August 26-th held an Ask Me Anything session at ICO Speaks telegram chat. From the Eurst side there was: 💻 Marieta Genova – COO Eurst
Telegram ID : @mgenova
💻Simone Mazzuca – Founder & CEO Wallex Bank
Telegram ID : @SM_7878
Certainly, my name is Marieta Genova, I am COO of EURST and I am here to tell you all about us.
We created EURST with the vision to fill the gap in the market for a reliable institutional euro stable coin.
The work behind it started one year ago, we gathered the best in the fields of smart contract development, audit and legal framework, in order to create EURST.
And what’s EURST, it is an euro stablecoin, representing of value 1 Euro, asset backed with US Dollars, held in custody in a Fed account and live audited. EURST is here to serve as a bridge between the traditional financial system and the digital crypto space, as a reliable digital currency.
Let’s get started! Q: Is EURST live and available to buy now, and where? A: Yes, EURST is already on the market, it is available to purchase on our dashboard at www.eurst.io , and in the next few weeks will be listed in the first exchanges and wallet services.
Q: EURST asset backed and how? A: Yes, EURST is 100% asset backed with US dollars, held in an insured Fed account. Q: What makes EURST different than the other stablecoins? A: Amongst the rest of the stablecoins which are mostly created to represent the value of a US Dollar, EURST is an euro stable coin, which aims to serve the market as the needed digital euro currency. In the same time what makes it different is the legal framework and engineering behind. The smart contract and the deposits behind are connected with a reputable live audit system, which at every moment certify the amounts of EURST on the market, and the deposits behind it, thus ensuring full transparency and reliability. It’s different, because it is reliable, and it’s here to stay. Q: In the last few months governments and regulators are sanctioning one by one different crypto businesses – exchanges, wallet providers, and others. How do you ensure that EURST will stay on the market? A: The project has a very strong legal framework and engineering behind, which ensures it is here to stay for long.
We do KYC of all users who register and want to mint/redeem EURST, which is the cornerstone of every proper financial product.
We are working with a prime custodian, who is fully licensed, and who holds the funds which are backing EURST. The funds are live audited by a system from one of the most reputable accounting firms in US which shows in every moment how many EURST are in circulation, and how much funds are backing them, which is vital for the reliability of the stablecoin. Most crypto projects fail due to lack of transparency, and we are ensuring precisely that we have full transparency and sustainability.
We have passed a thorough security audit, and we have assessed fully the legal framework in order to be able to certify that the system is 100% reliable. Q: How does the issuing of EURST work? What is the initial supply? A: There is no initial supply of EURST. There is a mint process which is directly connected with the purchase of EURST. Every time a user registers on our system, at www.eurst.io , they pass KYC and purchase EURST. Their funds go to the custodial account, and the equivalent is minted to their designated Ethereum address. Q: Is it possible to redeem EURST?
A: Absolutely, yes, we have in place in the EURST platform a redeeming process which seamlessly allows the user to burn the EURST they have in their Metamask wallet , which they have associated with their account, and receive funds. Q: What’s the tokenomics EURST? A: Currently there are around 130 EURST minted, as visible in Etherscan, as we just finished the soft launch test phase successfully, with the provision that our Wallex Bank will purchase around 1,000,000 EURST within the next few weeks, to launch the market.
Q: Do you guys feel satisfied by seeing your progresses and achievements till now, when you look back to the day when you have started this project? A: Yes, certainly. We see now more than ever that EURST is very needed.
European central bank is starting now the discussions of how to build the digital euro, and we are here ready to provide it in the proper way.
We really see how our legal framework and engineering provides for a reliable stablecoin for the users which now need it.
Q: Many projects rug pulled and exit scam recently. Why should investors trust in this your project not to do the same? A: The people can trust us, because we provide a 100% transparency and EURST is fully reliable.
The live audit system can ensure anyone in every moment that they hold a 100% asset backed token, unlike the coins which scammed the users.
And we have a 100% legal framework, by assessment of reputable law firms.
Q: Many people want to learn about your project but they have problem with English, so do you plan to spread awareness about your project in different countries where English is not good? Do you have a Marketing strategy aimed at developing many different communities such as Vietnam, Indonesia, Korea, Iran, … about your project so that they can easily communicate and understand Project. A: We are working on developing platforms in many countries which precisely do not have strong banking system or reliable access to the financial world, and we are working on integrating EURST in these countries. It’s definitely on the road map.
Q: What strategy will you implement to bring non-crypto-natives into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token? A: We are working on marketing EURST and showing it’s use and capabilities for the people who come from the traditional world, by “introducing” them to the crypto space through EURST, as it serves as the fiat euro, but it is providing all the benefits of a crypto currency.
Q: Do you have AUDIT certificates, or are you working to AUDIT your project, to make it more secure and reliable? A: We have a security audit already done, we will publish it to be available to the public.
We also have an accounting audit system in place which firstly does a live audit, available to anyone to see, and produces monthly audit reports.
ICOSpeaks hosted an AMA Session with the Eurst Team. That’s all for today.