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Showcasing Satoshi Port: Trustless Bitcoin Prime Brokerage
Recorded: April 7, 2025 Duration: 0:46:07Space Recording
Short Summary
Satoshi Port is set to revolutionize the crypto lending landscape with its upcoming launch, offering a Bitcoin prime brokerage service that allows users to leverage their assets without selling. The project will introduce the SP token with a significant airdrop, and its partnership with Near technology aims to enhance security and user experience, reflecting a broader trend towards non-custodial DeFi solutions.
Full Transcription
hey what why why it's for two reasons firstly is because this red light therapy mask will give me
beautiful skin reduced fine lines and importantly you can't see my tears from underneath this mask
uh like my friend here we are i guess a little bit of panic but fuck it we keep building don't
we gents uh i would like to say a huge welcome to our friends from Satoshi Port and, of course, my friend and confidant, Jared of Nia. Jared, how are you doing?
Man, I'm doing great. That is your intros. I joined for the intros, man. That was amazing.
Yeah, I agree, man. It was worth coming for that alone, like, you know.
agree man it was it was it was worth coming for that alone like you know
we uh you know it reminds me so last i think it was summer i took my daughter to japan we went to
japan for the first time and we were in this mall in osaka and it had a whole like floor where there
must have been like 40 or 50 of different types of like beauty masks and it was a little bit of a culture shock
so like walking into going down the escalator and then coming to a room where there was just like
all these masks it was like a bit of a i don't know hannibal lecter um you know uh like silence
of the lambs feel to it and neither of us knew exactly what to make of it but it's funny to see you actually own
such a product i i guess uh it must work you know if it's so popular i think it's fair is it is it
like a red red light mask man you were saying and before we hopped on keep yourself beautiful
oh it's gone now we're done but here's what i'm saying let's say we have that right like let's
just make it like some sort of like uh new crypto trend where we like mint it out and people get it's the new like collectible and crypto.
Absolutely. You know, it's at the right. It's all at the right time in the market. And definitely today leaves a lot to be wanting in the market.
be wanting in the market you know yeah yeah it's it's quite painful i think for all of us you know
Oh, absolutely.
it's funny i feel like it's the the roller coaster ride you know it's like the guys with the glued
chest pieces and we're just kind of i'm just kind of looking at it and i know that the price is down
i stopped looking at the price a while ago but i know that the the price is down because my whatsapp
is full of people asking about the price and like what's going on and like you know what should i do
and everything like that so i tell you that's those are my signals that uh we're having a red day
yeah totally so let's like we can't dive into price we're not doing that but what we can do
is dive into your project what do you think demo i think that's a good thing like i want you guys
like let's just talk a little bit like what satoshi port is let's start with that set the
stage and then go from there sure so i guess uh it probably makes the most sense to talk a little bit like what Satoshi Port is. Let's start with that, set the stage and then go from there.
Sure.
So I guess it probably makes the most sense to do a little bit of intros.
You know, I'm Jonathan Karas, MedCaps Laugh.
So I've been in the crypto space for almost 10 years now, which is like, you know, multiple
generations, it feels like.
And, you know, I started collecting Bitcoin, I guess,
I think collecting is an appropriate verb. But I started collecting Bitcoin back in 2016.
And I built multiple projects in the space. You know, I worked at StarCore. I built a bunch of projects on Terra Luna, Cosmos, Perps, and I've been building
something very exciting on ThorChain. And it's this whole process. I've been a Bitcoin holder
and I've kind of watched price go up and down. And now my Bitcoin isn't,
I don't really feel like it's my Bitcoin.
My Bitcoin is something that I purchased really for my kids.
You know, I'm not going to sell it.
And I want just an easy way
to be able to take the Bitcoin that I have
and then actualize it,
you know, do something beyond the huddle.
You know, I've got, I've got Bitcoin, but I see all these meme coins come up on pumped up fun.
You know, I see, you know, interesting things that can be traded on Thor chain. You know,
I see all this interesting stuff happening on hyper liquid and I want to be able to participate
and I'm sitting there and it's kind of like, it's, you know, it's the meme where it's like, you know, the guy at the
party where he's explaining to the girl, he's like, no, no, I really am wealthy. It's just all in
Bitcoin. And you can't really actualize it when you're just a hodler. And when you have like a
multi-generational approach. And so the whole idea of Satoshi Port, which is a Bitcoin prime brokerage, is how do you go beyond the huddle?
