Hello everyone!

First off, a big Thank you to the Axion Community, we’re excited to be partnering with a project like Axion as part of our initial delivery. Today we kicked things off and had our first AMA in the Axion Discord server to announce our partnership with Axion and the first of its kind Visa Cryptocurrency Credit Card. We enjoyed the AMA thoroughly and I look forward to seeing someone pull out their Axion card in the future to pay for their purchase. Our website will have much more information coming in the next few days on our next push from the web team. We will post up more information in our discord (link below) and keep our community apprised of progress and anything else!

Who are we?

While Connect Financial is a fresh name in the marketplace, our team members have been working in Financial Technology (Fintech), International Banking, Insurance, Credit Services, Precious Metals, Investment Banking, Consumer Lending, and Cryptocurrencies for decades. Our advisors and partners all bring expertise gained from working with Blue Chip organizations and financial institutions, including Wells Fargo. We are PCI level 1 compliant, safely handling more than 6 million card transactions per year.

Connect Financial / Axion Discord AMA:

The AMA questions have been broken up into categories listed below:

Card Basics

Rewards/Benefits

Banking

KYC/Jurisdictions

Fees/Limits

Axion Branded Card

Timeframe/ILO

About Connect Financial

Connect Credit Card Images

Card Basics

Q: How can I apply for the card?

A: When we open our client portal and app in January you will be able to select from various tiered options, which are tied to your AXN holding and Connect token holdings. You apply through the app/web portal. There is no credit check as it is collateralized by your crypto deposits/holdings. You will run through a KYC process providing a few key pieces and your account is opened and ready for address generation, fiat deposits, card ordering.

Q: What makes your card different from other crypto card projects? What makes you special?

A: Other Crypto Card projects are essentially Prepaid Debit cards. Which can have severe limitations on usage or acceptance. Most require you to liquidate your cryptocurrency and load your card as fiat, one other project goes as far as forcing you to convert your crypto into their token which is used on the card. We allow you to hold your crypto as long as you want. Convert at the time of spending or carry it forward if you feel the market is bullish. We are also able to supply a card to any jurisdiction that is not OFAC restricted.

Q: So what is the difference between your card and say Wirex or crypto.com’s cards?

A: The biggest difference is those are prepaid debit cards, it is a different system and comes with restrictions on usage (some platforms like paying for Facebook ads will not accept a prepaid debit, or even paying at a gas pump).

Q: How does the card interact with private keys?

A: We do not interact with private keys. Our Wallet app allows you to import your private keys so you have access to your personal accounts, but also allows you to generate custodial accounts (Insured to 100m) that are required for certain functions, like collateral for your card or Earning interest from certain products.

Q: “ Borrow against your cryptocurrency holdings, with cash wired straight to you” Does this mean you can borrow money lets say to invest in on a token and payback? If so will there be any interest involved? How much?

A: That is exactly it. If you deposit say $10,000 in BTC as collateral you can borrow against it, accruing interest (rates dependent on liquidity pool rates), take it as crypto or fiat and use it as you wish. Interest is accrued and paid back periodically and your position is monitored against market fluctuations. If the price drops low you will start get notifications of your loans status. A full detailed release on position equity, how the liquidity pools earn, how the ecosystem benefits is being constructed.

Q: I read on your website that you can buy, sell, and exchange tokens, so my question is if you have your own exchange or use Uniswap?

A: We have an exchange that is accessible to our users, plus easy OTC purchases/sells that do not require the difficulty of navigating an orderbook. We also are integrating with DEFI projects to provide an option to utilize them for other tokens that may not be allowed on the formal exchange.

Q: Can buy subscription based style of payments/services with it that are visa/Mastercard? Like Patreon?

A: Yes you can. Anything that accepts Visa. One of the differences we have is that we are a Visa Credit Card and not a prepaid debit, which some platforms will not allow.

Q: Will there be an age requirement?

A: This is determined by your Jurisdictions laws for entering into a financial agreement. I believe the standard is around 18.

Q: Where would we be able to use the card?

A: Anywhere that accepts Visa.

Q: Can the card be used with contactless payments?

