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TOKEN2049 London 2021
October 7, 2021, Online, London, UK
TOKEN2049 London 2021
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The Future of Consumer Finance and Investing in the Crypto Age
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  • Description
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About the talk


About speaker

Bill Barhydt
Founder and CEO at Abra
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All right. Good afternoon. My name is Bill. Barr hate on the founder and CEO at Avril. Today. I'm going to give you an update on what we've been up to over the last year and then I'm going to show you something that we announced an hour ago that we've been working on actually for a couple years, right, so. Today we run three services is the company. We've got a couple million users. So I'm guessing some of you already know this. A trade. Our bread-and-butter is now operating in over 100 countries. This is a

u.s. Number. I think the number here is probably closer to 140 crypto-currencies and growing 0. Ft trading. Any do any trading pears have unlimited. I think we're the only company in the world that offers unlimited Global wires into the average account and you can actually earn yield on those deposits as well. Via a burnt, which I believe is by far the safest yield on cryptoassets available. Today. We've now processed, I believe over a billion in loans to come to that the minute. This is going to be an exciting part of what I want to talk about.

But we're already paying very high heels on dollars Bitcoin theorem and a bunch of other cryptoassets. No limits on deposit size. We designed it for ourselves as the management team that ever. We all use it. It's the only service we used to manage our trip do deposits. We give you all over the counter trading access. If you want to move between a hold things in the app, and we have not only retail through the app, but we have direct institution, which Account Support. So if you represent a trustor family office or a business that wants to get healed either on dollars or crypto.

It's a fantastic way to earn very simple yield in a managed account model. And then lastly, earlier this year. We opened up our institutional lending products to Consumers ever borrow. And it's a great way to borrow against crypto Holdings in English. That means, if you're holding Bitcoin, aetherium, you don't want to sell it, but you want to access the games, you can stake, the, the crypto and will lend you $2. We launched a zero interest option, early this year, which is proven wildly popular. I believe we're the only company in this space to do that. If

you're willing to stake for a low LTV, you can actually borrow 40 interest and just roll it over forever. Then we support Bitcoin. Ethereum is collateral like Spectrum. Support more cryptos in the future and its live in 50 countries, and we're at 2:43, US states as well anymore locations, all the time by team has done a fantastic job with this. Does it mention worked almost a couple of million users? Now? We announce the new funding last week and we just closed the rest actually today, but I can't tell you who they are yet. So we're going to ask that soon. We're processing about a

billion in assets under management, probably more than that given the run-up in the last few days. And I believe we're closer to 5 to leave now and transactions processed so far. And the number is growing very, very quickly. So give you some insight into what I've actually been spending. Most of my personal time on. As it relates, the crypto for the last couple years. I spent a lot of my time thinking about the token economy, right? We're all integrated into this kind of little crypto, ever-expanding bubble. We're in a, we all know each other. Now, if you've been into space more than five

years and everything's crypto crypto crypto, but we don't think about the real world, write our largest shareholders besides myself is American Express and American Express really doesn't understand our world at. All, right. They're interested or excited. But they don't understand it. It's part of why they invested and end. So, I've been thinking non-stop for years now about how to integrate this new economy into their existing economy. And if you think about it, who is the most kind of aspirational kind of reward system in the world, right? It's probably American Express. At least.

That's what I come up with when I think about it. So, I've been thinking non-stop about how to integrate the token economy into existing economies, create a compelling model for Abra that allows us to bridge the gap between reward systems in the existing world that we all know in love with her is Airlines there be no cars or whatever and traditional crypto programs that are very popular now would be fine other services. So we we spent months analyzing these first generation. Apple existing exchange tokens, right? Very

highly centralized. They all basically raised money in some type of security offering, which isn't necessarily good or bad. It just is buttons, many cases. It creates misaligned incentives. In our opinion. It provides limited liquidity because certain people have a lot of control over the float. Highly centralized governments governance for obvious reasons, although, the claim utility status, and then forbetterorworse. It's made a lot of CEOs. Very, very wealthy. As we analyze this. We want it again. Bridge, the gap about getting into this kind of real world, and

at the same time, see if we could address these issues. So what is tokenize rewards and incentives? Were totally decentralized. Nobody on them? Release for free of the world somehow usable via any app apps but thanks and and games, right? We're all hearing about Plato earned games. What's the difference between tokens in a play to earn game. And crypto today? If I was rebuilding Starbucks points system or Amex points system, airline miles it all sounds very similar to me. Any good free float so that I could actually make the tokens fungible between other

tokens that were already out there similar to what many of these exchange tokens already do and hopefully not used to enrich specific Executives. That may have been involved in creating the tokens in the first place. Okay, so we did this. We spun this out. So what I'm going to talk to you about right now, we don't own it's already been spun out and it's called Crystal perks. It's a new type of token. The definition is new. The blockchain is existing. The first simple. Definition of this is etherium baseball though. We're looking at other blockchains and multi

blockchain support. So give us a little time, I'll walk you through the details and why? I think it's so exciting. It is the first fully decentralised rewards token system and will it will migrate over the next few months to a completely decentralised governance model. It is not issued and owned by Abra. I don't get any of its my employees. Don't get any of it, with one exception, which I'll show you the minute, which is the same way. You're going to get it. And there's no token sale. We're, we're not raising money to get tokens. Even the foundation that I'm going to show you in a minute.