How do you safely take your Bitcoin and then use it to create a margin account, which lets you have access to capital at a low interest that then you can deploy to all of the interesting opportunities that you see open in the space.
And it's amazing.
I didn't really want to...
I was just hopeful that this product existed and it didn't exist.
And that really was the impetus behind driving it into spontaneous combustion here.
And so we're really excited to be building this on Mir.
I don't think that there's any other place in crypto
that you could build this today.
And JB and I have been working together
for the better part of a year now.
And we're really just excited to be able to help
so many people that we've spoken to
over the past couple of years, be able to take their Bitcoin and then turn it into something that they don't have to sell, but they can actually use today.
Well, firstly, I love that. That was amazing. And I love that you found NIRS the home because you're probably right. It is with the power of Chan Signatures Tech et et al the only place that you can do this but i'm here to bust your bubble guys i actually did something similar to this
on a website called celsius network a couple of years ago i'm just gonna go ahead and check
i haven't logged in in a while So that's a great point. Yeah. So back in 2000 and 2021, I was a, a major advocate of BlockFi.
You know, I had six figures there. I had, you know, I had like the referral link. I had like
brought on like two dozen friends and, and I really believed in this vision. I thought that you can hodl and you can
actualize the life-changing gains of your crypto at the same time. And when push came to shove and
the market started to collapse, and I started clicking that login button and just kept on
getting that error, and I just realized that you know, that, that everything I deposited was
gone. So that was really a major impetus as to, you know, we need a better solution. Like there's
so much demand in the market for deposit Bitcoin, get a margin against it, have vaults that can earn,
have easy to understand where the yield comes from. Because remember, if you can't explain where the yield comes from, the yield comes from you. You know, it's kind of
like, like if you own Facebook, like if you're, if you're not paying to use Facebook, then actually
you're the product that's being sold. So, you know, a big part of the vision of Satoshi Port is,
you know, how do we create something that doesn't require a third party to have custody of Bitcoin?
And for many people, they thought it was impossible to do this.
And you kind of alluded to where Near plays a big role in this,
but Near is really critical because they've built this technology,
which is the Omnibridge, which supports Bitcoin,
which essentially is, for those that are familiar with the tech, is a multi-party computational wallet. So it's keys that are distributed amongst multi-parties. And Near has a multiple billion dollar market cap that's being secured by many, many different node operators. So now those node
operators all share a small sliver of a deposit wallet. So you're never handing over your Bitcoin
to a company. A product like Satoshi Port can be built and it can be air-gapped from the actual
deposit mechanism that custodies the Bitcoin.
So your Bitcoin is essentially non-custodial.
At no point does Satoshi Port ever own your keys.
And then you can always verify that the bridge is solvent.
That little short monologue, which David, you expressed around the shock that many people went through.
And it sucks to laugh at other people's losses, myself included. while at the same time accessing direct onboarding into some of the most popular
DeFi in the market today through a Bitcoin-powered margin account?
No, 100%. And even myself, my own journey is slightly different to yours. But I'm a big DeFi
enthusiast, love using perps, love using LPs lps love using lending all these sorts of things
and but i actually don't i understand the risks of things like wrapping i understand the risks of
not holding native assets and it's one of the things that like maybe drew me away from holding
like bitcoin myself as a larger part of like my portfolio longer term was like not being able to
deploy it or like not being in a position to be able to keep the collateral behind it secure or more secure and then take the capital and put
it into the market so like and into all these opportunities so yeah i think like it will work
well for a lot of different people in a lot of different circumstances who are looking to
bring their bitcoin keep the security of it keep the integrity of it, keep the integrity of it, not put it under any unnecessary risks or technological complications, and then be able to use that capital and go to
the market to access all the great opportunities that are out there.
It's beautifully said, I think. Jared, I don't know what you're thinking,
but my initial reaction is like, in fact, let me do something different.
Let me channel Michael Saylor for a second and tell you that there is no second best crypto asset.
There's a crypto asset called Bitcoin.
Now, I don't believe that I can do all of this with my Bitcoin.
How does it work?
So from the UI,
and this is really kind of the,
one of the main,
you know,
impetuses for designing this product is that there's no shortage.
Will I,
will I bring up,
will I bring up the UI?
