Andrey Peshkov on USDX Wallet’s no-fee transaction model

0:00I'm Ashlyn Addison from event chain for investmentpitch media and FinTech news network and today on blockchain interviews we have andre peshkov the CEO of USD x wallet Andre it's a pleasure to have you on today and I'm really excited for this discussion so thank you so much for taking the time to be here oh yeah wonderful let's kick it off by learning

0:24a little bit about USD X wallet how would you best describe the wallet and how it is making the future a better place thank you for your question usually I call it you stole the major plot problem I think imagine you can send the money to your family for example your mother or your children and we trying to make money transferring is easy the messaging in

0:48whatsapp it doesn't mean it means instant transfer without banks borders or fees and we solve this problem with our with our use Diggs wallet that's of course it's a of course it's a hard task that's why we started with a cryptocurrency home definitely and it makes it a little bit more complex with cryptocurrency but there are many benefits as we have seen in transferring

1:12cryptocurrencies especially internationally cost wise so that makes sense now I've researched into us DX wallet and I've seen that you guys have a to coin protocol you have multiple coins involved there's the USD X stable coin and then there's the l HT coin could you give you know the meaning behind these coins and the differences if you play a few cryptocurrencies no

1:38current rates high volatility wall transaction speed high commission and if you talking about stable coins they stole the major problem volatility today you have major of three types of stable coins collateral stable conscripted collateral your ad converters for example it's tether and non collateral we are cryptic collateral that's why we have two cryptocurrencies first one is a

2:04stable current USD X and second one that trade on markets have the volatility price is a collateral that's why we have two cryptocurrency for example it's easy to understand if you take for example dollar when the dollar was backed to gold it's the same thing they the collateral work Nicole Steve collateral it means LSD for example it's like the gold or the you

2:32okay that that makes sense I get that and I've seen you SDX around before the stable coin is not a XRP based it's not the calves labs project I know there was some confusion online but maybe you could clarify that situation for us yes there was no reason recent recent mistake misunderstanding cava project announced that they have the stable coin the stable clone with the back to the

3:00XRP but our project is developed on developers of almost two years and we have this name of UTX wallet and they may misunderstand because our project is highly developed if they think we have the some issue with a repo we try to clarify clarify that it's not the case and today we our community repo community I think I could clearly

3:29understand what the pain or the point is the cava project is just starting to develop their quarry okay great Andre and you mentioned that you guys have actually been working on this for two years now I know there are other money transfer apps in cryptocurrency competitors that are doing similar things why is us DX wallet you know the best in your opinion or what is the competitive

3:53advantage over these other wallets for me some simple we money trust free hat we don't take a mission for the money transferring the first of all and second hook of course we have the convenience very perfect and sexy interface with our I use the X word mobile app just you just choose the contact name and send the money that's it you don't need any

4:21bank account any card just download and send I see and I understand that these stable coins are relatively new into cryptocurrency you know it started out with tether and coinbase is trying to make a coin gemini JPMorgan IBM these guys do you see this as the future of cryptocurrencies or will it be really volatile coins and stable coins and why did you build this

4:48to token system like that I think the main issue with the money transferring of course is the volatility you can pay with the volatility price coins for example Bitcoin the manger the major grain if you try to pay with the Bitcoin today the price is 5000 the second day is 7000 how you predict your costs how you predict the price of the active activity each asset that you try to buy

5:18that's why the major thing of the stable coin bit appearance stable coin I think the second the best it's a second best solution and that address to the market is stable cone that's why we trying to solve that problem and of course if you take the cheddar for example the daily month the daily volume of the trend transaction in the market is the same maybe is the it's a like the

5:48Bitcoin it's a large amount of daily transactions mm-hmm yeah and what is the business model of the us DX wallet are you guys taking a transaction fee how are you generating revenues and is it a sustainable business moving forward today the main the major the major revenue flow is the buying coin when you try to use our app you should buy our corn first but the main but the main

6:14reason for the person for the customers will always be the free app with a with no transaction fee but if you take out the next step we take Commission with the enterprise it's like visa when you use it you like a customer don't pay the Commission but the banks or all the enterprise pay the Commission

6:40the same approach that's great and you must have a lot of users adopting onto the platform and it's growing was it launched two years ago or when was the actual product into the market into the market project was a year ago it's a perfect question today we have 60,000 users with a almost 200% month to grow our major country is the US and Indonesia and year ago we

7:09first year we just developed the backend blockchain and a year ago o year and a half already we launched our mobile app and the tool platform Android and iOS that's great Andre sounds like you guys have a lot of growth so far and how have you been marketing the product I've seen that you guys have an agent program on social media I saw that is that one of

7:32the main drivers of the marketing or how have you been marketing the program go to market strategy is the main the toughest thing in a project like that because the today you feel them many rumors today they appear some a lot of project but our main goal is user user user service that's why we adopt our users we today we have growth about like I said about 200 percent and the major

8:04go to market strategy first its marketing second like you said it's an ancient program if you want to adopt our project if you want to benefit from the buying just easy to do it because you buy our corn and if you agent of this this buyer you get 10% back it's easy decision because if you don't like our

8:31service we get your money back just it's always be the that case if users don't like our project do not use our stable coin we get money back that's that's great Andre and what countries are you guys targeting next or do you think will be next popular after America and Indonesia the next step is South Asia and India because there are in this country the

9:02too many unbanked people today I know you know I think you know that almost 2 billion and then people that don't have access in the bank account and just can send the money and pay almost I think I mean 10% of commission of sending money it's ridiculous it's just exchanging of information sending money and we try to solve that problem that's great and

9:26there are a lot of people that are making remittances and transfers that could benefit from a stable coin or cryptocurrency wallet like you SDX wallet however there's usually some learning involved because it's different from regular money and people are you know wondering about they need to know a little bit about cryptocurrencies before they start using it I know you guys made

9:48a cryptocurrency step-by-step video and try to market to people to help educate them so that they can also get on the platform how have those efforts been going and how how has your marketing campaign you know has it been working so far just that video was just for fun and we want to recall how how it was when you start into trading when you go into

10:13the market and you see the money goes up and you think you just in the second step you buy your house or Lamba and it just it was just our fun video to to our community but if you if we talk about the go-to-market strategy just I said the previous the first step is the cryptocurrency holders they that people who believe in cryptocurrencies who know

10:41how they use it and believe in cryptocurrency that have value and that can be exchanged on fiat currency and other cryptocurrencies that's great Andre and as you guys expand are you doing more further product development what does the roadmap look like in the next six months or year for features and functions that will be integrated into the wallet the main infrastructure aim is exchanges

11:11the major changes that can adopt our cryptocurrency LSG or UNIX that can benefit to the users that's that's our next step we now own exchanges and in the next few months we'll be on five exchanges with the top 20 of kuta market could corn market cap and we will be improving our services in our magical – adopt – adopt our users and aim is 10

11:43million users in the next few years now we will be a proof our service will be improved our use the X Wallet mobile app and will be always perfect service to our customers that's great I'm looking forward to that Andre and if people are looking to find more about USD X wallet get involved or just use the product what's the best way for them to find out

12:07more you can reach others in our site of course and it's easy way to use a telegram chat where we can ask for your question and of course download the app and send the money wonderful thank you so much for your time Andre I will leave the links to your telegram and your website in the description box below and I appreciate you taking the time I'm looking forward to seeing how you SDX

12:34wallet has grown to the 10 million users that you will get to eventually so best of luck on your way and thank you so much for your time Ashton thank you it's a pleasure for me you