On July 20, Jason Blick, the chairman of EQIFi, participated in his second AMA on our Telegram channel.
The series of AMAs on the EQIFi official Telegram channel is intended to foster better communication between the EQIFi executive team and our community.
The hour-long event allowed Jason to address questions about EQIBank, the licensed and regulated digital bank that powers EQIFi, as well as upcoming initiatives.
If you weren’t able to attend the live event, you can see all the questions and Jason’s responses below.
Q1. How Long has EQIBank been around?
Jason Blick: EQIBank was formed in 2015 and has been operating for several years supporting clients in over 100 countries!
Q2. What regulations do EQIFI and EQIBank have to follow?
Jason Blick: EQIBank is a Licensed and Regulated Bank and is governed by local laws (the Offshore Banking Act of 1996) and all applicable international bodies like the Office of Foreign Asset Control (OFAC) of the US Department of the Treasury. Banks are and should be the most regulated entities in the world. We are also subject to quarterly audits by our Regulators.
Q3. There’s a rumor that EQIBank will buy over Cel. Is this true?
Jason Blick: That’s a great question. EQIBank took the opportunity to review the status of Celsius and, as a leading supporter of crypto, we were very interested in the assets held by the group. As Celcius has filed for Chapter 11 protection this is no longer an option for us or the others that were interested in assisting. Naturally, we are here to support any Celsius client and provide them with EQIFi and EQIBank products if and when they need them.
Q4. Can you tell us about your loan programs?
Jason Blick: EQIFi is able to provide industry leading Fixed Rate Loans on your crypto today. EQIBank provides Listed Securities Finance, Working Capital, Supply Chain Finance, and even Yacht and Aircraft Loans. Together EQIFi and EQIBank provide the best and leading loans in the crypto industry!
Q5. How many countries does EQIBank have clients in?
Jason Blick: EQIBank offers banking to clients in over 180 countries around the world! Today we have clients in over 100 countries! We also won HNW Bank of the Year (2021) because of our global reach!
Q6. What are EQIBank’s financials?
Jason Blick: EQIBank is one of the safest Banks. As a leading and fiscally conservative global Bank, a key part of our risk averse approach is that the Bank does not offer any balance sheet lending. It means we have a class leading Credit Rating. The safest banks have a Texas Ratio (Credit Rating) well below 100% (or 1:1) as they are better able to absorb losses on defaulted loans. EQIBank’s Texas Ratio is 0%. This is considered to be very safe.
It might help if I also share some of EQIBank’s financial growth numbers.
GROWTH IN CLIENT DEPOSITS = 3,800%
INCREASE IN NUMBER OF TRANSACTIONS = 700%
INCREASE IN THE NUMBER OF CLIENTS = 52%
2022 (to end of May)
GROWTH IN BANKING CLIENT DEPOSITS = 31%
INCREASE IN THE NUMBER OF BANKING CLIENTS = 43%
INCREASE IN BANKING REVENUE = 129%
EQIFi is a leading DeFi group because of the beautiful link of DeFi (EQIFi) and CeFi (EQIBank). It creates a unique and very secure option for the entire crypto sector. And this matters — especially in times like now.
Q7. These AMAs are great. Is this going to be a continuous bi-weekly thing?
Jason Blick: The Leadership of EQIFi and EQIBank is committed to constant engagement and constantly being available to our community. So YES! We will be running AMAs every 2 weeks!
Q8. I would like to ask about seed/strategic investors status. As we know the current EQX value is much lower than the seed/strategic investors bought price, which means most of them did not keep/hold the token and they did not want to continue as a seed/strategic investor in the project. Price can change it is normal but, why do the main investors want to sell their tokens from beginning of the project to till this time? I would like to ask what is the reason and I would like to ask your thoughts about this issue as a Chairman of EQIFi?
Jason Blick: Thank you for the question. I’m afraid I can’t speculate but what I would say is that leading groups in the crypto and traditional markets have been suffering from a bear market for over 7 months. For example, Coinbase declined over 81% and many other leading companies are witnessing the same. We are very confident about EQI’s long term strategy and long term success and we firmly believe our CeFi/DeFi combination will stand the test of time and be proven to be a class leading strategy.
