Seamless DeFi Banking - EQIFI AMA
today we're going to have equify on now this is a really really promising d5 project if you don't know what echofi is you're going to learn a lot about it today and you're also going to learn probably about echo bank fat candle really excited to have you guys here welcome jason and brad awesome to have you guys um and talk about echifi and honestly it's mind-blowing the stuff that you guys have told me um and i think that it's gonna be really important for you guys to listen into why you may not even need to have a bank welcome guys uh it's awesome to have you here thank you for having us my pleasure so i guess the first question is what is equify and maybe let's start with what is echiban because i know echo bank good friend of mine tim frost ceo of yield app um also a co-founder with you jason so i've known about echobank for quite some time i found out it was like fully uh you could like 180 countries uh you could basically can use it it's a digital bank it's licensed it's regulated tell us more about this echibank was formed in 2015 the team itself has 250 years experience of running some of the biggest banks in the world so we quickly accelerated and we now provide uh bank accounts to more than 180 countries around the world we bank a lot of the big crypto exchanges a lot of big otc houses and we have more products um to more countries than any other digital bank in the world so we're very very pleased with our progress and myself and brad came up with this amazing vision a couple of years ago about linking a regulated and licensed bank to d5 empowering a d5 platform for the first time we're light years ahead of any other bank and obviously that enables us to provide enormous interoperability between people wanting to get into d5 using d5 products but also having to use some atm cards accounting variety of currencies custody otc etc so that's the level of interoperability that eq5 provides so basically they can use echifi as a bank you'll have a you'll be able to have a card you'll be able to spend your money as you please can i take my money out whenever i want like do i have to tell you hey man i need to take my money out like is please can i have my money or how does that work well we have one of the best capital adequacy ratio and step stress test ratios in the world because we do not lend a single dollar from our own balance sheet so if every client comes to us today some of the big insurance companies some of the big funds uh some of the large crypto exchanges we can give everybody their money back uh immediately because we don't lend their money to other people we're one of the few banks in the world that does that so it provides 100 assurance for for all of our clients so guys so you guys can understand equibank is going to give people the ability to go in and out of crypto into fiat in and out of in and out of different types of fiat in the different types of crypto very seamlessly without having any issues at all yeah and it's ready today i mean a lot of projects joel as you know talk about soon come soon come we've been running this for six years highly successful we've been voted a top ten global digital bank to watch as long ago as 2018 and 2019 so we have the apple esque model we don't talk about products we don't talk about solutions until they're ready to go into the market and as people can see bank website we have everything that they need multi-currency accounts credit cards debit cards loans custody otc and even wealth management so uh that's the power that we bring to equify straight away these guys built a whole entire platform that also links into banking so imagine if you could take your defy gains and automatically put them into your bank you could actually get cash and spend it on your card it seamlessly this is what you're saying right yeah that's exactly what we're saying and it obviously took a long time for us to work with our regulators on something as initiative as as expansive as this and we've managed to launch extremely successfully and as i say the bank's been running for six years running beautifully and we believe that d5 is the next step for for banking we believe that existing banks face an existential threat because of d5 so we want to get ahead of the path ahead of the path and and jump into that space now and that's why brad and i have almost without question the most exciting d5 company on the planet well let's hear about how equify is going to make d5 seamless because they basically are doing what i was talking about in terms of wallets but for defense really super cool the access to d5 is still limited by one's technical knowledge with ekify we're we're trying to change that completely and create this platform that's a bridge between digital banking and defy as a whole not just our own products but the whole ecosystem because enkify is a blockchain agnostic we are very friendly with other products we see cooperation before any competition and what we want to do is create this gateway into d5 for all these people who are hearing about four or five percent returns on money even 10 20 they're hearing about peer-to-peer lending and they have no way of experiencing it just because they're not tech savvy and if we can bridge that gap i think we will we will truly make a difference in the world and connect the two and allow d5 users to have the proper banking facilities they need and have the banking clients have access to d5 in a safe regulated manner that doesn't require a lot of technological know-how and and education yeah i think that's the the gap for a lot of people like for for our parents and our aunts and our uncles and stuff it's just like where do we get started we have money in the bank and it's like okay try to connect to this and maybe you get accrued by coinbase and ukyc it's like there's so many steps to everything the average person is like totally turned off by that because it's just risk the whole thing is a risk and it's too much for the average user where they're happy making ten percent they're great my mom's happy making eight to eight to ten percent even though she can