It's about to go down. This is Dr. Dosskine coming at you from the Obitable Command Account. And today we will be chatting with TEEK Money. Of course we are.
on the hour is 7 o'clock. I am Queensland time and 9 p.m. UTC and all we're going to do is just bring up the guests of the day. That is T.
And we're going to spend the next hour just getting to know what's going on. What's been happening at TQ? And there's some big announcements on the way I believe. And right at the end of the call, I hope that everyone leaves feeling a little more informed and a little more up-to-date. What is on the horizon?
for this project. Hello, Tic, can you now hear me? I can see your aura speaker. Yes sir, good morning all. Or a good afternoon, good night wherever you guys base. GM to wherever you are in the world. Exactly. Well, thank you guys. We're about to see you guys.
Are you worried about you guys sir?
Hey, yes, I did see that on your LinkedIn. Yeah, nice and early on a Sunday morning. Hey, that's the way to do it. I am I'm just gonna lay it out. So if anyone that's joining on the call as per usual all calls are recorded by Terris Bases, now you'll be able to visit this later on on Terris Bases.org.
We're going to find out a few things that you may not already know, hopefully. So as we get this conversation going, I'm sure more people will flock in. Mr, are we on? Are we? Do we have a name? What's the name?
Yeah, now we know I had an unfortunately. Yeah, so my name is Bernie and the co-founder at tick All of the things that I'm looking after is mostly I would like to say the fun stuff So all the product related things
Yeah, so you can find me also a Bernie Tick money You see my very smiley face in there You have it so Bernie obviously I know that you and I've been in communication for a little bit and I know that the Tick has been around for a
it along with the most people realize can you maybe give us a little bit of a quick synopsis of the history of the book. Yeah, absolutely. So we started the project. I think it was in the middle of our first or second Covid lockdown that we had in
Australia. My background is in Fintech and I've been building consumer facing products for, you know, my entire career is mostly in personal management, finance and payments. So I guess
the project came about, we were, I guess in the middle of a Dificomer or like, surely after Dificomer and we were basically thinking what would happen if we were to bring, you know, like Dific yield
to a world where yields were really much 0% to the everyday people in a way that is easy to use and understandable for anyone to interact with. So Doug would have been
called it like mid 2020. So I've just like floated the concepts, Leshadea with some of my co-founder, which at the time, you know, like one of them, one of my best mates.
from the university day and a rather one just friend of ours. And then we were like, this is interesting. Let's see effectively how this is going to play out. Also the time I guess
like the fae yields were very much well about double digits. So anything, you know, almost like below three-pold digits, it was very much considered a very safe yield. And at the same time, anchors started out, like the first web paper of anchor came out. And we
We were like, "Wow, this is very much something that is very interesting." And plus, we all body very much into the terror animation of building decentralized money for a decentralized world.
So, you know, with our concept in end, we went and talked to, you know, lawyers, not the so much fun part, but I guess I'm somewhat necessary to understand how to best structure this product. We come up with a
be spoke, legal structure at the time, or now to bring, namely, anchor to the masses. And then, you know, after we sort of, now we effectively started building and fundraising. You know, it's part of our fundraise.
fundraising effort in the fall of 2021. We were selected as one of the projects to be part of the Cornlist seed batch fall 2021 and that really much give us. If
a bit of a boost when it was coming to having this conversation with investors. I guess, you know, why that is so, I guess you can say prestigious or, you know, L-Full for young startup was, well, I mean, I imagine more
So, you know, the coinless brand, but it was really much the fact that, you know, only an entire company gets selected out of, you know, a thousand or something that could get put in front of, get put in front of like the coinless investors. So, you know, this happened
at the same time we're talking to the guys at Terra which you know the definitely needed people like us that are building utility for the stablecoin USD and you know we get basically put in front of the Terra ecosystem
fund as well and that's effectively how we get put in touch with jump which was effectively one of the first if not the first check in and one of our lead in a seed round and then there will be just a bunch of other
But invested the comms by and it on the premise of our thesis, which was very much around the fact that stablecoins are the most, one of the most interesting and probably
most powerful innovation of our time and we need ways to get stablecoins into everyday's people so they can effectively access better money than what they're ready of access to today. So yeah, you know we close the seed round
And, hopefully we're not building. I would say pretty quietly, we haven't been very much, I think, public, you know, like on the community front, probably something that we could have done better.
And then I think like, finally enough, when we were about to launch, we launched 30 minutes prior the old TerraMoney, you know, like,
attack and the peg started. So, you know, we had a little list of, uh, Elia adopted the recent an email to we were like, "Hey, we live in 30 minutes later, we had to shut everything down." Um, and, you know, almost like start again from scratch.
