Stasis - Bringing Central Bank IBANs on-chain with Stasis EURS

[Music] thank you good afternoon everyone I'm happy to present um this year at SDC unfortunately I cannot be in person but given this technology we have around us I'm sure we'll manage to demonstrate our product and hear out your questions and then address them one by one so um my name is Gregory kumoff I represent company stasis and if you haven't heard about us we are one of the persistent builders in the space of a stable coin uh the company was launched in 2018 and we started with regulation in fact when everybody was trying to do some unregistered Securities offering we said that this Market will be regulated institutions will want counterparties to have some sort of a licensing licensing procedures so that's the time when we helped Maltese government to craft the legal framework around digital assets which later turned out to be a nationwide regulation which now goes by the name Nika and then we also were the first to Pilot transactions crypto friendly transactions through a Central Bank of Lithuania because we learned that it is very inefficient and not scalable to run an overlay of say Imani institution on top of a Commercial Bank so we did the first transaction in 2019 and since then our stable coin got a significant adoption in the Euro area so we currently can face a 175 countries uh we both we can face both institutions and Retail customers on board them and on and off ramp uh into a Euro stable coin or any other crypto legitimately um then we made a push into D5 so we've had one of the biggest Euro denominated pool on curve and we introduced this algorithm together with the Curve founder to exchange euro into dollars without any centralized Oracle so completely trustless pool and now we're working for on very exciting products which I will share you with you and have my CTO uh uh on the line here to demonstrate it as well um what I like to express is that um I see it as a narrow banking together with Neo Banking and narrow it's because it doesn't have a Commercial Bank risk which is quite an important factor and became an a crucial component recently where a commercial Banks accumulated a lot of longer durated Securities and just could not fulfill their short-term obligations and Neo because it's smart so it's connectable to any blockchain address because what we do we connect a blockchain address to an eye band of a customer and this functionality requires a lot of new approach a good user experience kycml of course efficient transaction monitoring and all that stuff that you heard from previous speaker becoming more and more important in daily life we thought about this a while ago and prepared this product with this Vision that the space will have some form of Regulation overseeing it and it also have these tools available in form of embedded API so you can integrate our on and off ramp solution into any web3 application or mobile app and also a piloting stablecoin as a service product for corporate users to enable them access web free markets natively inside their own environment so why Neo banks that run on top of commercial banks are not available [Music] Bank risk because the worst case is if everybody go bankrupt right you'll still get 99 of your 0.99 of your money back which is totally not the case with with commercial Banks or with Emi that run on top of commercial Banks uh also these eye bands are crypto friendly so you can nd5 friendly so you can receive money from D5 or assets from crypto and on and off ramp and traditional uh banking space so this solution allows you to access both sepa and Swift networks um like I said you could have the the iban directly with the central bank and it's post portable of course across all the member European States um so it's available across to to anyone who is either inside or outside Europe now with sepa of course it's for for inside transactions across Eurozone and with this we route through the series Central Bank which has Euros running to the institution called Swiss Euro clearing Bank this is sort of like Euro clear or clear stream to to Switzerland so it's the bank that doesn't have a Commercial Bank risk and of course we run the name give Euro back stablecoin it has always been backed one to one uh we were the first to introduce the auditor the big four auditor to audit our reserves and currently all our reserves are in cash but we lived through the era of falling rates zero rates negative rates and Rising rates and successfully navigated uh all of them uh as for the tools that we developed over these years they're all proprietary they developed in-house um we have of course the the CRM to manage onboarding customers we have we run this stablecoin across five different blockchains and we were never hacked so that's good news so we also support mobile wallets we have the non-custodial wallet you can try it's called Stacy stablecoin wallet both available for iOS and uh Android and we worked on deck smart contracts to allow connection of this digital asset Euro stablecoin to other currencies like dollar for example fully trustless um a stable coin as a service is a product that we received multiple inquiries uh last few years and the sales cycles for this European conglomerates is really is really long so we've been working on some of the sandboxes uh together with several corporations where they can use um internally in their ecosystem in any environment of their choice some store of value that they can settle between multiple uh companies counterparties sister companies parent companies so and net the difference to the banking system because for big corporations that run a lot of transactions to the banking system the compliance the cost of uh direct and direct cost to to execute these