RE: Zypto × Hive Integration Proposal: Full Suite of Global Financial Tools

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RE: Zypto × Hive Integration Proposal: Full Suite of Global Financial Tools

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pokermaria in #proposal • 9 months ago (edited)

These are the cost and fees of a physical debit card! 🤣👍🤣

And they still neeeeeeed money from Hive... 🤣

I have no idea how much the rest transactions cost, but I know a dozen similar kinda never going anywhere kinda crypto apps, card providers...

Seeing this, only the bill payment by crypto option can be interesting, but I highly doubt it is cheaper than using other services, otherwise this zypto would be a well known name in the space.

Obviously nobody will use it, as it is out of mind expensive.

So just wasting another 20k. Let's do it guys! GL! 👍

9 months ago in #proposal by pokermaria

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lordbutterfly 9 months ago

If you use something like a crypto.com card you probably need to account for the cost associated with trading and transacting.

So for me its, Hive-Binance-USDC-Crypto.com-euros. I dont know how high the cost is compared to this but it does take a chunk out of my total amount. At least a few %.
I do still feel this is significantly higher with topup at 5%

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2 votes

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zypto 9 months ago

Hello,

There are many hidden fees for many crypto card products. Also, they require you to deposit onto a CEX (which we are not), trade, etc.

Centralised exchanges often run their cars programs as loss leaders to get more volume through.

It's important to note that Zypto is not just a card company. Our app is a fully fledged DEfi wallet, but built differently focused on providing OPTIONS.

If you want to pay your bills, use a reloadable or Non-reloadable card or gift card to spend your assets, we aim to make sure it's easy and convenient for you. Of course, we are always aiming to provide fair pricing, as well as various perks. More and more will be added over time.

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4 votes

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pokermaria 9 months ago

I use Wirex, Nexo, sometimes Tap.

I think, you are from Croatia, so EU. I think, you wanna forget this way, and crypto.com, the above 3 are cheaper. These ones are totally free, no monthly cost, no issuance, deliver cost, till $200-2k/month even the ATM withdrawal is free. (if you have all, and use all, stand below the monthly limit, basically you can withdraw enough for daily life for completely free. Even ATM at zypto is $4+1% which is likely mean 2% as the trx limit hardly can be higher $300-500) Not to mention cashbacks if you spend by card, then the cost can be lower.

Not really did the Hive part for a long while, anyway that isn't the expensive part, but sell crypto for fiat in the app. (What zypto does not even list on their fee list, so in the end, it is not simply $6+4.5% but way more, likely above 8% or even more They probably use 3rd party services, that's why so expensive - the crypto bill payment 8% is also nuts for the same reason.)

It's just simply not even near to competitive. Maybe, if it would be 1-2% off from best ones, but it's way farer. People will take the longer, different way for such a difference, even for less. That's why they don't have users.

I also can recommend the bit2me. They have around 400 cryptos there, EU, Spain reg, Mica compatible, and they even have a 'Listing request' form on their website. Operates in Europe, America (except USA) and some part of Asia. A bit more expensive, but still cheaper than crypto.com, zypto. And small one, if legally ok, they definitely would add Hive. Have to reach them out and ask. 😉

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3 votes

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pokermaria 9 months ago (edited)

Oh, + bit2me is working on something they call 'payment to social networks'. Probably they would be even more interested in Hive because of that.

I'm pretty sure, they would add Hive (for free), if legally possible.

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2 votes

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apshamilton 9 months ago (edited)

Why not just send SPS direct to Crypto.com?

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2 votes

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ura-soul 9 months ago

Revolut online bank converts USDT into fiat for free. ;)

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1 vote

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vaultec 9 months ago

20K to get direct connect to fiat is a pretty good deal imo. The fees I don't like the most is monthly fee and POS/online purchase. Everything else seems fairly reasonable. It could certainly be better but having something is way better than having nothing

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5 votes

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pokermaria 9 months ago (edited)

I think, having something for $20k which does nothing is not better than having nothing. Not even nothing, but $20k in pocket, what can be used for something valuable. 😉

I can talk about the European competition, but I am pretty sure, it is the same worldwide.

ATM all my fees around 2-2.5% to get crypto to crypto debit card. Free card, free shipping, no monthly cost ($2-5 inactivity fee after 1 year, which never applies), holding exchanges' coins giving some extra benefits.

So $12 monthly fee + the 4.5% top up fee is not competitive at all.

For example, here is the Wirex fees - free card, or max $5 cost everywhere, that's just basic:

The Tap fees, crypto-fiat cost 1.5-2.5% but except that everything is free.:

tap cost.png

The Nexo is pretty much the same, there you can reach monthly 2k (or 5k) free ATM withdrawal limit by holding their coin.