How's that timing that's a bit as fast as it gets there in the woofer ball straight I don't have you saying that I'm sure you have but the whole story there is that John John he's John he's first film unlike the worst
stay in stock market history or something. But you guys, you go in half an hour before it all went down, and you recover, how have you survived? What has happened sort of a bit quieter, less three months, but actually, at times flying, that was five months ago now.
What's transpired over that time and of course, you're starting to be more vocal now. What's happening? Let us know what's going on there. Yeah, for sure. I mean, you know, first of all, we were and we all are.
You'll be very much impacted by what happened like, you know, the majority of our community. So, you know, very much a type of PSDT.
call it a good one or two months of very much trying to reassess things. You know, everybody in the team was somewhat invested impacted by what happened at a pre-large scale.
And also like, you know, we had investors money that we luckily, or maybe should have saved because we had some good processing place. We managed to save at almost no loss.
but effectively was very much one of those near death moment where we had to go back to the drawing board and you know like ask yourself well you know assuming this is you know this is gone for now you know we have to
our business continuity, we have to keep on building and following what our true beliefs are, what are we going to be doing now. So the time was very much unknown what was going to happen with Terra. Is it Terra going to have a stable corn? Is it Terra going to, you know, pivot completely?
into something else is it they're even going to be a thing. So we really had to think about, you know, where do we find ourselves a base again and then from there we start rebuilding towards our own, you know, like pigeons. So, you know, we decided to start
from the safest bet, which is, all right, let's start with everybody's sides, let's start on Ethereum. And then, you know, let's build our infrastructure the way that we would have wanted to have it build on Terra, and then progressively once we're in Ethereum, let's start, you know, I said,
more stable coin, let's start accepting more network and let's start doing a big more of the things that we want to do. So, you know, at the same time, we would also like trying to understand what are we going to be doing with yield, you know,
Eod was still one of the most pressing and almost core component of our business. With EncoreGone, we were always planning to diversify away from Encore. However, we weren't planning to do it so soon.
So almost like we started really furiously looking at you know, you know, the alternative and really that been to Yeah, this effectively generating the market and what you know what differentiates sustainable year versus you know calling non-sustainable year so we did a very deep
dive on there. So why we were so-called, you know, a replatforming to EVM-based blockchain, you know, we were doing a lot of research into, you know, the yield component, you know,
almost at the same time, then see if I went down and would that really sped up the learning curve into also what is not sustainable. And we recently landed on a few parameters of what makers
very comfortable in offering to our customers and users in terms of yield and what is the roadmap to them? They were spying to a bit more, only like decentralized ways of generating yield.
You know, like as part of this, anyways, we still like being assessing grants from the terror community, which I haven't been touched yet. We will be using those once we finally start bringing an asset in
like stablecoin on Terra, for now it would be Axler or hopefully it's going to be a sometime soon. Native USCC and perhaps USCT. But really, we went through a
very tumultuous times. Despite that, we kept the shape steady and we kept on building towards our vision of becoming that one stuff for our user to utilize.
and bring the stablecoin into the real world. Also something that I should mention is like in the midst of the wake of like terra implosion, siphon plosion, the
the macroeconomic landscape completely changed, right? So what was one they considered to be very low yield, like in the low tens, it becomes like almost like something very high. And therefore we also started thinking, well, you know, yield
was to be a domain component, what we were doing, a domain attracted component, what we were doing to start with, but now we need to do something else. And that something else was very much solving the biggest problem that we see a hand, which is,
and people utilize the Seba coin in their everyday life like cash. So, you know, like yield is a great component, but it's more of a small subset of what we want to do. It's a small subset of the wallet that we want to offer to our users and payments instead. I think it's
almost the main focus that he hasn't really been solved. At least he hasn't been solved properly, you know, like for stable con user in the space. So that's where we started putting our lot of effort into. And that's what you hopefully
we'll be able to see in the next coming weeks or months. So where are we now today? We have just released our alpha product, you know, to the market.
market is going to be effectively officially launched on Monday. So it's going to go out with tourbays, tour social medias, and to the community. And we have something, you know, line up with a bunch of our friends, again,
that I owe and at Galaxy, we will be doing a little, you know, NFD drop to commemorate, you know, the TIC Founding members, what the NFD might represent on the line.
