opening IBAN Individual accounts in EUR. As well as offering Cryptocurrency accounts, buying and selling cryptocurrency with many options: withdrawal to cards or bank accounts, etc..
After fundraising, we will continue to work on improving our product so that users have more opportunities to use their assets. We are going to expand the range of services provided, enter into new partnership agreements with payment systems and services, and also launch the ability to issue plastic bank cards.

Q5: Where is your company located? Why did you choose this particular country?

A: Credits is located in Lithuania. At the moment we are focused on the European consumer market. But we have not forgotten that our consumers, predominantly, are crypto users. And Lithuania, as you know, is a very progressive country, with promising views on cryptocurrency.
Also, it should be noted that our company is completely remote and users do not need to visit the office in order to use any of our services.

Q6: Considering the fact that the situation in the world is extremely volatile, record inflation rates in the United States, the decline in the stock market on par with the deepest decline in the crypto-currency sector, it is obvious that there is some outside pressure, how stable is Credits to considering the current reality?

A: Many crypto exchanges and wallets are having problems especially after the FTX crash. These are very vulnerable because the User's money is used in almost all of their exchanges. Especially after the crashes of FTX, Celseus, Voyager, BlockFi the situation has become blatantly obvious to the crypto community.
In general, there is a strong trend towards increased regulation. This whole situation is only a plus for Credits, because the company is a licensed European player with completely serious compliance. 

Q7: You have a blockchain project behind you, which at the moment, to put it mildly, does not feel so good. Do you have a further vision for its development and will it be in any way connected to what you are doing now?

A: We are planning to work on the blockchain in 3 ways:

  • Development of the user base

  • Strengthening decentralization

  • Improvement of the technical component. 

Next week, we will be publishing an article with our plan for 2023. In general, we are positive about the development of the blockchain.

Q8: Do you plan to enter the international market? What are your plans for further development of the project and products?

A: Now we have just launched in Europe. Our cards are scheduled to launch in Q1 of 2023.

We are also negotiating to launch in a number of countries, including Mexico and Brazil.
In order to expand the use of cryptocurrencies, Credits sees as its main task to give ordinary people more opportunities to enter the crypto world, to use cryptocurrency assets as simply and easily as possible. We want to enable users to use cryptocurrency and banking products simply and without restrictions around the world!
But first, the product needs to work optimally in Europe.

Q9: How does Credits ensure the safety of users' funds?

A: First, we are a fully licensed project. We have independent directors and employees. We are in full compliance with laws and regulations.
With regard to cash, it is completely separated from the company's funds and is kept separately from the company's funds.
In terms of blockchain operations, we use both cold and hot wallets.
The customers' money (EUR) is stored and saved separately in bank accounts with one of our partners and they can't be used by anybody except the owner. This is in accordance with UK law. 

Q10: You have information on your site that users will soon be able to order a debit card. Does this feature apply to all users of the service?

A: At the first stage, the possibility to order a card will just be available to users from Europe. As our wallet develops, we plan to connect more and more countries so that customers can use our products from many other countries around the world.

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