make 20. she's happy with that so if we give them an easier way and we say hey yeah you you can just open a bank account here it's more insured than actually your normal money mom so you should probably put it in there and actually they'll make you money too so you should probably put that so this is the stuff that i will even be telling my parents like and i will be doing right because why do you need a bank account with this and then even better if you don't know how to get into crypto great make an account at a bank and you can have access to d5 this is basically what you're doing right yes this is the connection i think a lot of people watching you have to connect these things these are big things this is not small this is a big thing because everyone talks about oh wells fargo they don't want to let people do crypto and this guy doesn't want to these guys are the place to do it and they're regulated in 180 countries so as long as you're not sanctioned from north korea you know it's probably going to be okay to make an account echo bank you can probably do it uh and the beautiful part is you get the access to all of this d5 beautiful platforms which you don't have to do a lot of work yeah that's exactly what we're doing i mean also basically more products than than any other d5 platform at the moment we have a fixed term lending product a fixed rate lending product we have a variable market yield aggregator proprietary system there and we've got interest rate swaps and our objective is to bring in a lot of institutional monies uh from the traditional banking world i mean you only need to look at the numbers the traditional banking facilities have a total asset base of 134 trillion dollars and obviously a few dollars so we would like to put a lot of that into buy and frankly we're probably going to do that at this point whilst also meeting the needs of our amazing crypto community and giving them so many more functions so many more uh attributes and of course not only is echibang licensed and regulated for many years now but ekifi is a licensed and approved manager so we have that as a very unique feature as well how does maybe explain that go into that the manager part because i think a lot of people are looking for ways to put money into you know certain products that are less it may not make as much but they're just less work you see so a lot of defy and crypto projects start with a really good idea which again i believe jason and i came up with a very valid uh solution to what we were seeing and then they start building it and then they build it and they launch it and then only after launching someone comes and knocks on their shoulder and says hey so where is um your license from where where did you get approval to do this activity because it's a regulated activity and then they scramble to try to find the jurisdiction to fit what they built and fit their stakeholders needs and then they get in trouble we took the exact opposite approach where we looked at what's going to be needed to be compliant license regulated in everything we do when jason says we have a manager license we got that to cover a product that we're going to offer and every product every feature we add we have a solid compliance team a kick-ass legal team and they work day and night to ensure that if we're building something we're compliant with our regulators and we have all the licensure we need to launch it in the the right way and it's going to be a safe environment they don't have to worry about it same thing on the banking side because we have the highest expectations of kycaml when we uh on board crypto entrepreneurs funds businesses we know that that's that's going to be okay we're not going to pull a wells fargo since you mentioned it and close someone's account you know a few months into it just because they're successful and they're using the banking facilities because that's just um that's just unfair yeah and there's a lot to be said for unfair banking which is probably why you guys started equity okay like it seems like that's usually the the people's drift into crypto is like they see stuff they don't like it the way it's been done and everyone's like it's just done this way and you're like screw that and you build something better right and that's that's what i feel like that's kind of where the the ecu bank and the echo fi kind of comes from but you guys have all these products you said that other people don't have the same types of products right can you talk about those like what types of things will people be able to do with the money that they have on the platform that maybe they can't do on ave or compound we have four four products all launching uh next week which is tremendous we have a fixed uh rate uh lending product so people know exactly how much they're going to have to pay when they uh stake their bitcoin and variety with the currencies we have a variable rate so people want to come in and out of the variable rate that's actually fantastic as well with our own aggregator which enables people to basically park funds with us and we provide an approved manager facility to invest in a whole variety of product sets and then we have a great swap product the first one to go out there into the ecosystem and that enables basically people to hedge their risks maybe they're in a fixed term fixed rate product but they want access to their money so they swap it into a variable rate product or maybe they're in a variable but rate product on our platform or anybody else's and they feel that they want the security of having a fixed rate on that so these are the kind of products that really drive the attention of funds john the institution absolutely the interest rate swap market is 500 trillion dollars so i think it's a it's a problem and a market worth fixing yeah i would absolutely agree those are some great products are you guys going to offer all the other products i guess that people um normally see on a lot of the other lending and borrowing platforms well the four products were launching straight away but obviously people can come in and out because bank accounts credit cards