I don't know that's classified. I'll just say you're dropping a little bit of alpha on us here. Yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes, yes,#
So that's a partnership that has been done with Gatoralya, which is one of our investors, by the way, and Galaxy, which is like somebody that, you know, we've been working with and, you know, talking to her very
So we would be doing our own NFT drop for, you know, our user followers and community members on Galaxy and, you know, they would
just help us spread the world. So almost is going to be something that you it'd be very easy to you know to obtain but like you just need to be basically pay attention when that happens. So that will happen
tomorrow, 6 p.m. Australia time, you will be able to meet for six or a week. So feel the seventh on November, 3 p.m. Sydney time, and then there will be
a bunch more interesting announcements on the payment side of things which I can probably just like not share everything that is fully public but or like I can say
is that one of the two usual suspects, opaiment process of car processes, or car insurance, should I say, is
I think our exclusive partnership with us effectively makes us take these first business of the sky.
that I've ever been signed by one of these companies and you know like this company put quite a bunch of incentives and
like Swinner on the table for us to be effectively bringing stable coins spending to the entire APEC region to start with, and then hopefully, you know, in more and more countries.
And that would be part of a bigger, I guess, PI release and, you know, there'd be some press about it. This is like, if I'm not wrong, Michael Fander was telling me how this is only
It's seven other companies in the world that run a similar type of agreement with this, you know, with this,
And like we will be the 8-1 and the only one in APEC. So for example, very exciting things on the payment for an ethnic group.
So if anyone that's just joined the conversation or is still not completely familiar with what Tic Money is, it is a one-stop digital wallet enabling you to grow, spend and earn and the aim is to simplify the access to a fair, open and inclusive financial system.
What precedes that in your self, that's one of your descriptions available on your website and so on and so forth is it says, "We exist because traditional finance is broken. Can I just get a quick TLDR on in what ways?"
Is it broken and and what was the yeah, what do you have to say there? Yeah, of course. I mean, as you know, like for those in Miss earlier, my background has been in I mean, maybe not so much traditional finance but feeling
for my career. So, you know, I've been building products for like millions of people and I was like in the trenches seeing, you know, what effectively happens behind the scenes. I think
what really is glaringly obvious is that
Finance on its own, it's almost like
They don't care whether their user customer is crying or whatever you want to call it, they're actually winning. So if you go to a financial advisor, you go to a bank, you go to, you know, like an investment platform, they literally don't care whether you have a good outcome or not.
All the carries that you go and you know, plates are transaction to them, become a client of theirs because that's how they're going to win. They don't necessarily win only if you win. They win the winning regardless or you winning or lose it. They just want you to play.
So, you know, like that is something that for somebody, you know, been in crypto long enough that I guess I sure the ethos of, hopefully many of us that we believe that financial instruments should be something open to all.
should be something that is not just accessible to a few fortunate or to a little people and it should most importantly have eaters where
allows people to be on the winning side of things. So, and when I say that, I mean that, you know, if you do doing things on your own, so for instance, if you are your own bank, if you manage your own keys, if you do
If you do crypto by yourself, then you are willingly know what's happening. So you might catch a direct, you might get absolutely right. But that's your decision.
And you have all the rights to do that. But if you go and deal with a financial institution or a technology company or a third party that helps you,
onboarding to that journey then the interest of the company, the interest of the institution, they need to be aligned with the best interests of the users. For us, the user is at the core of what we're doing and we almost put ourselves in a position where
So, as a company, we are not profiting unless our users are profiting and making money. And that's something that I think is very important. And it's probably something that, like,
It has been learning crypto in game theory or whatever, which is really the most important thing in making sure the finance, we have a good financial system is to have the interest of
client users or people aligned with the interest of banks, financial institution or financial service provider to make sure that these institutional and financial service providers they're taking and they're making the best choices in
be off of the users. The reason why we said that financial system is not the financial system is not working in a way that we very much satisfied with is because you
very much so and see a big misalignment into what are the best interests of the users versus what are the best interests of a bank. And we are too very much changed that. So as part of what we do as part of
the, you know, of the tick grow component, which is the inside of the product. You know, we only charging as more percentage versus what is generated. And, you know, the big part is passed on to you, the user, and we just retain
a very small click of the year that is generated and we do that only when you win right like so we wouldn't be charging a management fee if your investment is down from 50% right but you know it's it's not very
It's not very rare that you see, for instance, investment funds, banks, financial service providers, instead they go and say the clip, massive amounts of users, investors, money regardless of performance.
That's not really fair. And then it's a change. Right. So let's dig into that a little bit because you've got. Teak card is on its way. Again, what was the ETA roughly for the teak card? Yeah. So I mean, if it was up to me, it would be already live. Yeah.
It's up, but like we're just like working with this giant set of these law in their own ways. I guess that's the concept going directly to people as opposed to go through what party like Principal Karishwa.