Will we bring up the UI onto the screen?
do we want to
just show you you want to do the walkthrough right now we can do that jonathan jonathan while you're
chatting about it would you like to have the ui on the screen yeah please you know i mean i want to
talk about it from a theory perspective because you know i've been involved in about a dozen and watching people on board into osmosis
and watching even more recently,
we've been building on ThorChain,
made a very amazing product on AppLayer there called Regera.
And we've watched people that come from the world of Bitcoin just struggle to onboard into
the world of crypto. And Satoshi Port is really designed to be an onboarding that helps people
that have Bitcoin just enter into the rest of the world of crypto without being asked to sell their Bitcoin.
And that's really the most powerful aspect of this,
is that so many people that, like my brother is a Bitcoin maxi,
and he's been a Bitcoin maxi for half a decade now.
He's never going to sell his Bitcoin.
But he's so crypto curious, and so many people are crypto curious.
So very simple UI.
You know, here we see what do you want to do?
So do you want to deposit Bitcoin and borrow against it?
So you click that.
And now you end up where, you know, you've got, you're going to end up with a Bitcoin deposit address. Now that Bitcoin deposit address is part of the MPC mechanism of the node operators of NIR.
So it's incredibly secure, much more secure than what you'll find on Bitcoin layer twos or things of the like.
And then you get a QR code, which you can deposit Bitcoin into that QR code.
And then you are able to take the margin that you'll get against that,
where essentially you'll have 60 to 80% loan-to-value,
where you'll be able to borrow directly against it.
Now, we're still in a private
beta today. So you'll see, um, that my internet is obviously acting up because the level of the
webpage isn't loading properly. Can I jump in here real quick too? I've just like, just to kind of
frame this real quick. So right now I, and I liked that something to show there. So the backend,
there's stuff happening on the backend that's near tech, but people don't need to know that.
They just need to know that it's built on near tech and there's some really good, secure ways
that that's happening. Exactly. It's not a near story, but it's using near tech. So yeah, I
apologize. I interrupted you. No, I love, I really liked that sound. Cause like, I'm a big believer that like, we're starting to go into an era of web three and crypto where
sort of people will start using the best tech for their product instead of using the product as the
chain. Does that make sense? Like they're not going to be maxis. There's going to be people
like you who are like, I want to make a product that's really good. And I need to solve this
issue. Oh, near has the best solution. Let's
use that. Cause then I saw that you can also deposit Bitcoin, but then then that little
dropdown Solana as well. So now you're starting to see this like really interesting wave of more
projects that are multi-chain in a really clever way. I like it. Absolutely. And it'll slowly
expand out, you know, uh, we use a Solana for internal testing just because it's faster in terms of block time than Bitcoin is. You don't want devs sitting waiting for half an hour to an hour.
You know, what I'd call is 90% of the value in the market, which is really untapped, is Bitcoin holders that have not onboarded to, you know, some of the giants in the space.
They've never used ThorChain.
They've never used Uniswap.
They've never used, you know, they've never used Pumped Up Fund.
They've never, you know, and they're just the bad best case they've played on
Binance. So how do we onboard them is that we build a product specifically for them. And then
we showcase through a, you know, a prime brokerage app store. Here's all the cool things that you can
do with a margin powered by your Bitcoin. Awesome. And JB, whenever you want me to bring the
computer screen up, just let me know. Sorry. Yeah, no whenever you want me to bring the computer screen up,
just let me know.
Sorry.
Yeah, no, I'm having issues with my internet.
It's not loading as well as I'd like,
but I think like you were saying, Jared,
and Jonathan as well, and David,
it's like when you talk of Saylor
and he's talking about there's no second best
and all these different projects
and all these different technologies and blockchains
are obviously doing their own great things and they're trying to and solve specific
problems maybe that weren't necessarily foreseen when bitcoin was and it wasn't the purpose for
which bitcoin was created like it was just a peer-to-peer cash system and ethereum a smart
contract platform programmable money and can build layers on like layers of code on top of transactions
and maybe didn't necessarily foresee the scalability and but the reason like we're
obviously going to try and like attack the problem of bitcoin or if we talk about like
how much capitalism is is currently in bitcoin and cannot be extracted from bitcoin or deployed
into the market without some form of compromise to
either the technical integrity of the Bitcoin through wrapping or something, or through
trusting an intermediary, which is the whole purpose of why Bitcoin and blockchain and
cryptocurrency has become so popular in the first place, which is why it's such a contradiction.