A: Yes, either as a virtual card on your phone or Tap to Pay (contactless)

Q: Can you disable/freeze the card on an app if it is stolen?

A: 100%, you can freeze/lock a card through the app if you can’t find it

Q: When we order the card, will we have a virtual first card so we can connect it to curve or google pay until the physical card arrives?

A: Yes, Virtual cards can be issued immediately while you wait for your physical plastic to be delivered. You can use Apple Pay, Google Pay etc.

Q: Will there be a website where we can connect to our credit card and see our transactions and other important information? Any relationship between Metamask and the CC too?

A: Yes, a full client portal is well under way that will show all transactions, holdings, opportunities, etc.

Q: Is usage logged or reported in any way in regard to taxes?

A: We are not required by jurisdiction to report usage at the company level, but individuals will want to consult their tax professional on what their reporting liability is. We will provide all necessary tools to generate reports on usage.

Q: Will there be any oversight as to transactions? (like suspicious activity/transaction fraud, etc.)

A: Yes, you get all functionality of oversight/declines from suspected Fraud from the Visa Network itself. We will be looking at adding functionality for approvals through app if a transaction crosses a threshold but it won’t be at initial launch.

Q: Is there customer service if you have any trouble with anything regarding the card?

A: Yes, fully staffed card services, though the app and website should be the go to for chat resolution of an issue. But you can always call if you prefer.

Q: Plastic or metal card?

A: At the moment, our inventory is in Plastic. We have a high quality provider though that can do an aluminum (I believe) card that is spectacular. We have plans in the future for some special edition cards that may come in metal.

Q: Is it regular insurance or one of those new defi insurance things?

A: Traditional Insurance, Lloyds of London backed, AA or better rating. Though we are keeping up with defi insurance and if they become stable enough or cost efficient we are more than happy to promote crypto!

Q: Your website mentions insurance for crypto holdings. Is this just for your wallet or will it cover collateral for the card also?

A: Card collateral is insured as it is held in a custodial account. We also provide insurance on your card itself against it being stolen or fraudulent activity unlike prepaid debits.

Q: What interest rate APY do you apply? Are rates charged immediately upon purchase, or is there like a 30 day payback period before rates are applied?

A: You have the option of liquidating your collateral any time you swipe the card, or paying later and accruing interest. Interest is based off going Defi lending rates from our liquidity pools. You do not need to pay back in full every 30 days as long as the market keeps your position above threshold. Your buying power will keep on pace with a moving average of your base crypto collateral.

Q: Will I need to swap tokens through the app before using credit card or it will do a live swap?

A: It will do live swaps without you having to do anything other then approve it if the slippage is too much (app will ping you a notification)

Q: Can I use funds that are being staked as collateral?

A: Unfortunately due to the nature of the card we cannot accept staked funds as collateral, it needs to be liquid. All collateral must be held in a custodial wallet. We allow you to choose from different payment methods, either Liquidation at time of card use, or to borrow against your asset incurring interest that is paid to our liquidity pools.

Q: Will I have to do anything to convert?

A: No, you do not need to do anything, just have it on deposit and it is converted or held against your charges if you elect to pay in the future.

Q: Can you guys make a graphic showing the bullet points for sharing later? Thanks. Fees into LQ is pretty cool.

A: Yes, this is under development right now. A portion of interest charged is paid into the LP’s, we also tie into other DEFI products to pull liquidity and products.

Q: Can you produce and issue an information leaflet/paper for the card, with all the key features explained in detail?

A: Already in development. We plan on being at as many events as possible given the state of the world right now. I believe our first one will be Anarchapulco.

Q: Will you accept any ERC-20 token as collateral or only approved ones?

A: Only Approved erc-20 tokens. There has be to a sufficient community presence plus expectation of liquidity amongst many other metrics to provide support for any token or coin as liquidity.

Rewards/Benefits

Q: Is there a one card for all, or there is few types of cards with different benefits?

A: We are allowing you to request any of our card products as far as design or card color goes. Your benefits and costs are determined by your staking tier of Connect Tokens.

Q: Any cash back?