I mean, we're hoping to have the first version of a usable card for online payments only to start with, hopefully by the end of this year. We are in internally for
you know, prior to Christmas, but then really it's very much depending on, you know, on on the car provider, whether they can sort their, you know, sort of sort of few things out and, you know, accelerate on, you know, fewer standing items that we just
waiting for us to effectively cop development. On the positive side, you know, like majority of my team have similar background to mine. So, you know, we've been building payments, businesses in a previous life.
in the binopelera, we build the current program for this company called Zip. Zip is one of these binopelera companies that boom, they had a boom and bust, I suppose as well.
bus couple of years, but we're very familiar with all of the stack that we're building. It's almost like a bright and butter. So once we get into final, go ahead, it's going to be something relatively quick for us to effectively implement and launch.
Yep, there you are Bernie. I lost you for a sec. And I'm not sure what was happening, but ultimately what I caught at the end there was that you and the guys at TEC were builders of zip, zip pains, it money. And so you've got extensive experience in this area.
And as of a couple days, or as of just recently, you know, one of the bits about that you dropped on the telegram is that you recently still launched already the web app is available to 149 countries. Obviously, you're in Australia, you're based in Australia yourself. You said first people in Australia, we are able to
on ramp off ramp and deposit UFDC and anywhere else in the world at the moment you can deposit UFDC. Do you have a timeline for when the off ramping is available? On ramp and off ramp of Fiat? Well, so like for Australia we can already do that.
So we do the full on and off-rem. So we can take any amount, you know, you be converting to USTC and then we can, you know, like where a user wants to re-draw back to a bank account. We can already do the
So from USDC to AUD, right now we're supporting PAD and bank transfers for the Australian users and we're working on more on an off-ramp for different countries, awfully coming up in the near future.
Next couple of quarters. We also recently released an update to the web app where we now are setting USDT and BUSD at the moment still on Ethereum and as I said, often in the next
three months we're looking at you know expanding that to support more networks with Terra being one of it. Okay, gotcha and so what I'm wanting to gauge here so we've got probably another half an hour left in this call and if there's anyone that's listening that you're coming up with some questions if you have anything that you would
like to ask, just try to hand up, I'll see it on this screen and I'll bring you up. But while you're all considering your questions, you know, we're looking at a 5% essentially. It's a first, it says here, the first release, you get a USDC based T-Qualit, which earns my percent in its balance.
in real time. I'm curious to know the the workings of where the focus is being generated and how it's sustainable and the Internet's of that. Yeah, absolutely. You know, as I mentioned earlier in the wake of anchor, we were
very much concerned in coming up with a yield solution that we were satisfied with, something we could just utilize and we could sleep a night.
to speak. So, you know, we spend a lot of time in understanding where the yields come from and understanding what makes sustainable year versus unsustainable year. And, you know, also a lot of time in understanding, you know, the difference between year coming from D5 versus year coming from.
more centralized providers. So the low down is well, if you go for the default year, you get exposure to a protocol risk and potentially stable coin risk as well. If you go down the more stable
if I component, you expose yourself to counterparty risk and, you know, again, stable congress. So, you know, it's almost like to each their own. If you want to go in DFI, you need to have a good understanding of all certain protocols works.
is good to basically know the team behind the make sure that you bid for a poor day. And that, you know, like you take a very active approach and managing the yield. So something should have been you always need to be able to, you know, take this money out in a heartbeat. So they'd like no clients find an impact, which is basically what happened without
in Enca. On the CFI component however is more so like you trust the counterparty and like that's already a big thing on his own especially you know what happened with like some larger counterparties that you know because we all know the story is there so like you need to trust the counterparty and
to build that trust really, there's some few components that you need to have in play such as, you know, it's so important to have a snapshot of the financial standing of the counterparty. It's so important to understand really deeply what this counterparty is doing with the money that you entrust in them with.
It's very important to know the level of risk, the level of leverage, the level of comfort that these people operating in the market. Where we landed, we
the first release of yield and anyways yield is going to be an ongoing piece of work for us regardless. It's that we'd be generating yield by, you know, entrusting with a few counterparts that we spend a very long time working with that we spend a very
long time, you know, like understanding their business, understanding, you know, where the yield is generated. And so today we're in a position where we can say that we, you know, very comfortably generate this 5% you know,
way that we very much satisfy and it's very much sustainable. So we are utilizing a bunch of different strategies. These strategies are what are called market data, market data and interest strategy, meaning that regardless of market conditions,
You don't take any direction or risk and that some yield is generated without being exposed to being longer short one way, but more so you'll be taking both sides of the trade and then collect the yield that is generated.