Why would you want to have this very valuable asset? The reason why it's so valuable is you can have self-custody,
you can have trustlessness,
but then to unlock the power of it,
have to randomly trust an intermediary to give you cash for it
or give you a loan for it
or trust that their bridge works properly.
So yeah, like it's just Bitcoin,
like it's almost $2 trillion in market cap.
And, you know, this is not only for us, this is for the entire space.
We're going to unlock this capital and then connect that capital with all the best apps,
like Jonathan was saying, across all the different ecosystems, thanks to the power of NIR.
So this isn't only an us thing, this is a DeFi thing.
This is let's bring that Bitcoin capital into d5 and let's like create the next
wave of adoption and i think there's also an opportunity here you know one of the things
that was so attractive about block fi i you know i didn't i didn't use celsius personally but i
used block fi extensively um is that kind of merge like even creating a crypto credit card. So imagine just taking your Bitcoin,
depositing it, getting some passive yield off of farming, you know, through vaults,
along with your Bitcoin, which are risk adjusted and transparent. And then having a credit card
through Cypher or through one of the other crypto credit card or debit card services. You've got a Visa, which has Apple Pay
on your phone. And it's almost like a magic credit card that the gains that you get from
your vaults and from the rise in price or price appreciation of Bitcoin just pays off your credit
card debt every month. This is really how I see the future of Bitcoin holding, as opposed to people just trying to spend Bitcoin or use Bitcoin as money.
Bitcoin will be an asset that people own in order to be able to make lifestyle changes the same way that you would own a piece of property or that, you know, you might own a business that earns revenue for you
100 i i agree i agree do you guys have any questions that you'd like to ask us or anyone
in the comments popping up anything that we can that we can touch on or clarify or
or have a good conversation about
yeah like have a good conversation about or any anything anything there
or anything there?
Yeah, I think that
actually to your point about BlockFi,
I did use BlockFi
and I did use Celsius.
Regrettably so.
I also use Terra.
I use them all, right?
The thing about those,
particularly BlockFi and Celsius, is that it was just so easy
to do it right now i can probably find some app on some chain somewhere that will let me borrow
against my bitcoin after i've bought bitcoin or combis withdrawn it wrapped it paid gas fees five different times
maybe i had to bridge it and then i can stick it in and then i might get some stable coin on some
chain but actually i needed it on a different chain and after two weeks i finally got money
what makes satoshi port easy well it's it's the streamlined process and the reputation management
you know the idea here is is that within five minutes of going to the website you should be
getting your first loan there's no paperwork to fill out there's no bridging and then the
because you already or you've developed a relationship or you will develop a relationship with the brand of Satoshi Port, the app store that is provided within Satoshi Port will help
onboard you into third-party apps where you don't need to be worried about, am I actually using the
real app or am I using a knockoff like a phishing one? And I'll tell you an interesting story that
happened to me a couple of days ago is I was trying to actually use a lending protocol, Aave.
And so I Googled Aave and I clicked the first link that popped up and it asked me to connect my MetaMask and it asked me to verify.
And, you know, I was using a new computer and I was kind of in a rush.
And, you know, I was using a new computer and I was kind of in a rush.
And then, you know, luckily, you know, was connected to a hardware wallet.
And so I had to unlock it because it went to sleep.
And when I actually paused to look at what I was doing, it was a fake website.
access to, you know, like, I don't know, like a non-trivial amount of cash that would have
had permission to just drain everything from my wallet. And it was just, it was almost dumb luck
that I didn't get hacked at that moment, just out of friction, you know, that the damn thing
had fallen asleep. And, and so the idea that you really should have one trusted place that just for somebody to go from owning Bitcoin to having
a credit account that they can use in a plethora of apps with peace of mind.
And that's incredibly valuable.
No, 100%.
Like, I think it speaks volumes.
And it's actually one of the things that's probably going to help us, as you guys, David
and Jared said, and like you explained, Jonathan, like the onboarding process and the simplification
of the process, like all the things people talk about that are going to bring the next
wave of users here.
I think we've already got great tech, great products.
