we hosted an amazing AMA with Strip finance on the 10th of October
And here we will put some of the best questions:
Q1. Can you introduce yourselves to our community?
Yash Jejani:
I am Yash Jejani, Co-founder & CEO of Strip.Finance
I am a business & operations generalist with 4 years of experience in crypto and 2 years in Web 2.0. Previously, I have co-founded Bitlumex, a one-click marketing platform for blockchain and crypto products.
People can connect with me on twitter.com/yjejani
Varun Satyam:
I am Varun, Co-Founder and CPO of Strip Finance. I have 6+ Years Of experience in Business Development, Product Management And User Experience. My Previous roles include protocol UX designer at Ankr, UI/UX designer at Bitfinex, contributor In Chia Network and Coldstack.
Q2. Can you briefly tell us what is Strip Finance ?
Yash Jejani:
At Strip Finance, we are building a collateralized NFT borrowing and lending platform initially launching on Binance Smart Chain. The platform will enhance liquidity in the NFT market by providing users with an option to retain ownership and yet be able to derive liquidity.
We conceptualized the idea in response to the global explosion of interest in digital ownership coupled with the current, antiquated state of the art and collectibles markets, whose auction house practices have hardly changed for centuries.
We are introducing liquidity to a market where money right now changes hands only during a sale or purchase activity.
Q3. Let’s now talk about the milestones you have achieved so far and about your upcoming plans?
Varun Satyam:
We have closed our seed and private rounds raising USD 1.5 million in total. https://inc42.com/buzz/exclusive-nft-lending-marketplace-strip-finance-raises-private-round-from-mexc-exchange-others
Our public testnet is being rolled out this week. Our IDO is happening later this month and more exciting announcements will follow.
In the coming days we will launch support for Ethereum first and later on for Polygon, Solana and more names will follow. In 2022, we also plan to launch to enable debt financing for crypto projects.
On the token end – Many new exchange listings will be announced
Q4. Every project has a story behind their name, Can you tell us more about the story behind this? Who are the team behind this project? can tell us their background?
Yash Jejani:
Our initial idea was to build a future yield trading platform for DeFi, right now we have DeFi platforms offering APY in 2-3 digits but gradually the market will be organic then people will flock to safe returns. Under the idea, the interest (APY) is to be separated (stripped) from the principal and traded individually. That’s how the name Strip Finance came into being.
Somehow the market isn’t ready for it right now. The idea is to ease liquidity in upcoming crypto markets so we decided to do it in NFTs instead.
The founding team comprises experienced crypto entrepreneurs and operators and stalwarts of the crypto industry as advisors and investors.
Varun and I have already introduced ourselves.
Yuvraj Chhibber @Yuvraj007 is the Co-founder & CBO
He has 4 years of experience building and running crypto communities. An Ex-Marketing Officer At Ankr Networks, He was also a community Lead in Bithumb Global, and Prometeus Labs.
Our advisory includes Siddharth Menon (COO of WazirX), Jaynti Kanani (CEO of Polygon), Tamar Menteshashvili (Ecosystem Head of Solana), Yida Gao (GP at Shima Capital).
Q5. DeFi & NFT are two of the hottest and most sought-after topics in the blockchain space right now. Can you share your opinion on DeFi and NFT with us? Do you think DeFi & NFT will disrupt the current financial system? What is Strip Finance’s approach to the DeFi & NFT sectors ?
Varun Satyam:
NFTs are also about more than crypto being a symbol of art and culture. We haven’t even seen a % of the audience right now. As more and more sports and pop icons release their NFTs, Strip Finance as a platform will grow.
The natural progression of NFT industry is merging with DeFI liquidity. We are trying to bring liquidity to the illquid markets. This will open massive billion dollar opportunities
And here we will put best questions from our members and strip finance fans:
Q1.What if I took out a loan and used my NFT as collateral, but I was unable to fulfill the deadline for repaying the loan? Will I lose my NFT or is there still a chance for me to get it back?
Varun Satyam:
In this case, the lender takes possession of the asset as you, the borrower has defaulted. Going forward we plan to introduce fractionalization of the assets which means borrowers would be able to claim a fraction of the asset if they have paid a few instalments of the loan. The ratio of the asset fraction would be decided by the LTP of the NFT.
Q2.Strip Finance allows users to borrow against their own NFTs. Can you tell us what is the exact process of borrowing if we already own an NFT?
Yash Jejani:
An NFT owner can sign-in on the strip platform using metamask which holds the NFTs. The user can then approve to lend it on the platform and wait for the lender to bid their proposed interest rate and time period. Once approved, the NFT owners aka borrowers receives the funds and NFT is transferred to the escrow contract. another way is to pledge your asset in a pool of NFTs the pool already has a predetermined time frame and interest rate. The borrower has to repay regular instalments, missing three consecutive intalments is considered as default.