So to give you some examples of what are we doing today. So there's some market-making strategies. So basically, some of them are going to get allocated to market-making where a order book gets funded.
Hi Bernie, I think you are on me buddy.
Then it's where it must be spaces that is waking up. Where did you guys lost me? About 10 seconds. Just a rewind about 10 seconds there. Yeah, so we're saying, you know, like we generate yield through market making strategies through our basis trading.
which is basically when you take a long or short position and then you are offsetting the other side and then you collect in what's called the funding rate. So almost like on perps
exchange or on, you know, like wherever there is a funding rate to be collected, we could be there. And otherwise, there's also some option market that's on interest strategies, option trading that can be put in place where you
effectively utilizing some will be more sophisticated strategy to create a delta neutral position and you know still generate and still collecting the premiums on the options. The things that you know I want to say is that we're not the one you know we're not traders
So we're not the one effectively operating these trades. The people operating these trades are, you know, our investors, namely, you know, ledger prime is probably the most, I guess the most notorious.
If you guys know larger primaries, they're amongst the biggest market maker in the space. They've been running a fund for the past five years and market that's an inch of fund for the past five years.
very good results. We have full access to their financial for access of their positions. So that gives us a lot of comfort and clarity into where the money has been deployed. And also, we're not the team
very closely as I said we're an investors of our work so there's very much a lot of alignment there making sure that you know everybody behaves and does what is expected to however this is almost as I said earlier like the first
the first time, you know, like...
the first releasing in the year side of things, we would like to be in a position where our users will be able to decide where they are to source and how is generated. So if you are a user, are comfortable with
taking counterparty risk, we would have a couple of great counterparties that being selected and start fully DD to make sure that they're worthwhile to be on the platform such as
Let your prime or you know if instead you don't want to take any counter-patteries can you more comfortable with defy would be also looking at in you know a pure defy your strategy that you know you can go and
access through your take-ball. So very much, I guess, we're very much forgiving users, the options into how, and even if the one you generate, right? Because we
very much understand that some people don't want to necessarily have yield generator put in their stable corner risk. We respect that. So in further release of in the next quarter, as the mobile app is
release, which is by the way another alpha drop I think is going to be sometime in December or like maybe even earlier than that but TBC.
Yeah, so people will be able to decide whether they want to add your generator on their balance or not. And if not, then they can see you stick to utilize their card and spend the stable coin wherever, wherever the please.
Right, I think I've got you. So essentially everyone who is signed up with Tacon uses it basically has almost a guaranteed 5% rate there, but they have potential to have more. Should they choose different options? Yeah, or to a bless. That's what.
So you're the user you come into to come in right now that's only it so you're in the alpha release you come in and you'll disturb by default But as part of the new release as part of the new app you know like we need an app first so that the app is almost the
necessary platform for us to be able to effectively to release payments number one because we're going to be doing you know virtual cards we're going to be providing that card into your digital wallet so you can go and spend in store as much as you can spend on
line. So like mobile app is a key component for that to happen and then once we have a mobile app will be effectively releasing more and more experiences around where that yield is effectively generated from, whether you want any of it at all.
And you know, like I think it's like it's a big part of what we're doing is to give a user the choice of what to do with their money and we just like an enabler for them to be effectively able to utilize the stable coin in the real world.
got it. I'm going to shift to a couple of questions that have come through on our discord. So if you're not in the OC discord or broadband discord, we have a channel which is Twitter questions and so people some people don't like to get up and speak, they like to put their questions in here. So I've got a question here which is is actual USDC compatible and now
asking what types of USDC I can have all with TICC? Yeah, absolutely. So I mentioned earlier, at the moment we're just supporting Ethereum, USDC, that is what almost like the first release of the product when I
it. However, you know, like, actual USTC should be a fast follow, you know, a spot of a release where we'll be supporting more and more networks. You know, actually, you have to say we'll be part of it. We utilizing
Something I haven't mentioned, we like a custodial solution. So we utilizing fire blocks to cast the user funds. All of these funds are effectively segregated. So if you come on board, you get your own unique
wallet and to get associated with your account we don't really mix funds you know for the purpose of it so like you always would have funds on wallet if you were there to spend it however if you were there to generate it then you know clearly the funds is not your wallet anymore but you still be able to
So, you actually see effectively like Terra 2 is something that is already supported by Firefox. So for us it should be just more of a matter of finding the time and resources to
to initiate the initiative for us to support one network. So it shouldn't be something super difficult. I think the more complex it would be almost like it's not the ability to
that this going is there will be two like port them over to you know different networks at a different time. So because we want to almost like call the balance in one network or like a bunch of networks like you almost might think that okay if somebody's coming through Ethereum that's cool is somebody comes through Terra
What are you going to do with that? You're going to live in Ontario. You're going to put it over to like almost set up my internal network that we're using or you're going to live there. So I guess that's the only complexity there in terms of supporting and being able to deposit things that should be relatively quick.
