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Showcasing @SatoshiPort Trustless prime brokerage for BTC
Recorded: April 7, 2025 Duration: 0:46:19Space Recording
Short Summary
Satoshi Port is launching a groundbreaking Bitcoin lending platform that allows users to deposit Bitcoin and borrow against it without selling their assets. With a token launch on the horizon and strategic partnerships with ThorChain and Cypher, the project aims to meet the growing demand for secure and efficient crypto financial solutions.
Full Transcription
g-m-g-a-g-n-g whatever suffix you want to slap on the end of that i'm currently wearing this i
know you're probably thinking hey what why why it's for two reasons firstly it's 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 uh jared of nia jared how you doing man i'm doing great uh that is your
intros i i joined for the intros man like that that was amazing um yeah i 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've 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
going down the escalator and then coming to a room where there was just like all these masks
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 guess uh it must work you know if it's so popular
i think it's fair.
Is it like a 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 red light.
Let's just make it like some sort of like a new crypto trend
where we like mint it out and people get it.
It's the new like collectible in crypto.
Absolutely. You know, it's all new like uh collectible in crypto absolutely i'm you know it's at the
right it's all at the right time in the market and uh definitely today leaves a lot to to be
wanting in the market you know yeah yeah it's it's quite painful i think for all of us you know
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'm telling 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 do a little bit of intros um 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've built multiple projects in the space.
You know, I worked at StarCore.
I built a bunch of projects on Terra Luna, Cosmos, Perps.
You know, I've been building something very exciting on ThorChain.
And, you know, it's this whole process.
You know, 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 Bitcoin, but I see all these meme coins come up on Pumped Up Fund.
You know, I see, you know, interesting things that can be traded on ThorChain.
You know, I see all this interesting stuff happening on Hyperliquid.
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, you know, driving it into, you know, 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.
I don't think that there's any other place in crypto that you could build this today.
And, you know, JB and I have been working together for the better part of a year now.
And, you know, 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, I'm supposed to say I love that. That was amazing. And I love that you found near as the home
because you're probably right. It is with the power of chance signatures, tech 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 going to go ahead and check.
I haven't logged in in a while.
So that's a great point.
So back in 2020, 2021, I was a major advocate of BlockFi.
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 I really believed in this vision.
I thought that like you can hodl and you can actualize the, you know, the life changing gains of your crypto at the same time.
you know, the life changing gains of your crypto at the same time. And, you know, when push came
to shove and the market started to collapse, you know, and I started clicking that login button
and just kept on getting that error. And I just realized, you know, that everything I deposited
was gone. So that was really a major impetus as to, you know, we need a better solution.
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.
Cause 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 a big part of the vision of Satoshi Port is how do we create something that doesn't require a third party to have custody or Bitcoin?
And for many people, I thought it was impossible to do this.
And you kind of alluded to where NIR plays a big role in this, but NIR 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,, a multi-party computational wallet. So it's keys that are
distributed amongst multi-parties. And NIR has, you know, 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. So that little short monologue, which David, you expressed around
the shock that many people went through, and, you know, it's, it's, it sucks to laugh at other
people's losses, myself included, but the, that, that shock that people went through,
you know, we hope to prevent while at the same time accessing, you know, direct onboarding into
some of the most popular DeFi in the market today through a Bitcoin powered margin account.
market today through a bitcoin powered margin account no 100 and even myself like you know
my own journey slightly different to yours but like i'm a big defy enthusiast love using like
perps love using 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 not put it under any unnecessary risks or like technological complications and then be able
to use that capital and go to the market to like 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,
in fact, let me do something different, right?
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 bring up the UI? Will we bring up the UI onto the screen?
Oh, do we want to just show you, you want to do the walkthrough right now? We can do that.
Jonathan, while you're talking about it, would you like to have the UI on the screen?
Jonathan, while you're talking 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, we've been building on ThorChain,
you know, made a very amazing product,
you know, 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, you know, the 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, that here we've got, 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, you know, 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 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 that...