And like this thing we're building here is going to be another piece of that pillar,
another like integral, like foundational piece that's going to provide value and of that pillar, another integral foundational piece that's going to
provide value and utility that doesn't exist. But it's trying to make things as easy as possible
from owning your first asset, owning your first piece of Bitcoin, and then going like, okay,
how can I deploy this across all the exciting opportunities that are available? And not
requiring people to undertake educational courses and go through, jump through hoops and learn
things they do not otherwise.
It's like, how can they as easy as possible begin using the technology productively as
opposed to wasting time learning about the technology?
Like, you know, you don't log into Facebook or Instagram or TikTok or whatever, Gmail,
and you don't go, oh I have to work I have to wonder
how Gmail on the back end send their emails or Facebook is designing it's like algorithm or
whatever things like you just log on you get what you want like you get cool cat pictures you get
like I don't know whatever whatever your algorithm is popping you up but you get from as easy as
downloading the app to experiencing the benefits of the product as quickly as possible.
And that's something I think in crypto, in DeFi, in Web3,
like we're not necessarily doing as well of at the moment.
And that's something that we're like very,
that we're very keen to address and like,
and learn from, you know, the experiences of the entire space
as a whole over the last few years,
and then create a product that we've identified there is a very definite need for.
Very definite demand and need, both from the perspective of Celsius, BlockFi,
all these centralized lenders that obviously captured a significant amount of users
and assets under management.
And then also from speaking to Bitcoin holders and them like talking about the challenges
they would like address to eventually come into DeFi
and start using the technology, if that makes sense.
And for people outside, like, you know, the bigger,
the people who run like Web2 businesses,
the entrepreneurs, like the people who are like
out there doing like, like creating value in the economy,
looking like, okay, how can I,
how can I onboard myself into like DeFi as easily as,
or how can I learn how to,
or how can I put myself in a position
to benefit from this technology as easily
as one in America might like buy an index,
buy an index stock or buy like an index.
It's like, okay, buy some Bitcoin,
put it into Satoshi port. We're going going to have we're going to manage the process and help you make that as productive
as possible as quickly as possible if that makes sense and there's and there's so much demand for
this i mean you look at the last cycle um blackfi had 30 billion dollars of bitcoin deposited in
their platform that's crazy just pause for a second and
that was when bitcoin i guess it was similar prices as to what we are today it was like
you know 50k unfortunately um so we're not so far off from that um you know uh uh too too but um
through but um it's uh it's um it's amazing how much demand there is for a high quality product
for large whales because at the end of the day large whales are not going to just go to a boiler
plate lending protocol and use that what they're looking for is a premium product that's designed as a concierge service for large holders to give them a VIP experience from the initial lending to whatever it is that they want to do with the assets that they've lent. And that's really where Satoshi Port is focusing on,
is how do we create a very high quality product
that's gonna differentiate itself
in a rather commoditized space,
which, I mean, let's be frank,
there's no shortage of places to work with an OTC desk
or to work with a DeFi app
and to just borrow one asset for another asset. There's
probably 200 lending protocols out there. But what there are not are VIP prime brokerage services,
which are designed to cater to the needs of large holders that want to be able to actualize capital
without selling their volatile asset of Bitcoin and, you know, various other blue
chip assets.
And that's, that's where Satoshi pork comes in and differentiates itself.
Yeah, absolutely.
I think that makes a lot of sense.
And I think the good news is that it's only going to get bigger and bigger and bigger,
right?
Or at least we hope so.
I have a couple of big questions.
I think everybody watching does, actually.
I have a couple of big questions.
But, Jared, if you want to jump in before those,
if you've got anything that's burning on your tongue, please do.
My mind just goes to, okay, just to of like take a moment to recap what you've said
because so much has been dropped i just want to make sure i'm understanding it so i like to like
sort of pare it back a succinct surgeon all right so we've got this lending platform you can take
bitcoin you can deposit it that deposit goes to a air-gapped place using near tech and npc stuff
there's a lot of tech stuff to there but that makes that bitcoins safer i know is that a good word to use when i say safer yeah i think i think safer than if you
just handed it to us with you know no market cap you know some altcoin and you know we're not
yep yep so okay that's step one that's awesome all right so then okay now i can put it there
and then you can pull out margin or whatever, right? You can take liquidity against it.
Yeah, that'll be existing stable coins.
So we're not inventing a new stable coin.
