Proposal description
What is This Proposal About?
Formal Proposal
We Propose to incorporate Dash and InstandSend, into the Bitaccess Bitcoin Teller Machine (BTM) network. BitaccessBTM serves Bitcoin ATM operators across the globe, powering more than 550 BTMs, including the single largest BTM network in the US. Bitaccess BTM is proud to have served more than 250,000 unique customers and processed more than half a billion in cumulative transaction volume. If this proposal receives funding, every Bitaccess-powered BTM in the US and around the world will have the ability to exchange cash for Dash, and vice versa, on-demand. We already have a rapidly growing fleet, on track to continue expanding, Check our map here, and see if one of our more than 500 machines are near you. As veterans of the cryptocurrency industry, we identify strongly with the guiding ethos that drives the Dash community. We opened our doors in 2013, and despite the upsurge in mainstream interest in cryptocurrency since then, we’ve stayed true to that ethos as well. In 2018 we were proud to launch Faa.st as one of the few instant cryptocurrency swapping tools’ that is both non-custodial & does not require a user account. By incorporating Faa.st into our BTM software, we can now provide a seamless on-ramp for hundreds of thousands of users to begin using Dash. Dash will also be listed for trading on the standalone Faa.st app.We were early to the cryptocurrency game, and our goal with this proposal is to provide Dash with the same type of cash availability that we see across our locations.
About Bitaccess - Why Should You Trust Us? - Founded in November 2013, Bitaccess is a privately held technology company headquartered in Ottawa, Ontario, Canada. In working with Bitaccess, Dash will join reputable clients, including the National Research Council of Canada, Deloitte LLC, as well as Fintech companies in over 15 countries. Our customers rely on Bitaccess software and services to power their core infrastructure, compliance, security, and support services. Bitaccess’ investors include Y-Combinator, Pantera Capital, Blockchain Capital, and Real Ventures.
About the Team:
Development Lead: Dylan Seago - https://www.linkedin.com/in/dylanseago/
Head of Growth: Phillip McKenna - https://www.linkedin.com/in/phillip-mckenna-979867136/
Marketing: Joe Guida - https://www.linkedin.com/in/joseph-guida-08446523/
More about Bitaccess:
About BTMs
As one of the first companies to manufacture Bitcoin Teller Machines (BTMs), we take pride in being the leader in this industry, and to date have had our machines deployed in more than 15 countries. Additionally, Bitaccess scalable software suite, is proud to serve the single largest BTM fleet in the United States, through our customer CoinCloud, one of the first Bitcoin ATM operations to succeed at scale, and still continuing to expand.
While we’ve experienced great success supporting Bitcoin alone, we recently incorporated Faa.st into our BTM software to provide users all over the world with a simple, easy and frictionless tool for buying and selling other cryptocurrencies with cash.
See one of our BTMs in action here:
Why Dash
Due to Dash’s recent focus on remittance, engaged community, and its devoted core team, we feel that Dash, coupled with our BTM development team, represents an excellent opportunity for Dash to benefit from a scaled fleet of locations. Additionally, the teams behind Dash have done great work to grow mainstream demand, increase adoption, and build useful applications around Dash. We believe a global network of physical BTMs providing Buy & Sell cash access for Dash represents a tremendous opportunity to cement Dash’s position as a leading cryptocurrency with tangible cash access points in all corners of the globe.
About Faast
Our latest product Faa.st, is an instant exchange designed to allow fast, safe, and private cryptocurrency trading. Using our software, users can exchange cryptocurrencies directly from their own wallets without the need to create an account.
Why Dash & Bitaccess We think there’s a lot of natural synergy between the goals of the Dash network and the developments Bitaccess is working on. We are well-positioned to work closely and effectively with the Dash Core Group on a number of fronts. We view integrating Dash on Faa.st & the BTMs as just the first piece of this puzzle. Potential future initiatives range from marketing campaigns increasing Dash - Cash transactions on our network, to remittance projects using BTMs & Dash as a cross border cash platform.
Proposal Deliverables
Month 1: Complete Phase 1, First half Phase 2 - $9,450 USD
Month 2: Complete Phase 2, Phase 3 - $9,450 USD
Conclusion
The Dash team and community are one the most passionate and dedicated in the crypto space and have done vital work educating the public about why the user experience, access, and compliance matter most. We believe integration into the Bitaccess BTM network and Faa.st will be a powerful way to continue this work whilst increasing adoption and accessibility to Dash.
