Alex Christian on DataMynt’s high yield banking protocol

0:03i'm ashton addison from event chain for investmentpitch media in the cryptocoin show and today on blockchain interviews we have alex christian the ceo of datamint alex welcome to the show and thank you so much for taking the time to come on today yeah ashton i appreciate it really looking forward to this uh discussion and to uh match out more about the project

0:25definitely and it is really timing is key in this and i think that your team's coming out with a product that for all of these new entrants into defy is going to be really valuable and i would just love to for you to kick it off to start with a high level overview of data mint and then we can dive into those details yeah i know i appreciate that yeah so um

0:47we started a data mint about six months ago or so and data mint the whole idea as you kind of alluded to it introduces and transitions to 99 of folks who don't use crypto the non-crypto natives to valuable and importantly practical d5 services using non-volatile digital assets so on the one side data mint's a stable coin focused d5 project

1:15for the 99 who really who don't use crypto or d5 for a lot of good reasons so for that we abstract the crypto the d5 we offer fiat on and off ramps and an easy to use ux basically i'm on the other hand for the defy world we're really bridging the gap between trade five traditional finance and d5 growing total value locked and the market cap um ideally

1:41you know way beyond the billions way into the trillions definitely and we are still so early on and for those 99 most of them you know when we mentioned d5 they're usually asking what is defy right and i know part of your initiative is to offer you know banking like services uh without the you know the negatives of banking uh for these kinds of users can you talk

2:07more about putting that vision into action uh with the first product that that your team is coming out with here yeah absolutely so um so there's a few key pieces um that we've picked up on from the 99 of of those who don't use crypto um and as a result of some of the research we've done and and work in the past uh one big piece is again like i mentioned the stable

2:34non-volatile digital assets reducing the price risk most folks just don't have the stomach for the price swings that bitcoin ethereum and the others kind of provide a second important piece is abstracting the tech the crypto and the d5 um do you need an engineering degree or a finance degree uh economics degree to use banking services no and we believe you shouldn't same in

3:01d5 and crypto frankly we also have added fiat on and off ramps and frankly familiarity to some of the legacy financial services and ux that the 99 are used to then we have some risk mitigation like insurance that we've added um and so yeah definitely no i think that's the off-ramps and on-ramps from fiat are going to be

3:27especially necessary for those that aren't in to defy and aren't really into crypto better looking to get a yield on their assets and not be holding you know depreciating fiat assets as well so i think that's going to be especially important um can you talk about as you're building out this first product looking at the d5 market and the centralized financial market

3:51where there is lending and staking and rewards as well what do you think most uh differentiates and is unique about data mint compared to some of these other platforms that are also trying to come up yeah yeah great question um so i would say arguably that no platform that i'm familiar with is really focused on the 99 um other folks that offer from b5

4:21um to even you know centralized exchanges that offers taking they also offer bitcoin ethereum and whatnot which you know we also believe in but we don't think it's tailored specifically 99 so while we don't necessarily offer an innovative blockchain functional value up front we do offer the bridge to exponentially grow the d5 space tvl liquidity pi for the entire d5

4:50universe and we kind of say around here that you know building the adoption bridges it might not be sexy and it might be boring but but somebody's got to do it um so i would say on the so right now the stable coin market is around 100 billion and when the data mints finished uh we aim it to be about 100 trillion to be honest and same for the d5 market cap um

5:18regarding centralized finance uh financial platforms um the value is isn't even close as as all the d5 users out there know i mean in uh banking in the u.s you have yield up to 0.5 uh per year we offer that almost per month um not to mention the fees and then if you want credit hey we'll give you a credit card

5:45if you're a bank for apr over 20 percent not to mention the arbitrary rules uh that are you that are used to tell people how and why and when you can use your money so on the on the legacy banking i think it's a clear cut slam dunk and on the d5 we just think of growing the pie for all the innovators and and hardcore d5 users is the way to go definitely and even for those that

6:13aren't familiar with d5 haven't heard of it and currently they're have their bank account and they're getting as you mentioned 0.5 percent or even lower 0.1 0.2 uh percent your first product offering that you're coming out with is the stable coin with a five percent apy uh so that's not bad compared to the banks can you talk about specifically what was

6:36the decision in coming out with these stable coins and and coming out with five percent return uh as the first product yeah for sure so um stable coins just kind of made sense i think for we're trying to distinguish in the minds of the 99 it's crypto's not all about price swings um and stable coins kind of been hidden i think in the background

7:02from the 99 we're trying to really bring that forward um i could think you know in terms of the five percent you know we were initially offered gonna offer around ten percent but the feedback we got was anything much above six or seven looks looks scammy quite frankly it's just too good to be true um so reducing it also i would say down to five percent

7:23it also gives us room to offer other things such as uh no fees so we initially we have no uh fiat or on chain fees for the users and also add insurance options so we're getting toward in the us we have uh fdic or government uh limited government insurance on depository accounts and we want to kind of mimic that uh for in the d5 space that's great to hear uh i was recently

