AIP-328: AIP Idea: Apecoin Listing on COINHERO Crypto ATMs (ApeFest Hong Kong 2023) & ATM Installation at ApeFest HQ

Final AIPs Rejected AIPs
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Proposal Name: Apecoin Listing on COINHERO Crypto ATMs (ApeFest Hong Kong 2023) & ATM Installation at ApeFest HQ

Proposal Category: Ecosystem Fund Allocation

ABSTRACT

  1. To list Apecoin ($APE) on COINHERO’s Crypto ATM Network for preparation of ApeFest 2023 in Hong Kong.
  2. To host an ATM machine at ApeFest HQ located at PMQ, Central, Hong Kong, during ApeFest 2023.

MOTIVATION

  • Direct cash to crypto access for attendees during their time at ApeFest Hong Kong.
  • On the ground physical exposure and visibility to Apecoin at ApeFest HQ and across the ATM network Hong Kong.
  • Low user barrier: Users simply need cash and their wallet QR code to transact.
  • 24/7 access and liquidity as machines are always on, accessible, and in public areas.
  • Token available for purchase by anyone in the public.

RATIONALE

This proposal is something new offered to the APECOIN community and we hope that this proposal is seen as bold and new.

BENEFIT TO APECOIN ECOSYSTEM

This proposal aims to benefit the APECOIN Ecosystem by spreading its community and values to the wider community public through physical access to the token via ATM machines. Where most people are used to interacting with regular bank ATM machines, our crypto ATM machines provide a familiar experience, lowering entry barriers. Additionally, providing an ATM machine at ApeFest, allows event goers to buy $APE at a convenient physical location.

AUTHOR DESCRIPTION

I am the CEO of COINHERO and responsible for this proposal. I have been running COINHERO for the past 6 years in Hong Kong. COINHERO was founded in 2017 with the goal of making Bitcoin and Cryptos as accessible as possible. We operate one of the largest network of Bitcoin and Crypto ATMs in Asia.

TEAM DESCRIPTION

COINHERO is Hong Kong’s premier crypto ATM network founded in 2017. We have been providing the local market access to cryptocurrencies (BTC, ETH, USDT ERC20/TRC20) through 30+ ATMs located at key locations across Hong Kong Island, Kowloon, and New Territories. Our machines are 24 hour access, located at street-level and public areas and simple to use.

Our website: COINHERO

SPECIFICATIONS

Below is a video demo of our ATM machine explaining how a transaction is done. All ATMs have instructions on or next to the machine for ease of use.

Steps:

  1. Select token to buy
  2. Choose cash amount
  3. Scan wallet QR code
  4. Input cash notes
  5. Confirm amount and press “buy”
  6. Transaction completed (take a photo of the transaction details for record purposes)

Video Demo: HOW TO USE OUR ATM

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STEPS TO IMPLEMENT

Token Listing

  1. Integration: Our developers will integrate Apecoin into the ATM machine network, this involves front end UI integration, token integration, and back end exchange settlement. This will take 4 weeks.
  2. Marketing effort: Our marketing team will conduct online marketing campaigns for Apecoin through our social media channels.

ATM Hosting

  1. ATM installation: Our technical team will install the ATM machine at the ApeFest HQ. This involves electricity and cable management, WiFi connectivity, and CCTV monitoring for security.
  2. ATM management: Our operations team will monitor and manage physical cash and token supply on the ATM machine. The team will be on technical standby for any issues arising with the machine, settlement, and cash handling.

TIMELINE

Token Listing: We aim to list $APE token within 4 weeks by the end of September 2023, one month before ApeFest held on 3-5 November 2023. This gives one month during October 2023 to start token marketing campaigns prior to the event. This assumes proposal success and token integration completes within 4 weeks during the month of September.

ATM Hosting: We aim to install the ATM machine at ApeFest HQ in 1 working day.

OVERALL COST

Token Listing: US$10,500 or Apecoin equivalent for 1 year. This listing fee will go towards technical integration and marketing for a period of 12 months.

Token Supply: 10,000 Apecoin. These tokens will be used for customer settlement on the exchange back-end during ATM transactions. These tokens shall be returned upon the end of token listing.