Thank you for taking the time to read through our proposal. We look forward to answering any questions you have, and to working with the Dash DAO community.
- Funding the integration of Dash into BitaccessBTM, a global network of crypto ATMs in order to provide Dash with cash access at more than 550 Locations.
- Funding the Integration of Dash into Faa.st, an instant exchange supporting non-custodial crypto to crypto swaps with all other support assets.
- Funding this proposal would provide Dash with a global network of more than 550 BTMs across 3 continents
- Bitaccess BTMs have more than 250,000 unique cash customers; funding integration gives Dash access to this new cash-based customer base that is currently hard to reach.
- The BTM market is going through rapid growth right now. As new machines are added to our fleet, Dash would garner greater and greater value from this deal
- Funding Integration would provide Dash with remote sell functionality, allowing users to complete a sell transaction with a machine remotely, and collect the cash later.
- This proposal also includes integrating Dash into our instant exchange Faa.st, providing Dash with new trading pairs, and an instant swap tool for Dash to Crypto swaps.
- Integration with Faa.st also offers Dash Via Faa.st's trading Faa.st API, enabling any partner to facilitate crypto - Dash swaps inside their own applications.
Formal Proposal
We Propose to incorporate Dash and InstandSend, into the Bitaccess Bitcoin Teller Machine (BTM) network. BitaccessBTM serves Bitcoin ATM operators across the globe, powering more than 550 BTMs, including the single largest BTM network in the US. Bitaccess BTM is proud to have served more than 250,000 unique customers and processed more than half a billion in cumulative transaction volume. If this proposal receives funding, every Bitaccess-powered BTM in the US and around the world will have the ability to exchange cash for Dash, and vice versa, on-demand. We already have a rapidly growing fleet, on track to continue expanding, Check our map here, and see if one of our more than 500 machines are near you. As veterans of the cryptocurrency industry, we identify strongly with the guiding ethos that drives the Dash community. We opened our doors in 2013, and despite the upsurge in mainstream interest in cryptocurrency since then, we’ve stayed true to that ethos as well. In 2018 we were proud to launch Faa.st as one of the few instant cryptocurrency swapping tools’ that is both non-custodial & does not require a user account. By incorporating Faa.st into our BTM software, we can now provide a seamless on-ramp for hundreds of thousands of users to begin using Dash. Dash will also be listed for trading on the standalone Faa.st app.We were early to the cryptocurrency game, and our goal with this proposal is to provide Dash with the same type of cash availability that we see across our locations.
About Bitaccess - Why Should You Trust Us? - Founded in November 2013, Bitaccess is a privately held technology company headquartered in Ottawa, Ontario, Canada. In working with Bitaccess, Dash will join reputable clients, including the National Research Council of Canada, Deloitte LLC, as well as Fintech companies in over 15 countries. Our customers rely on Bitaccess software and services to power their core infrastructure, compliance, security, and support services. Bitaccess’ investors include Y-Combinator, Pantera Capital, Blockchain Capital, and Real Ventures.
About the Team:
Development Lead: Dylan Seago - https://www.linkedin.com/in/dylanseago/
Head of Growth: Phillip McKenna - https://www.linkedin.com/in/phillip-mckenna-979867136/
Marketing: Joe Guida - https://www.linkedin.com/in/joseph-guida-08446523/
More about Bitaccess:
About BTMs
As one of the first companies to manufacture Bitcoin Teller Machines (BTMs), we take pride in being the leader in this industry, and to date have had our machines deployed in more than 15 countries. Additionally, Bitaccess scalable software suite, is proud to serve the single largest BTM fleet in the United States, through our customer CoinCloud, one of the first Bitcoin ATM operations to succeed at scale, and still continuing to expand.
While we’ve experienced great success supporting Bitcoin alone, we recently incorporated Faa.st into our BTM software to provide users all over the world with a simple, easy and frictionless tool for buying and selling other cryptocurrencies with cash.
See one of our BTMs in action here:
Why Dash
Due to Dash’s recent focus on remittance, engaged community, and its devoted core team, we feel that Dash, coupled with our BTM development team, represents an excellent opportunity for Dash to benefit from a scaled fleet of locations. Additionally, the teams behind Dash have done great work to grow mainstream demand, increase adoption, and build useful applications around Dash. We believe a global network of physical BTMs providing Buy & Sell cash access for Dash represents a tremendous opportunity to cement Dash’s position as a leading cryptocurrency with tangible cash access points in all corners of the globe.