I think it's going to be something that we let enough that we have released the first, you know, our first mobile app and payment. So, one show, the things that are out, I guess, that's where we're going to be seeing, you know, actually you see the more stablecoin and more networks being
Got it. And just to piggyback on one of the things that you were saying a second ago about figuring out whether or not you, the porting is the challenge figuring out do you leave them on the individual networks or do you have a fun way to port them either? Is there a direction that you're currently in favor of at this point in time?
I mean, conceptually, I would be like, this is what conceptually what I would like to be able to do is, you know, you as a user, it's almost like doesn't matter to you where you are in your coins, it doesn't
matter which an actual cure you're going on, you should just be able to deposit it and utilize it like it's real cash. There shouldn't be no complexity from a user point of view and say, "Oh, I got this money on Terra and now I got a portal."
to a theory or whatever to spend it. I like all of that we want to be doing for you. So like it's almost like we want to completely abstract that complexity away, almost like that cognitive law that I
user would have to go through to understand which network to a one my coins on. So it's almost like we want to be able to accept all of the stable coin from all of the networks on the way in.
On, you know, at once they in we that's the thing that we I'm not entirely sure yeah is whether you know and what network are we going to be using for like, call internal
transaction purposes like to intern a settlement, but also we like to be able to offer user on the way out when you withdraw your money, you'll get to decide it.
on which network you want your coin back. So you could come in on Terra for instance and then you might want to go out on Solana or you come on on Terra and you want to go out in Algorand or whatever. Like we would like to be able to offer that seamlessly so it's almost like you can also use it as quasi bridging solution.
But then that requires a bit more thinking on what happened in the middle step. So like not really, I mean I know conceptually what I would like us to see, but it's not something that we really spend yet a lot of time on just because of desire priority and you know I do my appreciation
share with a relatively small team. So we need to focus on the priority item first. Sure, yeah, there's certainly levels of complexity to it. It's not something that you'll do overnight. So I guess taking time to consider the best route is a wise move. Now I've got a couple more
questions that have come from the Twitter and I'm aware, I'm sorry, on the Discord and I'm also aware that we're about 12 minutes from the hour. So I kind of just rapid-fire these through to you if I can. And the first one is actually I'll ask my own question and I'll go to the Discord questions. My question was around gas fees. So we all know that a theory
in the past, you can just have super exorbitant gas fees and that's not something that we have a great deal of control over. So how do you navigate the gas fee situation when you're spending stable coins with your T card, etc?
And that's one of the reasons why we eventually want to move away from Ethereum and we just started on Ethereum as the starting point because it's called the safest bet. However, the way that you would endola is... And then it depends. So there's two scenarios here.
So it depends whether you have, like you're talking in the future, stay when you'll be able to decide whether you want to have your money earning a rate of return or not. So there will be two scenarios. So if you have your money earning a rate of return, what we would do, it would be very simple. So say you're
have a hundred dollar and you five percent per annum does under dollar effectively they've been lent out to you know counterparty or to a different protocol or not and then you go and spend ten dollar at a coffee shop for you know like your pastry and coffee
what we would do is we go and check whenever your car is stuck, whether your balance is enough to cover for the transaction. So it's what's called delegator auth. If it is, we just go and say, yeah cool, let the transaction go through. We affect the
using our own money from a flow to settle for the transaction and then at the end of the day we would like call the counterparty or whatever and say give us back those ten dollars that has been spent that then we need to send to massacre. So it
In that scenario, we would end up with all the gas fees internally, if there were any or like, you know, and that's why you almost want to move away from Ethereum because if you do that, you know, today it's still manageable but, you know, in an out of bull market, you might spend way more than what you actually spend in gas fees.
So, you know, if you have a different settlement layer that allows you to settle this type of transaction for like cents on the dollar, you know, that's way more manageable than doing it on a, as you post like, you know, network such as Ethereum.
