NumisMe is dedicated to streamlining your retail experience by bringing the power of decentralized finance (DeFi) to your mobile phone - powered by the world's fist cryptocurrency bought directly with cash.
MaticNews x NumisMe AMA Recap and Transcript
MaticNews: Let’s kick start with an introduction of you and your team, which are your past experiences and roles?
NumisMe: Starting with Misam, our founder. He is coming from a background in banking and finance. From those experiences he came up with the vision and desire to empower individual investors, he created NumisMe. Our co founder is Jay, a SW specialist, he spent the past 15 years in business growth and operations.
MrMister left a career in Silicon Valley to explore DeFi and never looked back. He helps run the project and Aaron and myself are your community managers!
MaticNews: Out of curiosity, why did you choose this name? Is there any background history?
NumisMe: Good question. So NumisMe was conceptualized as a form of the word "numismatics," which is the study or collection of currency... specifically coins, paper money, etc. It sounds good but also thats what we are here doing - trying to fix or improve on the traditional fiat services and due to the focus surrounding the grand market 2.0 vision of digitizing physical currency.
Rolls off the tounge nice during a purchase too..
"Can you Numis-Me?!"
Scan a QR and boom there it is electronically transferring your physical change (cash and coin) into the NumisMe App
MaticNews: On which chains can we find Numisme? Is there any plan to expand new ones?
NumisMe: Always an important question when one transacts on Ethereum. So ETH is our primary chain, as it is for most DeFi services. But we will be expanding to Ethereum L2s first, and exploring Polygon and Arbitrum possibly as our first target for expansion. We are also looking at other L1s.
MaticNews: Please give us a brief introduction about Numisme!
NumisMe: Gladly! NumisMe is dedicated to streamlining your retail experience by bringing the power of decentralized finance (DeFi) to your mobile phone - powered by the world's fist cryptocurrency bought directly with cash.
In addition to sending and receiving funds between users like with other cash apps, NumisMe allows customers to convert physical, real cash/change to digital money and to crypto.
NumisMe is the core app, and our advanced/professional services "NumisMe Pro" will be soon following. The ultimate goal of NumisMe is to remove the friction to onboarding DeFi services.
So think of it with this example—
The app on your phone will support you at the point of sale in a store... enabling you to transact digitally, or to digitize your transaction even if you paid in cash.
And afterwards, instead of leaving your funds sitting there in a wallet or in a cash app or bank earning little to nothing, you can earn yield on your savings at much better rates than banks will offer.
NumisMe Pro is for the crypto-native users who understand DeFi.. and things like web 3 wallets and yield farming and other DeFi strategies and terms. There you can explore our suite of services, with things like self paying loans or higher yield strategies.
MaticNews: What is the difference between Numisme and a traditional bank?
NumisMe: We're glad you bring up banks. One of our goals is to provide services that outperform traditional banks, thanks to the cost saving innovations found in smart contracts. This means where your bank offer on average (in the US per bankrate.com) 0.07% APR on a savings account. NumisMe is planning rates magnitudes higher than a bank would ever provide, exponentially so.
But on that note - while we present the opportunity to access and use advanced DeFi services, we do not require it. The average consumer can use the base app which is perfect for non-crypto natives, it doesn’t use crypto/DeFi language, the UI is simplified.
And good to note that there are other available aspects and services that a bank provides such as transaction history for example that we'll provide, truly a useful tool for those looking for alternatives
MaticNews: Starting from your core, do tell us which are the use cases of your native token $NUME?
NumisMe: Honestly the most important thing to note with $NUME, is that the use case has some of the most real world utility that can be found in the crypto space. With the ability to digitize transactions and bring them to the blockchain (patent pending), even if they were completed in cash dollars/coins.
It's important to not that this kind of real world interaction, will propel us into a place without being reliant upon BTC dominance and shape our own path moving forward.
Two in-app uses for the NUME token are:
-The ability to amplify yield by locking NUME into the protocol
-Revenue share for NUME holders who lock it into the protocol
From an investor perspective this gives us the ability retain value via real world consumer utility instead following Bitcoin’s trend on higher timeframes.. as most of the altcoin market does.
We believe this is the future of DeFi, lowering the friction to onboarding and delivering real-world utility.. for a great discussion on this topic, visit this link:
MaticNews: What is the Numisme App? Please give us a look into it!
NumisMe: The NumisMe beta (mobile) app was available in Android and Apple app stores, but is in the process of being replaced with a fully redesigned app.
The new app will be delivered in phase 3 of our roadmap (available for review on our GitBook at https://numisme.gitbook.io/numisme/).
This app will grant you access to our core services from the point of sale support to the DeFi investment strategies.
You can also visit Numisme.io to view more information on the upcoming app relaunch.
MaticNews: Why should someone choose Numisme instead of a traditional crypto exchange such as Coinbase?
NumisMe: Despite the ability to purchase crypto directly through the NumisMe App, NumisMe is not an exchange.
You will need to purchase our token from an exchange, for example Uniswap. But you can lock other tokens into our protocol, for example if you bring your stablecoins to invest into NumisMe.
MaticNews: Looking at something that we didn’t share in previous post, what is Numisme Pro?
