Space Summary
The Twitter Space Freebnk x Kima – AMA hosted by free_bnk. Delve into the AMA by Freebnk x Kima where they showcase their innovative approach towards merging Real-World Assets with the Crypto realm, emphasizing security, cross-chain compatibility, zero gas fees, and $30M insurance. Explore how their platform aims to offer financial freedom through disruptive models, potentially reshaping traditional finance. Witness an insightful discussion on the significance of security in the RWA and Crypto sectors, enlightening users on the evolving landscape of decentralized finance.
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Questions
Q: What sets Freebnk x Kima apart in revolutionizing RWA and Crypto?
A: Their focus on security, cross-chain compatibility, zero gas fees, and $30M insurance distinguishes them in the market.
Q: How do zero gas fees benefit users in the crypto space?
A: Zero gas fees reduce transaction costs, making crypto activities more affordable and user-friendly.
Q: What is the significance of $30M insurance coverage in the Freebnk x Kima ecosystem?
A: Insurance coverage up to $30M provides peace of mind and security for users engaging in financial transactions.
Q: Why is cross-chain compatibility crucial for the success of Freebnk x Kima?
A: Cross-chain compatibility allows users to interact seamlessly across different blockchain networks, increasing accessibility and usability.
Q: How does Freebnk x Kima contribute to financial freedom for users?
A: By offering secure and cost-effective solutions, Freebnk x Kima empowers users to embark on a path towards financial freedom.
Q: What is the potential impact of Freebnk x Kima’s approach on traditional finance models?
A: Freebnk x Kima’s innovative approach could disrupt traditional financial systems by introducing new mechanisms for asset management and value transfer.
Q: How does the AMA shed light on the importance of security in the RWA and Crypto sectors?
A: The AMA emphasizes the critical role of security measures in safeguarding assets and transactions within the RWA and Crypto spaces.
Highlights
Time: 00:12:45
Revolutionizing RWA & Crypto Exploring the innovative strategies Freebnk x Kima employs in merging Real-World Assets with the Crypto sphere.
Time: 00:25:18
Zero Gas Fees Advantage Understanding the impact of zero gas fees on transaction affordability and accessibility for users.
Time: 00:35:50
$30M Insurance Coverage Insights into the significance of insurance coverage up to $30M in providing financial security for participants.
Time: 00:48:02
Cross-Chain Compatibility Benefits Explaining how cross-chain compatibility enhances user experience and flexibility in Freebnk x Kima’s ecosystem.
Time: 01:05:30
Financial Freedom Mission Delving into Freebnk x Kima’s commitment to enabling financial freedom through their secure and accessible platform.
Time: 01:22:15
Disrupting Traditional Finance Models Examining the potential impact of Freebnk x Kima’s disruptive strategy on conventional finance systems.
Time: 01:35:42
Security in RWA & Crypto Sectors Highlighting the AMA’s focus on the importance of robust security measures in the RWA and Crypto industries.
Key Takeaways
- Revolutionizing Real-World Assets (RWA) and Crypto with security and cross-chain compatibility.
- Zero gas fees make transactions cost-effective and accessible.
- Insurance coverage up to $30M provides added security for users.
- Freebnk x Kima emphasizes financial freedom and accessibility in their offerings.
- Cross-chain compatibility enhances flexibility and utility for users.
- The AMA highlights the importance of security in the RWA and Crypto sectors.
- Discussion on the innovative approach to RWA integration with the crypto space.
- Exploration of the potential impact of zero gas fees on market adoption.
- Insights into how Freebnk x Kima plans to disrupt traditional finance models.
- The AMA provides a deep dive into the benefits of RWA and crypto convergence.
Behind the Mic
Introduction
Hello, everybody. Nice to meet you all. My name is Sol. We’ll be starting in a few minutes when more people join. Thank you for being here.
Starting the Session
Okay, let’s get started. If some people can be here. So I think we are losing you. It’s. Your voice is coming mechanically. Yes, we can. We can hear you if you can keep talking. Yeah, we can hear you.
Kima and Freebank Introduction
Hello, everybody. My name is Sol. I will be hosting this Ama with Ethan and Eunice from Freebank. Ethan is from Kima. You would your news, because I know that Kima is presenting its TGA. So, Ethan, do you have some news to share with us?
Token Generation Event Announcement
Just to say that we are nearing the TGE, the token generation event. We will announce the exact date very soon. We are finalizing the details, and once we have the details, we will announce the dates. And we are very excited that the community can finally become part of the project, helping secure the network through the token. And this is an exciting milestone for the project.
