Yield AMA Recap
Yield: The DeFi Project of Yield Bank Opening Fiat Channel in Southeast Asia
Judy_EncryptClub Host: The skyrocketing ETH in recent days has ignited the emotion of crypto market. In the case of lucrative profit, have you ever considered leaving the crypto market? I believe your answer must be negative. No one knows how high the price will finally be. It is said that this round of appreciation is the effect of hot money. Where does the hot money come from? When will it leave the crypto market? After Paypal supports BTC purchases, XRP’s recent outstanding performance has made us fully aware of the importance of fiat channels. Will Yield, with its own fiat currency channel attributes and DeFi attributes, be the winner of the next bull market?
Today, we are fortunate to invite Tim Frost, Lead & CEO of Yield, Justin Wright, COO & CFO, Jan Strandberg, Marketing Lead of Yield project to our community, to introduce to us in details how Yield will develop the existing Southeast Asian financial market through DeFi.
Welcome to our AMA, Tim, Justin, and Jan. Would you please give us a self-introduction?
Tim：My name is Tim Frost and I am CEO of YIELD.
I have a rich Fintech, marketing, business development, and operations background. YIELD.app is my 3rd digital bank and I have been a key figure with many successful fintech and blockchain companies. Specializing in early-stage growth, operations, and development. I was part of the founding Wirex team and supported operations, business development, and marketing for the first 18 months. I also joined and helped take EQIBank to market a global digital challenger bank with an average client AUM of $250,000. I have helped accelerate early-stage blockchain startups QTUM, NEO, Paxful, Polymath, Selfkey, Everex, and many others.
Jan：Hey everyone, I have been a growth hacker and digital marketing for more than 10+ years and leading the growth at YIELD. I’ve helped successfully scale-up companies in the sphere and I was the head of marketing at Paxful, now the largest P2P marketplace worldwide. I’ve scaled up Paxful from 50 000 users to more than 4.5 million and from revenue perspective from 100k$ USD to 45 million USD weekly.
Justin：I have spent most of my career in capital markets and fund management before moving over to Fintech, this is my first venture in the crypto space. I have spent the last 6 years building out Beehive P2P, the largest SME P2P lender in the Middle East and having been introduced to DeFi by Tim and seeing the potential to really take crypto to the mainstream, I jumped at the chance to be part of the founding team @YIELD.app
Thanks for your introduction. Here comes our questions:
Q1: What is Yield project？What’s the advantage of Yield in comparison with similar DeFi projects?
YIELD is a licensed and regulated FinTech company that enables anyone to invest in decentralized finance with the touch of a button! Thanks to our intuitive app and web platform, users around the world can start earning returns from DeFi products without having to go through a lengthy, complex and often costly learning process. Our users earn up to 20% APY through our DeFi strategies on the backend.
We are backed by:
YIELD makes DeFi accessible to anyone thanks to our intuitive app and web platform, where users simply deposit crypto or traditional currencies and select the investment plan that suits them best.
Operating under a banking license, we offer insured and innovative financial products managed by a team with years of experience in FinTech and cybersecurity. This ensures that our users always feel comfortable earning with us. At the core of our strategy, our $YLD token allows for transparent governance, rewards loyal community members and supports social impact initiatives.
Q2: Can Yield open up the Southeast Asian fiat channel through DeFi and make it easier for individual investors to enter into crypto currency market?
A2：We are now building payment and banking rails for YIELD. In January our first gateways will open up. We will have various payment gateways in Asia. In December and January we will launch our first deposits and withdrawals with cash.
We are working with regulators and have already strong partnerships around FIAT gateways including EQIbank. I think overall theres a lot of possibilities in the Southeast Asian market and its still quite untapped. We hope to get into this untapped market and we hope to get help from the community to introduce us to the right people and also use the existing partners that we have.
Q3：Tim, Justin, and Jan, could you share your opinions on the previous Fram boom? Which topic you think will start the next DeFi fever?
A3: I think smartcontracts will become more and more sophisticated which will mean that there will be more and more use cases around these which eventually will lead to mass adoption. The financial revolution is here to stay and banks will become more obsolete. Within 12 years time, 80% of financial firms will either go out of business or be rendered irrelevant by new competition, changing customer behaviour and advancements in technology.
Q4: What guarantee will Yield insurance bring to its participants?
A4：All assets are protected by the YLD Insurance Fund (you can learn more about in our token article �), and our DeFi strategies are curated by an expert team of market analysts and fund managers with years of experience in FinTech. By aggregating the capital of many individual investors, we are able to neutralize risk and offer unprecedented investment opportunities in a secure environment.
Q5: what’s the development direction of Yield in the following year? In what form will the project go live?
A5 Here is a roadmap of development in work. We now have more coins coming for deposit, card program, fiat rails, insurance products, and more.
Our initial application will be a web application for your browser (your computer), and we have plans to build a full digital banking platform for Android and iOS mobile applications. We are targeting Q1 2021 for launch. We expect to launch our card program by end of Q1 2021 or Q2 2021 and begin shipping our first cards and our next step at building a DeFi digital bank. This allows us to offer DeFi investment already in the very first steps of our journey, without letting anybody on the side of the road. We need your guys’ help to build and receive feedback so we can offer only the best to our community.
Here comes the free QA session. Guests can choose one lucky question to give a brief answer.
User1: Security is priority of digital banks, how do you guarantee your security? Has your project code been tested or audited?
Justin: We have identified critical systems and will continue to stress test these alongside market related technology security scenarios to mitigate and remove points of failure accross our operating environment including DeFi instruments held in our portfolios. We are building in house technology solutions and employing industry leading experts in their field such as data security consultants who are supported by our various oversight committees.
Judy_EncryptClub Host: Thanks Tim, Jan, and Justin for joining our AMA and sharing so much valuable information with us. Thank you all for watching this AMA. EncryptClub will work hard and bring more wonderful content for you in future.