This isn't like a MakerDAO collateral debt position where you get Satoshi bucks or something
like that.
You get cold hard cash, Tether, or USDC.
Okay, great. So that's good to know. That was-up so that's gonna be your things now right now you can do bitcoin but you're gonna possibly
over time have more assets that you can deposit in there solana being maybe for testing and and
whatever you find sort of grows but the bitcoin is the main one that you're that's what we see
95 of the market need and you'll be able to adapt as markets change and shift over time, which is great.
Exactly.
Or, you know, just double down.
And then there's going to be also, you're building out an app store and that app store
is more of like things that you will be like, here's where you can leverage that USDC or
tether that now you have that we sort of have vetted.
So you're not doing the Google thing because I also have a story of a friend who Googled
a thing with a wallet called the number got drained from a very substantial amount.
So that does happen.
So don't go to Google, have a hardware wallet.
Those are the two things the show brought to you by don't go to Google, get a hardware wallet.
Yeah, it's insane.
It's insane.
I had a guy in my neighborhood come to me.
Whatever.
It's another
story for another time but he lost 30 grand it was his first time buying crypto bam but jumped in
30 grand and it was like that's that south park episode it's like and it's gone yeah it's it's
it's horrible so yeah definitely but this is that's that's good so this app store or almost like
you know defy map that you guys are going to have as well. Okay, cool.
And so that's the product overall in sort of like a succinct way.
Great.
And then in addition to that, we'll have custom vaults.
So custom vaults will be strategies that will be actively managed by our partners, which
will take collateral that you've borrowed and then earn more than whatever interest
that you're using to borrow it.
So let's say, for example,
you're paying 8% to borrow
because that's what the growing rate is.
So it's going to be earning 12%.
So essentially you're earning,
let's just to simplify the math,
you deposit Bitcoin, you earn 4% on your Bitcoin.
Cool. All right. Awesome. So now, awesome. And that, that helps me now. I understand,
which is always like helpful, I think. So Demo, ask some of your big questions and then maybe we
follow up with a little timeline questions, but let's do your big ones now. Actually, my big
questions were timeline questions because I'm just going to get straight to the point and say,
this is what the people want. I'm channeling them right now.
It's coming to me and they're saying when, when, when, when men,
and also importantly, when points.
Okay.
So first question is points are live today.
So we've done a few different points campaigns.
We have points on our website and we'll be partnering with Galaxy to do quests that will earn points.
So more will come out soon for that.
And we've got the airdrops will be in a few stages with a target of 10% of the token supply given over a multi-stage airdrop lifecycle.
So that's a huge percentage of the liquid token supply.
The ticker is SP for Satoshi Port.
We might go through some rebranding.
So between now and when it's listed on various exchanges.
So follow us to follow the progress moving towards a token launch.
And right now we are at the third stage of our internal beta. So the goal there is to
create the entire workflow on mainnet of depositing with Bitcoin from Ledger and taking margin onto ETH layer twos in USDC at
low interest rates on with a MetaMask.
So that is fully functional on near mainnet today.
It's in again, it's in private beta and it will come into a public beta, which will be
open for ambassadors from our ambassador program and beta testers who are currently in sign-up mode.
JB can talk a little bit more about what it takes to sign up as an ambassador or a beta
tester.
And the goal is to launch the product Q2 of this year so that means over the next roughly three months to um you know to
uh bring the beta to bring the points program on chain in q3 launch the token in q4 and the first
partnerships that we'll integrate with are some of our friendlies so we work very closely with
thor chain big fan of them it's a great product you know their app layer regir is a is a fabulous product so that'll be our first layer of app integration um and we'll be focusing specifically
on perps we'll be rolling out with hyperliquid and vertex and and you know a few others and then
we're a big fan of cypher wall of um of uh cypher credit card so we'll be integrating with the cypher
credit card where you'll be able to get margin against your bitcoin directly to a visa credit card on your phone both virtual and
physical and apple pay and then just uh starting q1 of the following year we'll be rolling out
more vaults and more dap integrations no 100 and like oh sorry go on go on my friend oh no i was just saying okay cool
very clear i got a good timeline in my head i got it now no i mean yeah it's an easy product so you
know the timeline makes a lot of sense i apologize jb here's the baton talk a little bit more about
our ambassador and beta program.
