Peter Wood, CoinBurp CEO & Co-Founder, joined Genesis Shards last week for an epic AMA. Genesis Shards is a marketplace for Pre-IDO tokens on NFTs and was responsible for the $BURPPre-IDO whitelist.
Ash:
Hey everyone, let’s begin with the next AMA! Today @y3peto from the CoinBurp team is here CoinBurp is currently the #1 Cryptocurrency exchange according to TrustPilot UK and has been up & running since 2018!
Ash:
Let’s find out more about the project from the CEO himself! Hi @y3peto welcome to the AMA :)
Pete:
Hey! Great to be here 😁
Part 1 — Main questions
Ash:
Okay, let’s begin with the introductions😀 Please go ahead and introduce yourself to the community.
Pete:
Hey everyone, great to be here.
Ash:
For those who are unaware, can you give a background about your project & team @y3peto
Pete:
Yeah sure, so 7 years ago BitBroker was created. By buying and selling Bitcoin on Localbitcoins.com the business grew from nothing to one turning over £100M by 2017.
Since 2018 the CoinBurp name has been active — and following on from the success! CoinBurp is currently the #1 CryptoCurrency exchange according to TrustPilot UK. The team are now building ‘Coinbase for NFTs’, a custodial DeFi NFT service where customers can buy NFTs for fiat from marketplaces like OpenSea. There are also plans to integrate more DeFi protocols for users to easily access via the app.
There were around 14 people until a month or 2 ago, but have since grown to 35+. With a mixture of developers, designers, marketing, and support.
Ash:
Understood! Please share some details on the ecosystem & features of your platform. Any particular aspects that are worth highlighting — I see that you have teamed up with Sandbox, Avastars, NFT boxes, BCB, Ethermon, ChainGuardians and The Crypto Prophecies.
Pete:
$BURP** will be the token that powers the entire ecosystem. The initial use case is that you will need to stake $BURP** to earn staking rewards and enter a one-of-a-kind raffle! CoinBurp has teamed up with Sandbox, Avastars, and NFT Boxes, with exclusive limited-edition NFTs as prizes. The token** will be also used in a DAO governance model later down the line, so that eventually — the community can vote on which direction $BURP goes!
If you want to win, stake $BURP**!
Currently, you can securely store your NFTs in the Alpha version of the DeFi NFT wallet. In the coming months, OpenSea will be integrated along with FIAT on/off ramps allowing users to buy NFTs with GBP and EUR.
Ash:
So how does the landscape look in terms of competition. How do you differentiate yourself from the rest @y3peto
Pete:
In regards to NFT wallets, Enjin and Alpha Wallet are both good options. Creating the world’s first non-custodial wallet allows you to jump into decentralized finance and NFTs (Non-Fungible Tokens) directly with cash.
Ease of use for customers is one of the most important key drivers when creating any product (especially in crypto!). The DeFi space is going to be revolutionary, but unfortunately, the knowledge on-ramp is quite steep — the mission is to make the complicated look simple!
Ash:
Great, can you elaborate on some of your achievements so far and CoinBurp’s plans for the near future? What does your roadmap look like?📊
Pete:
The CoinBurp journey is just starting. Though there are a lot of notable achievements over the last 3 years, what I’m most happy about building with CoinBurp is this sense of community, recently hitting 100,000 across all channels.
The overwhelming support lately is amazing, CoinBurp has grown massively since the start of the year! The meme competition held recently saw members of the community sent in their hilarious original memes, showing off their creative talents.
Find out all the exciting stuff coming in the next year:
Ash:
Next Q — Please shed some light on the utility of $BURP** tokens and the tokenomics in general💎
Pete:
Of course, so by staking $BURP** in the Non-Custodial NFT wallet, you become eligible to win rare NFTs from selected partners. In addition, newly issued NFTs will feature a unique staking multiplier, thus increasing the benefits for holders in the future. But that’s just the start, on top of this users can also earn $BURP** simply by trading on the platform, distributing 20% fees to platform users to ensure sustainability and keep it evolving for years to come.
Here’s a quick breakdown of $BURP’s** tokenomics:
500 million maximum supply to be reached by 2028
47% of these will reach end-users
11% to early backers and advisors
17% to private rounds
25% to be retained by the team
Ash:
Gotcha. Can you share some insights into the fundraising done so far💰 Who have been your investors in the initial phase.
Pete:
There are currently a total of 80 investors, many top tier crypto VCs such as Outlier Ventures, NGC Ventures, AU21 Capital, Morningstar Ventures, and many more. This shows their deep belief that the project will be a major success!
Ash:
Thank you for the insights into the project @y3peto!🚀🙌 Let’s move on to the next round now
Pete:
Let’s do it 😁
Part 2 — Twitter Questions
Ash:
Now for some questions submitted by the community on twitter:
Ash:
Q1 @moonlightt053
How to get the token quickly in the early stage of launch? What are the incentives of $BURP** token for the community and investors? Will $BURP** have other features like staking, yield farm or NFT in the future?
Pete:
There is currently a pre-IDO sale with Genesis Shards!
In the future public sale, 1% of $BURP’s** supply will be offered up, with no issuance schedule, giving you the option to trade $BURP** from the get-go. The plan is to release the token towards the end of the month, so not long now 👀
$BURP** holders will be able to stake their tokens in a specific Non-Custodial NFT Wallet, allowing users to generate APY for staking, as well as becoming eligible for NFT raffles.
