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

pokermaria in #proposal • 10 months ago (edited)

U.S., Mexico, Costa Rica, Honduras, Guatemala, Egypt, India, Pakistan, the Philippines and Malaysia

Just try to find out about it, because in the EU even getting cash from ATM with crypto debit card is hard for reasonable cost, especially if you do not want EUR, but some other currency. (near to impossible)

Their homepage doesn't list the ATM withdrawal countries. So, I guess, I have to try, would be surprised if it would work, unless they charge 10%+ for all the 'services'.

Their site: zypto.com

A year old ama what i quickly found with one of the founder.

Anyway, on their site, it looks like a Poland registered company.

No clue, why Hive should be paying for it, but they waste (better case) so much money from the DAO, this is really a better one.

Anyway, they would had to detail how much the costs will be for different transactions, because if it is out of reality cost, 5-10%+, then the hole thing is a lost call.

For example, sell crypto for fiat in their app + top up cards + withdrawal in a different fiat often cost 8-10% (I know, not much for the app itself, but the wild exchange rates.), while others offer it way under 5%.

Have to try and see.

+They would had to introduce this company, owners, operation, traffic etc - maybe an ama on Hive discord first with somebody from zypto- so how trustful it is. + They would had to make the DAO proposal from their account, but it's so typical from Hive...

10 months ago in #proposal by pokermaria

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crimsonclad 10 months ago

Hey! I actually will be doing an AMA with them, and yes, they will be doing all the answering of questions. So the fact that I'm posting the proposal is simply because up to this point, we've literally never had anyone from outside the ecosystem even attempt making a proposal. Since I do a lot of the b2b work it's simply a way of helping out as a liaison to make these types of proposals more normalized, with outside groups actually trying to figure out how to work with and directly engage with the community. That's why it's a proposal and not something that gets smashed in under a quasi foundation or what have you :)

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6 votes

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shanibeer 9 months ago

Great. Do we know yet when the AMA will take place? Many thanks.

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azircon 10 months ago

Can you please confirm if the fees someone posted below are real?

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10 votes

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pokermaria 10 months ago (edited)

Unfortunately.

Don't misunderstand me, I love the idea, but nobody will use it with this service provider, as it is insanely expensive. I've tried the crypto bill payment on their site, too. $100 and selected the USDT on Polygon as the cheapest trx fee is there.

This is what i get:

So 8% fee on crypto bill payment...

You can check on their site, dont need to register for a quote, just fill with fake data till you get final payment amount. zypto.com/personal/pay-bills-with-crypto/

It would be great to do with 1 of the DC provider, which the Visa, MC support. For example, in Europe, the Tap, Gemini, Nexo ones, they are in MC crypto card program, much less fees, free card or Wirex also pretty good. (I don't know about the rest of the world, but sure, you can find good ones everywhere, and making a deal if Hive is paying for it, must be simple + they all have already huge userbase.)

In this form, it is just waste of money. If it would be 1-2% diff, maybe, but it is off by 5-8% compared to other similar services. That's why it is unknown, and nobody use it, they go after small (or dying) chains. Their yt channel have 700 subs...

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azircon 10 months ago

Let us see if Crim responds

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crimsonclad 10 months ago

The Zypto team will come thru and answer all the questions (they're a global team from North America to Europe, but the member answering is in a timezone that isn't online for a little bit) because the proposal is not by or for me. That being said, these are old fees on a product that they don't offer anymore–but I will again let them specifically come thru and happily be able to look at and address all concerns! That's the point of proposing something :)

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4 votes

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pokermaria 10 months ago (edited)

The idea is good, but if everybody know, it won't be used by anybody, then what is the point?

Sorry, but I just looked at their homepage, the bill payment already opened metamask, so i could easily proceed, so it is not 'old fee'. The DC is also on their site, so very suspicious, if they don't offer it, why is it there? What kind of company is this, if their site is not up to date?

I mean, there are plenty crypto payment services/gateways with wallet out there, why don't you reach out one of them and make deal with them? As they offer competitive prices.

