Xplainer 4: An update from Shiv.
ChipX is here, but what does that actually mean? This Xplainer is to reiterate what ChipX is until 8 February. Let’s go back to basics…
What is ChipX ‘till 8 February?
As an X VIP investor you were promised the opportunity to move your money into ChipX on the 8 January. We also promised an an 8% pa ‘earning’ on the maximum you are entitled to move to ChipX.
For investments from £3,000 to £5,999 our promise was: “Become an X VIP. Jump the queue to ChipX and start earning 8% on £5,000 from launch day on 8th January 2019.”
For investments from £6,000+ our promise was: “Become an X VIP. Jump the queue to ChipX and start earning 8% on £10,000 from launch day on 8th January 2019 - X founder membership free for life.”
This month your earning will be a ‘bonus’: a guaranteed 8% pa (per/annum) payout on all the money you load to ChipX.
The word ‘bonus’ is key. The ChipX product we currently have, which will last until the 8 February, is a bonus payout to our X VIP’s. It has 2 functions.
1. To say thank you.
2. To secure money in ChipX as we move forward.
We have had some criticism that the product on the 8 Jan isn't a lending product, but there is a reason we haven’t promised borrowers any money at this stage. It would have made no sense to start allowing users to borrow money if we didn’t know how much our X VIP’s were willing to lend from 8 January.
The month buffer allows us to learn and predict accurately when we can roll out ChipX lending to more users to ensure that we have enough liquidity in the marketplace... not too much, not too little.
So, ChipX at the moment is a bonus payout for X VIP’s to say thank you and to secure money to lend when that time comes on the 8 February.
Some practical FAQ’s.
How do I move my money from Chip to ChipX?
Money is moved to your ChipX account via a bank transfer, we don’t yet have the functionality to load money to ChipX straight from your Chip account.
If you want to use your Chip savings, please withdraw the money and then move it to ChipX via the dashboard you have access to.
How long does the application take?
Up to 3 days. As the ChipX account is separate from Chip we need to run KYC checks on every user before accepting their application. We also need to cross reference applications with our investment list.
After this, our system has to verify transactions, these are refreshed daily. If you don’t see the money appear on your ChipX dashboard instantly, this is normal. It will take up to 24 hours.
Why might an application take longer?
You can’t use ChipX if you are not already a Chip user.
You must have invested the enough to be classed as an X VIP in this investment round.
Your KYC check may fail, if this happens we will get in touch to discuss the next steps.
Is my bonus backdated from the 8 January, or when I am approved?
Don’t worry if your application takes a while, all money loaded to ChipX before 18 January will receive an 8% bonus backdated to the 8 January.
Will transfers be processed on the weekend?
No, all bank transfers will be verified and approved on a working day, the same as Chip. You can still make the transfer, you just won’t see it until a working day.
When will ChipX be functional in app?
For now, we are keeping the ChipX dashboard as a separate entity, this is whilst we build the lending platform. ChipX will most likely remain a dashboard, independent of the Chip app until we secure significant Chip 2.0 app improvements.
Who do I talk to if I have any questions?
Can I withdraw money from ChipX?
Withdrawals from ChipX can take up to 2 weeks to process, this is a regulatory requirement with the account creator. If you do want to withdraw money, please email email@example.com and include the word ‘withdrawal’ in the subject.
What happens on 8 February?
We will send you terms and conditions to explain the lending process, you will then be able to accept these terms and conditions and allow your money to be lent.
Thanks for your ongoing support,
Head of Lending