debit cards custody and otc there's our major drive for now and i don't want to give too much away but we've got very excited further announcements in september yeah i think uh there's a lot of excitement around here like i know personally like people were kind of scratching and clawing to get in everyone wanted to be a part of this so basically you guys are trying to restart the banking industry the right way and instead of being like no crypto bad you're like crypto good no d5 that no d5 good but the i think the real kicker here for a lot of people watching is you can do all of that and at any point take your money put it into your bank and take it and spend it you don't you don't even have to take anything anywhere it's one platform and you have your bank and you have your d5 platform and it's seamless everything you need yeah i mean you you need access to the wealth you created in in your local currency there you go we have a solution for that if you want to take your hard-earned cash and get exposure to all of defy not just one pool that you heard about from your cousin's friend who maybe created that pool and you don't know how trustworthy that is he's just like oh this this is a really great uh you know uni swap pool and you're like okay let me try and then boom money is gone but no for for us we want to analyze the defy ecosystem for you we want to pick different types of products with the yield aggregator whether your risk tolerance is low medium or high and present those to you and then because we do the heavy lifting we do the analysis both from a financial but also uh code and technological perspective at least you have the peace of mind that some third party who's not related to that specific pool looked at it said yeah you know there's there's obviously a risk in everything but this looks good for this risk profile and has done all the homework for you so you just click and deploy your funds we want to make it as simple as a few clicks for any product to be used i think that will bring a lot of big big funds to crypto like i think that's what they're waiting on this is the product i think this is why so many funds were really excited about echofi this is coming to you that's the thing i think that is the big kicker with equify is it's coming to everybody like regular everyday people will be able to access the stuff that they couldn't access before but you can also get a bank and you don't have to worry about them running away with your money you're great and now you can use these amazing products which are tied to the bank which makes everything easier all the problems you have with coinbase what are the 99 of people tell me oh i have to wait two days oh i have to wait a week oh it sucks now i missed the opportunity to buy well guess what that doesn't happen here oh you want to buy cool your banks connected to your crypto connected to your d5 connected to everything right so what do you have to worry about now the one question i have is is there going to be a way for people to exchange as well on your platform yes we already do it now we do an enormous amount of otc work today and it's growing exponentially i think our otc desk is growing at about 15 to 20 percent a month and we have a phenomenal team that can help today perfect so i mean this is a product now when you guys launch it give give people the the if you guys want to do research i i highly suggest you do it because it's just fun it's just fun to realize the stuff that was right here in front of your face so long and actually accessible and now you're like wow they have d5 products and it all connects so yeah where do people learn more how do they find out more about echofi we're launching on august 6th so uh very excited about that it's it's been a long journey although in grand scheme of things we've did a phenomenal build in in uh in under a year but still the ideation the licensure i mean the work jason and his team did to properly form the foundations of this project were six years in the making if people want to get more information about the project i think the best source is our website ekify.com they can go there they can whitelist to use the platform they can learn about uh the few remaining tokens we have to sell before the before we open it up to everyone uh and then if they want really up-to-date information they want to have conversations our telegram uh channel is the best uh you know spot to just have conversations because the team is there a lot of our early backers strategic partners are there and the whole community is there and they're 15 000 strong so come in and say hi if you're interested amazing you said ido was that was that something is is there a platform that you guys are launching on um we're doing two launch pads uh one with the bsc pad and one with mantra dial and then uh we're doing a uh direct offering on our platform as soon as it's live so we want everyone who's interested in the project wants to get exposure to have access to tokens and and be able to join just because the tokens play uh such an integral role on our platform i mean they unlock futures they raise limits they give better rates and the staking rewards are not bad either so we want to make sure that if someone comes to the platform and they see the opportunity to go to a higher tier uh they're able to do that without any friction if i like if i'm gonna invest after you launch what what how many tokens would i have to buy just just out of curiosity because you said that it comes with a bank account right and i think personally like a lot of people i know would probably want to get that tier so you know even if you're watching now i'm sure people are that that watch me are like yeah i would love a bank account that was fully regulated and licensed that lets me take my money out whenever i want you guys can't speculate on price we're not looking to do that we're looking to say okay like this let's say if token price is 10 cents now um you know how many tokens do i need to have if if it stays at 10 cents uh on the tier structure is it tier structure on how many tokens i have to have the tier structure