ATM Hosting (3 days during ApeFest Nov 3-5): US$500 or Apecoin equivalent per day. This will go towards installing the ATM machine and its daily management.
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Total (assuming $APE @ $1.22): US$24,200

6 Likes
2

This sounds like an awesome idea! Regardless of whether or not it works out for this year’s Apefest I think it would be great to have Apecoin as an option in each of the ATMs. My only question is to do with the $500/day ask. That is an insane amount of money to spend every day on upkeep. $500/day is $182,500/year (A ton of money for an ATM that likely wouldn’t bring in anywhere near that amount of volume in a year). After a quick google search I understand traditional ATMs have YEARLY maintanence costs that are around $300. So I would ask that either you lower the ask, or explain in detail what exactly these daily management endeavors entail that make them so incredibly expensive. If you can reduce that amount, or simply come up with an amount strictly for installation and a separate (much smaller) amount for yearly upkeep, that would be much more palatable.

2 Likes
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Hi Hank, indeed that would be very expensive!

Apologies for not being clear enough in the proposal. There are two parts:

  1. $APE token listing on all our ATM machines which would entail a “Token Listing” fee, and would last 12 months.

  2. Installing an ATM machine onsite at the ApeFest HQ during the festival which would be for 3 days (Nov 3-5). This would entail the “ATM Hosting” fee which would be US$500 * 3 (days) = US$1,500.

Hope that clears things up!

3 Likes
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Ahh that makes a lot more sense haha! Sounds great. I hope it passes, you’ve got my support! Best of luck!

2 Likes
5

Excellent feedback. Looks like a great idea.

4 Likes
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A great offer, it will be a monumental step towards merging the spheres of physical events and digital currencies. A wonderful initiative

2 Likes
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You do not need permission from US to use APECOIN, you only need permission from your local government & licence. Apecoin holders do not sponsor government permissions so far. This is obviously regulation related.

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@Coinhero from your description this is not for government permission but for technical integration, marketing and also a special one time fee to add the ATM at the event. Also the other 10k APE is for settlement and returned later.

4 Likes
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So what percentage of fees of yours will go back to my wallets holding apecoins?
Lets talk money here. And which channel will you use to pay us?

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Hi @TheFatherOfAllStorms,

Thanks for the questions. As @bigbull mentioned, this is not a Government permission listing request, but on our ATM machine network across Hong Kong that we have been running since 2017.

Could you kindly elaborate on your question of percentage of fees returning back to your wallet? Thank you!

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This topic was automatically closed after 7 days. New replies are no longer allowed.

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Hi @Coinhero,

Thank you for your ideas [and the ApeCoin DAO community for the insightful discussions]. A moderator will reach out to the author to finalize the AIP Draft using the appropriate template. In accordance with DAO-approved guidelines, if the author doesn’t respond within 30 days, the proposal will be automatically transferred to the Withdrawn category, and the author can re-submit the idea. Once the AIP is Drafted and meets all DAO-approved guidelines, it will be published on Snapshot for the official live voting phase at: Snapshot.

Follow this Topic as further updates will be posted here in the comments. @Coinhero please see the response to your recent messages for the next steps.

-@Facilitators

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Hi ApeCoin DAO Community,

The AIP Draft submitted is currently incomplete and feedback has been provided to the author.

Follow this Topic as further updates will be posted here in the comments.

Thank you,

-@Facilitators

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Hi ApeCoin DAO Community,

@Coinhero has completed editing their AIP Idea to be their AIP Draft.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

1 Like
16

Hi ApeCoin DAO Community,

Edits have been made to this Topic, by the author’s request.

You can click the Pencil icon at the top of the post to see these edits.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

17

Hi ApeCoin DAO Community,

We have no further questions for @Coinhero. This AIP is now under Administrative Review.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

18

This proposal is live for vote on Snapshot. The voting period closes next Wednesday at 9PM EST.

The AIP implementation is administered by the Ape Foundation. Implementation may be immaterially or materially altered to optimize for security, usability, to protect APE holders, and otherwise to effect the intent of the AIP. Any material deviations from an AIP, as initially approved, will be disclosed to the APE holder community.

1 Like
19

Hi ApeCoin DAO Community,

The voting has closed for this proposal and it has not been approved.

This Topic will be moved to and remain in the Rejected AIPs subcategory.

-@Facilitators

1 Like