Q9. Did you give a rebound boost on price? did everything leave her flow?
Jason Blick: For legal reasons I’m not permitted to speculate on price. What I would say is that public and crypto markets have been in a downward trend for 5 months. Its impacting everyone in the market and, as always, there is no magic bullet. The key is time. Allow enough time for the market to rebound. The strongest always survive and thrive in times like this. I saw this during the dot.com period, I saw it in 2008. EQIFi is in a great position to scale and dominate the market over the next 18–24 months.
Q10. Nothing is being done to grow the community and keep it alive. While most projects blow the wind on social media, the EQX team does nothing. While there are many things to do such as airdrop, lottery, games, prizes, quizzes, you just tell us to be patient without doing anything. It has been said before that your team is crowded, but everything is so slow that it is doubtful that you even have a serious team now to make EQX better. You just mentioned many features of Eqifi. But even the platform is not working properly. For these reasons, many people in the community started to think that you do not understand the dynamics of crypto and you do not understand this business. Also Accept this as criticism please. As a result, there is great discontent with the bigger community, including myself. I would like to ask how you intend to remove this discontent towards the community. Because the main discontent is NOT the price but the team.
Jason Blick: This is valuable feedback. We invested substantially in outreach and marketing in the second half of 2021 and Q1 2022. Its our 1 year anniversary and we are doing an internal review of what’s worked, what’s not and will focus on even better performance. You are very welcome to email David@EQIFi.com will suggestions — we truly listen and truly value input.
Q11. Are all seed/strategic distributions completed? I have faith in EQX and believe without a doubt that EQX will lead the next bull run.
Jason Blick: Thank you. YES! All Seed and Strategic distributions are completed.
Q12. Can you please let us know if you have any marketing partnerships to be announced soon? You said many partnerships were made in Miami. Anything exciting coming up?
Jason Blick: Hi, we are about to announce something very very very special in gaming.. I think you will be very happy!
Q13. How much is the annual turnover and net profit of Eqifi bank?
Jason Blick: Most Digital Banks (like N26, Revolut etc) have been focused on “Growth at All Costs”. This strategy results in substantial user numbers but record losses. EQIBank is a bit different, at present our client base is mainly Corporate Clients and, as a result of our disciplined focus over the last several years, we are on course to be profitable in Q4. One of the only Digital Banks to achieve this!
Q14. In the previous AMA you stated there is a timeframe of 18–24 months ahead of us, what’s your market cap expectation after this period? and can you give any information about the total value locked in the platform?
Jason Blick: Thanks. As I’m sure you can understand, I’m not permitted to speculate on price. There is a different telegram channel for such discussions.
Q15. I would like to ask how the management will approach to convince new investors after the price dropped below seed investor entry price? Secondly, What kind of strategies are gonna be implemented to not have the ST situation as we had in Kucoin?
Jason Blick: EQIFi and all leading and established groups in our sector are saddened about current market conditions. Naturally, we can’t control Government economic and fiscal policies but we are confident that our strategy will survive the test of time and, as a Licensed and Regulated platform, we believe our focus and support of investment regulation will be shown to be the correct one.
Q16. Do you have any final words for the community before we wrap up the AMA please?
Jason Blick: Yes! EQIFi has a big aim — “To be the world’s safest CeFi and DeFi Banking Institution”. We believe EQI will grow to become a single solution to the global needs of banking and crypto clients. Allowing complete interoperability of banking, exchange, lending, custody, and digital assets in one convenient place.
It’s a lofty objective and we won’t get everything right all the time, but the one constant is our commitment to YOU — our community. We welcome constructive feedback, we listen and we take action. EQIFi will succeed with your support and your involvement. The more we all talk and promote positively what our EQIFi community is seeking to do, the more we will succeed! Together we can achieve anything!
Once again, our Chairman finalized his thoughts with a touching message for the EQIFamily- “Together we can achieve anything”.
We are delighted for the chance to speak with and get closer to our community through these AMA sessions.
Stay tuned and keep an eye on our social media channels for future AMAs!
See you soon!
The EQIFi Team
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The following is a transcript of a live AMA session held in Telegram and represents the opinions of members of the team and has not necessarily been approved
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