However, the second scenario is, and by the way, stop me if that doesn't make sense. The second scenario is like, if you instead don't have money in earn, it would be the same scenario whereby we just say, okay, it does, you know,
Docker has enough money in his account. Yes, it does. Let the transaction go through. We've found the cost and at the end of the day, we'll just do a bunch of smaller withdrawal from all of the wallets to get the amount that has been spent and then send it out to the day.
the cutting, sure that effectively is maintaining the float with us. So, you know, there's a few collet intrications in the model and that's why we also like very much need to move away from Ethereum before the next boom market start. But like internally all of those, all of
small men will be funded by us. Gotcha, okay. On the user experience sort of thing, so I was playing with it before I've set up an account. It's all very seamless and easy to use as far as getting it all going. It looks amazing, you know, the
who is in charge of all your visuals, they're doing a fantastic job. And so the question I have relates to this is basically on the wallet side of things, are there any features that we can expect to see that makes TEEK wallet stand out from the OB wallet?
What is Obi-Walder? I don't think I'm familiar with that. It's hard to answer the question if you don't know what exactly Obi-Walder provides you. What I might do is invite the person who asks the question. They want to elaborate. They can.
But I'll ask you another question while that's happening. They also said, "Will the mobile app be accessible to routed and jail-broken devices?" This is a very good question, which I don't know if I have an answer for.
I mean, I suppose as far as you would be able to, you know, getting on your device, I suppose so. I mean, I've, we never really look into it and, you know, my job has been, I've been building mobile apps, basically, my entire career, but I never really thought of
sort of it that way. I would imagine that that would be an Android operating system. So probably all you need to do is
download the SDK, the mobile build on your own device and that should work. I would imagine but maybe that's something that we might be looking into it.
you know, if there's enough demand for it, definitely something that I'd be happy to look into it.
Fantastic. Yeah, I I can't get the individual who asked the question up, but I do see that someone else here. We got MB Aga up who you also know I believe so I'm just gonna bring them up with the speaker All right, MB you should have the floor brother Hey guys, um Brad here
Hey, Bernie. Yeah, look, I've been also testing the beta side with Dr. Doiscoin and it's, look, it's great. It's a really quite exciting project. I've been following it for a long time since early terror days. I've got just a couple of questions or just clarify
A lot of people on our discord and community with the orbital command obviously have from other places, apart from Asia Pacific where we are. And just an idea of when the rollout to the rest of the world might be happening and you may have mentioned this
for. That's the first question. Yeah. All right. So, you know, I got to do some legalist disclaimers here so that just in the case anyone is listening, it says that they do all of the things. So the product today is open to
49 countries. However, we don't actively market it in under 49 countries. So it's open to people that might want to use it. And you know, we almost have the, it's almost the case that if we can get what you see, then you can use
use it, unless you're part of one of the sanctioned countries or some countries that are raised by money laundering and whatnot. So if you're not part of one of those, it should be good to go and utilize the product. Okay, that's great. And as far as the digital card goes, let
also rolled out at some future point globally. Yeah, so no, that's all good question, all good question, man. So the digital card, yes, you know, we're very much building a product that is global from day one.
that was one of the requirements for us to start with this project. The only catch there, if you want to call it a catch for now, is because the card insurance that we're working with is an Australian company's
a flash bank, they will be settling for now transactions in AUD. So you might be, I don't know, say I'm just making names, you might be in Thailand, you have USTC, you want to go and spend your USTC, you're putting in TIC, you go in TAP,
to buy our coffee and a pastry and then your transaction will settle in AUD. So that's a bit of a pain in the ass, so what we're working on with this partner of ours is to go straight into USDC settlement.
regardless of where you are in the world, you'll be able to get a card that you can use wherever this company is accepted, which is pretty much everywhere, and effectively pay direct in USDC without having to go through any currency conversion.
That's really good. Yeah, one more question, Bernie. There's something which I'm sure many people are thinking about once they've onboarded into tick and they got their money earning 5% in the wallet, terrific. What about people who then want to go and purchase other crypto assets? Is that going to be a feature in the future?
Yeah, that's another good question. And there's something like I'm debating internally with the team. I think, I mean, and I'm happy to be wrong and I'm happy to, you know, at the end of the day, we'll be doing what a user wants. So if that's something that a user will want to
have in the wallet, absolutely, that's an option. And also, not that difficult to execute on. However, that is one of those features that I think is almost like table stake for the majority of wallet that you see out there.
I have these you know you can potentially just like you're going to say yeah you guys all the stable coins and you want to buy some crypto sure that's an option or we instead just focus on stable coins and stable coin only so I don't know maybe maybe not
I think that's going to be something that's going to come from what a user wants really. If user would want to be able to buy crypto with it, then that would be something that we look into it. So it's not a no. It's more of a maybe.
