Flyp.me is the fastest and most private accountless exchange that allows you to trade your favorite cryptocurrencies. The project is backed by Holytransaction, the first web wallet to support Ethereum, one of the first multi-currency wallets and the oldest still active. We already presented the project and its ICO in our blog.
We are now glad to talk with Francesco Simonetti, CEO at Holytransaction.
Hi Francesco, first of all let’s talk about the project. When do you start to develop Flyp Me and what are the challenges that your company is facing today?
Flyp.me is the brainchild of the current team at HolyTransaction, one of the first web wallets to support Ethereum, one of the first multi-currency wallets, and the oldest still active. We started developing Flyp.me in 2016 and have had a functioning exchange service since July 2017.
To change crypto to crypto so quickly, Flyp.me keeps a reserve of each cryptocurrency supported by the exchange and this is one the reasons we are doing an ICO. With the support of the community, we can expand our reserve funds and consequently increase exchange limits
Flyp Me is a direct competitor of Shapeshift and Changelly. How are you different? How big is the target market?
Flyp.me is more private than any of the competitors and will not give away data voluntarily to any third party. It doesn’t request and doesn’t obtain information about users. To perform an exchange, Flyp.me only requires input/output address and amount.
Additionally, Flyp.me gives FYP token owners 50% of the profits generated. It will have distributed policy-making that allows FYP token owners to propose new features or additional coins and to vote for key decisions including exchange rates.To increase and reward adoption, Flyp.me will redistribute FYP tokens to users of the exchange.
We aim to become the leading accountless exchange in an industry that currently sees an average of €250 million traded monthly and growing.
Now let’s talk about the fundraising campaign. You have finished the Presale and the ICO is started. How are you spending the funds raised during the Presale and ICO?
The funds will be used to optimize, improve, and expand the Flyp.me exchange. Our whitepaper explains in more detail how we will increase the reserve funds of each cryptocurrency supported by the exchange and what percentage of funds is allocated across Engineering, R&D for 2nd layer solutions, Legal services, Communications & Marketing, Business Development & Strategic Partnerships. Our roadmap is geared towards increasing volumes and profits, improving the Flyp.me community, and governance and R&D in bleeding edge technology.
In your website you declare that 50% of the net profits will be distributed to FYP Token owners in proportion to their ownership of tokens. Does it mean that overall costs have to be subtracted to the revenue?
All costs incurred in the running of Flyp.me will be covered by the funds raised during the Presale and ICO. Therefore, until Presale and ICO funds have been used, the profits will be equal to the revenue.
Will the payout be distributed in ETH or in another currency?
Every three months, the payout will be sent in ETH by default. However, FYP token owners will be able to request payouts in other cryptos supported by Flyp.me.
Following the first two payouts, the timing of the payout will be voted by the FYP token owners in line with Flyp.me’s commitment to participatory policy-making.
When a participant gets some FYP, can he vote to add more coins in the exchange?
Yes, definitely. FYP Token owners will be able to cast their votes through a smart contract. The FYP token entitles its owner to propose new features or additional coins and vote for key decisions.
FYP token owners with more than 200,000 FYP will be able to audit volumes and related information to certify them for the wider community. Also, following the ICO, no additional FYP Tokens will be created.
Thank you Francesco for this conversation.
During the ICO period there will +10% bonus before Soft-Cap. For more information about Flyp Me, have a look at their website.