Closed sergfeldman closed 5 months ago
Since partnering with a crypto company is such a big problem why don't we just make that non-crypto company?
Since partnering with a crypto company is such a big problem why don't we just make that non-crypto company?
@pavlovcik As you may remember, I proposed two companies (crypto and non-crypto) in order to make it easier to issue cards. Activities associated with the opening of a separate non-crypto company are listed in this meta issue with the status "Streams on hold".
Over the past 2 months, it has become known about positive changes in crypto regulation in Europe and Hong Kong and the response of providers to them. We have already signed an NDA and are negotiating with several providers who are satisfied that Ubiquity is a crypto company.
Previously we discussed that we are strategically interested in Banking as a service. For this, we need a long-term strong partner with effective APIs that will allow us to create products that are interesting for the market.
If we cannot issue cards with such a partner, then we will return to the option with 2 separate companies - crypto and non-crypto. It is worth understanding that with a separate non-crypto company it will be necessary to ensure its legal functioning, as well as the division of infrastructure. For example, issuing cards will be for the non-crypto company, but off-ramping needs to be implemented for a crypto company.
So if we keep things fully under the crypto company it seems like it will be more convenient from an operations standpoint. Why don't we make a deadline for this?
@pavlovcik Since the issuance of cards depends on partners who do not yet provide any guarantees, we cannot set a REALISTIC deadline.
Despite the fact that half of the tasks from this meta issue have already been completed, it is extremely difficult to give an estimate for each of the remaining tasks. The next steps are highly dependent on the actions of the partners and on the results of the research.
Is such a meta issue with an approximate estimate of more than a month suitable or not?
I don't know but we need cards before March. Obviously the sooner the better so we can start integration
@pavlovcik Apple ‘Connected Cards’ is a step towards Meta account that we discussed some time ago
https://www.macrumors.com/2023/09/29/apple-wallet-connected-cards-feature-in-us/
MasterCard plans collaboration with MetaMask https://www.coindesk.com/business/2023/10/24/mastercard-plans-web3-collaborations-with-self-custody-wallet-firms/
How's everything with the project? Are there any blockers I can help with? I'm almost done with my refactor of the bot codebase fortunately. I'd guess that I should be good by next week.
Do you have any updates to share?
@pavlovcik Yes, there is good news.
1. All tasks from this meta-issue have been completed, except for 2 areas. 2 areas that have not yet been completed tasks:
New providers of gift/prepaid cards. I plan to get accounts with 2 new providers that have APIs by the end of October.
Cards issued by non-banking organizations. I continue the research because I have not yet found an organization that issues global cards, has an API, and is ready to partner with a crypto startup.
2. Main updates are related to this task
We received the first offer to issue crypto cards from Paymentology. Now we are discussing expanding the benefits for us, and as a next step, I will try to reduce prices. The API https://developer.sprint.paymentology.com/card-api/
It is expected to get an offer to issue cards from Vault.ist next week. Negotiations with them will continue since their API is still under development and is planned to be available by the end of 2023. At the moment, they can issue crypto cards without an API and also provide some banking services.
It would be good to compare together the 2 offers at the end of next week.
Thanks for the update.
Something to consider but why not get a "safety" partner as a backup just so that we can have a "Ubiquity Card" in time for March? Even if the safety partner doesn't meet all the criteria (e.g. TPay) it at least helps with our fundraising.
When should I make the non crypto entity? Do you have guidelines? I can probably delegate most of this to a colleague.
Something to consider but why not get a "safety" partner as a backup just so that we can have a "Ubiquity Card" in time for March? Even if the safety partner doesn't meet all the criteria (e.g. TPay) it at least helps with our fundraising.
Based on all the providers that I analyzed, no one gives a global and effective solution for crypto cards issuing. It might be a good approach to provide cards from multiple providers in any case. This could even become a unique feature - Ubiquity makes it possible to get different crypto cards with different advantages.
Ubiquity Main - a card for the Ethereum and Gnosis ecosystem issued based on Gnosis Pay. Ubiquity Ton - a card for the Telegram ecosystem issued in cooperation with TPay. Ubiquity General - a usual card issued by a "traditional" provider like Paymentology. Ubiquity Gift - a no KYC card issued by a gift/prepaid provider like Tremendous.
When should I make the non crypto entity? Do you have guidelines? I can probably delegate most of this to a colleague.
Paymentology and Vault.ist confirmed that they can cooperate with a crypto company. Let's discuss their offers next week.
If for some reason we do not accept these offers, let's review opening a crypto company in the EU. I have collected some information about this.
If we do not want this as well, then we can return to the non-crypto company.
There is one unfulfilled task left in this meta-issue.
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/start
! No price label is set, so this is not ready to be self assigned yet.
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This meta-task can be closed as not fully completed. One sub-task could not be completed. I contacted non-banking credit card issuers in Hong Kong and South Korea but did not receive any replies.
! No price label has been set. Skipping permit generation.
This meta-task can be closed as not fully completed.
11/12 seems pretty complete! I think its good enough for now.
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Intro
This task backlog should help make the project more transparent to other team members. Some next steps depend on the research results or responses of potential partners, therefore they are not yet listed in this backlog. @pavlovcik @Draeieg Please let me know if changes are needed.
Streams
Prepaid cards
Tasks
Crypto cards
Tasks Currently no tasks
Traditional card issuers
Tasks
Banking as a service
Tasks Currently no tasks, I will create tasks when I have context for them.
Management
Tasks
Streams on hold in September 2023
All other streams are on hold ie