A: We are working out the figures to be able to provide Crypto Back as a reward. We offer a full points reward system and will have Crypto as an option.

Q: What are the special perks for holding the CC? Airport lounge, cash back etc

A: Yes, on top of crypto related perks, we do have a fully developed rewards program that exceeds anything else in the Crypto Card genre. This includes Airfare, Hotel, Travel, Shopping etc.

Banking

Q: Do you support off ramp crypto to SEPA?

A: Yes, full off ramp to bank Wire, ACH, or SEPA.

Q: Do we have a RIB to receive and send money?

A: Yes there is. It will be available in the app or on the client portal website.

Q: Can you transfer money from your card to bank account, ACH?

A: Yes, users can acquire an IBAN account for deposits of ACH/Wire/SEPA etc.

Q: Like most Credit Cards, can it cause you to accumulate debt? I would assume not being backed by your holdings.

A: Correct, it is backed by collateralized holdings, so there is no actual debt, nor is it reported to any national credit reporting agencies.

Q: It sounds like a secured CC?

A: It is a hybrid card. It carries a full VISA Credit BIN (Versus a Prepaid Debit BIN or Secured CC BIN) while providing for collateralized assets for spending.

KYC/Jurisdictions

Q: Is this card only for the US, or will other countries be able to get it?

A: This is one of the BEST features of Connect. Our card is available to anyone globally with the exception of OFAC sanctioned Countries or individuals (No Syria, North Korea, Iran etc).

Q: Is the card anonymous (KYC)?

A: No, you are required to provide KYC as mandated by our agreement with the Visa Network.

Q: Will there be a credit check? What about KYC?

A: No Credit Check. KYC is a combination of Photo ID and Proof of Residency depending on your requested limits.

Q: I’m in the EU, I think they made some new regulations with verification when you pay like through and app, phone and so on. All that is in place from the beginning?

A: I believe that is if you are purchasing through an app, this is separate from having a virtual wallet. I could be wrong though and may be misunderstanding the question.

Fees/Limits

Q: What kind of fees are there for the card?

A: We will be posting a table of card related fees. Like all products there are fee’s for various transactions. We feel we are very aggressive on being a more cost effective solution then others and we are constantly monitoring competitors fees for this area.

Q: Will there be an inactivity fee?

A: At the moment no, there is no inactivity fee.

Q: Are there fees/withdrawal limits? What about other world currencies?

A: Yes there are ATM fees, withdraw limits. The card will actually be able to be converted into nearly any major Fiat in Q2. If you use USD then you can use your card as USD. If you are JPY you can use it as JPY and funds will be used as JPY to avoid Interbank.

Q: What will be the typical spend limit on the card?

A: This is based on your request. Minimum is $500 limit, maximum is $5,000,000 USD.

Q: Is there a monthly/daily limit?

A: No, it is only limited by your credit limit, which in turn is limited by your holdings. There are daily ATM withdraw limits, which vary with your tier.

Q: Is this a monthly spend limit? Or just a capped spend limit depending on how much liquid you provide?

A: The latter, your capacity to fund or borrow is your limit. Except for cash withdrawals from the card.

Q: How do gas fees play into a transaction?

A: They do not unless you are utilizing the wallet for a defi transaction or sending crypto out of our ecosystem (transferring from a custodial account to the custodial account of another user does not incur gas fees).

Axion Branded Cards

Q: Will there be an Axion branded card? Or will there be an option for this in the future?

A: Absolutely! That is something Jack and I are working on. The work this community has put out is astounding!

Q: Will 5555 OGs get to test the card first?

A: 100%, 5555 members will be in the first batch of delivery

Q: Will there be an Axion Banking app(something like revolut, card+financial app) or we will have to use connect financial app for overview and all transactions etc.?

A: We are actually using Revolut as our Baseline for success and product. You will use our App for all things in the Connect Ecosystem, including your Axion Card.

Q: Will 5555 stakers get a limited edition card which is posted in the picture above by Jack?

A: Yes, 5555 Holders will be issued a special edition AXN card.

Q: So no axn allow to be spend? So we have to convert to another token?

