We've structured the product and flow of funds such that we are exempt from MTLs and the Bitlicense. The volume limits and data collection we perform are all within the legal framework for AML. We may adjust them over time as we develop our risk model. I believe it is possible to have security without sacrificing privacy. :)
I'm a big believer in crypto--Bitcoin especially. But I think it's about more than just being a store of value. I see it as a medium of exchange. That is why I built Moon.
We integrated with Lightning Network because we see Lightning as the future of Bitcoin for consumer payments. Payments take roughly 3 seconds and network fees are around 50-150sats (3-5 cents) as opposed to the 1 hour wait and $20 you'd pay on-chain.
The crypto debit cards on the market take custody of your crypto, which is not really optimal, and they don't focus on preserving your privacy. Moon is non-custodial. Moon Visa® Prepaid Cards are one-time-use virtual cards so you don’t have to worry about data breaches leaking your payment information.
I'd love your feedback on the product and how we can make it better.
You can think of Bitcoin more as a settlement layer. Think of it differently: while sending $5 for a $30 fee makes no sense, sending $1B for a $30 fee makes a ton of sense. The average consumer does not necessarily need the settlement functionality afforded with an individual ledger entry in a global blockchain. Consumer payments will take place on 2nd layer solutions like the Lightning Network or on centralized platforms (like Cash App), but those platforms themselves will settle balances on the Bitcoin blockchain.
But now, because of Bitcoin, you as an individual can interact with, audit, and build technology within the world of finance without going through the traditional gatekeepers of our current financial system.
We've structured the product and flow of funds such that we are exempt from MTLs and the Bitlicense. The volume limits and data collection we perform are all within the legal framework for AML. We may adjust them over time as we develop our risk model. I believe it is possible to have security without sacrificing privacy. :)