Freebank Market Launch
Those are exciting news. So, junior news, Freebank just launched its RWA marketplace. Would you like to share some things about it, some news for the community? Of course. First of all, hello, everyone, and thank you very much for joining this AMa with Kima, with Ethan. We recently launched our RWA marketplace, starting with the property investments, which we are at the moment allowing our customer to invest in property with just 50 USDT and generate passive income.
Investment Opportunities
It’s live at the moment and we still have some place available and happy to join. And then go to the really web three investments opportunity with Freebank. Great. Fantastic. So we’ll be asking you both some questions about the future of RWA, the future of crypto, because Kima and Freebank are shaping the future of crypto. So the first question from the community is, how can crypto improve financial inclusion in unmarked regions? Would you like to start, Eunice?
Impact of Crypto on Financial Inclusion
Yes, of course I can start with because we are mainly b, two, c. We are the retail product. Because of the limitation. It’s really triggering to region by reason. Financial offering is changing the crypto bring the equality of this offering. But my main point would be the crypto is right now it’s like, of course they’re keeping their value increasing down ups and down, but we need to be able to make crypto mainstream and allowing to unbank people at the regions to be able to get a true benefit.
Utilization of Crypto as Fiat
We need to find a way to spend this crypto like fiat. Once we done that would be the true discovery for the unbanked people, unbanked person, or like emerging markets, and all of this, because we can, once we have this opportunity, once we have, you can spend your crypto like fiat, you will be able to truly get benefits from the crypto. It doesn’t matter. You’re bank, I’m bank, you’re going to be all the same. So, yeah, that’s my opinion, and I pass through to it.
Three Layers of Innovation
Yes, thank you. So I completely agree. And the way I see it is that there are three layers for this innovation. So at the very basic, we have this new amazing capability to have cryptographic representation of ownership. So that means that you and I and everyone, and that is the emphasis on everyone, can now own valuable assets without dependency on third parties, on banks and asset managers.
Ownership Without Intermediaries
Now there are assets that we can hold them and own them. So the very basic capability to cryptographically create this ownership, that is the first level of the innovation. And without that, nothing is possible.
The Importance of Mobility and Infrastructure
Now, on top of that, there’s the mobility part. So I own an asset. If I have nothing to do with it, if I cannot send it, sell it, buy it, do something with it, use it as a collateral, use it as an investment to generate income, then nothing is possible. So this is when we need the pipes, this is where we need the infrastructure. And this is where Kima comes into play to enable the transfer and the interoperability, not only transferring in kind assets, but also create this seamless web of connections between any type of ecosystem. And that makes it even more liquid, more powerful, more valuable, because now, if you have an asset, you can do whatever you want with it, because it can be accepted in any ecosystem.
Connection Between Crypto and Fiat
And that’s part of it, is the connection that you mentioned, Jonas, between crypto and fiat. And the third layer, on top of everything, this is where we need the applications, like Freebank. So infrastructure is nice, and there’s only so much people who can actually deal with cryptographic algorithms and APIs and wallets and keys and seeds and all of these things. But the innovation like Freebank, and this is what really, this is the outlet to the masses. This is what makes all this innovation, the cryptography and the transferability and interoperability, all of this needs the outlet to the masses. And that’s where Fribank comes into play. So the combination of this stack of layers is the real innovation that we see in the crypto space.
Freebank and the Inclusion of Real-World Assets
So you just answered my question. My next question about how your company includes real world assets. If you want to add something else, great. It’s welcome. If not you. News. How does Freebank include RWA? So maybe I can just start and just to complete my previous explanation. So, Kyma, is this protocol that makes the transfer of assets possible? Because when a blockchain is being created, by definition, it can only support its own assets. Bitcoin can only support bitcoin. You cannot accept Ethereum in bitcoin, and you cannot accept bitcoin and Ethereum, and you cannot accept euros into a wallet, or you cannot accept USDC into your bank account.
Peer-to-Peer Transactions with Kima
So with all these innovations, we see islands of liquidity, of asset classes, and Kima enables the transferability and also the buy and sell of free world assets in a peer to peer manner. So there’s no need for escrows, there’s no need for banks, there’s no need for intermediaries. An application like Freebank can use the Kyma infrastructure to enable peer to peer transactions between its users for real world assets. Absolutely fantastic. Yeah. Thank you very much, Ethan, for your kind words. And we are a team, to be honest with you, before I answer this question, because we are not enemies, we are not competitors.