A: Your AXN itself can be used if it is liquid, but we do have to convert it to a base currency first when you spend it. Meaning if you spend $100 in AXN we have to convert your AXN to $100 of BTC or ETH (whichever has the best liquidity) and then liquidate that to settle your bill. This is all done behind the scenes but reported fully and you will only pay one conversion fee.

Q: Will AXN have any exclusivity with this partnership?

A: Yes, AXN users will have some exclusive perks and rewards. More details will be released.

Q: How long has the Axion partnership been in the works for?

A: We have been in conversation for over 90 days with Jack.

Q: Will you promote or advertise Axion on your platform?

A: Yes, Axion will be “natively” supported with direct and upfront visuals of it. Including staking reward APY’s and information on how to stake/buy/swap direct in the app.

Q: Will you be able to add fiat from your bank account and convert it directly to Axion? This would help reduce fees that users incur onboarding from a CEX and making all the transfers required to buy off of Uniswap.

A: 100% this. The total fees incurred on a “round trip” will be significantly less then other routes as you will have a direct USD/AXN market.

Q: Do you hold any AXN yet?

A: I may have a few million stashed under the mattress. But I am newer to the community itself and unfortunately do not hold any sort of OG designation for Axion. In Crypto since 2012 in one fashion or another.

Timeframe/ILO

Q: When can we apply for the card?

A: Our ILO will be next week, card registrations and pre-applications will be starting Jan 1(ish) and initial cards delivering by end of Jan.

Q: When will the cards be ready?

A: We are looking to have initial plastic delivered by end of January 2021, this is a platform that we have been working on for over a year to deliver. With most of the time in legal, compliance, brand approval, Visa Approval etc.

Q: When will the Google Play and AppStore apps be live?

A: January, we will remove the links for the app store until it is ready.

Q: Is there an ETA for the Connect Tokens (ILO)?

A: Token ILO will begin next week.

Q: What is the launch price of the token?

A: Our initial price is $0.10 per Connect, with 60m available 108.5m total supply. We come with a full governance model and token that controls future supply, releases for reward/staking allotment, setting liquidity rates and many more controls over the token.

Q: Which other Cryptocurrencies will be acceptable as collateral at launch ?

A: All major crypto that have a substantial liquidity network, BTC, LTC, ETH, AXN, XRP, and BCH for example.

About Connect Financial

Q: Are you a new company? Because some of your website’s links like your social media directs you back to the homepage.

A: The company is new, social media accounts are setup but the website is missing the latest update from the developers which includes the links. My apologies we did not want to delay the AMA any longer.

Q: What are the other currencies partnered with Connect Financial? Do you have any github or public endorsements from visa?

A: Axion is the only current partnered currency. We are in negotiations with several exchanges and OTC providers to offer our product to their clients. Visa will never publically endorse a product, but we are a Visa Credit branded credit card and are allowed in all rights to display the Visa logo and use it for marketing. Our github is a private repository at the moment until our smart contracts are launched at which time we will open source them and any other product that should be open sourced to provide community oversight.

Q: Can you publish any information about the team?

A: The team information will be released publicly shortly through the website. Some team members will remain anon as they are developers or not “front facing” and we don’t want them to get bombarded with requests for information or suggestions.

Q: Where is connect legally formed, which country? What is the full company name?

A: Legally formed in Panama, Connect Services S.A.

Q: How many years of experience do you guys have on the market? How many customers?

A: Which market, Crypto, International Banking, Insurance, Credit Services, Precious Metals, Investment Banking, Consumer Lending? We come with all of those areas of expertise, some of our advisors and product team come with decades of experience.

Q: Could you attach a link for panama banks you guys work with?

A: We work with numerous partner banks, in Panama, in the EU, in UK and most other jurisdictions. For instance if you are a US Citizen and sell crypto for fiat, you will receive a wire transfer from Silvergate Bank as a domestic wire.

Credit Card Art

After kicking things off, we released some of the first art that could be chosen for our Connect Card in our fast growing Discord server. Join our community channels to keep up-to-date on all card updates! Better yet, design your own and submit them to the appropriate Discord channel for your chance to win some Connect Financial tokens!