B21 Crypto is a mobile-first crypto asset management platform. The platform also simplifies the process of managing and purchasing and crypto assets with a presence in about 82 countries, and 5 different languages. Additionally, B21 gives users access to several deposit methods including debit card, credit card, and bank transfer. The CEO of Altcoin Buzz, Shashwat Gupta, anchored the AMA session in our Telegram channel with B21 Co-founder, Nitin Agarwal.
We will go through a recap of the AMA with Nitin Agarwal, co-founder of B21 crypto to understand what B21 has been up to in recent days.
Q. Where are you based Nitin? How is the Covid situation there and have you been taking some serious efforts to help people? Can you tell me about it?
I am based in Hyderabad, India. At the moment things are under control. Vaccination is happening at max speed. There is no lockdown. With that said, we can’t take anything lightly, and hence are taking all precautions.
Talking about efforts to help, we had bought Oxygen Concentrators last year, and have been using them to help people in need. This started from a small set of 10L concentrators in Delhi and became a big initiative. We got many more and deployed them in Delhi, NCR, Kashmir, Bangalore, Hyderabad, Trichy, Thrissur, and some more places.
Q. How did you get into crypto? Tell me a bit about your journey and what did you do initially before B21?
I have been in Payments for a long time – started with Banks, PayPal, and then Wave Crest. I got to know about Bitcoin in 2011 but started working in it since 2013 and launched the first Bitcoin debit card in the world. We sold 1 million cards and did 2 billion USD per year transaction volume in 2017. So, it’s been a great journey in crypto. I am motivated by the vision to bring the next 100 million people into crypto.
Q. How did this lead to B21 and what are the key products you have with B21?
After that, I started my Entrepreneur journey – and started B21. B21 is making it easy for people to INVEST — EARN and SPEND crypto. We want to bring crypto to the masses and for that, we have to make it simple, and earn a great amount of trust on B21. That’s what we are working relentlessly daily.
Q. You launched B21 token in December. What are the plans to take it to a billion-dollar market cap?
Token started in Dec, 2020. We did have some success of good price movement and volume. Now we are focused on driving value to the tokens.
- We have crypto cards for our Asian users. This is not existing in any company so far.
- We have staking which again is not easily available for common people.
- With these, there will be demand for tokens. Also, there is a big amount of burn, mining, staking, and rewards that are being planned to drive the interest.
The regulatory side is sorted, the product side is a bit left which should be done in coming weeks, and now token side which is largely marketing the product is the focus.
Q. What are the challenges?
The challenges are many – but the interesting part is when the market is soft people look towards real products, and that’s what we are.
Q. What are the current staking rewards in APY dollar value?
Based on the coin it is between 4% and 14%. Stable coins give 14% APY – the rates do change weekly based on the market conditions.
We have announced a partnership with Celsius whom we use to get APY. So it’s not a made up yield given by investors money or company treasury but using Celsius as back-end.
Q. In your experience with weekly change, what’s the max and min the APY has been? Also, can we stake B21 token on the app?
The APY is largely between 4 and 12 % for last few weeks which is pretty large. B21 staking on app is coming. We had to work with our custodian and our regulator infra provider to get this sorted.
Q. Tell me more about your marketing strategy in China, Japan, Korea, and other Asian countries.
Most of the marketing in Japan, China, and Korea are driven around product specially cards – people there are very much in need or cards as banks are not supporting crypto transfers. Today we have more than 50k users on B21 and they come from Asia largely. We are partnering in Asia with Chinese exchanges & Korean exchanges to provide them cards.
We are working with many DeFi players in Asia to bring the off ramp of crypto via B21 and China is a BIG market; specially these days when banking and regulation in china is not conducive for crypto.
Q. Will B21 token be interoperable with other blockchains in the future?
It is interoperable with ERC 20 and BEP 20 right now. More will come as market matures.
Q. Why have you been talking about NFTs?
NFT – very interesting concept. For us we see that storing NFT in a custodial manner is an issue for users. People mostly keep it on Meta Mask which is not sustainable for a LONG term. That’s what we are working on – to provide a way to custody your NFTs and to be able to showcase your NFT on B21 itself. It needs a lot of work as we need to provide a regulated and insured solution but will get there.
Q. Favorite Altcoins?
I love BAT. I think it has a good use case.
Q. Thoughts on the market conditions?
Market condition in my eyes is great – sideward movement actually helps market to consolidate and people to start taking slightly longer-term view.
Q. Will we see a new BTC ATH this year?
I think YES. Q4 or Q1 2022 we see ATH and more.
Q. Thoughts on Altcoin Buzz?
We love working with Altcoin Buzz – they are not only marketing guys but also big believers in product and industry.
The Altcoin Buzz community gratefully thanks Nitin Agarwal for taking part in the B21 Crypto AMA on 28th June in our Telegram channel.
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