He's not raising money for the tokens and it will be usable in the world. That is willing to go to the grant process that I'm going to show you. How will crypto perks work again. Initially. It's going to be erc20 base and a lot of people who are looking at Next Generation l1zau, something better. Totally fine with that. I believe that it'll be multi changed over time. So you have to start somewhere. This is where they've chosen to start. The crypto banking Alliance is a new, I don't know what the Swiss term is, but it's a it's called roughly a foundation based in Zug Switzerland,

that existed as a separate managing director, who is floating around here somewhere. Thanks, Julie. And Abra has no formal ownership or government's role whatsoever in the organization. Did any again, any service or app for company for kids, whoever games will be able to apply for a token Grant? And there will be no token base presale or token base fundraise whatsoever. So now, of course, it makes sense. Given what I've been talking about that the first user of the cprx token is going to be a

verb. So now I'm going to talk to you about a new rewards system. Let's call it a massive global test that we're going to run to prove that this works. And we're not going to risk anyone's money to do it, right? So what's so follow me for a second. So if you use a breath today, we're going forward, right? You're going to receive cash back on all average, trade transactions, paid out in Sea parks. Bone is healed. So you can, if you're holding Bitcoin, you're going to continue to get interest. Paid in Bitcoin. If you're holding usdc, you're going

to continue to get interest paid in usdc. But on top you'll receive rewards paid in cprx. If you borrow right through the Albert borrow, you're actually going to get rewards back on the principle, right? In the form of what we call negative interest, which effectively lowers your overall rates on the bar. And if you're borrowing at a low NFL TV, where you paying zero interest, it's a really good deal. And not only what we paid ignition reward in cprx for new users, but for existing users is going to

be a really big airdrop coming up as well. Next week. We're going to I'm going to talk about this next life and next week. We're going to launch a referral URL system offer cprx, which were hoping ax is kind of a a demo for other apps and games that would use a similar model to get into the token economy. And we're already working with the alliance to get cprx listed on multiple exchanges, and it will be at lunch time and I'll give you the details of the dates and in a second. So as I said at lunch table

starting next week, after that, the app will have built in a personal link where you can share cprx for sharing. Yap. And again, for us not only is it exciting that people will get rewards but we're also looking at it like a big global test to prove that this type of token. Economics can be scaled up quickly and scale to cross eventually multiple applications starting with ever. As I said before, this going to be a really big accelerators is part of this, this kind of global launch during the first 60 days. We're probably

going to give away upwards of 15% of the entire token allotment that's given to ABRA. So, to be clear after is only getting, you know, what chunk of the tokens. That's way less than 50%. Right? So the idea is that the vast majority of the tokens would go to lots of different apps. The accelerator rewards, 15% will actually be given away over the first 90 days of our grants, not of all this. So you'll get 2.5% cash back on trades, which is way more right than to spread on a trade. Getting paid to trade effectively. 5% yield. So,

back to my earlier point, if you're earning 8% today on usdc, which I believe is what we're paying, you get the 8% in usdc and then to 5% on top in cprx. Again, then if you're borrowing, you'll get 5% back on on the principal in the form of cprx and lastly, that referral link. I showed you before will pay $25 worth of cprx and effectively. You're going to get an airdrop for whatever you do. Starting now, write the target yield that we're looking at is 13% impossible to Peg, but we think the economics will work out that it will more or less come out to 13% cuz the token is free floating on

Exchange. So the ultimate yield will depend on the value of cprx and nothing like this has really ever been done before. Because usually the value of a token is sent via token sale. We don't want to do that. So this was in the back and very complex, but on the front and really simple, right? So we hit the complexity of how to do this and working with our exchange Partners to make this. Make sure this works really smoothly. It is launching on November 15th. The referrals will be live next week over the first several months. Not only what you see, more exchanges, indexes come online,

but you'll see, third-party apps, both crypto and non crypto and I'm probably more excited. Dabber, of course, for the, for the non crypto apps, looking at things, like, retail gaming, credit card systems. Anything that we're at were some type of points are rewards, makes sense and integration into the fish into the digital realm makes even more sense. So, to summarize cprx is going to be the first fully decentralized token-based economy. That is interoperable with any app that wants to have a rewards component.

Abra is going to be the first hopefully of hundreds of Partners into the crypto perks ecosystem. We are going to make crypto parts or cprx our rewards token at Abra, right? So it's the first time to my knowledge that a large company has given up control over how its own reward system, is managed. So we're taking a risk, but we think that this is the best way to create a kind of an open token economy with an Abra. And as I said, it will include cash back on trades

higher yield on a burned, cashback on a borrow customer referrals and incentives. So, as I said, we analyzed every major token a nap, so every exchange and app token that we could find nights and probably created hundreds of pages of notes, which is big, huge slide deck internally, which more or less shows everything out there and this led us. Miserably to this model. We couldn't figure out anything better than this to open this up to the world. And so that's why a

Burkes is now based upon this crypto perks token, which again, we're opening up to the world. As I said, we're launching this. As part of Abra on November 15th exchanges will be announced throughout the month of October and November. They will be actually several from what I understand, which is great. And after that not only are we going to be announcing more apps, but we also want again, all of you who have interesting applications not just in crypto, but in other aspects of retail and banking to become part of this rewards ecosystem and and the

token economy, So, you can get going now. This is part of our kind of application stand out for a break, going forward. But we also consider this separately, a big global test to see how together we can start to create a crypto economy. And so in that regard, you know, we're really excited about getting feedback from the community as we go. So yeah, that's crypto perks. Thank you very much.

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