Infinity Gainz x Finminity AMA on 16th October: A Recap
@Raanngin: Thanks Infinity Gainz for having us. I have been part of this group for quite some time and get a lot of ideas/guidance/what to do and not…Very glad to be here.
HOST: Briefly Describe Finminity for us?
GUEST: Finminity is a rewarding, transparent, and flexible token sale platform with its configurable token engine for startups and SMEs to make Venture Finance democratized by raising funds through crowd. It has been made in such a way that investors’ hard-earned money is not conned and as an entrepreneur, he gets the benefit of crypto ‘crowd’ VC to grow and build momentum.
Finminity brings all of these following functions into a single platform -
*Making Fundraising affordable for Startups and SMEs through (DeFi) and Blockchain. Finminity is enabled by a DeFi Token Engine That Tokenizes Your Investments, Embedded With The Requisite Compliances, be it Utility Tokens or Security Tokens!
*Taking Care of Investor Risk & Rug Pull by Companies through smart contract-driven milestone-based payment release.
* A decentralized Investor Services Platform powered by Finminity DAO for permissioned community and investor voting for resolutions and statutory obligations. For eg voting, company ratings, rewards can be distributed
*P2P Crypto Marketplace for the community to do P2P trading between themselves. While we will be on DEX and CEX, but also have P2P marketplace — for specifically asset-backed tokens for which there is no good exchange.
There is no need for constant pitching by the companies to the investor in different times, you pitch in Finminity once through the templatized webpage, Investor KYC to be done once and then the investor can go on investing without any further checks, a configurable token engine for companies to deploy smart contracts and even do Events within the platform. Investors are engaged through inbuilt community and events and Companies’ burdens are reduced for Investor connection.
These have been built with the best functions of real-world capital markets, crowdfunding rules, good regulatory checks (you take the best of them as some are really good) to make entrepreneurs raise funds without a lot of difficulties and Investor find verified, due diligence good companies. All enabled by DeFi — tokenization
HOST: Are you Regulated/Licensed?
GUEST: Finminity holds a Regulated Crowdfunding License using Tokens in the Middle East (yourvc.club) under regulatory supervision. Here is the Regulator Public Register proof https://www.difc.ae/public-register/yvc-mea-ltd/
And also we are in the process of securing a similar license for pan Europe.
Finminity will do both Utility and Security Token Offering –
Utility Token Offerings will be done through Finminity BVI and Security Token Offering from our Regulated EU and Middle East Companies as told in the earlier point, depending upon the fundraising company’s jurisdiction.
We see 80% of our offerings would be Utility and DeFi Tokens for now and the rest Asset-based tokens (security tokens/NFTs). The numbers will slowly change as we see more crypto people looking at Security Tokens and we get Security Token marketplaces and market makers to make the market active.
The team knows the regulatory aspects of Crypto and Crowdfunding like on other — getting it done really working with the regulator.
We are only from the few set companies that have this flexibility and can pivot as the market progresses. We are here to be for a long time.
HOST: What is your relationship to Matic Network and why the partnership with them?
GUEST: Before I tackle this question, we are not only with Matic but with some more good names. Our Application Live on Microsoft Azure and Alibaba with the Dapp Token engine on Ethereum Testnet. All the smart contracts are on Ethereum now. We have partnered with Matic.Network to move to Matic Sidechain to optimize the transaction cost and congestion of Mainnet.
These are our partnerships
Ethereum is Infra and not a partner of sorts. We run on Azure and Alibaba. We have Zoho CRM, Chat, Service Desk, and Campaigns as now we have to sell because development is done — enhancements will pass through the roadmap.
HOST: Have Microsoft and Alibaba publicly stated they are partners with you? You have proof?
GUEST: Partnership in terms of using the platform and giving us grants/credits. So we are a startup within their platform using their grants and preferred services. The proof is the platform infra and credits given and emails. They have also some other startups in Fintech like us working with them with preferred pricing and credit grants.
HOST: You are a new project. How will Differentiate yourself from your competition? Are you tackling the Enterprise Industry to bring in big businesses? Also, do you have clients using your platform? Any dApps?
GUEST: Yes — Finminity is the Platform which holds the IP and Licenses. Its first customers is www.yourvc.club — the regulated token is driven crowdsourcing platform and the first company is a Robotics company that is raising funds through Tokenization. So every company that YourVC.Club gets onboard is a Finminity customer. Finminity provides them the Tokenization and Investor Engagement and Ongoing services
So all companies that will tokenize needs to give portion of the fees in FMT tokens, all companies that open up a resolution for voting needs to use FMT tokens to put that voting event.
For Finminity we are using LID Protocol platform for our upcoming presale on the 12th November, 9 P.M. PST.
The presale link is https://sale.lid.sh/finminity
We want the experience to be as seamless and transparent as possible. This is also a good way to know improvement areas.
HOST: Do you have any VCs/Funds Backing you?
We are the Crowd VC and I would not prefer to take investment from VC. I know it’s tough but that’s the motto and vision.
I have been with the VCs and IB’s of the world and I know how they are. Companies are a ticker in their portfolio- as if it doesn’t have any soul of itself.
Just one thing I’d like to add -
I believe that Finminity can help a settler from Bangladesh with only brains or a Syrian refugee in the Netherlands asylum or middle-class Eastern European tech grad with a great software but no money (better to say underdogs and dreamer) doesn’t die an entrepreneur’s death!
So we wanted to build something for them using a mix of Token (ICO/STO), DeFi, Crowdfunding, Compliance, and help the world of entrepreneurs who are in severe fund crunch after Covid. The entrepreneurs of the world need decentralization, DeFi, democratized venture finance.
HOST: How much have you raised so far?
GUEST: We have raised the first round successfully — we call these backers as our Finforce. Now we have Finstars going on.
HOST: What can we expect from your project in the coming days/weeks?
GUEST: Now our work is to get our Public Sale Successful through In-App Offering. We plan to close the rounds by this month.
While our platform is live, we are now finalizing the Centralized Exchange where we will launch our tokens.
We are in the process of getting our smart contract validated by a prominent security audit company so that we will deploy the contract before Round 2 — Finpro.
As we stated that our LID protocol presale will start on the 12th November, we are in the process of finalizing the companies that will come over to our platform for funding.
As of now, these are the possible candidates
1. Decentralized robotics company and its coin (this company made $1 MN this year selling robots) and
2. A Personal Data Tokenization and monetization company using Blockchain and Data Privacy.
HOST: Do we need KYC to participate in your Public Sale?
GUEST: Investor KYC to be done once and then the investor can go on investing without any further checks for the next companies that come into the platform. It’s a small hassle but one time and then you are done.
The KYC is integrated within the www.Finminity.Finance platform. It’s non-obtrusive.
The buying of tokens can be done now and KYC has to be done by the next 10 days or before the end of the months — TGE date.
We have dedicated chat support to help our contributors to get it done offline if they are having any issues, at all.
HOST: Understood. I think that should conclude the AMA
GUEST: Likewise, good luck and I wish you success