Excellent. Thanks for that. Appreciate it. Thank you, Brad. Thank you, MB. Great. So look, I tried to do a bit of recon on IV before this call wrapped up. It was very, it was a cursory gland. I'm aware that Pantera, I feel familiar with Pantera.
He has something to do with this wallet and I'm sure there's a couple other, you know, he's probably got some other big brain people that have worked on it. But it's essentially seedless onboarding for ease of use plus multi-segreg recovery for fun safety plus user spin limits plus non-coso custodial solve accounts.
equals the OBS DK. That's all I can offer here, so I don't know what comparison you can draw, but I'll give you just a try. Yeah, I mean, it sounds quite different from what we're offering, from what I heard. I mean, first
First of all, we are a fully custodial. Despite me being a big crypto proponent and believing in being your own bank, I also tend to believe that if we're building for adoption,
non-custodial solution, I still like probably five to ten years away from being mainstream. I might be wrong there but like that's my gut feel. You know I've been working
working building consumer facing product and people are cis-chuggling to understand what Google Pay or Apple Pay is and how to provide a car in the on-bole.
go and ask people to be and cast their own private keys and understand in the concept of the world and understand the fact that you might be doing something wrong and there's nobody to call. I think it's a big drawback, at least for where we are in the adoption curve. So that's why we very much decided to go to a studio because if something happened, you can
always have somebody to talk to. On the other side of things, I mean, it sounds like a really good product, but I don't have a lot of context, so probably I'm gonna stop there and maybe I just need to do a bit more research on it, but
I would love to learn more on it as you know Pantera is definitely as you said one of those big brains in the community so if you think about it it would be definitely something that we want to have a look at for sure. Certainly. So what I'll do obviously I'm just looking at time
now we're on the hour. I want to just check in and see with you. Is it anything that you haven't said today that you wanted to say is anything that I have any questions that haven't asked that you know you just this info that you want to provide before we sort of bring this call to an end? I mean I would just say you know reiterate that we effectively launching tomorrow you know
I know that this product is not on the network that we all want to be with the stablecoin that we want to be, but it's there and we believe in solving a problem for especially the script and edit stablecoins.
don't want to spend too much time on figuring out where to source the best year to spend them. So if you want to go and give it a try, please do and give us your feedback with building this product for all of you and I'm beginning from
myself too. So, you know, like I want to hear what works, what does, and what can be done better, you know, what features you'd like to see next. Also, we'll be doing this NFT drop starting tomorrow afternoon, Australia time,
which, you know, clearly, I mean, I would say I think it's something that you might want to get on, but again, that's up for you guys to decide whether you want to be part of it or not. And, you know, check it out, and it's also one more thing that I forgot to mention is that
tomorrow's part of a launch will be going live on this platform called Smoothie Awards, which is basically a product product done for Web 3. So you know and that would be one of the things that we require people to do
for us to get an NFT, but if you can go and afford us, that would definitely help us to get this product out into more, I guess, out in the wild and get more people exposure to it. So that definitely would be helpful. And yeah, I mean, thank you.
you all for your time. I appreciate you guys give me your opportunity to share an update where we are with the project and I hope to be doing this again soon. Yeah it's been a pleasure having you on the call today and I think that you've got all the tools needed to be to do very well. I've chatted to quite a few
payment processes and car issuers and things like that in the past. And you should have known your history with Zip and the rest of it. I think that you're in a very good position. Again, I said the user experience is top tier. And I think the KY thing, Seathing works in your favor. I agree that the non-costal to your stuff.
it's not going to be ever as popular, I don't think, as the custody staff, people in general, I just, you know, are compliant and want to make sure that they're turning the line and want to feel safe and secure in their processes. And I think that the KWC offers them that sense of security. So I think that as long as you continue on your path, bright things are on the few
future. You're very well positioned at this point of time and I'm looking forward to seeing how it all unfolds. Everyone that's on the call, I appreciate your time, energy and effort today being on the call and just letting you know that we have some more Twitter spaces coming up if you're not familiar with our spaces. We host them usually two or three or three a week. We've got Skelly Punks on tomorrow. We're going to
a great NFT conversation having later this week, Calc, who are doing some a dollar cost average and automated strategies on QG's fin. They will be on next week, grab a Dale coming back. There's a bunch, there's a bunch in the pipeline. So clear your eyes and ears open and if you want more updates, you can always jump into the ORC Discord.
to find out more with that being said said Bernie just wants to thank you again really appreciate it mate if there's anything that you need just break out to myself or the guys at OEC and we'll be happy to be ever-sistered amazing thank you guys you have all the lovely Sunday and I'll talk to you soon very well bye