My internet is obviously acting up
because the web page isn't loading properly
can I jump in here real quick too
just to kind of frame this real quick
so right now
and I like that something to show there
there's stuff happening on the back end 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 that it's built on near tech and there's some really good secure ways that that's happening then exactly it's it's not a near story yeah but uh but it's using near
tech so yeah i apologize i i interrupted you no i love i i really like that sound because like
i'm a big believer that like we're starting to end or go into an era of web 3 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, 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, we use 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.
But the product is really focused around what I'd call is 90% of the value in the market,
which is really untapped, is Bitcoin holders that have not onboard 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 Pump.Fun.
They've never, you know, and they're just the 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, 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, there's when you talk
of Saylor and he's talking about like, 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 solve specific problems maybe that weren't necessarily foreseen when
Bitcoin was, and it wasn't necessarily foreseen when Bitcoin was,
and it wasn't the purpose for which Bitcoin was created. It was just a peer-to-peer cash system,
and Ethereum, a smart contract platform, programmable money, can build layers of code
on top of transactions, but maybe didn't necessarily foresee the scalability. But the
reason we're obviously going to try and attack the problem of Bitcoin,
or if we talk about how much capitalism 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 it was like Bitcoin
and blockchain and cryptocurrency
has become so popular in the first place,
which is why it's such a contradiction.
Like, 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 and or trust that their bridge works properly
and so yeah like it's just bitcoin like it's almost two trillion dollars in market cap and
you know this is not only and for us this is for the entire space like we're going to unlock this
capital and then connect that capital with all the best apps, like Jonathan was saying, across like all the different ecosystems, thanks to the power of NIR.
And so this isn't only an us thing. This is a DeFi thing. This is let's bring that Bitcoin capital into DeFi 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 BlockFi, you know, I didn't use Celsius personally, but I used BlockFi extensively, 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, you know, has Apple
Pay on your phone. And just the, 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. 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 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 yeah like have
a good conversation about or any anything anything there yeah i think that actually to your point
about blockfi i did use block fine I did you Celsius
regrettably so I also use terror I use them all right the thing about doors
particularly block fine 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 because 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 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.
And I was about to give this fake knockoff Aave access to, you know, like, I don't know, like a non-tribinal 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
helps you through the whole process, soup to nuts. So Satoshi Port is not a lending protocol.
It's not a bridging protocol. It is an onboarding concierge service that allows 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 utility that doesn't exist
but it's trying to make things as easy as possible from going owning your first asset owning your
first piece of bitcoin and then going okay, how can I deploy this across
all the exciting opportunities that are available and not requiring people to undertake educational
and 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 Jesus, I have to work, I have to wonder how Gmail
on the backend send their emails
or Facebook is designing its like algorithm
or whatever things like You just log on,
you get what you want. You get cool cat pictures, you get, I don't know, 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,
we're not necessarily doing as well of at the moment. 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 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 like definite need for, like, you know, very definite demand and need, both from from the perspective of celsius block by all these centralized lenders and that like obviously captured a significant
amount of users and and like assets under management and then also from like speaking
to bitcoin holders and them like talking about the challenges they would like address to
eventually come into d5 and start using the technology, if that makes sense. And for people outside, the people who run Web2 businesses, the entrepreneurs,
the people who are out there creating value in the economy, looking like,
okay, how can I onboard myself into DeFi as easily as, or how can I learn how to, or how can I put myself in a position to benefit from thisy 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 and buy
an index stock or buy like an index it's like okay buy some bitcoin put it into satoshi port we're
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. And there's so much demand for this. I mean, you look at the last cycle,
BlockFi had $30 billion 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 to what we are today. It was like, you know, 50K, unfortunately.
So we're not so far off from that.
You know, too, too.
But it's amazing how much demand there is for a high quality product for large whales.
product for large whales. Because at the end of the day, large whales are not going to just
go to a boilerplate 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 the, 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 going to differentiate
itself in a rather commoditized space, which, you know,
I mean, let's be frank, there's no shortage of places to, you know, to, you know, 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, you know, 200 lending protocols out there. But what there are not are uh 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 port 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 kind 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 as a succinct version.
All right.
So we've got this lending platform.
You can take Bitcoin, you can deposit it. That deposit goes to a air gaps place using near tech
and NPC stuff. There's a lot of tech stuff to there, but that makes that Bitcoin's safer.
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.
