Recapitulation of FinBet PROJECT AMA event held at AMA LOVERS CLUB.

9 min readSep 3, 2021

Recapitulation of FinBet PROJECT AMA event held at AMA LOVERS CLUB.

Venue: https://t.me/amaloversclub
Date: Thursday, 2nd September, 2021
Time: 12:00 UTC

The FinBet PROJECT team was represented by @FinBetCrew who judiciously shared with us detailed knowledge and information about FinBet PROJECT.

1st Segment: INTRODUCTION

Q1: Can you please introduce yourself and your background, also introduce the team working on FinBet?

ANS: Gladly!

I’m Olga and on a daily basis I take care of the FinBet community, and with me here is Meghna who supervises the Affiliate Program for FinBet.

Our team is a mix of experts coming from different backgrounds, with over 25 years of expertise in financial operations, as well as, extensive experience in running gambling and casino projects, and brokerage operations.

All those backgrounds have their own challenges. When those experts compared their experiences and challenges they came up with a unique idea for a project that will open different markets to people and allow them to have fun with it!

This unique combination of characters and their different work experiences are the reason FinBet is what it is now - a unique and new type of financial betting platform. We are a global team, and our collective knowledge is something we are proud of. We used it to mix multiple business models with one goal - create a platform that will be able to combine what's best of finance, gambling and crypto markets.

Q2: Can you introduce FinBet, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?

ANS: as mentioned, when founding finbet, the team wanted to build on the limitations they noticed in their industries and combine forces to create a state of the art crypto-based betting platform that follows updated financial and blockchain standards.

we are delivering a completely new product, that:
📍broadens the betting options for our users (multiple assets crypto and fiat based)
📍is very convenient and intuitive, designed to be used on any device, anytime, anywhere
📍educates bettors about the various markets
📍deals with the inconvenience and bureaucracy that bothered financial market users for a long time.

Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?

ANS: After setting up the project, the most importans steps were:
-Acquisition of the only financial betting licence in the world
-Lighting network integration
-introducing live stage and mobile version of FinBet platform
-both of the CFB token sales
-ERC20 network integration, metamask payment integration and BSC integration

Which we succesfully achieved 💪

🎯Our next targets are:
-implementing possibility of Metamask registration
-introduction of FIAT payments
-announcing CFB utility features and burning plan
-CFB governance models

We plan to share the roadmap soon, so to be up to date with the project news remember to follow our social media channels 📱

What are the fiats you plan to integrate?

Firstly we will introduce the FIATs popular in the places where our licenses apply, like Uganda and Nigeria.

Q4: Can you briefly describe your PARTNERSHIPS so far?

ANS: FinBet is a ready to use tool, yet still we are very interested in various partnerships and they are very welcome 🤗

We see the possibility of integrating our platform and adjusting it to partners’ solution to provide their users with financial betting entertainment, but we’re very open to talk and read all about the possibilities that we are provided with.

Additionally, individuals and businesses are welcome to join FinBet’s affiliate partnership program which we’re currently working on. The Program is open to everyone so if you are interested in joining, please contact Meghna (Affiliate Manager) at m.jadhav@finbet.io

Thanks to the affiliate's hard work we will be able to reach a wider range of potential users.

Aside from that, we have a clear marketing schedule set, filled with contests, bonuses, and community development activities to keep users engaged and interested. The way to success is constantly improving, that’s why our efforts will never stop 💪🔥

For example currenty we are running 100% bonus campaign. For each new user we will double their first deposit 💰

Check the details here!

Q5: Finally on the introduction segment, Can you give an overview of your Tokenomics, and the UTILITY of the $CFB Tokens?

ANS: We plan to issue tokens worth up to 400 mln. Team holds 50 mln worth of tokens. There is no hard lock-up for the teams tokens, they won’t be put on sale for the first 12 months though.

Rest of the tokens are (or will be) sold in sales. We don’t plan to mint more than the mentioned amount unless token holders will decide that the situation requires that. Currently there is no token minting mechanism or strategy prepared because new emission will happen only under the initiative and agreement of current token holders.

CFB is a utility token and the full range of its functions will be published soon. This program will include the burning model and a schedule.

2nd Segment: LIVE Questions

Q1: It draws my attention to the fact that they call finbet betting a "game", but is it really a random game? or will the bets really be based on the same behavior of the real market? If so, what is really the "game"?

https://twitter.com/mila0254_mila/status/1433380994531217408?s=20

ANS: The asset values are public data and concern real market phenomena which can be verified externally. This isn't a lottery and there is no way to destort the data.
The "game" aspect of FinBet comes from the possibility of winning.

Q2: Finbet will obtain different data from different financial markets for its betting platform, from stocks, index and commodities. To get price feeds, ORACLES must be used. What oracle provider is Finbet using for its platform and will you create your own oracle in the future?

https://twitter.com/jallenreyesm/status/1433250938941280262?t=eIhxs9RpI2KkyqWZ2RUoCA&s=19

ANS: As previously stated values on FinBet can be externally validated.