This zypto thing looks like not really used by anybody. With these fees, it is not a coincidence. Probably they use 3rd party services, that's why they have to setup so high fees to earn some. Ergo totally not competitive and viable and never will be.

As they don't have userbase + insanely expensive (so no Hive user will use), why do you want to pay for them??? (That's really nuts, you don't just want to delegate some HP to them, but give them free from DAO, so they could earn some asap without any investment.)

The idea is good, but picked one of the worst option for it and as usual, the few decided - long before this proposal - it is the winner...

The bad thing, it is like a suicidal tendency on Hive with the rally car (when even google ads are more effective and cheaper), with the gym, biker sponsorships in LATAM (when you can sponsor a 1st division soccer team in Venezuela for a year for $50k and hive.io can be on their shirts while millions watching it in tv) same with african, ghanian, nigerian sponsorships (where soccer sponsorships are similar cheap, and national tv broadcasting it), and looks like it never ends... just always able to pick the worst cost/effectivness rate projects.

Anyway, if you want similar one, which is more effective (their fees are not no1, but just a bit behind the market leaders) and definetly would make deal, reach out bit2me. They are not in USA, but all around Americas and Europe, small, but growing, backed by big corps, EU, Mica regulated one and they offer stablecoin crypto payment option for hotels through their partners, with pretty good discounts (something what Hive users potentially could use and benefit from it). They have big enough userbase (so paying for it makes at least some basic sense), crypto card offers, earnings etc.

If the self-custody so big deal, this one is still far from the better ones.

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crimsonclad 10 months ago

No one has decided, welcome to proposals! Two whole weeks of constructive criticism and conversation incoming. I'm always happy to work with any project that is interested in Hive, so when someone says, 'hey yeah, your ecosystem looks awesome, here's our plan!' my goal will always be to bring them directly to the chain to meet the users, from other blockchains to apps to whomever, but it is down to what you make of it.

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pokermaria 10 months ago

That's nice, but once again, you spend money from DAO, and what will you receive for it, what from the Hive blockchain benefits?

Obviously no new users will come to Hive, and Hive users won't use it. These 2 things are pretty sure. Then what else benefits are there?

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1 vote

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acidyo 10 months ago

looking forward to hearing more

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13 votes

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azircon 10 months ago

thank you

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12 votes

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ecoinstant 10 months ago

I was going to say, if you compare this against the other proposals, its pennies. On a relative scale, this seems like a great proposal.

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3 votes

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palasatenea 10 months ago

Ok for what I see on your comments this seems a really bad service, no way Hive should fund this for no benefits at all. Even it's not clear if the company is trustworthy, I hope the proposal gets rejected.

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pokermaria 10 months ago

I wouldn't worry about their trustworthiness, at least, it isn't no1 issue. It cost a lot to create service like theirs.
My main point, it isn't competitive at all vs. market leaders (hardly vs any other competitor) + better established competitors would do it for free, whom have much bigger userbase (no data about zypto's active userbase).
Sure, it'll go through, so we'll see the result. The idea is good, but paying for this one doesn't make sense to me.

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1 vote

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sorin.cristescu 9 months ago

"Just try to find out about it, because in the EU even getting cash from ATM with crypto debit card is hard for reasonable cost, especially if you do not want EUR, but some other currency. (near to impossible)"

Just curious: why would anyone want physical cash in another currency in the euro zone? What would you do with it ? Why would anyone expect that service be available at all ? It sounds outwordly. I travalled to Japan in Spring and I would have loved to be able to leave Europe with Japanese Yen in cash. But I went to inquire at the bank for that, at no point I expected Yen to be available at random ATMs in the Eurozone ...

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pokermaria 9 months ago

Well, I didn't write in the Eurozone, I wrote in the EU, but more correctly in the EEA countries, but generally in Europe. It effects nearly half of Europe. Outside Eurozone, only in the UK exist GBP based similar services.

If you want to withdraw local currency in Norway, Switzerland, Denmark, Hungary, Poland, Romania, Ukraine and in another dozen+ european countries, you only can do it by paying the fx exchange fees.

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