Following is the Q&A with Oluwatomi Ayorinde, CEO of CROWDFORCE. Questions were submitted by members and the team of Inflow-Crypto Club through e-mail and Telegram Group.
Q: Could you make a short introduction to the project you are working on?
A: Thanks, CrowdForce is leveraging blockchain, mobile technology, and an already operational crowdsourced merchant network to bring the next billion consumers to the digital economy. Our mobile Apps and POS Devices enable merchants to buy, sell and accept crypto and Fiat payments.
Q: What will be the benefits of owning your token?
A: The CRF Token will be used to pay transaction fees on the platform at a significant discount. These will guarantee demand for CRF tokens by every partner in the ecosystem. An ecosystem of 1 million Merchants and Agents providing transaction services to 1 billion consumers daily will guarantee the need for CRF tokens to facilitate these transactions. In the long run, we aim to create an off-shoot stable coin that can be earned by staking Crowdforce, utilizing the digital central banking model of Spankchain.
Q: Do you have an MVP, full product? How long till your service is 100% operational?
A: The MVP is already operational in over 1,000 stores, doing transaction volumes of $1.2M Monthly. After the ICO(token generation) we will scale to 7,000 already signup stores in 3 months with the goal to hit 100,000 stores in the first 12 months and 1 Million Stores in three years.
Q: Your target market in Africa or do you have a plan to expand on other continents as well? Why do you believe this is a suitable market and a good opportunity to exploit this market?
A: Our initial focus is on emerging markets. We see the bigger opportunity in these markets due to several factors. 94% of all transactions in most emerging markets are done using physical cash. As a result, the bulk of the economic activities that go on in these regions are done primarily offline through traditional outlets (Micro Businesses). The World Bank estimates this to be about $19 Trillion dollars a year.
Our team has been executing in Europe and Africa for the last 3 years. We will start with the African market and scale to Asia and South American Markets. We also plan on expanding to more developed countries to take advantage of the opportunity for cross-border remittances.
Q: Is everything clear from the regulatory perspective or are there and unknowns about that?
A: Our initial focus is on emerging markets where regulations around cryptocurrencies are almost none existent and the public is already turning to crypto to supplement the deficiencies of their own local currencies.
For financial services, CrowdForce initial strategy will be to partner with companies that already have the required financial licenses and open up our merchant network to enable them to offer these services. We also reserve the right to apply and acquire these licenses in jurisdictions where we deem it as a long-term benefit to the CrowdForce ecosystem.
Q: How exactly do you intend to bring and empower micro business, what are some of the practical steps?
A: Our Mobile Apps and POS devices enable them to provide cash in, cash out, crypto and bill payment services to consumers and earn commissions in the process.
A typical micro business owner does the following.
- downloads the app and sign up
- Pass KYC verification
- Funds wallet
- Render services to consumers via the app
- Earn commissions
- We also send them a POS device to cater to consumers who prefer to pay via Debit Cards.
Q: What are those businesses, can you name a few examples?
A: Retail shops, Restaurants, and Supermarts.
Q: It seems as you are going after a very competitive space. Who is your competition and what differentiate you? Why are you better?
A: The most similar competition is MPESA which has been hugely successful in East Africa. They run a closed system managed by a huge incumbent telecom company. At CrowdForce, we are opening up our network so any business, startup or developer can deploy a service that will be instantly available at all our merchant locations. Any merchant can sign themselves up to join the network. We are also the only one leveraging blockchain to build the network across borders to enable seamless cross-border payments, remittances and digital identities for consumers.
Q: You have a very strong backing from the VCs. How that came to be? Where did they found out about CrowdForce?
A: Yes! As a result of our momentum last year we got accepted to the prestigious 500 startups accelerator program in Silicon Valley. The program boasts a 1% acceptance rate. From then on we have gone on to receive investments from several others VCs looking to position themselves to take advantage of the huge opportunity in emerging markets like Africa.
Q: I found out you have an unofficial partnership with OmiseGo, is that true? What is the nature of the partnership?
A: We share aligned goals and objectives to leverage blockchain to bank the huge unbanked population. Omisego will be providing us with technical support to help us build on their decentralized financial network and take advantage of their Payment processing gateway.
Q; Also, how do you cooperate with Binance Labs?
A: We can not disclose any specifics. The Binance team are big believers in the potential of the African Market and there may be areas of collaboration
Q: How experienced is the team? How long have they been working on this project? And other similar projects?
A: The team behind CrowdForce is comprised of a group of experts who have varying experiences across Banking, Consumer Research and Finance. The co-founders were part of the team that built the most successful banking solution(BankOne) for micro-finance banks in Sub-saharan Africa and have also executed successful projects in Financial Services and consumer research in urban and hard to reach areas in Africa.
Q: Any closing thoughts that you would like to communicate to investors?
A: Thanks, we will like to emphasize the following points:
- CrowdForce already has a working product, generating transaction volumes of $1.2M Monthly.
- We are Backed by Silicon Valley VCs and have a strong Governance board we report to.
- We are Already approved to list on Bancor, LAToken, and BitForex
- Already hit our softcap
- Every Merchant becomes a Human ATM that will provide liquidity for crypto assets thus enabling the drive for mass adoption to the next billion users.
Thank You for you this AMA session. Please feel free to reach us at firstname.lastname@example.org for any additional questions. We look forward to having you join our token sale.
TO BE ABLE TO PARTICIPATE IN THE CROWDFORCE PRIVATE SALE JOIN OUR TELEGRAM GROUP OR CLICK HERE. IF YOU HAVE ANY ADDITIONAL QUESTIONS, YOU CAN CONTACT US AT INFO@INFLOW-CRYPTO.CLUB.