NumisMe: The average consumer doesn’t possess knowledge of crypto or DeFi, and there is a great deal of friction to onboarding those services today. Our goal is to provide a front-end that users are familiar with, in the style of the pay/cash/bank apps people are familiar with.
For crypto-native users like all of the wonderful people here, we will also provide access to advanced DeFi services to include the usual stuff like yield farming, but also to more interesting services like loans. And that is what NumisMe Pro is.
NumisMe Pro is a web3 dAPP also. It will be separate from the mobile app that we mentioned above.
MaticNews: Perfect, when do you think will be possible for us to test it out? Looks super promising!
NumisMe: The first version of our web dAPP will be available in a matter of days, but the full release of the NumisMe Pro services will be targeted for next quarter (projected).
MaticNews: Would you like to tell us more about the Numisme loans?
NumisMe: Our NumisMe PayMe loans is a self-repaying crypto loans product. Users can deposit stablecoin collateral to borrow up to 60% of the value of their deposited collateral (60% LTV). Their loan is issued instantly as NumisMe's own stablecoin to spend or invest as the user desires, and the project autonomously pays down the loan on behalf of the user. At the end of the loan repayment, we return the initial deposit collateral back to the user. It's effectively a free loan.
MaticNews: Let’s talk about the tokenomics, what is yours and why did you choose it?
NumisMe: Sure. So for a full breakdown of our tokenomics, you can reference this page in our GitBook. https://numisme.gitbook.io/numisme/tokenomics
One note is that our project allocation including devs and project team is locked up for 1 year. Even our protocol owned liquidity is locked up on Uniswap and thats all transparent and public knowledge, available via GitBook. Vested for 2 years, 25% released after the 1st year, the other 75% at the 2 year mark for all team, devs, early/private investors.
MaticNews: Besides this, how is revenue being generated for the project itself that could be used for future developments?
NumisMe: Sure. Always a very important question during a bear market.
We have 3 sources of revenue.
- Reflection token tax
- TVL from our vaults
- Revenue from our real-world merchant partners.
This positions NumisMe rather uniquely, in that we don’t rely on our native token for operational capital.
This means we don’t have to sell our own token to free up operating cash - instead, we generate this through revenue from token buys/sells as well as from vault TVL and real-world partnerships.
Ultimately this means that project funding is not exposed to market volatility and the project won’t add unnecessary sell pressure to our own token. It’s all about revenue.
MaticNews: Talking about the security side, the clichè question that we ask in all AMAs: are there any audits done for the current moment?
NumisMe: Of course. I always put security as the highest of priorities personally.
We have a few audits completed, including Certik, Haechi, and C4 (Code Arena).
Results of our audits are available on our GitBook, along with the other information we shared today, including roadmap, team, tokenomics, links. https://numisme.gitbook.io/numisme/
MaticNews: Talking about the future, do you have a road map or long term plans that you can share with us? Which is the plan to attract more users to your platform?
NumisMe: Safety, Security, Transparency, this is at our core always.
So our future roadmap is broken into 4 phases. We are currently focused on delivering our baseline services and working through Phase 2, where we will launch NumisMe Pro.
By phase 4 we will be integrating with some of our retail/merchant partners and support/integrate debit cards, insurance and effectively deliver all the services your bank offers - but better!
For more information, you can find an easy to follow roadmap chart here: https://numisme.gitbook.io/numisme/roadmap
MaticNews: What do you think about the upcoming stablecoins regulations?
NumisMe: As a doxxed team with a compliant organizational structure, we welcome sensible regulation and the safety it might afford market participants. We'll push to overcome any challenges set forward if regulatory agencies over-correct.
MaticNews: And last question, what do you think about current market moment?
NumisMe: To be put simply, the lower the valley the higher the peak. The fundamentals of what crypto is delivering to the market is evolutionary, we will keep building in a safe and intelligent manner and be ready when the tides turn.
In terms of the macro market outlook, we actually post a weekly thread on market analysis/commentary. There is a lot going on but most importantly... we ARE watching the US Fed and European Central Bank as they tackle inflation (ie. rates, QT, etc.) and for hints on where the US Dollar Index is going since that directly correlates to performance of equities in crypto.
A lot of analysts are hoping for the US Fed to pivot before mid-term elections around Q4 this year, which does align with some historical timelines for Bitcoin to begin a proper recovery.
Remember though, at some point our success as a crypto project will not be so reliant on BTC, something quite novel we have to offer going into the future of our project
MaticNews: Would you like to add something else?
NumisMe: Misam came to me with this crazy idea a few years ago and we couldn't be happier that we expanded our vision into blockchain. My take on the project overall is how gratifying it will be for the unbanked to be able to get into not just crypto, but also DeFi solutions that they wouldn't have access to normally.
NumisMe has the potential to be a hugely revolutionary financial tool to people across the world, using the power of blockchain and the simplicity of a phone app with a signal, to provide something all encompassing to those seeking financial empowerment and lacking access to better financial opportunities and traditional finance.
We will be a transitionary tool into the future of cashless societies that can be a part of ensuring that our financial freedoms are not all lost with it. This is why I love NumisMe and why I see a long and bright future for it.
MaticNews: Thank you for joining us!
NumisMe: The pleasure is ours, thank you for hosting this AMA!
Jun 29, 2022