Welcome to another episode of our AMA
series. Today we are glad to tell you about the AMA session with our friends
from Finminity. The project is an innovative Polkadot driven
cross-chain investor services platform that is flexible, rewarding, transparent
and secured. The AMA took place on April 11 and our
guests were Ron Lahirih (Founder and CEO), Shaik Hamdan (Marketing Head) and
Saloni R. (Business Analyst).
The total reward pool was 500$ and was
divided into three parts. In this AMA Recap we will try to summarize some of
the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY
QUESTIONS
D. | Satoshi Club: Good
day everyone! we will have AMA session with Finminity! today our guests – @RonLahiri
@shaikhamdan @Ragg_47. Welcome to Satoshi Club!
Ron | Finminity: Thanks
a lot for having us here – we are doing good and a shout out for Satoshi Club!!
Thanks.
Shaik Hamdan: Hello.
We are doing great and look forward for an interesting session with your
community.
D. | Satoshi Club: So
let’s begin our AMA with a short intro! please guys introduce yourselves and
tell us about Finminity!
Ron | Finminity: Thanks,
I am Raanngin (Ron) Lahirih the founder and CEO of Finminity. I have worked in
Management Consulting for 18 years after which I started my Blockchain journey
with my first agricultural provenance startup in Netherlands. While working
with that company, I found that Funding at the early stage for companies is a
problem and is there a way we can use DeFi Safety protocols, Tokenization to
make it save for investors as well good companies to raise early capital. That
started us on Finminity journey about a year back.
This is my profile https://www.linkedin.com/in/raanngin/
Shaik Hamdan is our marketing head and supports us growing
the presence in Middle East and Gulf, which is very hot in Blockchain and Crypto
Currency. He also heads his own startup in Robotics Space. Saloni is our Business
Analyst, Marketing support for Digital Channels.
S R | Finminity: Recently
graduated and completed my MBA from a university in Kolkata, India, following
which I was introduced to the world of Blockchain when I joined the Finminity
team as a Business Analyst – Digital Channels. The journey has been pretty
exciting and I look forward to having a great evening with the Satoshi
community.
Shaik Hamdan: I
am in IT industry last 25 years but Blockchain world is making me really
excited. I love going to office
everyday with that excitement. My LinkedIn www.LinkedIn.com/in/Hamdan
Ron | Finminity: The
name came from the words – Finance Infinity and Community… Regarding Finminity,
it is an innovative cross-chain investor services platform that is flexible,
rewarding, transparent and secured with its IDO as well a full performing
investor engagement platform.
Our aim is to make Fund Raising easy for Startups with
comprehensive investor engagement through DeFi driven ETH and Binance Smart
Chain (BSC) platform with inbuilt safety protocols of Value Locks, DAO and
Milestone based fund release.
We prefer blockchain startups which has business model
amenable to tokenization, with known teams, some runway like existence for some
time, availability of POC or basic MVP and some customer interests.
D. | Satoshi Club: Got
it! by the way congrats on your successful IDO😉🥳
i know it happened not long time ago.
Ron | Finminity: Thanks
to our supporters we made it. It was a collective effort and we would like to
bring in good companies with the above checks. Quality, safety rather than
Quantity. I know it’s a mad rush but it plays to be safe and have good
companies.
Q1 from Telegram user
@lukacy
I really like the new
bridge created by Finminity; the FINMINITY BRIDGE”. Can you explain a bit about
how it works and we can use it? Presently, you only allow crossing $FMT token
between the ETH and BSC network. Will $FMT be the only default token that can
be crossed between platform or will you later add supports for other token (tokens
that exist on both network like USDT, etc.). Is there maximum or minimum limit
on the amount I can cross? I tried crossing from $FMT BEP20 to $FMT ERC20, I
had to pay Eth gas fee also since I am using metamask. Please would you add
support for other dapp supported wallets like trustwallet soon?
Ron | Finminity: The
bridge is made for people to use both the chains. As we raised funding in Ethereum
chain as that was decided earlier, but we found that Binance Smart Chain
getting so much traction for its low fees and less congestion and many small
investors supporting it. And we are Cross Chain – hence we build the bridge for
our investors to use and take benefits.
