Hello everyone, my name is Dominik and for the past few months I’ve worked on setting up an fiat gateway for the crypto-ecosystem. After a lot of effort I was able to get a Bank in Central Europe on board, a credit card processor and a working platform for one-click purchases of crypto-currencies.
About the business:
Gateway for crypto-currencies
Website is fully operational and tested
We already have bank accounts, payment processors (including a credit card processor on board) and the KYC/AML part worked out
What I am looking for:
Expertise in managing such a business and running day to day operations
Experience in marketing/advertising and user retention
Willing to put in the effort to bring this platform back alive and enter the right crypto-markets.
So if anyone from the NuBits community is interested in potentially joining this Startup, do let me know.
Thinking how this works makes so many questions pop up
Sorry for going like a bull at a gate, but I hope you might be able to answer them.
What fiat currencies you intend to support? Only EUR or USD as well?
What’s the profit model? I guess fees. If so, on what level?
Do you already knwo which crypto currencies your gateway will support?
What price feeds will be used?
Is the credit card processor bein involved in both ways (fiat to crypto and vice versa)?
Is a prototype available?
I really would like to see how it looks like!
Does that mean you are looking for man power, people who contribute to this business?
Or rather investors?
Relevant for both: what’s the legal form of the corporation?
Working together with banks and credit card processors makes it unlikely to run such a business anonymously.
asking questions is always good, so let me respond to each part:
At the bank we have different currency accounts for EUR, USD and GBP. So all 3 currencies are accepted. Currently we allow deposits through the following methods:
International Wire Transfer
SEPA Wire Transfer
SOFORT (Instant) Wire Transfer
Credit/Debit Cards (only EU)
The profit model is the same as with all exchanges: a small fee on each purchase/sale of crypto-currencies.
Currently I don’t know which currencies, but Ether, Bitcoin, Nxt and potentially NuBits sounds great.
Price feeds, not entirely sure yet.
The credit card transaction are only used for purchases. We currently cannot allow users to withdraw fiat to their credit/debit card. but that may change in the future.
Yes of course. The preview is available here: http://nxthaus.com. A bit slow, but it all works fine. If wanted I can also give you a demo account so you don’t have to sign up yourself.
I am not operating this anonymously. The company (Limited) is actually registered in the UK now for nearly a year (previously registered in Switzerland). I have raised funds from private investors from the Nxt community in 2014 (keep in mind, not through the Asset Exchange) and they are in on this restructuring/pivot of the business.
I am mostly looking for additional team members that have the skills and experience to work on such a project. But I am open to discuss things with potential investors.
I would say that it is near impossible ot get a bank in the US unless you have the required licenses (MTB) on a federal and state level. But getting a bank from Canada on board would be great.
Thank you very much for your detailed reply. The idea sounds very good!
I tried creating an account to no avail.
The side just doesn’t load (I’m on Chrome - should I use another browser?)
I can only speak for myself, but it might be possible that a lot of the people in this community are already quite busy with tasks.
The upcoming start of Blocks & Chains Exchange will require some manpower as well, which will drain more resources.
What you should find though is support for making NBT available thrugh your fiat gateway.
There are several ways I can think of.
One that requires little involvement from Nu side is to tap into exchanges that have running liquidity operations. There NBT can be sold for BTC and vice versa.
Nu has several exchanges that are officially supported by compensating liquidity providers to create buy and sell side orders with little spread.
But a single exchange might not always have sufficient funds if for example somebody tries to trade 30,000 USD for NBT.
It would be bad for your gateway and for Nu if trading such an mount couldn’t be done instantly. You’d need to tap into several exchanges to make 30,000 NBT available.
But if your fiat gateway would purchase NBT from Nu, the gateway could always tell how many NBT are available instantly (just like shapeshift.io has limits for instant conversion).
The number of NBT that can be purchased from Nu is practically unlimited.
And if the gateway wants to sell NBT to Nu this can also be done by using exchanges or if bigger amounts are involved, directly with Nu.
To deal with big amounts of funds that shall be traded there’s an organization within Nu called FLOT (First Liquidity Operations Team), which has tens of thousands of NBT under control (multisig address) and tens of thousands value in BTC under their control (multisig address as well).
The NBT and BTC under control are still limited, because the FLOT just started their operation and the entities that handled the NBT and BTC before are still involved.
Over time the FLOT will handle most of the NBT and BTC that are in Nu property.
The website loads fine for me on Chrome and Firefox? Not sure what’s wrong. As for the rest, well I hope that someone entrepreneurial is willing to join as I simply do not have enough time to manage the project full-time anymore. That’s why I’m looking for help.
