Welcome to the Yield App LIVE AMA wih The Gem Hunters! We would like to thank the team for coming today and sharing information with the community!
As always we would like to start off with an introduction of what YieldApp is actually all about?
YIELD App is a 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. On the front end its an easy to use application.
Instead of you doing all the complex things we do it for you
We are making it easy to put money on YIELD.App and your crypto will essentially be invested in dozens of high yielding and safe DeFi products through us. Invest as little as $100 on the platform. We aggregate your investment to maximize your returns and make DeFi easy, simple. Through us, eliminate the high gas fees, we have a team full time analyzing, auditing smart contracts, and searching for the best yielding opportunities.
Great approach and timing, we've seen an influx of new fresh people in crypto over the past months. To attract them it's key to make it as user friendly as possible!
I think a lot of people are still scared about DeFi and we are here to solve that!
Could we please get some details on some on the core team members and what their backgrounds are?
My name is Justin Wright. 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 @YIELDapp.
Tim Frost, Founder and CEO
Tim brings a rich FinTech, marketing, business development, and operations background. YIELD is Tim's 3rd digital bank, and he has been a key figure with many successful FinTech and blockchain companies. Specializing in early-stage growth, operations, and development. Tim was part of the founding Wirex team and supported operations, business development, and marketing for the first 18 months. Tim also joined and helped take EQIBank to market, a global digital challenger bank with an average client AUM of $250,000. Tim has helped accelerate early-stage blockchain startups QTUM, NEO, Paxful, Polymath, Selfkey, Everex, and others.
Aleksei Korobeinikov is a Blockchain Solutions Architect and R&D Engineer focused on the complex blockchain technologies. He previously contributed to Ethereum Plasma, developed payment-channels over Ethereum, Bitcoin, and cross-chain bridges. For the last 3.5 years he has worked as a Blockchain Team Lead, Solution Architect and CTO. He has built and successfully delivered 25+ projects with DLT as the core component.
You're about to launch your platform and we would like to get some more information on that. Is it going to have KYC? And how about country restrictions?
We now have the first 1200 users on the platform in a closed beta. The public launch is coming early February when its available for everyone. Now the platform is used daily with over $200k daily in AUM coming.
And yes, we do have a KYC and we are also regulated which means that we have to restrict some countries. At the moment we will not support US clients but hopefully in the future that will change.
1200 users in a closed beta is quite impressive for crypto standards!
YIELD.APP has already successfully acquired an off-shore banking license to support launch. Typically it takes time to reach multiple jurisdictional regulatory approvals, so in that respect, we are setting out our intentions from the start and will continue to add licenses as we go for all of our activities. That being said, for AML, this is a standard and minimum requirement whereby we work with industry leading reg-tech providers to strike a balance between over aggressive and cumbersome KYC and frictionless onboarding for our users. By doing things right, we can grow, outperform our competitors while keeping our customers safe.
Who do you personally see as your main competitors in the crypto space and where does YieldApp have an edge over them?
There's a market for everyone and solutions need to be deployed for the emerging markets, more specifically. About competition, we are targeting different customers, we are building a bank with fund products at the backend, we will operate a transparent model, we're building a proprietary portfolio management system. For the 1st fund, we are offering guaranteed returns. What people see now is our launch, we will grow beyond this and admire the work others have done, do they make it clear if they are neutral or have any risk exposures on directional trades, etc.? Are they building innovation around an insurance product?
Any good business will always have competition, think Starling Bank, Revolut, Monzo. Same models with different approaches and customer bases. If investors want exposure to DeFi and are worried about risk, there is a valid argument they should split their allocations across YIELD, and others, rather than concentrate it all on one platform.
So, you've already mentioned that your closed beta is currently active. Will there be other ways to test the platform before the final public launch? If so what would the process be in order to do so?
Yes, join our https://t.me/yieldapp channel and dm anyone from our Admins. Join our telegram and make some noise and our admins will work on early access.
Now let's talk about your $YLD token. What is it's actual usecase and where can people obtain $YLD?
YLD is our utility token. Thanks to YLD, users can boost their APY, earn interest on their tokens, and support our ecosystem. At the moment, we have almost over 33% of the whole circulation inside of our web app. So the community is a strong hodler community but also is getting a nice 20% APY. You can get our YLD on the app, or on uniswap, bitmax, or Bithumb Global.
To round things up and before we open the chat for possible community questions, we would like to know what your long-term milestones for YieldApp are?
BTC And ETH funds are one our highest priorities and getting our app laucnehd!
We love to see that you have the banking services not too far away on the roadmap. I'm always looking for those.
All in motion now. It’s a gradual build out as we scale our user base. Lots of demand in the developing markets for yield.app
We would like to thank the Yield App team for attending today and wish them all the best into the future, please find more information on the website: https://t.me/yieldapp com