About Faast
Our latest product Faa.st, is an instant exchange designed to allow fast, safe, and private cryptocurrency trading. Using our software, users can exchange cryptocurrencies directly from their own wallets without the need to create an account.
Why Dash & Bitaccess We think there’s a lot of natural synergy between the goals of the Dash network and the developments Bitaccess is working on. We are well-positioned to work closely and effectively with the Dash Core Group on a number of fronts. We view integrating Dash on Faa.st & the BTMs as just the first piece of this puzzle. Potential future initiatives range from marketing campaigns increasing Dash - Cash transactions on our network, to remittance projects using BTMs & Dash as a cross border cash platform.
Proposal Deliverables
- A new open source Node.js library to facilitate Dash payments via BIP44 and integration into the unified coin-payments library.
- Integration into the faa.st API - https://api.faa.st
- Integration into the open source faast app, allowing for instant purchasing of DASH on hardware wallets such as ledger & trezor - https://faa.st/app
- Integration of DASH on our BTM software platform - https://bitaccessbtm.com
- Monthly video updates for the duration of this project to answer questions, and keep the community appraised of progress
- Deliverable: npm module to quickly process Dash payments using unique BIP44 addresses. It will implement the standard payments-common API and be added to the unified coin-payments library. The library will be similar to @faast/tron-payments. Instant send will be used in an optimization capacity to increase the speed at which transactions are processed.
- Why
- Libraries like these are used to assist merchants process payments with minimal effort & improved security (Bip44)
- Timeframe
- 3 Weeks
- Cost
- 60 Engineering Hours
- Deliverable: Integration into faa.st API
- Why
- Integration in the Faa.st app provides non custodial instant DASH swaps to other all Faa.st pairs. Being listed on Faa.st also presents DASH as an options to our API affiliates, including Edge, Exodus & Emberfund.
- Faa.st provides a fixed pricing API which allow BTM operators globally to instantly provide DASH for Buy/Sell without any changes to accounting or liquidity
- Provides access to the worldwide BTM Network
- Timeframe:
- 1 week
- Cost:
- 10 engineering hours
- Deliverable: Integration into open source faa.st app
- Why
- DASH in Faa.st app gives worldwide customers an instant way to get DASH without needing to create an account (instant exchange, similar to Changelly).
- Provides support for swapping Dash directly from hardware wallets Trezor/Ledger
- Timeframe:
- 3 weeks
- Cost:
- 60 engineering hours
- Why:
- Allow customers to Buy & Sell DASH for cash at Kiosks globally
- Allow operators to provide DASH to customers without the need to change their current accounting setup or liquidity providers
- Prove that DASH is a global crypto currency by providing physical access in a compliant manner
- Timeframe:
- 1 week
- Cost:
- 10 engineering hours
- Note:
- DASH will be available alongside other faa.st assets
- It will be up to the final BTM owner if they choose to disable/enable DASH
(No setup is required to do so and it is on by default.)
- BitaccessBTM powers more than 550 machines across North America, Europe & Asia.
- Total Engineering Hours: 140 Hours
- Engineering Cost: $135 USD/Hour
- Total $18,900 USD
- + 5 DASH Proposal Fee Reimbursement
Month 1: Complete Phase 1, First half Phase 2 - $9,450 USD
Month 2: Complete Phase 2, Phase 3 - $9,450 USD
Conclusion
The Dash team and community are one the most passionate and dedicated in the crypto space and have done vital work educating the public about why the user experience, access, and compliance matter most. We believe integration into the Bitaccess BTM network and Faa.st will be a powerful way to continue this work whilst increasing adoption and accessibility to Dash.
Thank you for taking the time to read through our proposal. We look forward to answering any questions you have, and to working with the Dash DAO community.
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Discussion: Should we fund this proposal?
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You'll probably have better luck getting money from lesser known coins that aren't already listed on Coinbase and most other major exchanges.
1) bitaccess has a very narrow margin of the atm market share.
2) bitaccess does not need dash it is in their best interests to list it
3) bitaccess as a company has failed to innovate and as such see point 1
See - https://coinatmradar.com/manufacturers/
2. We have many projects we wish to include, as mentioned previously this is a way to have Dash gain this functionality and adoption sooner rather than later.
3. This is not true.
We have seen with crypto POS systems that DASH outperforms Bitcoin and Litecoin in terms of both the number of transactions and the total value of sales. See the Anypay as an example.
