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  • talk to me about next.

  • So if I would just ask a simple question, what does next?

  • So do, how would you explain what you do and how you do it differently than other companies.

  • We provide banking services for the Blockchain space.

  • And since everything is slowly coming on chain and onto the Blockchain, we're providing banking services for everything.

  • Uh, you know, not to toot our own horn here, but we were the first ones to do that in a systemized, institutionalized manner and we got some first mover advantage.

  • I like to think that we still are doing a better job than others.

  • I'm not engaging in trash talking competitors.

  • I wish some of them, uh, you know, would share my philosophy in that regard.

  • But you know, we just uh, let our success and our products and our clients speak for ourselves.

  • But As of a financial institution brain and butter, what we started off with, uh, were the crypto back loans.

  • The notion that you can take out a loan against your crypto holdings and there was no central entity through which to do that.

  • When we started late 2017, you know, there were forums and folders and read its and subreddit and Bitcoin talk discussions where people were, you know, very primitively exchanging and borrowing against one another in appeared to be manner with a lot of scams and exit scams and you know, a lot of people losing their, their crypto and we were the first ones to come in and say, okay, we're going to be the lender, we're going to go through the licensing procedures, We're gonna set up as an entity, build trust in the community so that you can reasonably well expect to get your Bitcoin back once you repay your loan and uh you know it's just build it from there.

  • Then the earn interest came in second which was super exciting and We came a little later in some of the other guys, but it has to do with the sustainability of the business model, but we now give people the opportunity to earn up to 12% on their asset.

  • It's been painted in kind.

  • So if you're running on Bitcoin, you get Bitcoin, you're learning on stable coins, you get that stable coin and in the low interest environment, you know, you can understand quite easily why this has been the success it has been and how we've grown too close to 15 billion ranges by today when china comes and announces something and Bitcoins down 10%.

  • So this overall book, it shrinks a little bit uh double digit billions is quite something now and back in 2018 19, as you said, there was no entity or institution that would necessarily give you loans against your crypto that the decks is hadn't really yet come aboard.

  • So there wasn't that option and you guys were doing in a trustworthy manner and almost like a financial institution, do you have a banking license or something or?

  • We're working and we have been working our banking license, we have impending procedures from applying for a banking license from scratch.

  • And also we are working on a minority stake holding in a U.

  • S.

  • Bank slower than I would have hoped and I've had announced it in the past and people are zealously following where is it going to happen?

  • The thing is with such things there's no fix that line and you know we can take longer than it does.

  • And then when gansler in the sec they start talking about crypto and maybe stable coins are securities and what not.

  • It gets even more complicated and challenging.

  • But we are working on a banking license and we'll have it sooner rather than later.

talk to me about next.

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    林宜悉 posted on 2021/10/13
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