transactions is relatively high so I believe blockchain can help in this use case and prove that it clearly disrupts clearing and custody and settlement because when a corporation can legitimately access a Euro token or Euro asset inside its internal kind of uh technological environment it becomes very cost efficient instrument for the operations daily alterations um so I'll allow my uh Dimitri my CTO to demonstrate some of the tools that will be uh we are currently uh operating and I'll be uh rolling out um later this year um and um we'll do a small demo for you guys um Dimitri please go ahead yes I need to share my screen hello everyone my name is Dimitri I'm CTO at stages and today I will show a short demo on some elements of status infrastructure uh and I will start from the CRM system because it plays a role of a backbone system for the whole status tokenization platform it supports the complete lines and boarding procedure making it easier for the compliance team to review and approve customers applications the system stores all the clients personal data including kyc documents in the centralized database and thanks to the modern web UI it's very easy to find the necessary data in the system Let's uh find some client by the email for example yes now open the client's card and a client card contains all customer data and at a glance including the status and then basic personal data the last uploaded documents open accounts and the ongoing orders and in the relevant sections you can find the comprehensive information on all personal data and the kyc applications risk calculations commission settings permissions limit alerts all uploaded customer documents Financial transactions and open accounts and even all protocol of changes the client usually interacts with the status platform through the client web application in which she registers himself and then he manages his uh personal data uploads Falls and S3 documents and can also execute the financial transactions for the purchase and style of your as token all changes to the personal data that client performs automatically create a change request which is sent to the CRM preview and approval of the manager and also to obtain the required level of access for financial transactions for example to increase the transaction limit the client must fill out the kyc questionnaire and set it for review which is also registered in the CRM system so let's go back to CRM system and see how the kyc application looks like so we can open the kyc application in weight and status and here we can see different sections where all the personal data are filled by the client and can be reviewed by the manager it also contains the uploaded document by the customer including their ID document or proof of address or any other required documents for that level of access and the manager can approve or reject uh or send to paint in this application without an explanation after the application is approved the client receives a required level of access the same goes for change requests need the client changed some data for example this client changed his phone number we get this change request into the system showing the all data the new data and manager can approve or eject when a client wants to perform a financial transaction for example to buy euros he creates an order in the client web application where indicates all the necessary information so let me do that here choosing the bank transaction here I need to configure to choose one of the supported blockchain here we support five different blockchains whether it be ethereum then I need to put my own personal Crypt address non-custodial controlled by myself then I confirm this address and here I put I needed amount I'm giving the fee which will be taken from this transaction and when I said meet this information the order is created and sent to the CRM system I can also choose the payment method either the CPA or Swift transfer and that's it now we go to the CRM and look at the order open one for example each other can contain several operations inside which are necessary for the execution of the client trade after receiving the client funds the order will start to execute and funds are credited to their client's account then the assets are exchanged for the Third sorry no no please proceed yes okay I can you muted yourself uh I can hear an echo yeah shut down the beam stream maybe that second okay let's see yes okay now I stopped the live stream because I was here in the aircon okay um the last step is uh the funds uh already on the client's account are sent to the crypto wallets specified by him so the entire transaction history is available in his personal account in the web application and finally I I need to say that all the functions available to the client through the web application can also be used through the web API provided by the Styles platform and to use this API that partner needs to register in the system first and then obtain an APK and after that the partner will be able to use the status API in his application but here there are several sections showing the method uh first section is about compliance operations uploading the document sending the information for the new uh then some iterations for changing the client personal data and then iterations for uh account getting transaction please and finally all the methods to deal with the transactions so that's all from from my side thanks need three that was that was a lot um guys so basically what you saw behind the scenes is the engine powering this simple interface so we really want this solution to be as simple as possible as efficient as possible currently we do on and off Rams for just 10 basis points regardless of the amount and you can be sure that your bank