is on token so i i was just going to say we hope that everyone who wants to be in higher tiers gets in early and locks in the best possible price because it's going to depend if the tokens are at 10 cents you're going to need a different amount than if it's at 25 cents if it's at a dollar and and what we want to do is we want to be inclusive with our tiers and and the modeling behind it so if at any point one tier becomes inaccessible because of the token price we're gonna make the uh necessary adjustments to bring as many people who want to be in that tier as possible into that range let's say you know for simple math let's say tier three is ten thousand dollars in tokens and the token is ten cents so you you need a hundred thousand tokens now let's say the token price becomes ten dollars now a hundred thousand tokens becomes a million dollars that's not our intention we're not trying to create unreachable exclusive tiers just because someone held on to the tokens although we welcome anyone who wants to hold our tokens long term and see the long-term benefits but then we would readjust it here to you know reflect what the original intent was to to hold some tokens support the platform and in return get you know a bank account better rates more access why don't we just go one place that actually helped me make money and i can actually be confident that i can do everything i want to do without them right and and this is the whole point of crypto i think you guys are you're solidifying the whole point uh yes you guys are centralized sure we need that i guess in some ways of course but you're solidifying the you don't need the traditional way of doing finance which is the broken system in my opinion which is why you guys left it something something you said really stuck with me um you can't go from a centralized fully fully centralized and and heavily regulated model to a decentralized autonomous organization in one jump i mean do we want to empower our community and stakeholders absolutely is it going to be tomorrow no i mean we need to go through the steps of decentralization you know we take a centralized model we take a bank then we add decentralized financial products that's our first step so that's good once everyone gets comfortable with that and that includes governments counterparties regulators we will decentralize some of the governance because that's has always been our goal and hopefully eventually in the future when the regulatory framework catches up with the dao model and they there is a framework that we can uh apply to this uh organization will go more and more decentralized because that's our vision i mean we believe in decentralization yes as much as you can say oh decentralized or whatever oh yeah well decentralized kyc there's only so much decentralization you can have and then there's no benefit as at some point for someone who has a lot of money you don't want to sit there and be like oh yeah someone could rob me because i have my treasure on me today and i'm losing a bunch of but like that's crazy if you're in crypto and you have problems with banking which is like i think most of america uh this is a solution for you really it's actually a solution uh can canadians as well are also having some issues with banks some of them you guys that's the solution uk we've seen this already in the news a few times they're having issues so echibank is a global digital bank has been since 2016 and we can provide facilities to 180 countries around the world and most digital banks like n26 and revolut only focus on particular national market so yeah we provide more accounts to more countries than any other digital bank going into ecu bank and going in equify is going like for me into what the future really looks like for banking and how banking and defining crypto kind of will marry they're already there though like everyone else is like oh we're building it bank of america oh we have patents you know all these who cares who actually has something right now you guys have it right now and you didn't go and say oh we're gonna make it and it's going to be awesome and it's going to revolutionize crypto and it's going to decentralize this new industry you said now we'll just build something that's cool and then now it's here so here it's here you want a bank done you want to engage with d5 done you don't understand wallets no problem you want to access all the farms and see what the apys are and see if you can actually access them done it's here but that's my my thoughts my final thoughts are this is going to be absolutely massive and if you don't believe me go do your research there's gonna be links below so guys you're watching hit the links below go do your research read about it because everyone talks in crypto and you guys know i i don't really back a ton of projects recently i only back real legit projects this is one that when the market was down i was happy to throw money at tons of money at why because i think it's the future i've told you guys i've invested in yield why banking so i'm investing in banking here invested in block bank and an advisor there uh you guys see the point here right so i want you to all really take this in because it's not launched yet so i'm excited man like this should be exciting for everyone watching you should be ready because you know jason has this smirk on his face like you guys don't even know you gotta see his little smirk on his and i love that stuff man so yeah really looking forward to this is like way longer ama than i usually do but honestly the information is super amazing and i think all you guys will have learned a lot and go learn more do it yourself anyways thank you so much jason thank you so much brad for coming on uh it was great to have you i want to have you guys on again after launch once i come back from the us um so in about a month let's do it again and let's see where you're at and if there's any big announcements and stuff uh we'll talk about those then so i know there's something coming that was good thank you for having me it's great having you guys man that kiddo kiddo fat kiddle huge
2021-08-06 18:19