Yeah, no, I was just going to follow up and say,
if you follow our Twitter feed,
we have a blog post out as well saying how you can join the beta program.
I'm trying to find people who maybe have a little bit of experience in DeFi,
like Bitcoin enthusiasts,
people who we think have a need for our product,
and chat to them let them
try it out and and like wider just general people who like can help us and maybe improve the user
interface improve the user experience but we're trying to bring together a group of people who
can give us good feedback about like the flow of the product how it feels how we can make it better
and how easy it is to use and understand and you can find all the product, how it feels, how we can make it better, how easy it is to use and
understand. And you can find all the information about how to sign up in our blog on our X. We put
out multiple posts about it. And we're probably going to launch into that or bring a group of
people into that in the next week or so. And maybe run that for a couple of weeks, let them try it
out and give us the feedback, bring it forward. What we've also found from the, like Jonathan said,
and it kind of gave us a little bit of an inspiration.
We were going to a points program anyway,
but the ambassador program was we got like a lot of interested people
within the near community who were signing up for the beta testing,
but we actually felt they'd be a good fit,
maybe more for creating content, for making noise,
for spreading the word for like, maybe not necessarily
they didn't have as much of an interest in beta testing, but they had an interest in the product,
in the points and what it was going to do. And so we're also going to launch the ambassador program
to cater for these people who want to get more involved in the community and the content and
helping spread the word as opposed to actually the nitty-gritty of testing the product. So yeah, we're like, look, we're excited to like just move forward and like include
as much of the near community, include as many people as possible. I suppose that is the whole
point of DeFi. It's like permissionless, inclusive, democratic access to finance.
And so it makes sense to to have as many avenues as possible
for people to contribute to the growth of the product
across the verticals like tech, community, all these things.
So yeah, we're gonna do the points program.
We're gonna have the campaigns with Galaxy.
We'll have the ambassador program.
You can find all the information on the X.
We'll make sure to put another thread or two
about it out over the next couple of days.
So people can refresh and join
in and you'll always see a post that's there like earn points because i'll like tweet i'll put i'll
put in it like retweet this versus toti for points but you can be pretty sure like the more you engage
the more you share the more you write the more you help us create noise and like and just like
begin to understand the product and help convey the value proposition of the product to a larger amount of people,
the more we'll reward people with points
or climb up the leaderboard, if that makes sense.
But Jared, if you would put up the screen again,
if that's okay, my friend.
You got it.
I think my internet has finally,
I hope it's not second time unlucky,
but like I'll just take people through the flow really,
really easily. I've already logged in on my wallet. I just don't want to log in on live stream.
But here we've got like, there's two simple options as Jonathan chatted about. And Jonathan,
if you want to chime in with anything here at any moment, feel free as well. It's like, okay,
people can lend the USDC. And this is the pool of USDT, as we touched on,
this is the pool of stable coins that the Bitcoin holders are going to be able to draw from when
they're borrowing against their Bitcoin. And the people who deposit this pool are going to be able
to earn a stable flow of yield, of APR, if that makes sense. But what we're looking at today is the flow for
depositing your Bitcoin as collateral and borrowing against that to go and explore DeFi apps.
So as we see, very simple app. There's no such thing as staking your Bitcoin. There's no such
thing as yield paid in Bitcoin. It's all very straightforwardc people come in lend their usdc people come in deposit their btc
and then it's okay the btc depositors get to borrow stable coins and the usdc or stablecoin
depositors get to earn yield and a very like a very much needed pain point to be addressed in
d5 and we've run into the same problem again. Well, it was.
It's always the problem of doing the live.
Yeah, it's all right.
It's the reason why it's to be expected with, you know, we're looking at the public beta in about two weeks.
So anybody that's signing up for the beta today will, you know, will be eligible for
that.
There is a raffle and prizes and points campaigns
around it and you will be able to you'll get a little bit of Bitcoin so it's no risk of you
you'll be able to come you'll be able to you'll give us a near wallet address and a Bitcoin
wallet address you'll get a little bit of near you'll get a little bit of Bitcoin and then you'll
come on and you'll play with the product and you'll give us some feedback and so that's going to start
in about two weeks time amazing guys it's sod's law every single time i feel like this isn't
this isn't the first time we've had guests on and they just you know it's just the way the world
turns i think that the these things don't work when you need them to.
I do.
I have a question.