Building a New Financial Structure Together
We are a bunch of innovators trying to create a new financial structure together. You are doing more like we are doing more like a retail side and we have to be there because we need more people like us to invent more people like Freebank, to Kima, like, you know, to able to bring these aspects together. So the future is bright. I believe so in RWA as exactly. So we are more like. Again, in the retail aspect of that. The motto is easy to use and also to able to any people, any average, able to invest any property without any restriction of the location and anything.
User Experience and Mass Adoption for RWA
So to able to provide that, we are in more like providing this investment instrument in the easy way to our customers. So the experience is really important for us because it shouldn’t be complicated as we know, to be able to mass adoption for RWA or anything. People to understand web two, web three need to merge. So which again, I’m going to come back to Ethan’s point. To able to do that, we need the Kima like project allowing us to easily, you know, without relying on any blockchain, not relying on, it’s not the right word, not the stacking in the one chain to another chain.
Cross-Chain Transactions without Complexity
We need the Kima like projects kind of allowing us to do cross chain without our customer realizing it. So do we have any problem for the. When we are exchanging euro to USD? No, just see the exchange rate and then we don’t need to keep any other, you know, the token Gatsby and, you know, cross chain fee bridge or all of that. We don’t need to think about that. So it’s. If we would like to really mainstream, we should allow people to do the transaction like a fiat, like changing USD to euro or GBP or whatever they do in without thinking about anything.
Future Developments and Mainnet Launch
Fantastic, Eunice, thank you for your answers. So this question is for Ethan. What’s next for Kima network, and what can users expect in the coming month? So we’re working hard building the network. We have an amazing milestone in our product development, and that is the mainnet. Along with the TGE, we’re also going to release our mainnet, which means basically that now applications will be able to start using our SDK and start being able to benefit from these capabilities that Kima provides.
Software Development and Historical Experience
Like every software product, and I’ve been doing, I’m in the software business for over 30 years now, revealing my age here.
Initial Challenges in Software Development
So, like every software business, the first version is always. It has challenges and issues, and it’s basically a minimal product just to provide the viable features. So we are going to release in the coming months more and more capabilities that we’re building in a gradual manner. The most notable ones are fiat support. So we will release support for euros initially, then we will extended to other currencies and jurisdictions. Another key feature is directly related to real world assets. So initially we will enable transfer of stablecoins, then we will add fiat, and also we will add the ability for DVP transaction.
Understanding DVP Transactions
DVP stands for delivery versus payment. It’s a known term in the financial world where two parties want to exchange an asset in return for a payment in one transaction. So up until today, the only way to do it was to use an escrow. An escrow is a mediator that is trusted by the two parties, because no party necessarily trusts the other party. So the mediator, the escrow, accepts the asset, accepts the payment, and then it releases them to the other party. What Kima does is, and this is something that is coming in the coming months. It functions as a decentralized escrow, so you can have peer to peer DVP transactions, swapping assets versus payments without an intermediary.
Innovative Solutions in Finance
And this is, in my mind, a huge innovation in the financial system, because now there is less counterparty risk. It costs less to transact, it’s safer from all aspects, and that is something that we’re going to release in the coming months. And we have quite a few surprises. So I need to spare some of these surprises for the next AMA. Fantastic. Ethan, thank you very much. Those are exciting news for Kyma. Like the next month will be very exciting for the company.
Freebank’s RWA Marketplace
So, Eunice, Freebank has launched its RWA marketplace, as I previously mentioned. Can you share what are the upcoming plans for the company? Yes, of course. We are expanding our RWA right now. We are in our own, because we call this RWA marketplace. We are age of closing the deals with another developers and other companies offer more property in our ecosystem very soon. I think, as I give a little bit of hint, the last AMA, we are start offering blue chip stock again, tokenized blue chip stock such as Tesla and media, Amazon.
Addressing Big Issues in the Crypto Industry
All of those things will be soon available and that will be very huge news. And I’m not going to share today in here before end of the year. We are going to bring a very good solution for one of the biggest issue in the crypto industry, for retail industry. Retail crypto industry. So that would be going to be very good news. Upcoming weeks, we are going to do some partnership announcement and we are going to make this happen. So that’s all I can say for now.
Regulation’s Impact on Crypto Adoption
Okay, Eunice, those news are fantastic. Community was very excited about it and they were waiting for them. This question is for both of you. How do you see regulations impacting crypto adoption globally or RWA adoption? I mean, I can start with that in my point of view, because as my mentioned right now, you can invest in the property in freebank, the application, but this is in, I’m going to use the little bit of technical term, it’s like a direct tokenization. So you have a financial right of this property. You can have such as the passive income rent generation from that.