How this works – https://finminity.medium.com/finminity-fmt-introduces-cross-chain-bridge-between-ethereum-and-binance-smart-chain-for-its-27a9017d15fa
The limit is based on the amount of FMT you hold. As of now
it is only FMT – as generics bridges are available with others. The gas fees
are unavoidable as of now.
This bridge can be used by the companies we onboard into our
platform as value add. BSC will be a good place to for the next companies to
raise funds as it is cheaper and much manageable than Ethereum.
D. | Satoshi Club: Will
your bridge support other blockchains? except Eth and BSC.
Ron | Finminity: In
case the next company raises fund only on BSC, then our supporters can use that
move to the BSC and based on the Token they are holding, their tier and
allocations will be found out and they can participate in the sale.
Q2 from Telegram user
@AmirJosh
One of functions of
Finminity is taking Care of Investor Risk & Rug Pull by Companies through
smart contract-driven milestone-based payment release. Can you explain how this
“smart contract-driven milestone-based payment release” ensure that companies
will have no options to do the rug and pull stunt which is frequently happening
these days?
Ron | Finminity: Yes,
we would like to use this function for slightly larger raises. For larger
raises, the fund raised by the company is not given to them straightaway and
disbursed as per milestone achievement.
The Milestone remains in the escrow contract and when the milestone is
verified by our FMT Staking Token Holders (Voters), the money is released. In
that way there is some safety of the investor money.
In addition, a Know your Business Check and Due Diligence is
also done to know the quality of the company. True good companies should be OK
with this as this is a prevalent practice in non-crypto crowdfunding process in
the fiat world. We just eliminate the Client Money Custodian with DeFi
protocols.
D. | Satoshi Club: Do
projects have to pay some sort of fees to be able to use your launchpool?
Ron | Finminity: Normally
we would like to charge a % but for the first few companies we would like to
waive this of.
Andrés M. | Satoshi
Club: Can you tell us more about those companies that you are working with?
Please tell us more about your partnerships.
Ron | Finminity: X21
Digital is our key partner and guide in the journey. We have been supported by
quite a few good private institutions as well. Our IDO partners were Mantradao
and Zeroswap, they have been a good support and will support us as we go along.
And we are using DeFi Wizard and some more companies in some of the tech
blocks.
Q3 from Telegram user
@Highpee
You have said that you
a not a strong supporter of token burning approach but you believe in
developing real utility for tokens in order to ensure a constant demand for
them. Apart from using $FMT to pay onboarding fees, what other use cases and
real time utilities will $FMT have which can help drive a constant buying
demand for it? And if you are not going to implement a burn system, how then do
you intend to strike an equilibrium between a constant demand pressure and
ensuring a deflationary token supply as a continuous demand for token may cause
the circulating supply of $FMT to keeps increasing?
Ron | Finminity: The
best use we think is that every company who comes into our platform has to be
have some percentage of liquidity pair using FMT Tokens. This is in addition to
use the tokens as onboarding fees or giving community as rewards in voting for
resolutions.
D. | Satoshi Club: Do you planning any token farming event in the
near future?
Ron | Finminity: Yes, we are thinking about this with our advisory
team and we will let our community know.
Q4 from Telegram user @Indomiekuy
Finminity have privilege/VIP access feature as their product, can you
explain more about this VIP access, how to join and become VIP member? And what
user possible to do if they already become VIP access member?
Ron | Finminity: This
VIP access is basically the persons who are in the LP Staking Program who will
have a higher allocation for the IDOs. Even normal tokens holders snapshot will
be taken to check their allocation levels but LP guys will have a slightly
higher % – making them VIPs.
D. | Satoshi Club: So
theoretically anyone can become a VIP?
Ron | Finminity: There
could be supporters who may not like to be part of LP but they are also holders
with fair chances of allocation. We are talking with one of X21 partner
companies for audit. And also DeFi Wizard code has been validated earlier.
