NOTICE OF DISCONTINUANCE OF SNAPSWAP SERVICES

[Guest Dizer]

[karlos]

Im assuming this means snapswap.us, not snapswap.eu..

[kanaas]

1 minute ago, karlos said:

Im assuming this means snapswap.us, not snapswap.eu..

Yep, they got an EU (Lux) license...

Edited December 17, 2015 by kanaas

[Guest Dizer]

It's ironic that they still have the U.S. dollar sign in their logo, even though they are discontinuing service in the U.S. 

[kanaas]

1 minute ago, Dizer said:

It's ironic that they still have the U.S. dollar sign in their logo, even though they are discontinuing service in the U.S. 

Understandable. Some day in a far future our grand children will say that this was the symbol of the Dollar, a kinda predeccor of XRP serving as most used vehicle fiat FX currency in the pre-IoV era

[yvv]

RIP

[Tompa]

I'm not convinced that it only concerns the US version. The message says that all Snapswap services will terminate. And snapswap.eu is indeed a Snapswap service. Perhaps someone can drop them an email and ask whats correct? 

[yvv]

1 minute ago, Tompa said:

I'm not convinced that it only concerns the US version. The message says that all Snapswap services will terminate. And snapswap.eu is indeed a Snapswap service. Perhaps someone can drop them an email and ask whats correct? 

They sent this message to snapswap.us customers only. See the very last sentence of their message.

 

[Sapitoka]

Yes, I haven't received any email from them and I use snapswap.eu

[KarmaCoverage]

It seems Regulations are doing more harm to the ripple ecosystem in the US, than RI's (Ripple Inc) focus on banks & FIs.

Then again, high barriers to entry ($2-4 million & 18-24 mos) are intentionally present and encouraged by incumbents.

 

[yvv]

I bet it is cost of US visas for their workers from Eastern Europe which killed them.

[KarmaCoverage]

Just regulatory compliance MSB licensing in 50 states, $2m + 18-24 mo. 

Add to that specialized talent, compliance in other jurisdictions, physical hardware & office space, marketing.

Figure 36-48 mo runway, but your not allowed out of the gate till it's legal, and you will want at least 1-2 years to achieve market acceptence. At this point, may as well plan for 5 year runway to give an investment time to pivot if necessary.

It is really a $5m ante-up, easily $12-15m to get to any scale, even $20m is not out of line.

Thinking about it, I think RI has taken in $20-30m & they are just hitting year 3.5

Investors thinking that they can quick & cheaply jump into Consumer level FinTech/Ripple startups & get an exit in 3-5 years, for a few $100k ante-up & under $2m = is nuts.

Edited December 18, 2015 by KarmaCoverage

[thinlyspread]

Wow, thanks for the breakdown KarmaC, that's a hideous startup cost – quite unlike any other tech sector I've been involved in. I hope that if companies start to exit the US and investment and regulatory compliance becomes more and more easy abroad than in the US, that it can put some pressure on US reform, because it's such a shame if all that US money and talent starts leaving.

[Robbieboy]

Thought so.

[Guest Haydentiff]

 

10 hours ago, KarmaCoverage said:

Just regulatory compliance MSB licensing in 50 states, $2m + 18-24 mo. 

There are other ways. You don't need your own money transmitter licenses. If you can find a willing party, you can operate as an authorized delegate under their coverage.