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AMA recap: Yield App launches Referral competition
Yesterday (Tuesday, 3 May 2022), we hosted an Ask Me Anything (AMA) session with our CEO Tim Frost, CMO Adrien Geneste and COO/CFO Justin Wright. They discussed future development plans and regulatory updates and revealed a brand new Referral competition. If you missed the live show, not to worry. Here’s a recap of the key points we touched on.
This week’s show was hosted by Akash Mahendra, who recently joined the Yield App DeFi team as a Portfolio Manager. Prior to joining Yield App, Akash was helping to build one of our partner projects Steady State. He has tremendous expertise in DeFi and we are thrilled to have him on the team. Rest assured, Steady State continues to build out its DeFi insurance proposition and we continue to work with them closely.
During the AMA, we announced a brand new Referral competition, with tantalizing prizes up for grabs for the month of May. Three customers who refer the highest number of new Yielders before the end of May will be rewarded with 10,000 YLD each, while a number of smaller prizes will be given to the 25 best participants, including exclusive rights to our Yield App Tower in the Sandbox, Merch Packs, events invites and much more.
All pending entries and completed referrals since the beginning of the program will be eligible and all the winners will be contacted accordingly. Are you ready?!
Don’t forget! To qualify, the referrer must:
- Be at least a Silver Tier member (1,000+ YLD staked or locked on Yield App)
- Have at least $1,000 (equivalent) deployed into any Yield App portfolio(s)
Our Referral Program has already brought over 2,000 new customers to our platform and we are pleased with this progress. Referred customers must become Silver Tier members and deploy at least $1,000 (equivalent) into any Yield App portfolio(s). We would like to remind everyone that our Referral Program allows customers to build their portfolios over time, with no time limit for achieving its two main conditions.
Latest news recap
During our AMA, we also updated our community on some exciting developments at Yield App over recent weeks. This includes our announcement earlier this week that our iOS and Android mobile app is being tested by a select group of Yielders to ensure the final product is as sleek as possible. We would like to thank all our community members who have already helped us identify areas that need extra work. For anyone interested in becoming a tester, you can contact our support team at [email protected]
Last week, we also announced that Diamond Tier customers will now receive three free withdrawals every calendar month. Our vision is that digital asset users should be able to move their assets around at no additional cost and we are proud to be adding new features to facilitate this. We plan to continue adding more value for our Diamond Tier customers, with future announcements in the pipeline.
Following the full release of our mobile app, we are also currently preparing to roll out fiat rails. We intend to build out fiat rails that make sense based on where our customers are situated, with the majority of our user base currently located in Europe and Asia.
Meanwhile, during the AMA Tim also discussed our plans for adding new blockchains to the Yield App platform, including the widely requested BNB Chain (formerly called BSC). Over the last six months, we have seen the industry move away from this chain towards other prominent blockchains. As we continue to build out our proposition, we want to be able to offer those chains that are implemented most widely across the digital asset industry.
BNB Chain will eventually be implemented and customers will be able to deposit their BNB, and eventually BUSD, but we are not looking to support BNB on a wider scale at this time, as we believe there are better options available on the market for our client base.
The addition of new assets also remains on the cards, but customers must be aware that this will be a slow process that requires a great deal of due diligence. We intend to add new assets to Yield App that will remain strong for the next decade, and the process of finding and integrating these should not be taken lightly. However, there are some plans in the pipeline, so watch this space.
In 2023, we also intend to roll out our own card program. However, the current priority for Yield App is to continue delivering the market-leading rates on digital assets that our customers have come to know us for.
On the regulatory side, we have been working on building out a fully regulated asset management business. This move provides confidence to the market in terms of how we operate, ensuring there is strong governance and controls around our business and the way we manage our own balance sheet. It also provides us another platform to expand our offering, especially on the institutional and corporate client side. As the industry continues to grow and we see more interest in digital assets as an investment asset class, this move will help us bring out products that are fit for purpose and valuable to our customers.
Finally, as we continue building our product offering, it is vital to note that any new launch requires a great deal of due diligence, governance and operational processes behind the scenes in order to gain the necessary authorizations and bring these offerings to market. This takes time, and we would never compromise the security and compliance of our offering or take any shortcuts to deliver new products faster. As ever, Yield App is committed to being your digital wealth partner to help you grow your assets in a secure way.
If you want to watch the full AMA, you can find the recording here: Yield App AMA.