Q5 from Telegram User
@neverencryp
Finminity is said to
work in the HYFI that means taking the best of CEFI and marrying that with DEFI
and decentralization, thinking of it this would be the first time I am hearing
of HYFI and I did like you to explain how you want to achieve and bring
together the CEFI world with the DEFI world.
Ron | Finminity: In
our earlier business model we were thinking of supporting asset tokens/security
tokens which are basically kind of hybrid. As of now we are not doing that.
But we are looking at robotics and data driven monetization
& tokenization model in our raise companies. These companies though are
utility token driven, but has real life use cases making them a kind of hybrid.
If we can support these kind of companies which has use cases in crypto and
real world, it makes the business more sustainable through business/crypto
cycle up and downs.
Q6 from Telegram User
@victorogb
Finminity has made it
mandatory for any company doing token sale to set aside a fixed liquidity of
Finminity token pairs when listing on exchange and also every company that
comes into Finminity for token generation & funds raise needs to have 15%
of their Uniswap liquidity in FMT Tokens, as these measures set to drive demand
and price of FMT tokens. Will these measures be extended to DEXs apart from
that stated above where such companies prefer to list or conduct TGEs, what
other ways or through what channels does Finminity aim to drive a stronger
liquidity for FMT?
Ron | Finminity: For
the time being it will be applied to DEXs. In addition, good APY driven liquidity
programs will drive a stronger liquidity.
PART 2, TELEGRAM COMMUNITY LIVE
QUESTIONS
The
chat was open for 120 seconds; a lot of questions were posted by Satoshi Club
community. Our guest chose some of them.
Q1 from Telegram User @NataliyaKil
I found a fairly large list of
Finminity investors in Medium. This
allowed you to raise USD 1.13 million during the funding round for your
multi-chain platform DeFi Investor Services.
At the moment, do all investors continue to cooperate with you? Is everyone confident and determined to have
a positive outcome for Finminity? After
all, an investor seeks to reduce his risks and always tries to foresee all
possible scenarios and calculate his risks in advance.
Ron | Finminity: Our
investors are long term and their hodling and vesting structure are also made
in that way. They will help us in the journey in the steps and guide.
Q2 from Telegram User @tatarrama
Please list the
features that make the Finminity project special and attractive than its
competitors?
Ron | Finminity: There
are quite a few platforms who are helping to raise funds but with raising funds
comes investor engagement and post investment services and a host of associated
activities so that investors interests are kept in priority. We plan to
specialise on those 2 parts in addition doing selective fund raises through
cross chain Dapp. Following are the key areas we are targeting.
Investor Engagement
- Companies can pitch to investors through an easy
to view pitch portal
- Talk to potential investors through Discussion
module (Open Discussion Boards)
- Create company events that can be scheduled in
platform
- Investors can build or be part of a community to
talk in specific topics or companies related to a specific area (say women
focused companies in crypto, Crypto CSR)
Investor Services
- Companies can set their milestones for fund
releases
- Investors get interest in their Investment as
their funds is kept in client money contract and given to companies only when
the achieve roadmap milestone
- There is a voting through which this milestone
achievement is validated (and if voting doesn’t work for paucity, it moves to
multisig)
- Investor can vote for other resolutions and get
rewards for that.
- Investors can rate companies and get benefits
- P2P community marketplace to do P2P sell within
the platform in the closed community
- Integrated
KYC for KYC driven fund raising so that there are no issues from a regulatory
perspective
Q3 from Telegram User @Indomiekuy
I see that Finminity
already do ama on satoshi club on October 2020, so what is your opinion doing
ama in satoshi club? what is the benefit that you got from 1st ama on oct 2020?
Ron | Finminity: We
had done an AMA for thinking odd raising in November but the market turned bad
and postponed fund raise. We kept working on the project and waited for the
market to look up. And also within this time lot of things happened and we
wanted to let Satoshi Club know what we have done and what we are up to.
Q4 from Telegram User @SPAZEEEE
Are there any special
rules to be able to join the project that you are making now? If so, can you
tell us what are the rules so that you can join your project?
Ron | Finminity: KYB
of the company, verified founders, technology capability and MVP in some state,
some months of existence and interest from customers/ revenue/business model
tied to tokenization.
