Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Coinovy October 22, 2021. This guest star,

  • Sai Tej — CEO

Introduction

Sai Tej :
Hello Infinity Chain members…. This is Saitej A, Co-Founder/CEO for Coinovy..

QUESTIONS MODERATOR

What’s Coinovy? Can you share with us more details?

Sai Tej :
Coinovy is a Crypto-Ecosystem, a premier crypto to fiat service provider in the world, to drive simplified digital finances for everyone. It provides users with an unlimited number of wallets to send, receive, exchange, earn and borrow (All-In-One Wallet System).

What triggers you to launch Coinovy? What are some of the real-world problems/pain points that Coinovy aims to solve? What solutions will Coinovy offer us?

Sai Tej :
Whether it be a beginner or a seasoned crypto user, the main pain points is always mainly seen around is the issue of crypto to fiat conversion. This also encompasses other underlying issues before a conversion is needed — the interface, how hard is it to maneuver around the platform, the we have the time factor, as in how long it takes for a transaction to complete? Also, we have the security issue, is the wallet secure enough as it is?

The main emphasis of Coinovy is to give a simplified interface, so it would be suited to all level of users, then we have a 60 sec completion time of any transaction, which is one of the fastest completion time available, and we have security by BitGo.

One of the key takeaways for Coinovy is being able to offer our very Coinovy Visa Debit Card powered by VISA, with options of virtual or plastic card. This allows users to use it at any Visa merchants worldwide, and with a plastic card, users can withdraw from any VISA-enabled ATM.

Imagine going on a date with your girlfriend, only to discover there isn’t enough cash on you? So you need your crypto to be converted so you can use it immediately. All you need is a few simplified steps on the app, and its transferred to your Debit Card, and you can make payment! How cool is this?

Could you tell us more about Coinovy tokenomics?

Sai Tej :
The tokenomics is carefully designed to allow the C2F to get mass adoption. All the founders’ tokens of 5% is locked for 4 years and will be released in 4 years term. 10 % is allocated to Partnerships to adopt and make strategic partnerships to increase benefits to all our users, 18% is used for rewarding our primary purchasers of C2F, 60% is allocated for sale which will be completely used for user acquisition, branding, marketing, adopting to new markets, as the major product is developed and will be ready to launch for this November 2021 and 7% will be used for new feature developments and operations.

Who are Coinovy current partners and backers?

Sai Tej :
We have formed partnerships with some of the key industry leaders and associations. We have allied with Coinranking, United Africa Blockchain Association (UABA), Prudent Investment Management, FinX, Blockchain Army, LunaPR, Chakravuyha and Launch My ICO.

What are major milestones Coinovy achieved so far and what are next 100 days plan?

Sai Tej :
We have commenced Private Sale from 1st September & this will be coming to an end on 28th Oct 2021
The following is our keydates for upcoming plan:

29 Oct 2021 — Presale Commence
November 2021 (exact date TBA) — App Release
30 Nov 2021 — Debit Card Registrations open
29 Dec 2021 — Presale Ends
Jan 2022 — Defi Launch
Jan 2022 — Public Sale commences

Another exciting news is that our Coinovy App Release will be announced in the upcoming weeks.

QUESTIONS TWITTER

You mentioned that coinvoy wallet will allow users to earn cryptocurrency in addition to buying, selling, and cashing out on assets. So I’m curious how we can earn cryptocurrency using your wallet service. Could you tell us more?

Sai Tej :
Coinovy allocates a certain portion of transaction fee from every transaction that happens on the platform to a reward pool which will be distributed to the community based on their staked value.

With Coinovy tools people can easily move assets from fiat to crypto allowing deposits from USD to USDT and vice versa , is it really true? Do you have charge fees to the clients for this convertions? What other fiat currencies are or will be supported?

Sai Tej :
Yes, that’s true, users can deposit Fiat and convert to any of the cryptocurrencies on the platform…….

As this process includes integration and alliance with other parties like banks, liquidity, card providers, hence there will be conversion charges for utilizing this service, however Coinovy is introducing a membership program that will cut-down the charges upto 85%….

As of now users can deposit Euros, we are working with Singapore and US to bring SGD and USD in the first quarter of 2022.

For a lending platform the most important thing is security. So how does Coinovy convince users that your security system is secure? Have you done any audits and are you confident in Coinovy’s current security system?

Sai Tej :
This is my favorite question — so in the Coinovy platform, all the funds will be held in three forms: Crypto, IBAN, and Visa Card. Any transaction or conversion that happens on the Coinovy platform the funds will be in any of these three forms.

When funds are in Crypto its completely secured and insured by Bitgo, And when funds are in IBAN its protected by Banking Partner of Lithuania, and lastly when you load funds to Visa card its protected by Visa payments.

We are connecting all the best fintech infrastructure to provide Simple, Secure and Speedy solutions to our users.

Can you tell us how to register and take advantage of the IBAN card? Does KYC need to be done to get it? Can the IBAN be used for payments anywhere? Will it also be supported and workable for Google Play and Apple Pay?

Sai Tej :
Every user on Coinovy gets an IBAN account upon successful registration on the platform. And yes, in order to access the IBAN account, user is mandated to KYC….

To start with, we are open to complete EU and UK, we are also in talks with Singapore and US compliances to get SGD and USD. Coinovy cards also works with Apple Pay worldwide……

What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?

Sai Tej :
Our Company’s vision is very clear and aligned towards targeting the 97% of non-crypto users by allowing them to enter to this amazing crypto community which is backed by simple processes that any non-crypto users can adopt……

To support the C2F token value, we designed the marketing plan and releasing the new features like T2C which will help the community grow stronger and increases the demand for C2F.

QUESTIONS TELEGRAM

Do you have any Coin Burn / BuyBack systems or any $Token Burn plans to increase the value of Token & attract Investors to invest?

Sai Tej :
We use certain amount of transaction fee on every transaction and that percentage of fee will be transferred to rewards pool which will go back to the Coinovy community

Can you explain, which one is your top priority? Security, Product, Partnership, or Token price?

Sai Tej :
Security with best in class Strategic Partnerships to serve our users better, which will eventually increase the C2F token demand and price.

Hello sir
2 This Your Project Only For Elite Investors, How About Others With Small Funds, 2 It Open To Everion?

Sai Tej :
The project is designed for the Masses, we will be opening to all the classes.

During your project development period, did you consider community feedback or requests to further expand on new ideas for your project? And many projects fail because they don’t understand their target audience, So I wanted to ask who is the most ideal customer for your product?

Sai Tej :
We would love to make our community part of the product development and product directions, The product will be released in a November 2021, and we will surely take community feedback and will make Coinovy community proud and profitable.

Are there any restrictions on using your project? Is it a global or local project?

Sai Tej :
Yes there are few restriction, countries blacklisted by FAFT cant use Coinovy IBAN and Visa Card features.

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Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Coinovy.

Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.

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