So this zypto is a very-very expensive one.

If you pay more than 3-4%, probably you want to double check the current offers, new ones popping up all the time - and expensive ones disappearing all the time.

So I would not spend money for any which is hardly viable in the competition.

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2 votes

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vaultec 9 months ago

I believe we should have options and if there is better alternatives that crop up then that's good! At the moment Hive has zero options. There is no direct fiat VISA debit card or anything of that nature. I am sure Hive users would like to have something like this at a minimum. Additionally, this is just the first step. It's possible those fees will change in the future or be negotiated. It's better actually get something that works first. 100% of the users will be hivers which will benefit greatly from having such a thing.

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2 votes

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pokermaria 9 months ago

They won't, because this is a garage project, and they use 3rd party services, so their fees never will be competitive. There are plenty similar ones, and they come and go. It can be an exeption, but hardly will be.

If Hive spend money for it, they should do a proper one, a competitive one, but that cost lot more - starkers made a vid with this manu guy few months ago about their tests, even that looks more promising.

In the end, it's all about the money, if you can't offer competitive prices, you will go down.

HBD-HIVE-USDT can be converted for very small cost, and then the above mentioned fees are near the best ones, so if you wanna operate with 2-4x fees, you gonna fail, obviously.

Nobody will pay that 2-4x just because this service is more direct.

Anyway, the core Hive team (i know, noting like this exist) don't use the Hive futures listing given benefits... still don't use it. Even Binance can be reached by this or other market leaders.

I mostly use the above mentioned crypto DCs, and they have really crappy coins listed, for example that bit2me has around 400 coins what can be swapped on their site, topup asap and spend + they have direct crypto payments option for travels (all have something similar, where you really can spend crypto) with discounts.

They even have 'Listing request' form on their homepage... just have to fill, and if Hive meets with legal requirements, they will add. Just have to go after a bit, but if they wait, how crim wrote, that others come to them and say, they want to come to Hive, then just similar ones will appear.

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1 vote

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crimsonclad 9 months ago

We definitely don't only 'wait', and have a lot of requests, meetings, and chase a lot of listings and partnerships, almost all of which comes from us going out and beating the drum and being evangelists. Hop in! But very silly not to also help the projects who are enthusiastic (same with other chains etc) come here specifically to be able to talk more about what they have and dare to run the gauntlet and prove their PMF. I don't actually even think most of your commentary is barely controversial~ and that's a good thing. Skepticism, disagreements, and requests for way more info is a pretty crucial part of governance. I look forward to the answers to the community and then editing them into the post, as they're great points about what's most important to users here and become great guidance for what should become standardized in governance rubric.

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10 votes

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zypto 9 months ago

Zypto is not going anywhere!

We've also seen many projects come and go, including companies that white label our products.

Sometimes they fail because they try to compete on price with CEX, for example, without realising all the hidden fees their users are paying.

In real terms, our card offerings strike the best balance we are able between cost and sustainability, but of course we aim to reduce the cost to the end user and provide more perks over time.

Also, cards are just one part of what we do. Our suite of defi and payment products is growing constantly and our roadmap is long and exciting.

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4 votes

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pokermaria 9 months ago

Not against you. Seeing you are not competitive with the fees, I see no point to pay for listing, especially not, when competitors would do it for free.

I've tried the Visa Global $50-500 virtual one, too. It gave for $500 exactly $526 so 5.2% + trx, swap costs + fx exchange fee, if you want to spend outside US. it's again 8%+

I've also tried crypto payment, gave quote for $100 payment for $108 - maybe cheaper with higher amount.

It's all about the free market. And Hive DAO wasting enough anyway, but you will get it, obviously, it's already decided, so we will see how many Hivers will use it!

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2 votes

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zypto 9 months ago

Hi, thanks for your comment.

The fees on the cards in the app are 3.5%. That's it.

It seems the wrong card program is getting shared.

In any case, it's important to remember that this Zypto is not just 1 card program. It's a next-gen defi wallet + an eber-growing suite of payment options.

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7 votes

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holoz0r 9 months ago

Thanks for posting this screenshot. I looked for their fees and couldn't find it very easily.

I agree with you that a profitable business seeing that HIVE has a market of potential users for their product would be able to self fund such an endeavor by the number of anticipated sign ups they'd get from the new blockchain support.

The proposal doesn't get my vote. :)

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2 votes

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zypto 9 months ago

Hey!

That's not the cards that are in the app. It's one that we have s part of our white label offering for other companies to use and it's also quite popular with let's say "big hitters" in the crypto space. The ones in the app have different pricing.

We'll work our way through the comments and will likely circle back with clarifications.

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1 vote