Q5 from Telegram User @Airborne19
How COMPANIES will use
FMT token? What will be the UTILITY of FMT for COMPANIES?
Ron | Finminity: Companies
will use the FMT tokens as
- Fees for onboarding
- Token minting and Liquidity Pair creation
- Resolution creation and posting them to vote
through Finminity DAO and
- Reward/Incentive/Liquidity Yield distribution
Investors will use FMT tokens for
- Get Preferred access for all tokensale in the
platform
- Voting in the resolutions
- Staking and get incentives
- Transaction fees in the P2P marketplace
Q6 from Telegram User @highpee
Who set MILESTONES
TARGET and how will you evaluate if a target is met? Will it be through a
quarterly audit of companies or through voting? And in case of company failure,
what resolution procedure will you use to determine the partial investment
return and interest that investors get as compensation?
Ron | Finminity: Very
good question – we suggest you to look at Soft Rug Pull and Hard Rug Pull Vides
on our YouTube Channel to know more about the process. Remember that we will
apply for large fund raises, for the Initial IDOs we will do, they will be
small fund raises.
Q7 from Telegram User @Arisabela
Currently, your bridge
solutions work by using your token $ FMT, is it possible that in the future
other tokens and this type of swapping may be incorporated? Or will it be
exclusive to Finminity and its token?
Ron | Finminity: Finminity
tokens and tokens for the companies that onboard us for IDO.
Q8 from Telegram User @neverencryp
In the process of
helping a company crowdfund, do you have the requirements for people to pay
through fiat currency and which type of currency do you accept if you do so.
Ron | Finminity: As
of now this is not available.
Q9 from Telegram User @MCBTrade
….
Ron | Finminity: The
team has worked in Enterprise Ethereum Blockchain and then into Crypto and DeFi
for quite some time. On top of that the team has the experience to run a
regulated crowdfunding platform in Middle East, under DFSA/DIFC and doing that
has understood what extra best practices that we can bring into crypto, not
being rigid like the regulators but take the flexible options.
The combined team has experience of more than 50 years into
Information Technology, consulting with brands like PwC, IBM, Cognizant,
Etisalat and has experience of running companies and very importantly execute
projects as per the roadmap.
Q10 from Telegram User @MCBTrade
What do you think is
the biggest problem Finminity solves or will solve, but not solved by other
projects? And what is the benefit of solving this problem to crypto or our
lives?
Ron | Finminity: Finminity
Platform leverages the Ethereum & Binance Smart Chain (BSC) blockchain to
allow confidential, secure, streamlined, efficient and reliable transactions
for SMEs to close fund raising that would usually take 8 to 12 months to close,
in weeks or even days and that too being compliant to all regulatory checks. We
have built both the Dapps /launchpad for startups to raise funds using these
important chains.
It also has a decentralized Investor Services Platform with
inbuilt staking rewards powered by Finminity DAO for permissioned community and
investor voting for resolutions and other statutory obligations. Investor engagement
services like Pitching in a nice format so that you can know more about the
company you are investing, Events and Community Build and Discussion can also
be done within the platform. There is also a public discussion board where
questions can be asked to the company that is using the platform.
Q11 from Telegram User @Robotliker1
Where is $FMT
available to buy? Could you provide me a contract address to buy $FMT in
pancakeswap?
Ron | Finminity: Please
head to https://t.me/finminityofficial
and see the pinned message to see the token contracts, Uniswap and Pancakeswap
Links.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi
Club Team asked the chat 4 questions about Finminity. A link to a
Quiz form was sent into the chat. Participants had 10 minutes to answer. 300$ were
distributed between the winners.
For more information and future AMAs, join our Social Media
channels:
English Telegram
group: https://t.me/Satoshi_club
Russian Telegram
group: https://t.me/satoshi_club_ru
Spanish Telegram
group: https://t.me/satoshi_club_spanish
Telegram Channel:
https://t.me/satoshi_club_channel
Website: https://esatoshi.club/
Twitter:
https://twitter.com/esatoshiclub
Our Partners:
Finminity Official: https://t.me/FinminityOfficial
Website: www.finminity.com
