►
From YouTube: Community Collateral Onboarding Call: January 20, 2021
Description
Introduction: @juanjuan
RWA Working Group Updates (0:00:47): @SebVentures
Presentation 1 (0:02:54): Harbor Trade Credit
Agenda and Discussion:
https://forum.makerdao.com/t/collateral-onboarding-call-24-harbor-trade-credit-wednesday-january-20-18-00-utc/6064
Governance Forum:
https://forum.makerdao.com/
Disclaimer: These calls and the summaries are produced and hosted by MakerDAO community members. Content produced by the community are not the statements or views of the Maker Foundation.
A
A
B
Sure,
thanks
hello,
everyone
yeah.
I
wanted
to
give
you
a
brief
update
on
what
what
a
set
working
group
is
working
on.
So
since
the
beginning
of
the
year,
we
are
working
a
lot
and
the
legal
documents
for
the
centrifuge
projects.
There
is
a
lot
of
legal
documents.
We
will
publish
past
on
the
forum
about
that
very
soon
tonight
or
tomorrow,
as
is
also
a
discussion
for
reward
assets
asking
the
community
if
we
want
to
invest
in
london
terms,
loans.
B
So
currently
we
are
investing
only
in
up
to
24
months
loans,
so
another
one
are
for
success
and
new
silver,
but
as
as
yields
on
the
the
interest
rate
rates
are
still
very
low,
maybe
it
makes
sense
to
invest
in
longer
duration,
loans
and
another
one
another
post
we
have
on
the
forum
is
about
a
question.
We
ask
to
the
to
the
community
on
how
we
can
improve
the
risk
assessment,
because
those
are
really
long
to
read.
A
Yeah,
surely
if
you
have
any
strong
opinions,
please
let
us
know
at
forum.maker.com.
We
appreciate
yeah,
contrary
and
opinions
as
well,
so
everyone's
welcome
yeah.
So
in
the
in
the
call
just
to
remind
you,
we
have,
I
think,
it's
luca
from
centrifuge
there
he
just
joined.
We
also
have
leia
from
centrifuge
and
we
have
blake
brian
and
andy
from
harvard
trade
credit.
So,
ideally,
if
you
have
any
questions,
just
interrupt
and
and
shoot
away
so
we
can.
C
And
can
everyone
see
the
the
screen?
Okay,
excellent,
so
today,
actually
is
a
kind
of
a
combination.
Here
we
have
throttle
capital
which
myself
and
rana
mukherjee
are
here
today,
and
what
we'd
like
to
kind
of
just
introduce
briefly
is
a
quick
introduction
of
our
team
who
we
are
and
and
what
we
do
just
so.
Everyone
understands
kind
of
how
we
weave
into
harbor
trade
credit
and
as
well
as
centrifuge
and
maker,
dow
community.
C
We
have
my
my
partner
rana
mukherjee
on
the
line
here.
His
background
is,
you
know,
structured
finance
and
in
capital
markets.
He's
he's
been
at.
You
know:
jp
morgan,
morgan,
stanley,
credit
suisse
and
funding
circle,
he's
our
capital
markets
guru
and
and
helps
kind
of
dive
into
the
structure
of
all
of
these
unique
assets.
To
make
sure
that
everything
is
is
structured
correctly
and
all
of
the
pieces
are
in
place
to
make
the
proper
introduction,
as
well
as
secure
capital
from
our
institutional
investors.
C
Where
he's
actually
really
interested
in
integrating
myself
even
further
into
the
blockchain
and
crypto
space,
we
were
early
investors
in
about
12
to
15,
blockchain,
crypto,
related
companies,
coinbase,
shapeshift
and
chain
analysis
are
just
a
few
coming
to
the
top
of
mind.
Our
other
capital
team
and
technology
and
data
analytics
advisors
are
not
on
the
call
today.
C
D
Hello,
everyone
nice
to
meet
you
on
the
phone
on
zoom.
What
throttle
capital
is
focused
on
is
fintech
originators
that
are
data
driven
and
technology
forward.
Since
lending
club
and
funding
circle,
where
we
see
there's
a
2.0
version
of
fintech,
that's
coming
about,
and
and
really
these
companies
are
well
funded
by
vcs.
D
They
can
scale
on
the
business
side
very
well,
but
what
they
don't
really
have
an
appreciation
for
is
debt
capital,
how
to
secure
kind
of
a
5
to
25
million
debt
facility,
so
throttle
capital
is
being
formed
to
help
with
that
function.
We're
sort
of
like
an
outsourced,
capital
markets,
function
for
these
companies
and
we
focus
primarily
on
shorter
term
higher,
yielding
assets.
D
Our
investors
that
we
work
with
are
primarily
institutional
investors,
they're
100
billion
dollar
funds
that
are
pro
that
are
focused
on
the
private
market,
a
private
debt
market
and
the
reason
for
that
is,
it's
uncorrelated
to
stock
and
bond
markets
that
are
have
their
own
risk.
These
are
statistical
cash
flows,
so
they're
very
focused
on
on
that,
and
and
also
they
can
be
structured
to
to
provide
a
cushion
against
performance
if
the
market
changes
and
so
on.
D
Some
of
the
companies
we've
listed
here
that
we
work
with
are
very
interesting
right,
so
salary
advanced
company,
folks
that
work
at
whole
foods
or
or
or
or
a
hardware
store,
and
they
need
an
advance
against
their
next
month's,
a
week's
salary.
We
can
provide
that
this
company
provides
that
and
charges
like
an
atm
fee.
We
finance
those
atm
fees
with
debt
and
and
it's
growing
pretty
rapidly,
pharma
lab
and
medical
device
receivables,
mca
lenders
that
are
basically
merchant
cash
advanced
lenders.
D
D
F
F
So
short-term
trade
receivables
have
some
unique
characteristics
being
that
their
risk
there's
risk
of
adjusted
returns
associated
with
investing
in
these
receivables
and
they're
uncorrelated
to
traditional
markets.
I
think
rana
had
referenced
that
that
that
earlier,
these
are
uncorrelated
to
equities
markets,
for
example.
F
So
our
our
scope
what's
in
scope
for
us,
our
focus
is,
is
cross-border
trade.
So
here's
just
a
little
highlight
on
on
trade
statistics
and
sort
of
a
trend
that
you
can
see
over
the
last
20
years.
Even
if
you,
if
you
go
back
even
to
the
previous,
the
previous
10
or
20
years,
it's
it's
even
more
of
a
drastic
incline.
F
F
F
So
to
really
identify
like
how
working
capital
is
provided
in
international
trade,
I
think
it's
it's
important
to
understand.
Some
of
the
payment
mechanisms
in
cross-border
trade,
so
you've
got
an
advance
payment.
Buyer
is
paying
for
the
goods
before
they're
shipped
paying
directly
to
the
supplier,
very
advantageous
for
the
for
the
supplier,
of
course,
not
so
much
for
it.
For
the
buyer,
you
have
letters
of
credit
which
are
payment,
guarantees
issued
by
buyers
banks
to
to
suppliers
directly.
F
You
have
documentary
collections,
which
is
also
done
through
the
banking
banking
channel,
and
then
you
have
open
account
trade,
so
open
account.
Trade
is
is
really
where
the
working
capital
solutions
come
into
play.
It's
estimated
that
the
open
account
trade
in
in
international
trade
is
sixty
percent
of
global
global
volumes.
F
F
So
if
we
have
a
typical
cash
conversion
cycle-
or
I
should
say,
com
the
typical
components
of
the
cash
conversion
cycle,
so
what
is
a
gas
converted
cycle?
Basically,
this
is
the
holding
period
for
inventory,
how
many
days
you're,
collecting
your
receivables
and
then
taking
into
consideration
what
sort
of
trade
payables
that
you
have
right.
F
So
the
entire
cash
conversion
cycle
or
working
capital
need
is
calculated
by
the
inventory
days,
plus
the
the
dso,
which
is
the
the
the
receivable
days
minus
whatever
payable
days
you're
getting
from
from
suppliers
right.
So
you
can
see
here
that
there's
a
60-day
inventory
holding
period
receivables
are
collected
in
60
days,
so
that's
a
total
of
120
but
they're
getting
30
days,
credit
from
suppliers
on
average,
which
gives
them
a
90
day
working
capital
need
cash
conversion
cycle
right.
F
So,
as
you
can
see
under
our
solution
here
that
same
60-day,
inventory
burden
and
60-day
receivable
collection
period
is,
is
in
place
by
harbor,
stepping
in
and
implementing
our
supply
chain.
Finance
solution:
we're
optimizing
the
cash
conversion
cycle
by
improving
improving
the
accounts
payable
terms
so
by
us,
stepping
in
and
making
payments
directly
to
suppliers
and
extending
credit
to
our
buyers
on
on
90
days.
It
leaves
us
with
a
net
net
of
30
days
working
capital
need.
F
F
Some
actually
go
well
beyond
that,
but
I
think
that
that's
sort
of
the
target
and
so
those
revenues
support
limits
of
you
know
up
to
10
million.
So
these
are
middle
market
companies
that
have
an
international
supplier
base.
We're
industry,
agnostic
manufacturers,
wholesalers,
distributors,
retailers,
brands,
commodities,
traders.
F
So
this
is
exactly
what
they
they
did
their
their
products
happen
to
be.
You
know
not
excluded
from
from
these
terrors,
and
so
they
they
made
a
complete
shift.
Going
into
supplier
markets
like
malaysia,
vietnam,
cambodia
and
indonesia
and
those
are
markets
where
the
supplier
base
super
fragmented,
a
lot
of
smes
more
s
than
m,
I
would
say-
and
so
you
know
they
wanted-
to
initiate
and
implement
this.
F
F
F
F
We
want
to
optimize
the
working
capital,
but-
and
we
also
want
to
be
able
to
support
the
supplier
base
that
that's
coming
in
and
producing
these
new
products.
So
so
we
launched
in
in
august
of
2020,
we
launched
our
static
pool
htc
one
as
a
pilot
program
on
tin
lake,
and
we
brought
in
snakebyte
as
our
as
our
first
client
in
that
in
that
pool,
and
so
it
was
a
static
pool.
F
It
ran
for
60
days,
paid
down
and
closed
out,
and
so
when
we
launched
our
when
we
launched
our
revolving
pool
in
in
december,
just
last
month,
snake
bite
came
back
as
the
first
client
into
that
pool
and
we're
on
track
for
scaling.
The
pool
with
snake
bite
to
600
600
000
die
by
the
end
of
this
month
or
first
week
of
february.
So
we'll
continue
to
work
with
snake
bite
on
that
supply
chain.
Finance
program.
F
Which
leads
us
to
some
some
details
on
on
the
pool.
Again,
I
think
the
the
all
of
you
in
attendance
here
I
assume,
are
quite
quite
familiar
with
the
central
fusion
and
the
tin
leg
protocol,
but
you
know
more
specific
to
harbor.
We
originate
trade
receivables
that
are
tokenized
on
tin
lake.
This
is
this,
creates
a
pool
of
collateral
to
back
to
10
and
drop
tokens,
so
tenant
drop
our
junior
and
senior
tranched
under
a
waterfall
structure
in
in
the
spv.
F
A
F
Yeah,
so
so
currently,
I
think
one
of
the
one
of
the
one
of
the
cool
things
and
really
what's
interesting.
What
interested
us
is,
of
course,
we're
always
looking
for
new
sources
of
liquidity
and
and
diversifying
the
the
sources
of
liquidity
for
funding
the
book.
You
know
as
it
stands
now
all
of
the
drop
investors
are
basically
retail
investors
with.
You
know
some
institutional
investors
as
well.
E
F
E
E
F
F
G
F
Right,
let's
see
if
this
this
diagram
helps
to.
Let
me
see
if
I
can
help
everyone
visualize
this
here,
yeah
okay,
we
can.
We
can
work
off
of
this
okay,
okay.
So
let's
assume
that
I'm,
let's
assume
that
I'm
a
seller
of
widgets
in
in
the
us
and
I'm
selling,
to
amazon
and
and
some
specialty
retailers,
and
so
I'm
importing
goods
right
and
I'm
holding
some
inventory
here,
and
I
find
that
my
working
capital
pain
point.
F
Is
this
60-day
receivables
or
let's
say
it's:
it's
the
walmarts
of
the
world
which
require
120
days
payment
terms
right.
So
I
need
to
find
a
way
to
accelerate
this
right,
because
I'm
sitting
here,
my
my
capital
is
tied
up
in
a
receivable,
so
that
would
be
an
invoice
discounting
or
factoring
type
of
structure,
which
is
a
supplier-led
arrangement.
The
supplier
says
I
need.
I
need
the
the
capital.
F
I
need
that
receivable
accelerated,
so
that
I
can
manage
things
like
inventory
and
payables
and
keep
the
lights
on,
and
things
like
that
right.
So
so,
where
we're
really
focused
is
working
with
an
anchor
buyer
right
to
to
optimize
their
their
payables
right,
because
it's
all
part
of
this
cash
conversion
problem
to
optimize
their
their
their
payables
and
offer
suppliers
a
site
payment
upon
upon
shipment.
So
that's
the
key.
That
is
the
key
difference.
F
F
That's
what
we
always
say,
but
there
is
a
clear,
distinct
distinction
and
that
is
related
to
how
where
we
align
ourselves
right,
is
it
a
buyer
relationship
or
is
it
a
supplier
relationship
both
are
originating
trade
receivables,
but
it's
just
some
nuances
in
in
the
structure
and
where
we
align
ourselves.
Buyer
supplier.
G
Just
one
more
point
to
that-
and
you
probably
will
agree
with
this,
but
if
you're
supplier
driven,
then
you
have
you're
dealing
with
many
buyers
and,
as
a
result,
you're
kind
of
underwriting
the
credit
of
many
buyers,
some
of
which
you
may
you
may
not
know,
they're,
just
not
known
to
you,
whereas
in
this
case
you're,
buyer
driven
so
you're
underwriting
the
credit
of
the
buyer
that
you're
working
with
and
you're
working
with
all
of
their
suppliers.
So
the
counterparty
is
still
the
buyer.
G
F
F
I
lived
in
china
for
a
while
doing
export
factoring
out
of
china
and
like
what
I've
found,
and
I
think
what
a
lot
of
colleagues
of
mine
in
this
space
have
have
found
that,
like
do
you
aligning
with
a
supplier,
creates
problems
because
there's
this
transparency
on
the
credit
profile
of
of
the
off
taker,
if
you're
aligning
with
the
buyer,
you
know
them
right.
You
know
you,
you
know
where
your
credit
risk
lies.
F
G
Guess,
just
I
guess
just
to
I
guess
just
around
at
that
point:
there
will
be
less.
There
will
be
more
concentration
risk
because
there
will
be
less
buyers
in
a
buyer-driven
arrangement
than
there
would
be
in
a
supplier-driven
relationship,
but
the
each
buyer
there
there's
a
deeper
level
of
due
diligence
and
and
comfortability
before
that
buyer
is
approved
for
a
supply
chain,
finance,
buyer
driven
initiative.
G
So
what
we
have
with
with
with
with
harbor
is
we're,
starting
with
one
buyer
snakebrite
which,
which
they've
done
a
ton
of
due
diligence
on,
and
will
it
expand
it
to
other
buyers
as
well.
But
each
buyer
is
bulky
in
terms
of
concentration
and
as
this
pool
grows,
there
will
be
diversification
in
in
buyers,
but
it's
much
more
concentrated
than
it
would
be
if
it
was
a
supplier
driven
program.
D
Also,
I
would
say
that
you
know
we
picked
this
transaction
specifically
because
the
supplier
has
been
supplying
the
product
to
snake
bite
for
a
long
period
of
time.
They've
had
on-time
delivery,
very
little
issues
in
quality,
the
underlying
product
itself.
The
flight
simulator
product,
that's
being
offered,
is
in
high
demand
in
in
the
us,
through
the
e-commerce
channels.
D
C
D
Whole
supply
chain-
we've,
not
we
just
don't
look
at
the
credit
of
the
supplier
and
say:
okay,
great
here's,
your
money,
we've
basically
looked
through
the
history
of
fulfillment
and
the
demand
for
the
product,
and
these
are
short-term,
high-yield
assets.
So
you
can
see
performance
as
they
pay
back.
E
F
F
E
C
F
A
F
F
A
B
F
G
E
F
We
need
another
to
talk
about
risk
management,
but
absolutely
yeah,
so
you
know.
I
think
that
the
reason
we
I
have
sales
cycle
and
credit
assessment
on
on
one
slide
is
because
part
of
the
sales
process
has
certain
knockout
rules
that
are
on
the
very
top
of
the
funnel
when
we're
assessing
opportunities
right.
So
there's
this
origination
process,
initial
discussion
with
clients
in
and
you
know,
implementing
certain
knockout
rules
like
like
jurisdiction.
F
And
towards
the
end,
what
we're
doing
is
sort
of
our
due
diligence
in
our
cube,
I
see
olfact
dealing,
you
know,
background
searches
and
things
like
that
and
that
continues
throughout
the
process.
So
the
I
think,
what's
what's
critical
to
highlight
is
that
there's
an
underwriting
due
diligence
that
goes
on
when
we're
implementing
the.
E
F
So
they
can,
they
can
go
to
the
discourse
page.
I
believe
even
my
contact
details
are
on
there,
so
I'm
happy
to
make
myself
available
by
email
or
whatsapp
is
a
good
channel
for
me.
I
know
that
I
know
that
the
default
community
are
telegram
people,
but
I'm
a
I'm,
a
whatsapp
guy,
but
yeah
happy
to
happy
to
make
myself
available.
If
there's
any
specific
questions
on
harper
in
our.
A
E
F
A
E
F
A
A
I
think
there's
a
lot
of
there's
a
lot
of
people
waiting
for
this
to
to
happen.
So,
let's
keep
working
to
to
make
it
happen
all
right.
So
thanks
everyone
from
throttle,
capital,
2
and
and
well
from
harvard
trade
credit
for
joining
us,
andy,
brian
blake,
jason
and
rana.
I
think
I'm
not
forgetting
anyone.
It
was
great
having
you
and
as
always,
let's
keep
the
conversation
going
in
the
forum
next
week.
We'll
have
a
little
lido
on
the
collateral.
Onboarding
call
so
same
day
of
the
week
same
time.