Gate.io AMA with DeFi For You-Asset-Based Finance & NFT Trading Platform on BSC
Time: Jan 20th, 2022, 13:00 UTC
Gate.io hosted an AMA (Ask-Me-Anything) session with William Gray,CMO of DeFi For You in the Gate.io Exchange Community.
Official Website: http://www.defiforyou.uk/
Twitter: https://twitter.com/DeFiForYou
Follow DeFi For You on Twitter and Telegram
Guest
William Gray — CMO of DeFi For You
Q&A from Gate.io
Q1: What is DEFI for you?
William: DeFi For You is an asset-based crypto finance and NFT trading platform. Users can trade and loan against digital and physical assets using a unique blend of DeFi and collateralized lending via our partners.
Q2: Ok interesting…and makes it unique?
William: DeFi For You is one of the very few platforms working to bring physical assets onto the blockchain via what we call ‘Hard NFTs’. These are physical asset NFTs that represent ownership of a hard good in the real world. We allow people to trade and loan against these Hard NFTs, as well as crypto assets.
We also have an FCA license from the UK to facilitate asset-based finance activities, meaning we can be above-board with regulators going forward. This is a license that projects like Binance are even having trouble obtaining, and having it allows us to future-proof the project against regulatory crackdowns.
Q3: Can you explain more about Hard NFTs - how will users know they are genuine?
William: Of course. We rely on a web of partnerships with licensed and verified retailers who can join our eco to store, insure, and tokenize physical goods. We work with jewelers, pawnbrokers, watch dealers, and others to ensure that assets are securely stored with a reputable business. Not just anyone can become a partner with DeFi For You, they must have a reputable and licensed business.
Users can bring their assets to these partners after sending them an ‘asset uation request’ through our platform, then these assets can be stored and tokenized, after which they can be added to our NFT marketplace. If the physical asset is ever claimed, the NFT is burned to ensure it cannot be used fraudulently.
These Hard NFTs can either be sold, auctioned, or used as collateral for a stablecoin loan. The main idea is to connect people’s physical assets to DeFi. It’s not been an easy task because of the logistics involved off-chain, but we are close now to deploying a global for this. We will be launching a significant update of our website tomorrow, showing a first glimpse of these features as well as loans against ‘traditional’ NFTs (if NFTs can be called traditional haha) as well.
Q4: That is a pretty interesting concept!! And it seems like you are working on a lot…What else is DeFi For You doing to bring value to the crypto eco?
William: We are also doing a major drive to onboard one new crypto project per day into our crypto P2P lending protocol. We are allowing holders of the token to get stablecoin loans against projects on BSC and beyond, which means they have more token use-cases and holders can finance their assets without selling them.
Our aim is to bring this to as many projects on the Binance Smart Chain and elsewhere, so that they have more utility for their tokens, and so that we can become the go-to place for people to loan against crypto assets that often can’t be found on other DeFi platforms.
We have also recently launched our own NFT marketplace (who hasn’t at this stage?!) but we will be having something a bit more juicy in this one:
- First, users will be able to shop for Hard NFTs with physical assets underlying them
- Second, users may find NFTs that lenders have acquired through defaulted DeFi loans, which means they’ll be trying to sell them quickly to regain their capital (this is like how a bank sells a repossessed house for cheaper than the market rate).
The NFT marketplace is very new (like a week old) so it’s still ‘fresh’ but we are very excited to get some hard NFTs on there when they launch!
Q5: Ok and to wrap it up before we move on to questions from our audience Do you have any major announcements coming soon?
William: We have several in the works:
🔸 Today we announced a partnership with Uno Re, an NFT insurance protocol
🔸 We spoke to our banking partners that we are onboarding in Ukraine today:
We recently obtained a partnership with a bank in Ukraine, a nation that is in the process of legalizing cryptocurrency. The partnership will allow us to build a bridge between the world of banking and the world of DeFi and we are aiming to build a next-generation crypto asset exchange with them in the future.
We will also be announcing two partnerships with major pawnbroking companies in the UK.