Ash:
Q2 @Shabbir30260554
According to a Medium article, the CoinBurp Wallet will be protected by the company’s $100M insurance, becoming one of the first DeFi-based products with institutional-level insurance for its users. What instances or cases will be covered with this insurance?
Pete:
The safety of your funds is top priority here at CoinBurp.
Cold storage wallets are provided by BitGo, the leader in digital asset financial services. BitGo Custody carries $100,000,000 in insurance protections through a syndicate of underwriters through Lloyd’s, the world’s specialist insurance and reinsurance market. This premium service comes in at no additional cost.
The $100 million policy covers digital assets where the private keys are held 100% by BitGo in the event of:
🟢 Third-party hacks, copying, or theft of private keys
🟢 Insider theft or dishonest acts by BitGo employees or executives
🟢 Loss of keys
CoinBurp has chosen BitGo as its custodian because BitGo’s cold storage technology is held in bank-grade Class III vaults and the BitGo platform is SOC 2 Type 2 certified. Advanced authentication mechanisms are employed to ensure data integrity, and assets are distributed geographically and organisationally.
Ash:
Q3 @RS6789_
The emerging “DeFi + NFT’ combo is gaining steam. What have been your achievements so far in the journey and what is coming up in the near future? Could you shed light on how COINBURP combines DeFi and NFT , what advantages does COINBURP enjoy that sets it apart from others?
Pete:
What I’m most proud of is the sense of community here at CoinBurp. 100k across all social channels, craziness! There are now an increasing number of CoinBurp Telegram channels across the globe meaning there are Burpers all the way over in Vietnam, Korea and Japan.
At CoinBurp, the mission is to solve the barrier to entry for an exciting new sector that is reshaping ownership, while bridging together the best of centralised finance features (e.g., security, insurance) to the potential of NFTs (e.g., value appreciation, permissionless, flexibility).
As an established, highly reputable existing blockchain business regulated in the UK and ranked as number 1 according to Trustpilot puts us ahead of competitors. Making it a good idea to offer a DeFi and NFT product which a lot of the times has come out of anonymous or lesser-known businesses — which is a risk from a security perspective for many users. Features include world firsts such as staking for exclusive and new NFTs, not just for an APY.
Ash:
Q4 @Harsha_prabath1
According to your website, 20% of fees are distributed as $BURPback** in order to promote the sustainability concept. For your token holders, this means that every transaction counts. So, what are the CeFi and DeFi incentive systems for your Platform’s most devoted users?
Pete:
Allowing users to purchase NFTs with fiat (GBP/EUR) is a huge step to bridging CeFi with DeFi. High security and insurance allow people to feel safe when buying NFTs and store it in their non-custodial wallet (available later this year) to have full autonomy over their assets.
$BURP** holders are incentivised to stake their tokens on the platform to receive a whole array of rewards too. Every month a raffle will be held, to get a ticket to enter you simply have to stake your $BURP** tokens!
Ash:
Great, thank you for the responses @y3peto! Live questions from the group now ⚡️⚡️
Pete:
Let’s go!
Part 3 — Live questions
Millard 5️⃣💢👽👽:
How can we apply for the IDO? What are the requirements for participating?
Pete:
[In reply to Millard 5️⃣💢👽👽]
There will be a public sale across 1 IDO platform and 2 IEO platforms simultaneously — the first project to ever do it! I can’t give away too much information yet, but all 3 platforms are top tier!
To be the first to know all the information, follow CoinBurp on Twitter!
Dehemi Sadareka:
Sandbox, Avastars, and NFT Boxes were named as partners. What sort of collaboration do you have with them? Moreover, do you have any other notable collaborations?
Pete:
[In reply to Dehemi Sadareka]
Initially they will give exclusive limited edition NFTs to offer as prizes within a raffle. Partners are a massive help, most recently joining forces with Ethermon and ChainGuardians!
Joannie Pall 🍦:
What have you managed to launch in less than 2 months, and How do you plan to develop further? What plans do you have for the next year?
Pete:
[In reply to Joannie Pall 🍦 [ x360s ]]
There are 2 CoinBurp apps in the iOS and Google Play store, 1 for the centralised trading platform, and 1 decentralised wallet. Later this year they will be combined both into a single app giving everyone benefits from both worlds of CeFi and DeFi!
Clarasaktii🍓🌺:
I saw CoinBurp conduct an exclusive Interview Series With CoinBurp Artists. Then What is the real purpose of CoinBurp conducting the interview series? Will there be an existing collaboration between CoinBurp and these graphic and digital artists in the future?
Pete:
[In reply to Clarasaktii🍓🌺]
It’s often quite difficult for them to be heard so the NFT artist interview series helps to spotlight up and coming talents.
Dontcally:
Projects that are not traded on major exchanges go unnoticed. What do you think about the listing of the token on the leading exchanges?
Pete:
[In reply to Dontcally]
Launching the public sale across 2 IEOs means they will immediately list the token for sale on there. These 2 platforms and within the top 10 exchanges in the world!
Cryptonite:
[In reply to Pete]
Thanks Pete, great AMA.
** The above tokens are issued by Cede Fields LTD (a company incorporated in the British Virgin Islands) and distributed by Kucoin and Gate.io.
Important Information
Cryptocurrencies are generally not regulated and investors do not have access to recourse or compensation schemes such as, for example, in the UK, the Financial Ombudsman Service or the Financial Services Compensation Scheme. Investing in cryptocurrencies can be high risk and investors should carefully evaluate their appetite for risk and their understanding of trading cryptocurrencies prior to entering into a transaction.