Yeah,
totally.
Yeah.
Not,
not embarrassed whatsoever.
I think that that's,
that's the reason why you polish things,
you know,
and you,
you put in the extra air handling before you,
you run out to the public beta.
So we've been doing a lot of testing.
We're on the third version of the internal beta. So we've been doing a lot of testing. We're on
the third version of the internal beta that our team has been testing. We're very excited to get
this out in the hands of multiple other people and excited to hear your feedback. So if you're
listening to this and you want some free Bitcoin and you want some free NIR and you have a MetaMask
wallet and you want to come and play with the next generation of uh bitcoin prime
brokerage then you know you should uh come uh you should follow us on x you should join our
telegram and discord and uh you should uh ping us and tell us that you're interested in being a beta
tester and an ambassador 100 100 you heard it here first final question from me guys let's say that i deposited five
thousand dollars in bitcoin and i go on like a bender because i've withdrawn my usdc and i've
just gone partying all weekend i've spent it all and now i can't pay it. And you have to sell that Bitcoin to cover my debt.
Where do you sell that Bitcoin?
And if it isn't near intense, why isn't it near intense?
That's the real question.
So it initially will be near intense.
But as we grow bigger, we want to be able to handle larger OTC sales.
So we'll migrate from using the initial approach of Near Intense to actually an auction house,
which is much more common in the world of TradeFi.
So we'll actually be able to come and we'll have like a Dutch auction where people will be able to come
and pick up these large underwater positions.
And so that also ensures that there are not
liquidity constraints on, you know,
selling quickly into kind of falling knife markets.
Of course, understood.
All right, that's the, that's the hardest question for me guys jared do you have
anything else you'd like to ask uh no i think you guys pretty much covered everything um i'm
excited i definitely want to play with it and like you know be a tester and stuff so i'll be
doing that just to kind of see and i i think what's my biggest takeaway is that i'm really
excited that we're seeing this like kind of evolution in web3 right where where projects are using tech from multiple chains from other places bitcoin solana near it
doesn't it's just making the best product for your users and that's like the goal it's not
about pumping bags it's just about best product and i'm excited nobody went on to instagram because
of their like where oh was this is this like a Node.js project or are they using like Amazon web service?
Like I'm like an Amazon Web Maxie, you know, like it's just such a, you just want a good product and you want it to, you know, connect with good services.
And that's what our goal is, is just build something for Bitcoiners that connects them to the best products in the market and have the best back end to support it.
And importantly, we want to make it completely impossible for any curly-haired vegans living in the Bahamas
to allow their human greed to ruin anything.
Yes, it should be transparent and and air-gapped
that must have been like completely random thought like you can't be
possibly referring no yeah what could possibly be uh yeah i don't know if you were just like
just randomly picturing uh uh curly-haired vegan in the bahamas i don't know who who that might be
just where the world works, where the head works,
right? Next week, it'll be
someone else. Gentlemen,
please tell the people where
they need to go if they want to start earning
points, if they want to learn more, if they
want to get involved with the ambassador program,
if they want to land on the website.
Hit them up with the Twitter links, with the website link.
Anything you think relevant, please
tell them right now.
And yeah, but I suppose Twitter, follow us on Twitter, get on our website.
All the social links are on our website at the bottom, like Discord, Telegram, all those good things.
You can sign up for our email newsletter, literally just as many communication channels as possible.
And we're obviously with this, like I think it's,
you would be foolish as a company nowadays
or anyone trying to build anything
to not maximize all available distribution channels
and give people the opportunity
to keep up to date with news
with all the like great things
that are available to people to spread messages
and whatever way people most favor
to receive those messages.
So yeah, get on the website,
get on the X and we put out all favor to receive those messages. So yeah, get on the website, get on the X.
We put out all the updates across all channels.
And if you're in those places,
you're going to find out the things we're doing.
What is the website, JB?
Oh, sorry, satoshipport.com.
There we go.
Very simple, very easy to remember.
And it's hard to misspell.
Those are the requirements.
SatoshiPort.com.
Don't Google it.
SatoshiPort.com, SatoshiPort.com.
Awesome, guys.
Well, thanks so much for being here,
and we'll keep connecting as the timeline keeps progressing.
Appreciate you guys.
Thank you so much.
Have a great day, guys.
Yes.
Thank you all so much.