7:50at a crypto talk about insurance and i think that that's a much needed product uh and you mentioned risk mitigation earlier as well and some people that have looked into d5 they've seen that you know stable coins is obviously uh going to help with that volatility but in the depths of defy there are some uh you know very high risk high reward uh options that obviously are quite

8:16different from data mint but it sort of turns people off from hey this looks really risky you know in terms of data min's uh product and the platform overall is it quite safe to say that the customers are going to have low risk or what are some of the other ways that you've mitigated the risk for new entrants to come in and start using d5 for the first time on data mint

8:40yeah yeah great question again um so from a risk mitigation standpoint there's a few different things that we're offering with the byob native token a significant portion of that is being allocated to a risk mitigation or insurance pool or also we have a three phased approach to offer additional insurance also we do internal risk assessments um on which stable

9:07coins to add to our staking mix and also which protocols um so you know there are plenty of yield sources out there there are plenty that haven't for example been audited and are perceived to be a higher risk um and thereby you know higher return uh oftentimes and so yeah we ought we do our own kind of risk assessment with

9:34again the whole idea of of being as risk-free as uh as we can that's good to hear and you did mention there that byob be your own bank token as well i'm curious as you roll out the platform how integrated is the byob token is it required uh in the platform to to be able to receive these yields or to stake and what is the full functionality and how does it provide value to the

10:00ecosystem yeah absolutely so the byob token uh native to datamint uh some of the features are are built and will be ready upon uh the public auction um in a couple months and um some of the features um still being built so insurance um is is ready to go incentives uh and for example air drops those will

10:30commence probably starting next week honestly staking is another piece that we're still kind of working out the details but we're looking um we're looking closely at what other projects have done what's been successful to really incentivize and motivate defy investors to join the byob train if you will so it's not required i think in the midterm we would

10:59definitely want to add this as a another incentive to transact on the platform so for example deposits and giving a certain amount of byob um but it's not uh it's not a requirement it's more uh of an ecosystem uh and platform uh play but not necessarily target the 99 okay that's great to hear and what's the

11:27current status of and if you give a snapshot for the platform and the token itself uh i know that you're just rolling this out right now can you talk about where you're at with the whole ecosystem yeah absolutely so um for the data mint five percent uh product that is live it's in private beta right now we're um in kind of pre-launch um we have the fiat on and off ramps

11:55um and abstracted fees as well so that is pretty much ready to go on the byob token side um our first uh ido kind of pre-sale starts on monday uh july 12th um i think this might be coming out around that time on gnosis auction get more information again you know twitter at datamint but that has just completed

12:25uh hackin uh did a great job of uh of auditing the smart contract uh we passed um kind of flying colors we'll also be posting the results of that and we are over the weekend uh pushing the token to mainnet so we're really getting ready to to launch here and and extremely excited that's very exciting and what do you think will be one of the key factors to success as you

12:52launch say years down the road to become one of the namesakes for d5 and and for yields in in stable coins and cryptocurrency overall yeah that's a that's a that's a good question so i think uh a couple different things um we see ourselves as uh partners across the ecosystem from protocols to to stable points and um as the platform grows you know

13:22we see again like the ecosystem should be growing so if we can get that exponential growth in uh in the across the ecosystem um that's means that we've been successful and and kind of vice versa definitely um i i'd say also sorry across the board um adding additional d5 services as well so um for example credit um loans

13:51um and then opening up to opening up the system um using like let's say stable coin debit cards and whatnot so uh essentially the dpi system uh and digital assets are ubiquitous um worldwide is really uh the ultimate goal definitely and i know you know this launch is going to be heavily weighted on this first product and driving in that 99 percent uh but i'm guessing you know maybe you

14:19can hint at down the road in your roadmap potentially introducing other assets uh different yields higher yields uh different financial products as well for those that are get familiar with that first product is that something that you have in the works as well yeah absolutely we're uh hard at work uh grinding away scoping um that right now from a higher yield standpoint with

14:46adding additional risk so there's that layer two support to drive down fees credit as i mentioned mobile apps staking byob debit cards and then also offering uh business solutions so right now we are in a proof of concept where we're offering uh again free fees uh cross border wage and payment solutions

15:14um through uh through stable coins so that's another avenue we're kind of i'm looking for because honestly setting up and you guys might know this setting up wage and payroll in different countries and different entities is extremely expensive um doesn't need to be and we think that stablecoin in the platform honestly is is a great way to kind of cut through that i completely

15:38agree alex and we're running short on time but for the viewers that are looking to follow along with this initial launch learn more about the 5 stablecoin rewards about the byob token what's the best way for them to learn more to get involved yeah absolutely uh so on twitter we're at datamint it's d-a-t-a-m-y-n-t uh we also have a telegram group um and then again on on

16:04we're actually on gnosis auction on monday uh the 12th of july for three days will be the initial exclusive uh auction of one percent of the total allocated um so yeah we'd love to have as many uh members join as community as possible definitely sounds great alex i will leave all those links in the description box below as well all the best on data event moving

16:29forward i'm really excited to watch as the platform launches and continues to grow and let's follow up in the near future sounds good thanks ashton