We can't dive more into details as a safety measure for our platform.

Alternatively, here is an example of price feeds of Tesla Stocks on FinBet and simultaneously on an external feed:

Q3: I'm new to crypto and wanted to try betting on FinBet, how can I start? How does your platform support new people just starting in crypto and betting?

https://twitter.com/thisischamina/status/1433003191310950405

ANS: The process is extremely simple. Start with creating an account on FinBet using your email address. After that make sure to add the extension Metamask to your browser, connect your wallet with the platform to make your first deposit 🦊

To place a bet simply follow those 4 steps:
-pick an asset
-pick a timeframe
-pick betting amount
-bet UP or DOWN

Our main focus is customer service - proactive approach to assure good user experience. New users will feel supported and find help in:
-Live Chat
-well developed FAQ section
-educational materials shared in our social media; Betting Opportunity showing you more opportunities how to win
-Telegram community group, where community team will adress all your inquiries

Q4: Can you please go into the details of what you guys meant by Financial betting? Is this the same like sport betting or its a different concept entirely?
Also, you talked about your plan of introducing Flats such as NGN and Uganda currency, which means users can bet with crypto and fiat, so do you have any plan of introducing more range of assets such as indices, commodities, stocks and the rest?

https://twitter.com/Abumaleeq1/status/1433407576511811586?s=19

ANS: FinBet is a Financial Betting platform, which is simply betting on changes of the assets values. Think of it as you would in sports betting. Imagine betting on a football game- You would try to predict which of the two teams would win, same goes for FinBet. You have two assets paired against each other and you bet if their values will rise or fall.

Q5: What are your security measures adopted from hacking and bugs in smart contract ? Have you conducted any audit to make your smart contract safe?

ANS: Our source code has been audited by an external company called CertiK that monitors if we follow current industry standards. Besides, being secure by design because of blockchain technology we also have a group of external developers, FIAT and blockchain experts at our disposal.

Q6: Your Platform is named FinBet, so it's quite easy to know the platform is a gambling platfom. Moving further, , I cannot gamble due to religious restrictions and I am sure there are several Millions of people who share similar restriction. What advantage or utility can we derive from FinBet. Do you have any inclusion plan for non-gambers ?

https://twitter.com/wuraolaaaaaa/status/1433384161956536320?s=21

ANS: Using the platform might be not for those users you mentioned, however there is more aspects of FinBet they can enjoy.

You can use our educational activities to deepen your understanding of processes and dependencies on the financial market (follow Impact Reports we post regulary to widen your knowledge on politics and macroeconomics).

You can also become a token holder of our native token #CFB to be a part of the project's success.

Q7: So as a new user, I am entitled to a 100% first deposit on FinBet. So if I make a first deposit of $100, I will be getting another $100 as bonus. Please is it possible for me to withdraw this bonus to my account or the utility of the bonus will be for just betting alone? If it is possible for me to withdraw the bonus, please kindly explain what steps I will be required to take to have a successful withdrawal of this bonus? Can you also explain if there will be other benefits as I continue to make use of the FinBet platform after my first deposit?

https://twitter.com/KurangaHA/status/1433172135099392005?s=19

ANS: Absolutelly correct. We will double your first deposit and the amount will be automatically assigned to your funds. The deposit is withdrawable, however the amount must meet the required turnover.

After that there are more bonuses waiting for our users. For every other deposit there will be 30% of it's value assign as bonus to your FinBet account wallet.

Q8: Is your project only for the upper class and elite investors, what about me and others who have very minimal and small funds, is it open to everyone?

https://twitter.com/wabelu09/status/1433352973460008961?s=19

ANS: Absolutelly not. FinBet is aimed at users coming from different backgrounds and with different types of resources. What makes it so accesible is that the minimum deposit is only 1 USD (or equivalent) and you can start betting at only 0.5 USD (or equivalent) 🙌

Q9: FinBet is a crypto-based financial betting platform. What is the difference between financial betting and trading?

https://twitter.com/Alicewonder1202/status/1433224903763898370?s=19

ANS: There is actually more differences than similarities. FinBet is financial betting platform, not a trading platform. Therefore you only bet on the assets values, not actually possesing them (as on trading platforms).

In FinBet users know exact stake and possible payout since the beginning of the bet.

Q10: It is said by (FINBET) itself that the project is comfortable and enjoyable with a variety of assets to bet on. So I'm a beginner, can you explain in detail the process of how we can start our adventure on your platform? What are some reliable and amazing features that FINBET has that we can definitely enjoy?

https://twitter.com/agustiaN280898/status/1433373151732252674?t=6pvHYpFZqa5CNecx1XB8xg&s=19

ANS: Thanks for asking!

It is very easy to start your adventure. It is just a few clicks and you can start betting and winning!
Simply pick and asset, timeframe and amount and GO!

Actually today we had new user in our telegram, that just startet the betting adventure and already shared their progress. Let me show you the screenshots: