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Description
https://forum.makerdao.com/t/collateral-onboarding-call-34-untangled-friday-july-30-4pm-utc/9527
Intro
An open discussion where we discuss projects and potential assets for MCD, open for anyone to join.
If you’d like to present, check out this thread.
Agenda
Intro by @JuanJuan
Presentation by @Manrui_Untangled
Untangled Finance DROP (U-DROP): Diversified Trade Finance Fund — https://untangled.finance/
MIP6: MIP6 Application - Untangled Finance DROP (U-DROP): Diversified Trade Finance Fund
https://forum.makerdao.com/t/mip6-application-untangled-finance-drop-u-drop-diversified-trade-finance-fund/9167
“Untangled is built by the team at Binkabi, a blockchain-based supply chain financing platform. Binkabi is a venture-funded Fintech focusing on supply chain financing solutions in the food supply chain in emerging markets. The Binkabi platform is used internationally by banks, funds and commodity exchanges. Whilst Binkabi is focusing on digital lending technology i.e. asset origination, Untangled focuses on the ‘Distribute’ part of the ‘Originate-and-Distribute’ cycle.”
A
My
name
is
juan
I'm
the
facilitator
from
the
sustainable
ecosystem
scaling
core
unit,
and
today
we
are
joined
by
the
team
of
antango
and
the
bunch
of
people
from
the
maker
community
and
yeah.
They
will
be
explaining
what
the
project
is
about
their
meep
six
application
and
anything
related
to
that,
and
hopefully,
answer
answer
some
questions.
B
B
Yeah,
okay,
so
thanks
quan
and
maker
team
for
organizing
this
collateral,
onboarding
call
for
entangled
finance
and
welcome
everyone
who
has
joined
us
today.
So
this
is
team
entangled
finance
presented
with
me
today,
this
quan
and
team
I'll.
Let
them
introduce
themselves
so
I
am
monray
prior
to
joining
doing
startups.
I
did
financial
due
diligence
specializing
in
financial
services
and
energy
sectors
in
pwc
and
then
in
mna
for
national
grid,
mainly
focusing
on
renewable
assets
and
energy
transition.
D
So
yeah,
my
name
is
juan
lei
and
I
also
spent
a
long
time
within
financial
services
working
for
a
professional
services
firm.
So
throughout
that
career
has
been
working
with
many
lenders.
Banks
following
that
careers.
I
actually
spent
seven
years
working
in
africa,
helping
africa
to
grow
more
rice
and
other
arable
crops.
B
E
Yep
hi,
I'm
I'm
tim
davies,
I'm
a
securitization
banker
by
by
upbringing
I
spent
the
first
part
of
my
career
in
in
canada
and
new
york
during
securitization,
and
I
was
head
hunted
to
join
rbs
securitization,
which
I
did
in
september,
2007,
which
sort
of
officially
put
me
in
the
wrong
bank
at
the
wrong
time
and
the
wrong
product.
But
you
know
subsequent
to
that.
E
I
went
on
to
work
for
lloyd's
and
then
I
joined
demica,
which
some
of
you
may
or
may
not
have
heard
of
it's,
basically,
a
servicing
provider
or
service
provider
to
the
securitization
world
that
solved
data
problems.
And,
although
you
know
one
of
the
stable
assets
of
securitization,
as
you
know,
you
probably
know
is
trade
receivables,
and
you
know
it
can
be
quite
lucrative.
But
but
it's
also
a
relatively
detailed
process
to
finance.
E
And
what
I
discovered
at
democrat
is
that
by
applying
technology,
particularly
with
regards
to
something
like
you
know-
blockchain
based
assets,
but
also
on
on
existing
digital
platforms-
that
there's
a
sort
of
a
real
need
to
connect
sort
of
the
fin
with
the
tech
to
to
be
able
to
finance
these
things.
And
so
untangled
got
in
touch
with
me,
so
I'm
acting
as
an
advisor
and
also
helping
with
the
structure
and
looking
at
asset
investors.
Things
like
things
like
that.
B
Thanks
very
much
tim
and
juan.
So
as
quora
mentioned,
we've
been
working
together
in
blockchain
space
and
fintech
space
since
2017
bringing
real-world
assets
to
the
blockchain,
we
first
co-founded
binkabi
and
it's
a
origination
platform
focusing
on
supply,
chain
trading
and
supply
chain,
and
this
solution
is
being
used
by
banks
and
asset
originators
in
emerging
markets.
B
So,
coming
from
this
experience,
we
realized
that
there
is
a
need
for
these
asset
originators
to
be
able
to
raise
money
to
continue
to
lend
to
the
economy.
We
then
set
up
antango
finance,
which
is
a
digital,
securitization
and
asset
finance
platform
to
help
asset
originators
to
finance
their
bulk
via
define.
B
B
So
we
partner
with
centrifuge
to
provide
the
infrastructure
for
us
to
interact
with
maker
and
other
digital
asset
investors.
So
antango
digital
credit
fund
will
issue.
Drop-In
team
tokens
by
tin
lake
in
exchange
for
dying
with
dai,
will
then
exchange
us
dollars
and
then
investing
in
promissory
notes
from
the
asset
originators.
B
Each
asset
originator
has
its
own
spv,
so
we
call
this
an
asset
spv.
So
this
is
the
place
where
real-world
assets
are
purchased
and
held.
The
promissory
notes
are
backed
up
by
the
real
world
assets
like
loans,
invoices
inventories
that
our
other,
that
our
originators
ultimately
have
with
the
borrowers.
B
So
once
an
asset
is
purchased
at
an
spv
level,
you
will
be
tokenized
into
a
non-fundable
token
on
entangled
platform.
So
not
only
the
investors
can
track
performance
of
the
promissory
note
on
chain
through
tin
lake,
we're
also
providing
a
performance,
monitoring
and
reporting
of
the
underlying
assets
that
are
backing
up.
B
Financing.
These
assets
means
that
financing
the
real
economy
so
we're
working
with
a
number
of
asset
originators
around
the
world
and
they
have
a
deal
pipeline
of
about
100
million
dollars
within
the
next
12
to
18
months,
for
example,
an
exporter
for
example
of
garmin
products
in
southeast
asia
typically
have
about
60
to
90
days
to
wait
until
they
get
paid.
B
We
can
help
them
to
get
paid
quickly
so
that
they
can
continue
to
ramp
up
the
production
and
supply
more
now.
I
would
like
to
talk
a
bit
about
the
benefit
that
we
can
bring
to
maker
and
other
senior
node
holders
for
maker.
We
can
provide
what
we
call
an
abstraction
layer
so
make
a
governance
doesn't
need
to
deal
with
individual
asset
originator
applications.
B
Therefore,
improving
your
turnaround
time.
What
this
means
is
that
you
can
scale
up
your
real-world
adoption
of
dye.
We
use
proven
institutionally
recognized
structures
and
methodologies
within
the
trade
and
supply
chain
finance
sector
now
for
senior
node
holders.
The
benefit
is
obviously
diversification.
B
Real
world
assets,
as
we
know,
are
not
are
not
correlated
to
any
of
the
crypto
asset
up
and
downs.
Even
within
the
real
world
assets.
There
are
diversification
benefits
we
can
bring
to
you,
because
the
investors
are
not
exposed
to
one
single
originator,
one
geography,
one
borrower
segment
and
single
one
collateral
type
in
terms
of
safety,
because
we
have
the
institutional
grade
management
methodologies,
but
we
also
have
what
we
call
safety
layers.
B
B
We
have
currently
10
percent
team
trench,
and
we
asked
our
asset
originators
to
take
majority
of
that
team
tranche
so
that
they
have
skin
in
the
game
later
on.
We
will
open
the
malting
trench
to
outside
investors
in
centrifuge
and
in
untangled
network
and,
last
but
not
least,
the
over
collateralization
layer.
B
So
ultimately,
we
also
provide
what
we
call
alpha
a
premium
on
the
returns
compared
to
equivalent
investment,
and
the
other
benefit
I
would
like
to
talk
more
about
is
the.
What
we
provide
is
an
unprecedented
level
of
transparency,
including
on-chain
portfolio,
more
up
portfolio,
performance
monitoring
and
tracking
reporting
and
and
reporting
of
triggering
as
well.
We
were
one
of
the
six
fintech
companies
that
was
chosen
to
become
to
join
the
fca
first
digital
sandbox.
We
benefit
a
lot
from
the
data
to
be
able
to
train
our
models.
B
These
are
the
four
main
points
which
we
think
that
we
can
bring
to
the
transparency
here.
First
of
all,
each
of
the
real
world
assets
like
the
invoices
and
the
loans,
is
tokenized
into
an
unfundable
token,
so
the
investor
can
track
each
of
the
promissory
notes
back
to
the
underlying
real
world
asset
on
the
blockchain.
B
Our
platform
is
integrated,
with
asset
originated
in
most
cases
by
api,
so
then
we'll
be
able
to
provide
a
daily
update
on
the
asset,
status
and
performance,
and
this
such
as
repayment,
any
kind
of
delinquencies
or
any
kind
of
issues
with
the
underlying
exposure
and
the
third
one
is.
It
is
integrated
with
plate
and
other
types
of
open
banking
apis
for
the
full
visibility
of
the
collection
account.
B
In
terms
of,
let's
say,
the
availability
ability
for
them
to
for
it
to
be
able
to
track
underlying
performance
of
the
assets
and
the
layers
we
put
in
to
protect
the
structure
means
that
we
will
be
able
to
bring
real-world
access
to
maker
and
other
lending
protocols
at
scale
and
safely.
So
now
I'll
pass
on
to
quorn
who
will
present
parts
of
our
platform?
You
basically
will
be
able
to
see
as
investors.
D
D
D
D
Now
this
information,
as
manually
mentioned,
is
updated
on
a
daily
basis
to
api
connections,
with
our
asset
originators.
So
we
are
not
just
you
know,
sort
of
do
it
manually
or
rely
on
assets
originated
to
tell
us,
but
actually
it's
a
system,
api
connections
so
that
we
can
bring
sort
of
the
near
sort
of
live
performance,
tracking
mechanism
for
the
investors
yeah.
D
And
finally,
from
the
asset
from
the
investor
standpoint,
at
any
point
in
time,
they
can
go
in
and
see
a
overview
of
the
of
the
portfolios.
They
can
see
what
kind
of
asset
the
node
has
been
issued
and
they
can
track
that
on
the
blockchain.
They
can
see
the
underlying
portfolios,
including
the
status
of
the
individual
assets
and
then
obviously,
the
performance
charts
that
is
within
each
of
the
portfolios.
D
A
D
Okay,
so,
okay,
let
me
try
to
answer
that
question.
So
what
we
focus
on
is
on
the
outset
side,
whereas
the
infrastructure
that
rely
on
rely
on
centrifuge
is
the
interaction
with
investors,
especially
with
lending
protocols
like
maker,
because
we
recognize
and
value
their
their
their
contribution,
their
effort
in
this
space
in
terms
of
bringing
a
real
asset
to
lending
protocols.
So
we
would
like
to
partner
with
them
in
relation
to
the
interface
with
the
investors,
but
on
the
asset
asset
side
and
working
with
asset
originators.
D
That
is
still
the
part
that
we
we
are
focusing
on
so
yeah.
If
you
think
of
there's
two
parts,
one
is
sort
of
interfacing
with
the
investors.
That's
the
part
that
will
work
with
centrifuge
and
t
lake
on,
and
the
part
that
we
in
this
particular
setup.
We
rely
on
inline
in-house
technology
is
the
tokenization
of
the
hindu
assets
and
tracking
and
structuring
of
the
transactions.
C
Excellent
to
kind
of
follow
up
there.
I
guess
you
mentioned
the
partnership
and
the
blockchain
community
being
important
to
you.
What
else
are
you
kind
of
hoping
to
get
from
the
lending
line
with
maker
like?
Are
there
goals
that
the
credit
kind
of
allows
you
to
achieve,
or
is
it
simply
just
kind
of
getting
more
integrations
and
and
working
more
with
kind
of
the
blockchain
community.
D
Yeah,
I
think,
certainly
mecca.
We've
been
followed
blockchain
since
2017
and
mecca
is
one
of
those
I,
I
would
say
a
very
special
protocol
in
the
sense
that,
in
the
way
that
you
effectively
allow
issues
like
yourself
ourselves
to
be
to
be
our
own
bank,
so
to
speak,
so
we
will
be
able
to
lock
up
the
collateral
and
and
and
effectively
draw
down
dye,
and
that
is
that
is,
as
far
as
we
know,
quite
unique
within
the
blockchain
space.
D
Increasingly,
there
are
other
landing
protocols
out
there,
such
as
I'm
sure
those
some
of
them.
You
can
see
that
your
competitors,
like
or
compounds
or
some
of
the
newer
protocols,
but
they
all
basically
have
so
so
to
speak,
cost
of
fun.
So
here
is
the
ability
to
to
be
able
to
draw
from
makers
die,
even
though
you
know
at
the
moment
the
real
acceptance
of
die
is
still
very,
very
limited,
but
we
hope
by
working
with
the
maker,
that
we
can
help
you
to
achieve
that
real
world
adoption.
F
Hi,
hopefully
you
can
hear
me
yeah
yeah,
sorry
background
noise,
I'm
outside
so
can
you
go
over
the
the
sufficient
bolt
that
you
spoke
about
earlier?
I
think
it
was
you
the
over
conversations
like
if
you
could
walk
us
through
what
happens
if
one
of
the
borrowers
defaults
or
worst
case
even
goes
bankrupt.
F
E
F
D
So
so,
okay,
so
before
any
loss
that
ever
hit
maker
or
senior
node
investors,
then
there
are
three
three
layers:
a
buffer
beyond
that.
Now,
first
of
all,
it's
a
first
of
all.
It's
for
some
of
the
credit
for
asset
originators
that
we
work
with.
We
actually
require
them
to
have
great
insurance.
So
certainly,
within
this
first
pool
there's
a
asset
originators
coming
from
europe.
D
From
from
from
denmark,
they
have
have
a
product
where
each
of
the
product
is
actually
insured
hundred
percent,
so
that
is
kind
of
the
first
level
of
protection
so
and
they
they
have
influent
policies
with
the
likes
of
euler,
hermes
or
allianz.
So
unless
you
know
these
big
organization,
you
know
double
a
rate
organization
goes
down,
then
the
probability
of
losing
money
on
those
transactions
would
be
close
to
zero.
D
Now
that
that
doesn't
work
for
all
asset
originators
because
really,
depending
on
the
nature
of
the
underlying
assets
and
where
they
work,
whether
it's
cross-border
or
within
the
same
country.
The
moment
the
credit
insurance
market
is
actually
going
through
some
kind
of
change
following
you
know
the
events
of
green
sales
and
so
on.
D
Basically,
re
limit.
Our
originations
require
the
asset
originators
to
collect
the
assets
before
we
actually
disperse
more
funds,
but
also
each
of
these
individual
assets
are
quite
granular.
So
even
you
know
in
the
worst-case
scenario,
if
you
lose
one
asset,
let's
say
for
20
30
000,
then
the
impact
on
towards
the
the
whole
portfolio
would
be
quite
minimal
and
they've
already
been
sort
of
buffered
by
the
the
three
wrist
layers
that
we
provide.
E
Typically
in
the
in
the
market,
you
would
use
the
s
p.
Trade
receivable
methodology,
it's
sort
of
the
market
standard,
it's
been
around
for
30
some
odd
years,
nobody's
really
lost
money
at
doing
it,
and
it
basically
looks
at
the
various
metrics
of
the
assets
like
delinquencies
defaults,
deletions
and
aging,
and
then
the
enhancement
is
dynamic.
E
So
it
adjusts
so
to
the
extent
that
the
the
collections
or
you
know,
the
servicer
of
the
assets
aren't
collecting
properly
the
enhancement
increases
and
that
works
both
ways
if
they
get
better
at
collecting
collecting
it
decreases
and
they
get
a
better
advance
rate.
So
the
the
the
structure
itself
of
creating
the
over
collateralization
and
the
enhancement
related
to
the
assets
anyway
is
sort
of
sort
of
built
to
adjust
to
deteriorating
performance.
E
E
Ahead,
sorry,
sorry,
no
it
I
mean
you
you,
you
could
get
rid
of
it,
but
generally
even
people
that
you
don't
banks
that
or
anybody
that
that
invest
in
these
assets.
If
they
don't,
they
don't
necessarily
have
to
get
them
rated.
It's
a
very
expensive
and
painful
process
to
get
stuff
rated,
it's
kind
of
like
collective
dental
surgery.
E
F
D
I
think
it's
it
really
depends
on
when
the
exposure
actually
takes
place.
So
some
some
products
has
you
know
as
soon
as
you
shift,
then
you
can
basically
borrow
money,
so
the
the
lender
will
effectively
take
the
the
shipping
risk,
as
well
as
the
payment
risk
from
the
ultimate
buyer
and
then
some,
but
typically
other
products
is
only
when
the
buyer
has
received
the
delivery
and
now
basically
have
you
know
60
days,
90
days
to
pay.
D
So
it's
really
depends
on
products
and,
generally
speaking,
the
maritime
insurance
is
pretty
standard
in
this
sort
of
thing
and-
and
you
know,
there's
a
lot
of
providers
out
there.
So
the
insurance
that
we
focus
on
here
is
credit
insurance.
That
is
a
little
bit
more
special
because
obviously
it
deals
with
the
with
the
actual
non-payment
of
the
the
optical.
C
D
Yeah,
I
think
I
think
that
that's
the
part
that
we
we
still
need
to
sort
of
agree
with
centrifuge
we.
We
are
aware
that
they
do
have
some
kind
of
incentive
for
for
the
investors,
what
we
even
before,
hopefully
we
can
get
one
of
the
vault
open
with
you
will
have
a
live
pool
up
and
running
with
their
own
investor
community,
so
that
would
very
much
depending
on
how
they
would
like
to
incentivize
their
own
investor
community.
So
I
think
that
would
be
part
of
that
equation.
C
D
So
we
look
to
to
apply
for
initial
debt
feeling
that
ceiling
of
between
five
to
ten
millions.
So
it
really
depends
on
how,
when
you
actually
go
around
and
do
the
dd
and
how
you
can
actually
sort
of
accommodate
that.
But
as
manuel
mentioned
here,
we
are
not
working
with
just
one
originators,
but
we
work
with
we.
We
already
have
three
sign
up
and
we
continuously
have
more
people
wanting
to
join
the
the
fund.
D
D
So
actually
because
of
the
pandemic,
that
the
the
financing
gap
has
increased
from
some
something
like
1.5
trillion
to
over
3
trillion
dollars.
And
so
we
we
anticipate
a
huge
demand
coming
through.
So
I
think,
on
the
demand
side,
we
won't
have
any
issues
in
terms
of,
in
fact,
we'll
be
able
to
pick
and
choose
the
the
right
asset
to
bring
to
the
protocol.
B
A
B
First
place,
therefore,
for
trade
finance,
there's
a
lot
of
overseas
originators
that
approach
us
and
therefore
we
expanded
our
focus
overseas,
but
it's
all
also
linked
with
our
pride
previous
experience
with
bingham,
which
is
an
emerging
market,
focused
financing
solution
for
the
supply
chain.
So
we
have
a
lot
of
experience
on
that
all.
D
That's
right
so
so
at
the
moment,
if
I,
if
I
may
answer
that
so
two
two
outside
originators
that
we
work
with
one
of
them
is
based
in
denmark,
as
I
mentioned,
the
other
one
is
based
in
the
middle
east
uae,
so
they
use
aed
within
the
dubai
emirates.
Aed
is
packed
to
us
dollars,
so
we
try
to
manage
the
currency
risk
either
by
sort
of
overlaying
that
to
the
asset
originator.
D
G
All
right,
okay,
thank
you,
then.
My
next
question
has
to
do
with
the
what
kind
of
rules
and
regulations
you
follow,
because
if
you
are
engaged
in
the
global
trade,
the
number
of
countries
that
are
not
so
popular,
let's
take
iran
and
what
what
you
have
you
need
to
follow
some
some
kind
of
national
state
regulatory
regime
within
regards
to
this,
and
you
follow
the
the
uk
one
since
you're
based
there
yeah.
I.
D
Think
I
think
this
come
part
of
our
due
diligence,
which
is
we
we
take
it
very
very
seriously.
We
typically
do
all
sort
of
checking
independent
checking
in
terms
of
the
not
just
the
asset
alternators,
but
also
the
founders
of
those
asset
originators
and
because
we
are
not
the
sensor
decentralized,
so
to
speak,
so
we
can
actually
choose
to
work
with
the
people
that
fit
with
our
objectives.
D
So,
right
now,
specifically
speaking,
we
got
two
uk-based
asset
originators
who
originate
assets
cross-border,
but
they
themselves
would
also
have
to
be
compliant
in
compliance
with.
You
know
those
jurisdiction
and
the
other
assad
originators
like
the
denmark
and
uae.
They
alternate
within
their
own
market,
so
yeah
so
much
less
of
a
risk
that
they
are
dealing
with
north
korea
or
iran.
Nothing.
D
G
D
Okay,
so
I
think
one
of
the
perhaps
we've
been
a
long
time
in
startups,
and
you
know
how
startup
works.
We
we
basically
have
to
to
to
sort
of
make
ends,
meet
and
basically
have
the
to
to
to
make
our
resources
go
as
far
as
possible,
so
in
in
terms
of
the
actual
cost.
The
major
cost
for
us
is
obviously
the
the
development
team.
Of
course
that
is
one
of
the
major
costs
for
us.
D
We
actually
have
a
development
team
who
is
based
in
vietnam,
so,
where
I'm
from
originally
and
the
cost
space
there
is
a
lot
cheaper
compared
to
let's
say,
if
you
we
have
the
team
in
the
us
or
the
uk
or
europe,
so
that
is
one
one
of
the
the
factors.
The
other
thing
is
within
ourselves
between
myself
team
and
mondray.
We
have
been
a
long
time
within
the
financial
services
industry,
especially
doing
due
diligence
towards
many
of
these
organizations
before
so
a
lot
of
this.
D
B
This
is
our
business
is
to
raise
finance
for
for
our
originators,
and
now
it's
by
maker
protocol
we
ourselves
as
entangled
finance
as
a
business,
but
you
are
investing
in
the
in
our
originators
in
the
in
the
pool
that
we
created
with
a
centrifuge
to
maker
investors,
but
for
our
companies
we
have
our
own
company
investor
that
will
finance
our
growth
and
and
ourselves.
So
I
I
don't
quite
understand
the
background
to
this
question.
G
B
Yes,
we
do
a
lot
of
things
ourselves
and
our
team
size
is
more
and
we
would
like
to
maintain
this
small
team
size.
So,
let's
say
100
million.
I
think
the
when
we
are
grow
to
100
million
pool
size.
We
need
to
have
some
marketing
people
and
a
couple
originate
origination,
people
that
share
the
responsibilities
as
well
as
a
couple
of
structuring,
structuring
people,
but
within
this
confined
within
kind
of
20
people
team
we
can.
We
can
do
a
lot
of
things
we
don't
like.
F
B
We
have
a,
we
have
a,
we
do,
have
a
small
team
and
so
and
we
try
to
automate
just
even
the
standard
and
for
the
pool
standard
and
the
team
mentioned
about.
We
actually
codified
it
onto
our
platform.
So
a
lot
of
things
have
been
automated,
so
the
the
main
tasks
for
us
is
is
actually
bd
and
due
diligence
originated,
which
we
do
a
very
thorough
job
of.
G
Sorry,
the
kids,
so
I
assume
that
let's
say
you
provide
finance
for
a
shipment
of
bananas
and
the
the
deal
doesn't
go
well
and
then
now
you
have
a
whole
lot
of
fruit
that
you're
not
able
to
sell
it's
just
an
example
that
I
could
think
of,
because
I
assume
that
in
not
all
cases
are
you
able
to
to
monetize
on
the
on
the
asset.
If
you
get
your
hands
on
it,.
F
B
First
of
all,
this
is
untangled.
Credit
fund
is
not
an
originator
ourselves,
so
we
basically
first
of
all
to
pick
and
choose
the
right
originators
that
we
work
with
and
because
we,
through
bingham
platform,
we
are,
we
we've
done
originally
been
originated
before
so
we
kind
of
know-
and
we
know
supply
chain
very
well,
so
we
know
how
to
pick
the
right.
B
D
No,
I
mean
yeah.
The
first
thing
about
bananas
is
that
you
know
it's
actually
a
berry,
so
so
it's
the
same
same
family
as
strawberries
or
blackberries,
and
things
like
that
so
these
days,
because
of
the
of
the
cross
crossbreeding
that
you
don't
actually
see
the
seed
anymore,
there
used
to
be
like
ten
thousand
type
of
varieties
of
bananas,
but
these
day
most
of
us
just
eat
the
the
cavendish
bananas.
D
That's
you
know
created
in
the
uk,
because
that
has
a
consistent,
color
and
quality,
and
it's
good
for
transportation
yeah.
So
that's
that's
the
first
thing
about
banana,
but
I
think
like,
like
you
said
you
know
invariably
invariably
these
these
deals
that
our
originator
get
in.
Will
some
of
them
will
get
will
get?
Will
you
know?
D
Go
not
not
going
according
to
plan
the
asset
alternators
that
we
are
on
boarding
right
now
actually
have
never
had
default
before,
but
also
understanding
that
they
have,
let's
say
shorter
operating
history
compared
to
let's
say,
like
a
bank.
So
typically,
there
are
two
three
years
having
origination
history,
so
they
still
need
to
be.
You
know
going
to
the
the
full
credit
cycle
in
order
to
work
out.
H
D
At
the
end
of
the
day
they
will,
or
you
know
something
will
go
bad,
and
that
is
where
you
know
all
the
buffer
layers
will
come
in,
but
in
the
short
run,
of
course,
as
we
are
able
to
track
this
asset
on
daily
basis
that
we
can
actually
also
exercise
some
kind
of
remedial
actions.
For
example,
we
can
stop
them
drawing
from
the
bank
account
until
they
have
collected
to
to
a
certain
standard.
B
B
B
This
is
the
finance
is
based
on
invoice,
but
it's
not
backed
by
invoice
in
the
sense
that
they
are
actually
providing
finance
to
the
buyer
so
to
the
invoice
receiver
rather
than
the
invoice
issuer.
So
the
invoice
receiver
will
be
paying
back
for
these
debts.
However,
the
entire
exposure
for
the
loan
has
been
secured.
100.
B
D
G
E
And
most
most
investors
in
in
this
type
of
asset
class.
Won't
they
don't
they
don't
understand
things
like
price
risk
or
or
quality
degradation
due
to
transport,
or
you
know
anything
like
that.
What
they're
interested
in
is
just
literally
the
legal
legal
obligation
to
pay
following
the
provision
of
goods
or
services,
and
that's
that's
the
asset
that
that
we're
working
on.
H
Yeah,
thank
you
well.
Well.
Thank
thank
you
to
all
three
of
you
for
for
coming
on
presenting
this
is
this
is
a
really
fascinating
business
that
you're
getting
into
and
and
for
maker.
I
think
this
is
a
really
interesting
opportunity
for
us
to
partner
with
you.
Could
you
talk
a
little
bit
about
you
mentioned
due
diligence
a
couple
times
on
on
these
asset
originators?
B
Sure
so
the
process
we
have
is
first
obviously,
obviously
have
the
initial
discussions
and
see
the
viability
of
their
business
and
and
and
once
you
get
into
the
dd
process,
and
we
we
basically
do
a
a
kind
of
a
full-blown
bdd
that
would
have
been
carried
out
by
a
by
big
four
on
a
bigger
on
a
bigger
scale
kind
of
projects.
So
we
first
look
at
the
legal
structure.
B
So
we
carry
out
all
the
background
checks
of
the
founder.
We
thought
we,
we
have
a
few
calls
with
them
on
their
experiences
to
find
out
whether
they're
capable
enough.
We
talk
to
the
accountants
of
the
originators
so
as
lawyers
to
make
sure
that
there
is
no
ongoing
litigation
and
there's
no.
What
what
happened
with
the
past
litigations.
B
When
when
is
the
time
for
dd
and
in
the
case
for
like,
for
example,
if
they
say
that
they
have
a
credit
insurance,
then
we'll
go
through
the
credit
insurance
documentation.
Sometimes
you
have
different
degrees
of
kind
of
willingness
to
share
from
originated
perspective,
because
from
their
perspective,
a
lot
of
them
are
their
trade
secrets.
But
we
make
sure
that
at
least
we
are
able
to
view
the
documentation
kind
of
on
the
physical
data
room
or
or
online,
so
that
we
can
document
all
our
findings
to
make
sure
that
our
reputation
is
protected.
E
E
Don't
also
don't
forget
that
your
the
repayment
on
the
investment
doesn't
come
from
the
originator.
It
comes
from
the
underlying
obligor,
and
so
so
the
the
originator
is
only
tangentially
important
to
the
recouping
of
the
cost
and
because
the
asset
class
is
quite
common.
If
you
ever
had
to
go
and
hire
a
backup
servicer,
you
could
easily
do
that.
D
H
B
F
H
H
H
Can
you
talk
a
little
bit
about
how
you
I
mean
it
sounds
like
you
have
a
very
thorough
and
robust
underwriting
process,
and
you
know
you're
kind
of
underwriting
all
the
risks
you
know
at
the
at
the
end
of
the
day,
there's
there's
some
interest
rate
that
that
gets
output,
that
that
the
drop
and
and
that
the
drop
creditors
are
are
receiving.
Can
you
talk
a
little
bit
about
how
you
go
about
the
ultimate
like
pricing
of
of
that
coupon
that
the
drop
would
pay?
H
D
Okay,
may
I
attempt
that-
and
I
think
team
team
has
a
lot
of
experience
in
this
area.
So,
okay
throughout
the
diligence
and
structuring
process,
we
would
be
able
to
know
what
is
the
the
risk
profile
underlying
portfolios
and
then
that
would
determine
what
kind
of
credit
enhancement
that
we
need
to
have
on
that
portfolio
in
order
to
get
it
to
a
level
of,
let's
say,
a
triple
b
rated
type
of
instrument.
D
So
that's
a
process
to
basically
benchmark
ourselves
with
sort
of
equivalent
out
of
there
and
as
we
develop
with
you
further,
we
have
developed
capabilities
to
even
do
dutch
options
on
the
pricing,
so
that
investor,
like
yourself
and
other
investors,
can
actually
you
know
within
a
range
select.
The
level
of
pricing
that
they're
comfortable
to
sort
of
part
their
money
away
with,
so
that
would
provide
that
level
of
sort
of
market
feedback
in
terms
of
what
is
the
pricing
level
that
the
the
market
is
willing
to
pay
visa?
E
Is
your
pricing
window,
and
you
know
my
bond
trader
and
I
used
to
say
price.
It
price
it
enough.
So
they're
angry,
but
not
angry
enough
to
do
anything
about
it.
That
was
sort
of
that
was
operating
methodology,
but
to
to
be
fair
to
to
these
guys
that
are
accessing
the
financing.
What
you
really
want
is
you,
you
just
want
to
make
it
appealing
to
them
right
and
you
want
them
to
take.
E
Take
that
number,
but,
but
you
know
in
the
background
that
there's
enough
spread
supporting
the
the
the
coupon
on
the
on
the
note
there's
more
than
enough
spread
as
a
matter
of
fact,
supporting
the
coupon
know
that
that
you'll
never
be
worried
about
about
coming
up
short
on
an
interest
or
or
replenishing
reserves.
If
you
have
them.
H
Yeah,
I
think
thanks
tim,
you
know
that
that
makes
sense
and
and
that's
a
yeah-
that's
a
potentially
fascinating
dutch
auction
mechanism
to
to
get
some
more
real-time
market
feedback,
because
it's
been
a
little
bit
of
a.
I
think,
an
unanswered
question
on
on
how
to
price
these
credits
that
that
maker
is
is
lending
to,
especially
because
you
know
maker
doesn't
necessarily
have
the
expertise
to
be
able
to
drill
down
into
into
the
underlying
portfolios
of
loans,
and
so
you
know
it
it's
it's
great
to
be.
H
B
For
our
first
for
the
first
pool,
we
asked
our
associated
to
take
majority
of
that
team
trench
and
we
will
start
offering.
Well,
maybe
we
may
be
offering
a
small
part
of
that
team
trench
for
to
centrifuge
community
who
are
interested
in
this,
but
in
the
kind
of
as
soon
as
we
get
it
up
and
running,
we're
looking
to
once,
we
get
enough
kind
of
some
good.
F
H
D
Yeah,
it
is
it's
not
so
much
like
we
selectively,
it
is
it's
not
like.
We
selectively
take
on
the
risks,
and
you
know,
leave
leave
other
investors
to
to
take
most
of
the
risk.
It's
not
not
so
much
like
that
with
the
with
the
asset
originators
that
we
work
with,
I
mean
they
are
fast
growing,
but
they
still
quite
small,
and
there
are
a
lot
of
there's
not
a
lot
of
avenues
for
them
to
raise
capital
and
if
we
are
able
to
advance
them
at
sort
of
85
90
effectively.
D
That
is
a
very
sort
of
good
good
deal
for
them,
but
at
the
same
time,
because
of
their
limited
operating
history
that
we
want
them
to
effectively
take
more
of
the
teeth
challenge
to
make
sure
that
they
absolutely
you
know,
have
the
skin
in
the
game
to
be
able
to
deliver.
So
it's
not
so
much
that
we
pick
and
choose
which
risk
to
to
take
and
which
risk
to
sort
of
offload
to
investor.
It's
more
of
the
how
we
work
with
the
asset
originators
in
their
early
days
and
then
later
on.
D
E
B
D
F
H
Right
right:
okay,
yeah!
That's
that's
very
helpful.
It's
always
it's
a,
I
think,
an
elegant
design
with
with
the
tin
and
drop
that
you
know,
as
a
creditor
and
and
to
drop,
to
see
who
is
putting
skin
into
the
game
into
the
tin
trunks.
And
you
know
it
sounds
like
asset
originators
in
your
case
are
going
to
be
filling
most
most
of
that
initially,
and
I
think.
F
H
Great
well,
that's
all
the
questions
that
I
have.
I
I
just
want
to
just
want
to
say
thank
you
for
for
coming
on,
and
this
is
a
a
really
fascinating
venture
and
opportunity
that
that
you're
doing-
and
you
know,
I'm
sure
maker-
will-
will
very
much
enjoy
continuing
to
to
explore
a
partnership
with
you.
A
B
Oh
sure,
so
we
before
so
without
waiting
for
maker
to
have
the
green
light
on
us
and
then
from
our
understanding.
The
next
step
would
be
from
a
maker
perspective
is
to
perform
due
diligence
on
us.
But
before
that
we
will
launch
a
pool
with
centrifuge
already
and
hopefully
some
point
in
august,
and
that
would
allow
maker
investors
and-
and
the
protocol
also
have
some
a
bit
of
a
track
record
before
your
dd
process
is
completed
and
and
the
pool
will
make
her
goes.
Live.
C
Then
I
was
just
gonna
say
we
use
it
for
a
little
bit
of
like
prior
to
prioritization
within
our
framework.
So
once
we
get
those
initial
impressions,
we
say:
oh
you
know
the
community
really
likes
this
or
they're,
not
so
sure,
and
we
use
that
to
try
to
inform
how
quickly
we
should
do
our
rdd
and
stuff.
C
B
A
Sounds
great
all
right
everyone,
so
yes
for
anyone!
Listening
to
this
the
discussions,
as
always
happen
at
forum.maker.com.
So
please
join
us
there.
If
you
look
there
for
untangle,
you
will
find
the
mipsix
application
and
there
you
can
reach
out
to
the
team,
ask
any
questions
and
as
always,
vote
and
participate
in
their
governance
process.
That's
quite
important,
any
any
parting
words
or
anything
that
you
would
like
to
to
say.
B
I
look
forward
to
working
on
and
we've
been
tracking
maker.
We
know
maker
and
we
we've
been
following
maker
for
a
good
four
years
now
and
it's
amazing
what
you've
been
able
to
achieve
and
being
fully
decentralized
as
well
we're
very
looking
forward
to
have
some
and
with
your
funding,
cost
being
zero.