It is therefore in the best interests for BTM to integrate DASH anyway even without our funds.
Therefore, bearing in bind the financial benefits to BTM integrating DASH anyway I would like to see DASH get some additional benefit. I would like to see half price commissions for all DASH transactions for a period of 12 months after full integration of DASH with instant send i.e. the 12 month promotional period begins after full instant send integration in the entire BTM network.
I would also like the terms of the agreement to be written up and agreed with the DIF as a legal agreement. In the past we have seen companies come to us to integrate into their systems or provide a card payment system and then not deliver on what they said they would deliver on. Therefore for an investment of this side I would like to see a written formal agreement of the terms of the deal with the DIF.
If we can secure the 50% reduction on commission for all DASH transactions for a period of 1 year after full integration of DASH on the entire network and we get a written agreement with the DIF on the terms of the deal I would be prepared to vote for this project.
For us because it gives us assurance that we won't be taken advantage of and discarded after the integration has outlived its usefulness, and for BitAccess since having a long-term, contractual agreement would provide the basis for a mutually beneficial, long-term business relationship. +1
The more BTMs there are, the more competition there will be, the lower fees will get for the rest of us. Until then, these premiums are the price to pay for the convenience and the only way they're coming down is through competition. I think funding this Dash ATM service would be a welcome addition to our ecosystem and a real chance to let Dash shine, so let's support them with our vote!
Lets see Dash on these machines!
This is a great question,
Yes in contrast to other BTM integration proposals, once the update goes live we automatically update all the machines throughout our fleet. Instantly providing global access to Dash
A quick look at the atm site map shows most if not all the locations are already covered by other atm manufacturers, would you dispute that?
I would be willing to vote for 10k but I think that is still too much without something else to sweeten the pot.
If this fails to pass the first month it will still be valid and able to pass the 2nd month for only 10k. At that point it will be up to you guys to take it or leave it, I suggest you take the 10k and add Dash.
Nonetheless, one thing I'd like to ask you is if you could expand on this point "atm site map shows most if not all the locations are already covered by other atm manufacturers, would you dispute that?"
I'm not sure exactly what you mean by this, but if you mean that "the market saturated and most places already have a ATM" I would absolutely dispute that.
Most major ATM manufacturers are back ordered and there is still a intense land grab going in North America & Europe, let alone LATAM & SEA.
- Dash would only be paying for Dash to be integrated, all the other coins listed on Faa.st are already integrated with some of them having paid.
- This works out as roughly $35 per ATM (with more ATMs coming online in future), which is not a lot to add an additional physical access point to Dash.
- In my view it's not unreasonable for a for-profit entity to come to the DAO with something mutually beneficial and ask for cost subsidy.
- The other argument is that they should add Dash anyway and it's in their businesses best interests to do so, whilst I agree to an extent, I think $20,000 to ensure exposure in 550 ATMs which can be used as easy on-ramps and as a first-half of a remittance pair is not a bad price if there is room in the budget.
- Finally Faa.st whilst small actually offers a far better rate than Changelly, ShapeShift and many of the other 'swap' services, when building Switchly we found these services to be far more expensive than they should be, and with Edge, Exodus, Emberfund and Trezor + Ledger support this would make Dash pricing better in these services. Again the same arguments around them being incentivized as a business to add Dash anyway apply though.
For what it's worth, my goal with helping this (and any other POs) is to ensure the DAO can make the most informed decisions possible, I think this offers something tangible with good value for money for the DAO and would be an efficient use of funds.
Buy Rate
$8,229.85/BTC
Sell Rate
$5,889.52/BTC
That's 20% in each direction! I think don't think fees like this should exist if we are subsidizing the integration.
Thanks for highlighting this, so the fee's on the machines are not set by Bitaccess and are set by the individual operators on a machine to machine level. We want to see as much volume going through the system as possible, and so we like to see low fee's but operators have their own costs and set it at their own digression.
Though its worth mentioning we've had operators in our fleet charging as little as 3%
ATMS are a great way to promote our coin to the exact people we want to reach. This should be a no-brainer.
I'd just like to preface that I had uploaded this proposal as a concept to the Nexus & Reddit, and generated some great feedback.
If you'd like to read through those earlier comments on this thread.
https://www.reddit.com/r/dashpay/comments/fvywca/dash_meets_cash_integrating_dash_into_crypto_atms/
I'd be more than happy to continue the conversation here and answer any questions you may have.
- Phillip