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, a maker Dow, um, you know, a 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 follow-up. So that's going to be your things.
Now, right now you can do Bitcoin, but you're going to possibly over time have more assets that you can deposit in there.
Solana being maybe for testing
and whatever you find sort of grows,
but the Bitcoin is the main one that you're working on.
That's where 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, 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, so that does happen. So go, don't, don't go to Google,
have a hardware wallet. 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, uh, 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 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 gonna have as well yep okay
cool and so that's the product overall in a in sort of like a succinct way great um and then 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 helps me now I understand, which is always
helpful, I think. So Demo, ask some of your big questions, and then maybe we follow up with 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, Vince, 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 mainnet 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 um 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 we have, 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 with a MetaMask. So that is fully functional on near mainnet today.
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 signup mode, JB can talk a little bit more about what it takes to sign up for 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, you know, to 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 ThorChain.
Big fan of them.
It's a great product.
Their app layer, Regir, is a fabulous product.
So that'll be our first layer of app integration.
And we'll be focusing specifically on perps.
We'll be rolling out with Hyperliquid and Vertex
and a few others.
And then we're a big fan of 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 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'd like to start with a set.
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 like follow up and say like,
if you follow our Twitter feed and we have a blog post out as well
saying how you can
and join the beta program i'm trying to like find people who maybe have a little bit of experience
in d5 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 help us 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,
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.
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 and 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 um spreading the words 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 them back 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 like 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 going to do the points program.
We're going to 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.
You'll obviously a post that's there like earn points
because I'll like tweet, I'll put in it like retweet this
for Satoshi Port 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 um points or they'll climb up the leaderboard if that makes sense but um jared if you would put up the
the screen again if that's okay my friend you got it my internet i think my internet has finally
i hope i hope it's not second time unlucky but um like i'll just take people through the flow
really really easily i've already logged in my wallet i just don't want to log in and 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 our 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 like staking your Bitcoin. There's no such thing as yield paid
in Bitcoin. It's all very straightforward. There's a USDC. 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 usbc 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 but it was working like a minute ago
it's the reason why it's a you know it's to be expected with uh you know we're we're looking at
the public beta um in about two weeks so anybody that's signing up for the beta today will um you
know will be eligible for that there is um a raffle and prizes and points campaigns around it
and you will be able to um 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 start in about two weeks time. Amazing guys.
It's sods 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 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 Bitcoin Prime brokerage, then you should follow us on X. You should join our Telegram and Discord.
And you should 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 deposit $5,000 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 uh 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 trade fi.
So you'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. That's the, that's the hardest question for me, guys. Jared,
do you have anything else you'd like to ask? No, I think you guys pretty much covered everything.
I'm excited. I definitely want to play with it and like, I think you guys pretty much covered everything. I'm excited.
I definitely want to play with it and be a tester and stuff.
So I'll be doing that just to kind of see.
And I think what's my biggest takeaway is that I'm really excited that we're seeing this kind of evolution in Web3, right?
Where projects are using tech from multiple chains, from other places, Bitcoin, Solana, Nier.
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 onto Instagram because of their like, where, Oh, was this,
is this like a no JS project or are they using like Amazon web service? Like I'm like an Amazon
web max T, you know, like it's just such a, I just, you just want a good product and you want it to, you know, connect with good services.
And like, 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 backend 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 air-gapped.
That must have been like completely random thought.
Like you can't be properly referring to any specific individual.
What could possibly be? that must have been like completely random thought like you can't be probably referring
yeah i don't know if you were just like just randomly picturing uh curly-haired vegan in the bahamas i don't know who that might be it's just where the world works the way the head works right
next week you know it'll be someone else um gentlemen please tell the people where do 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.
And 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.
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 the updates across all channels and if
you're in if you're in those places you're going to find out the things we're doing What is the website JB?
Oh sorry
SatoshiPort.com
There we go
Very simple, very easy to remember
and it's hard to misspell
you know those are the requirements
SatoshiPort.com
Don't Google it
SatoshiPort.com
Awesome guys well thanks so much for being here
and uh we'll keep connecting as the uh timeline keeps progressing appreciate you guys thank you
so much have a great day guys yes thank you all so much thank you god bless
