Michael Ross-Johnson discusses Chatex’s crypto payment network

0:02i'm ashton addison from event chain for investmentpitch media and the cryptocoin show and today on blockchain interviews we have michael ross johnson ceo of chad x michael welcome to the show and thank you for being here thank you thank you for your time hello everyone i'm excited to dive into chat x and the really light uh easy to use exchange wallets that your team has come

0:29up with in a really innovative way i would love for you to kick it off for us with just an overview of chat x and and the apps that you have and then we can dive into the details okay yes let's start the chat ex consist of the different models that uh deliver different products the first and the main one is the chadax smart wallet it's a multi-currency wallet supporting all

0:57the coins uh all the main coins and the tokens uh but it's a smart because you can send money not only by a wallet address but you can also send by your friend's phone number as well email or chat x username so we have made it work uh in this way because we want to take over the existing

1:23uh user experience from the traditional uh banking another cool feature that our smart wallet has a voucher or so-called moneylink for example when i want to send for someone money and i don't know his credentials i just create a voucher and send it over to any messenger or sms and the only thing that recipient have to do

1:50is to click on the link and the money will get in his uh wallet in the chat ex wow so that was the first part of our product uh the second main model um is so-called chat x hybrid exchange we call it hybrid because it also divides in the two and two models the first model is a p2p marketplace when you

2:18can buy or sell crypta with your local fiat currency with any local payment method uh it works the same like in local bitcoins or many other people exchange so tax in this way is a marketplace with the escrow service that hold the crypto until the trade between two people will be complete so we we play a role of some guarantee

2:47here and the second mode uh is a crypto crypt exchange it works more like uh other centralized exchanges so you will find an order book and you can partly or fully execute the order uh that's that's how it works in our exchange and uh also we will have add new new features and a new products in our board and our application

3:17wow that's great thank you for all those details michael and there's a lot to unpack there uh you mentioned sending money over sms and through you know whatsapp or social messengers i think that's a huge advantage we also mentioned you know local payments for social messaging and for the local payments is this like completely global platform and that any kind of currency

3:42can be traded through or are there limitations there uh now we support 12 main um coins and there is no any restrictions for trading so we work worldwide so yes there's no any restrictions okay that sounds great and you mentioned uh part of the payments is that it has a peer-to-peer

4:10aspect and chad x is sort of working as a guarantor sort of like local bitcoins can you explain that a little bit further on how that works and how do you match with somebody that's willing to take the other side of your transaction in a peer-to-peer no counterparty risk wait uh yes of course as i say we play the role of um escrow service and then we

4:35hold the cryptocurrency of the seller and uh until their buyer will send him funds to his bank account or some electronic wallet and after the seller will say that he get the money the escrow service will send the crypt to the buyer so that's

5:00how the escrow service work okay great and the social messaging and the sms seems like an innovative way to transfer funds i know the way that the banks do it is pretty archaic and it takes a long time and i'm guessing the transfers go through a lot faster through chad x do you think that the social aspect is one of the key differentiators between the many

5:24different cryptocurrency exchanges and and transfer protocols that exist right now or do you have other key differentiators of course this is the one of the most important part that we are in the messenger in telegram as well and also we're looking for what we have android application and

5:54yeah yeah so i was going to ask you about that because the telegram bot seems uh very easy to use and you could use it on on your computer or on your phone but you also have a downloadable android application is there a difference between using uh the telegram versus the android or is the functionality the same not the functionality at uh current

6:23moment is not the same because the we don't have a trading function in the our application it will be available in the two months now it works only in a wallet way okay sounds great and is the telegram uh app the bot that you created on telegram is that the was that the first product that your team created and why choose telegram as the social messaging

6:52platform of choice yeah uh which is the telegram because the most part of the crypto world use the telegram and for us this was the first step to launch our product more easily to we have to come to the our clients so we're going where they where they are definitely and how are you incentivizing uh user adoption

7:19of the telegram bot uh are you seeing a lot of uh or organic growth or how are you getting that into the hands of these crypto users the first of all is now people use some products because they're useful first of all and we try to make our product very friendly for the the people who only came to the world of

7:49crypto and that's why i think we have uh such great scale growth and that's what that would help us to grow so fast definitely that's good to know and incorporated in the platform you also have chat x token as well i'm guessing that there are incentives to be using the token within the transferring and within

8:17the app and the bot can you talk about the chat x token how does it incorporate into the platform and does it create value for all users of the ecosystem yeah yeah for sure the top can make you use the platform more profitable like binance coin give you trading discount and so on so the mechanism will will be the same for the chat x token uh for example

8:42when you have to pay fees uh with using the chat x token you will pay less um or we if you will have to receive the reward with the check and chat x token will get it higher also we will start to implement government governance model of the token so the our users would vote which new token or coin should be added to the chat x

9:12that's great and i also was reading that the potential for introducing more defy functionality into the platform so that users can make more use of their capital is something that you may have in the works uh can you talk about incorporating defy and if that's part of the plans for chad x yeah yeah yeah for sure first of all we believe that the chad x is made for mass

9:40adoption and we try to build the product that any housewife will be able to use so then we tried to to aggregate most demanded services and the products for example to work with the taxes you have to to be technical with every person and it's not really easy for everyone and we will add taxes under the hood

10:10so within the chat x interface you will be able to interact with the taxes but in much more convenient way okay that's good to know and maybe you can talk about part you know part of d5 in the future coming out is one of the functionalities but maybe you could give a snapshot of the next six months and the rest of 2021 and what are some of the major

10:36milestones uh that your team is looking to roll out with the application uh if there's any new functionality or updates for the users um for us now is the chatter savings is the most of important product because we believe that with this product we could get much more users and this is the

11:02product that the market are really need now so all focus will be on the charter savings okay and can you talk a little bit more about what that uh entails is that uh is that like staking with rewards or some other kind of savings platform uh yes it will be some kind of staking um it will be the user flow will be the next that you will have uh one additional uh button

11:30in the application on the board so when you just link in you send your money and you will get your interest in day by day so you will don't get it in one month or one week you can get it every single day that's good to know and i'm curious as you continue to grow are you looking to partner with more partners or have you partnered with more

11:58partners to increase liquidity uh accessibility of the exchanges and the wallets um in terms of the partners or even just mentioning the investors that you've had so far in the project we have good relationships with the freetown community and for two months chad x was the only place where you could buy the freetown crystal tokens as as you know the freetown is

12:25the fourth of the original tone blockchain uh product developed by pavel durov uh also on april we have launched our 99 robots nft campaign with the variable uh where you can buy our exclusive nft robots and also have a chance to win a tesla model s wow well that's great to hear um and for the viewers that that are looking to

12:53learn more about that and about the updates uh and about just using the platform overall what's the best way for them to learn more and to get involved in the communities uh just the best ways to subscribe our telegram channel uh and to our twitter also you can visit our site there is every every links that you need okay great and if users are on telegram and they just want to

13:19start using the bot do they have to sign up somewhere or can they just message the telegram bot and start using it they just open the telegram and write the chat x under slash spot and you will see our product sounds great michael i will leave all those links in the description box below as well uh all the best with these updates on chat x and the growth of the platform

13:45i will be watching and let's follow up in the near future thank you thank you very much