Q3.Can you explain Strip Finance’s Revenue Model? In which ways do you generate revenue/profit?So many projects just like to speak about the long term vision and mission but what are your short terms objectives? What role does “Facilitator” play in Strip Platform Revenue Model?
Yash Jejani:
The Strip Platform will primarily derive its revenue from the fees generated as performing a “facilitator” role of transactions between the borrower and the lender.
The platform will charge 1% of the loan amount fee from the borrowers for facilitating the transaction. In addition to this, Strip Finance will also charge a 10% fee on the total amount of the interest from the lender.
$STRIP token would function as a native platform utility token used to pay fees for availing different platform services that include but are not limited to commission payment, borrower fee, lender’s interest, liquidity penalty etc
Q4.Can you briefly introduce the STRIP FINANCE project what are the utilities of $STRIP ? How do you think you stand out among the competitors if any? And what are the use cases?
Yash Jejani:
$STRIP token would function as a native platform utility token used to pay fees for availing different platform services that include but are not limited to commission payment, borrower fee, lender’s interest, liquidity penalty etc
NFT industry is in its nascent stage and its related products are no different. Collateralisation is a natural progression for any asset class and NFTs need that. We have just 2-3 competitors to speak of that too are considerably different in the approach.
Some focus only on the Ethereum ecosystem and centrally vet all assets that are brought for collateralisation. While some other upcoming projects are catering to EVM chain platforms but their asset class focus is different.
What sets us apart is that we are creating pool lending in addition to the P2P one that exists right now. Under pool lending, lenders commit liquidity to a pool and the instalments paid by borrowers are equally distributed to lenders.
Q5.Security is so important with every project and platform. How does Strip keep users’ assets and personal data safe from hackers? How does Strip manage if there is an attack to your platform?
Varun Satyam:
This is a very good question, we have taken security into consideration in every aspect of the platform since Day 1. On our team we have Cyberboy India, one of the top ethical hackers from India, also after the testnet is ready for launch we are also getting it audited by external parties as well like Certik, Peckshield etc.
Q6.Hello sir 🥀 Do you have Whitepaper if yes, please share it with as secondly do you have plans for pre-sale? Now where can we Join it?
Yash jejani: Our whitepaper can be accessed here – https://stripfinance.gitbook.io/whitepaper/
Our public sale is happening later this month. To stay tuned to our updates, please follow us on –
Twitter — twitter.com/StripFinance
Telegram — t.me/stripfinance
Q7.Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Yash Jejani:
A total of 50 Million $STRIPs will be minted.
The detailed tokenomics is mentioned below-
Fundraise (Seed, Public and Private) – 22.5%
Team & Advisors – 18.5%
Community – 24%
Liquidity Pools – 19%
Foundation 16%
Q8.⭕️PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of ur partners with us?
Yash Jejani:
Our launch partner is WazirX, which gives us a stronghold in the BSC and Indian ecosystem. Post that we will support Opensea as it covers almost the majority of the Ethereum community and assets.
Moving forward we aim to make it a cross-chain solution so more partnerships with leading marketplaces will be announced.
We are also partnering with more projects like Revest Finance, CoinFantasy etc to build a stronger ecosystem
Q9.Do you have a community for non-native speakers of English and are you a global project or not? Which of the Ambassador Program plans are available for different countries?
Yash Jejani:
We have an active ambassador program wherein 500K STRIP tokens are up for grabs. More details here – https://blog.strip.finance/introducing-strip-finance-squad-program-65c6af2aa72d
Q10.
Projects are often abandoned due to lack of capital or lack of continuity. Could you tell us about team and finance?
Yash Jejani:
Our team consists of people who have been in crypto space for the past 4 years minimum. Our team members have worked in reputed crypto companies like Ankr, Bithumb, ConsenSys, Bitfinex, Prometeus Labs, Coldstack etc.
Our advisory includes Siddharth Menon (COO of WazirX), Jaynti Kanani (CEO of Polygon), Tamar Menteshashvili (Ecosystem Head of Solana), Yida Gao (GP at Shima Capital).
We are being backed by well known investors of the industry and have raised $1.5 million
Q11.Is your Project a local and a global project. How many People do you have for non english user? Can anyone uses your services from anywhere in the world.Is there are any restrictions of using your service?
Yash Jejani:
The platform caters to global audience except for citizens living in sanctioned countries.
And this was the end of our AMA with strip finance.
If you have any other questions you can ask here:
ℹ️ℹ️ Useful links ℹ️ℹ️
Website :- http://www.strip.finance/
Medium :- https://medium.com/stripfinance
Twitter :- http://twitter.com/StripFinance