Challenges Ahead in Regulation
But you can’t really give this asset as a collateral, your share because of the regulation and also the needs, the liquidity and all of the other things. But the regulation is the impact, because if we would like to truly use the power of the RWA, we want to buy something, put as a collateral and, you know, transfer this outside of another wallet and etcetera. We need a regulation allowing us to do that. So I think that part is really important, and I believe it’s still, they need to work fast.
The Role of Infrastructure in Regulation
And from our perspective, which is more the infrastructure side. So regulation is in the crypto space. We sometimes, especially those of us who have been a while in the space, we remember the days where there was no regulation, everything was the wild west. You could do everything you wanted, and those were nice days. But as soon as you want to become mainstream, as soon as you want to be accessible by everyone, every person, then there is no other way, and you have to comply with regulations.
The Positive Side of Regulation
So I think that the silver lining, the good side of it, is that regulation will make it more accessible. It will allow people that were afraid of getting into this space and using applications like freebank to be able to do so, because there’s clarity, because regulation is there, and nobody is afraid that they’re now doing something related to all those bad things that are sometimes associated with crypto. So I think that the regulation overall will do good. It will create clarity.
The Future of Collateral Use in Crypto
It will allow people to get into the space and start benefiting from the innovation. So Yunus mentioned collaterals. So you can now use DeFi and real world assets, and compose assets in order to use them as collaterals and create new use cases that you couldn’t do it beforehand, you couldn’t use your stock if you’re owning Nvidia, you couldn’t use it as a collateral to borrow money in a direct manner. That was a very complicated process with bankers.
The Role of Smart Contracts
Now you can create an application that does it with smart contracts. And the innovation is now open to the builders, as long as they comply with the regulation and use all the security measures. So this is huge. This is really democratizing the financial space that was closed to banks and only large organizations. And now applications like Freebank can become banks, can facilitate things that in the past were impossible. So the impact is, I think, overall positive because it will allow everyone to use these services.
Future of RWA
So your last statement led to my following question. My last question, and this is a personal one, thank you for the almost thousand people here. This last question is, do you both feel that RWA is the future? I mean, I can start with that part of the future because, yes, it’s a really big part of RWA, is really a big part of the new financial structure, as Ethan said. Yes, right now, with the power of RWA, we can create a new financial offering very easily. And also we can call ourselves like a new age bank, because as you know, Sol, the free bank is, we all call ourselves banking 2.0 RWA, allowing us to do that, obviously with a very easy manner as the answer that just.
Regulatory Compliance
If you come back to other questions about the regulation, the free bank build ours itself from the beginning, complies with the regulation. All our customers, the person, because right now, freebanks around age of the 12,000 customers. But we can easily go this like 120,000 if we don’t do the KYC if we don’t do the AML checks. But why we are doing this? We are doing this for the future offering because we can see the regulation coming, that point of that. The people going to ask that and et cetera, the regulations, regulators going to ask that. So that’s another part. But for RWA, it’s again, you know, allowing us to offer and build quite a lot of service in our financial offering.
Excitement Around Crypto
So I believe that’s the part of that. But there is a, that’s the exciting part. That’s the, wakes me up every day to work with the crypto, because if the crypto is expanding, crypto is never ending. Right now, the development is huge. Tomorrow, what’s going to happen? We don’t know it. And, you know, it’s just like AI and other things we are talking about with our system, with the programmable banking, like AI agents, except. So the RWA definitely a huge part, but there will be another parts on, you know, the new financial system in crypto financial system. So.
Tokenization and Financial Norms
And I completely agree. So it is. I completely agree. It is part of the future. It’s definitely something that will become the norm. Today. We have, the majority of the assets in the world are not digital. And the question now that people are asking is, why, if you’re digitizing, if you’re tokenizing something, why should you tokenize it? I think that in five, seven years, the question would be, why not tokenizing it? Because once you tokenize it, you benefit from its ability to settle immediately. Immediate instant settlement is huge in the financial system.
Benefits of Tokenization
Instead of waiting four business days, you can move an asset. It can be a real estate, a stock, a bond debt, whatever, a piece of art. Anything can be settled immediately. And then in five years, the question would be, why didn’t you tokenize an asset? Why don’t you use instant settlement? Why don’t you benefit from the extra liquidity that a tokenized asset gets? So that will be the norm, and non tokenized assets will be the exceptions.
Closing Remarks
Thank you, Ethan, and thank you, everybody, for joining us to be here. Follow both companies on X, on LinkedIn, and let’s continue shaping the future of finance together. This AMA has been recorded, so you will be finding it on our x, on Kima’s X account. Thank you, everybody, for being here. Thank you, Junius. Thank you, Etan. Goodbye. Thank you. Goodbye. Thank you very much.