will uh accept the transfer from us or to us because we are currently the only uh legal digital asset backed by Fiat in Euro what I mean by that is that regulator uh checked uh the actual smart contract and had uh hired an external technical auditor to investigate our Solutions our system so this is um say pre-mica status this is the best you can get and since we'll be applying for Mika as well uh until we get that license we will be 100 legal to operate because we launched this asset several years ago on the under vfa in in Malta so this is the simple interface the user will see on any uh front end it can be embedded in your app or in your application mobile or desktop or web and behind the scenes is the white configurable CRM back end that tracks all the legal compliance stuff that the transaction history the kyt and risk scoring and all the metrics that are required by uh legislation and will be required later on in fact we just passed another yearly email audit external email audit so we have a ton of paperwork to support our legal status if if you're a corporate attentive and you're interested in collaboration please let us know uh what what are your concerns your questions we're happy to be happy to address them um another solution that we are developing once we will roll out to several more blockchains is the bridge so the bridge for a stable coal initial can be really efficient in a capital because this could be the treasury Capital that is not circulating Supply so only the tokens that are circulating on secondary markets need to be backed a hundred percent by uh Fiat assets Euro assets but the the treasury assets that sit on a bridge uh treasury accounts uh can just be um prevented tokens that are used to uh uh fulfill this liquidity on the bridge so imagine a user coming on blockchain a say algorithm adding more tokens to it uh more stable coins to it and then subtracting the same amount from the blockchain like Ripple the total circulated amount does not change but the user gets to move his assets from uh one blockchain to another and because of this Capital efficiency I think it's uh it will be a very viable solution to move between chains once that they're more in place and we are working currently to develop couple more blockchains to support this Euro stable coin uh for them um there is some additional materials which will be shared with you later on you can request uh them on your own uh but I encourage you to download our Mobile Wallet which is an non-custodial solution that runs over our API so you can see how it works to onboard there um if if you want to own on an off-ramp from crypto please reach out as well using our social media links or or get yourself an account and we're happy to answer questions I think we still have time so we have a question from the audience and I can you please reiterate any proof of Reserve solution so about our proof of reserves we were the first in the world to run the proof of reserves through chain link so we did a separate socket uh on on our treasury accounts across uh regulated custodians that we used which chain link did access and broadcasted it to the world uh every few minutes or so the exact amount of assets that we hold beyond that we have a BDO which is a big Auditor in place that audits our books and we have an engagement with them so it can be audited even daily we can publish these reports in a daily schedule of course it adds up to some cost we never had significant amount of requests to increase the frequency of reserves we launched with weekly publishing of our reserves and now move to monthly but we can increase the frequency if the client if there are a lot of who demand that but we had never suffered any um material DPG or um pack or anything like that we treated these things really seriously from day one from start um and that auditory relationship that we have uh has been uh in since the company creation basically so you you can have several um streams first of all the stream on our website of the reserve second the auditor and third is chain link um we are definitely open for any uh audit or any proof of Reserve solution uh if your provider one or if you know which one is better than chain link we're happy to explore and we always rushed for transparency and uh maximum comfort for our customers so I guess the best proof of that is you always were able to redeem or sell your ass back into Europe Fiat and after the FTX collapse uh we we were basically an ATM for Europe we processed a billion Euro in Bank transactions um and helped a lot of people off-ramp after the TX situation unfolded and what's more important is I think personally is that those transactions we are running through central bank accounts so that means there is no Commercial Bank in between that can influence um these transactions say today the compliance officer doesn't feel like high risk is a good business for them or the CEO made a change in strategy and the Commercial Bank doesn't want uh this traffic anymore or say Emi that we're working on top of commercial Banks um had significant cost to to run these transactions through the banking system so we planned and strategized this platform uh before [Music] uh connecting to this Commercial Bank so we tried that setup it didn't work and it's not scalable it's not efficient so that's why we work only with the central banks that are crypto friendly so like I said imagine getting a i band that is crypto friendly and that has the stability and credit risk of a central bank it cannot be better than that so thanks guys for your time um I appreciate the questions and if you have anything additional questions or want to run some sandbox with us or try our product please feel free to reach out this is our details on the screen thanks