Brad Yasar, the CEO of EQIFi, participated in the third EQIFi AMA on our Telegram channel on July 13th. He addressed community updates, goals for the second half of 2022, and worries about the current bear market and its impact on our project.
This was the third AMA in the executive team at EQIFi’s weekly series of AMAs designed to strengthen the bonds between our team and the EQIFamily.
If you weren’t able to attend the live event, you can see all the questions and responses below.
Q1. Last week it was said that the bank has uncorrelated revenue streams to crypto. Can you explain more about this?
Brad Yasar: Yes, of course. Because we are a hybrid defi/cefi business model we do have products and services that are not correlated to crypto, such as banking services, wealth management, etc. It is important to note in a downward crypto market that this helps with our revenue streams.
Q2. You also mentioned the long-term vision. How long is this, and where do you see it in that time?
Brad Yasar: Long-term vision for me has been where we see EQIFi and the financial sector as a whole in 5 to 10 years. Our goal was to build the EQIFi platform to be the nexus of ALL your financial needs in one easy-to-use place. We understood that this will take considerable investment and time (3 to 5 years) and planned for it. Now we are executing our plans and we are on track to deliver that vision in 3 years. But that is just the beginning; as we build, the world around us changes and we are also adapting our vision to today’s realities and creating new products and services that we couldn’t even imagine when we first started.
Q3. Being global and different countries have varying inflation rates. How does inflation work with EQIFI products? Or does it not?
Brad Yasar: Great question! Inflation affects local fiat currencies, so if you have products with us that are denominated in fiat, then inflation, of course, affects those products. If you have products in crypto, then the crypto market fluctuations may affect those, but you are shielded from inflations. We live in interesting and trying times in 2022, on one hand, you have a very volatile and bearish crypto market and on the other, you have high inflation devaluing fiat. It is a challenge to preserve and increase savings and that is why we have EQIFI. On-demand access to fiat liquidity with EQIBank in 180 countries and passive return on crypto with EQIFI, I hope everyone in the channel has at least tried out our products.
Q4. Will the community be updated on the Alpha Sigma coin purchase? Did it occur? If not, will it occur in phases? Will it be from the open market?
Brad Yasar: Yes, Alpha Sigma investment was announced right before the major market crash and was not consummated except for the initial tranche. The goal was to bring on a strategic partner that would be a growth partner for us. The tokens would have been purchased from treasury and not the open market. However, the deteriorating market conditions put the deal on hold. We have not and will not sell any tokens below $0.05, which has been the lowest price at our seed sale, and as a result, we are waiting on the conditions to improve to resume the conversations with ASC.
Q5. Any updates on the Big Announcement referred to in June?
Brad Yasar: will be shared by the communications team when it is time. All our schedules were pushed a few months due to the market conditions. Things that were scheduled to be finished in June were pushed into July/August. partnership conversation slowed down because of the market uncertainty, but we do have some amazing news that is coming in the next 5–6 weeks! Stay tuned!
Well, Simplex integration for crypto purchase with a card is live on the platform if anyone wants to log in and give it a try.
Q6. How will EQIFi endure the bear market? Can you tell us more about how EQIFi is sustainable?
Brad Yasar: Well, we expected a bear market to happen in EQIFi’s first 5 years of existence, so we are very careful about our approach to our products, services, and economics. That is why we didn’t create highly leveraged products, didn’t try to earn yield from third parties that we couldn’t DD and verify, and kept our conservative “banker mind” approach to DeFi. People compared us to Luna/UST, and look where they are now. They compared us to Celsius (even some of our investors) and looked at where that project is now. Many of our projects took risks last year because they wanted to grow faster than anyone else and grab as much capital as possible, but we didn’t! So we will grow at a pace appropriate to market conditions and strive through these uncertain times.
Q7. When are we likely to see integration and access of bank accounts within the EQIFi platform?
Brad Yasar: Easy questions :) By the end of this year — 2022!
We treasure the time we spend interacting with the people in our community and welcome any chance to do so!
Don’t miss our next event with EQIFi Chairman Jason Blick on Wednesday, July 20 at 10:00 AM PST, on EQIFi’s official telegram channel: t.me/eqifi. Get your questions ready!
See you soon!
The EQIFi Team
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