MERGE Madrid 2025 | Startup Contest Finals | Binance Main Stage

Welcome to the final of the startup contest here at Merge Madrid 2025. It is my pleasure to be hosting today the final with you guys. I'm Angelicoga, founder and CEO of Novifi. We are the go-to market talent layer for web free digital assets and security. And I wanted to firstly thank to all the startups that participated yesterday.

12 of them, three intense, three three hours of work. And the five finalists that were the hour, John will be with us today, Fox Finance uh with Zeno, Growy, which will be Marcos, Snake Tech, Julio, and Yoseo with Inyaki. All of these guys are shaping the future of the institutional and the future of the digital economy here. So really strong mention to the startups that are building what it is to now all the adoption of the banks, asset managers, hedge funds. So I'm very passionate about the startups as a whole because they are building and they are the backbone.

Now before we start, it's going to be 45 minutes very very quick today. I wanted to quickly thank all of our judges, all of our administrators, the tech team and the organizers here uh today because they have been super patient and amazing with us. We've got Francisco Cuadres from Triuse. We've got Danielle Marin from LA Familia. We've got Marco uh Mario rather from the startup CFO.

We've got mate verse from ACC Ventures. Nikita from Cointelegraph. We've got uh Matias SA from OVH. We've got Alexander from Funders VC. Ruen Portella from Wisery Ventures.

Matias Hman from Sidel Digital. Evandro Kirros from Timatskis. Carlos Braxdale from Google Ventures. Inigop Pñena from Tettoan Valley. We've got also Patrick Huareth from Secure Zero.

Robbie Young as well from Animok Brands. Alejandro Risco from Ara and myself as well Angelico from Novifi. So let's get straight into it. Bamos say the first app today is going to be the hour represented by John Martin's co-founder. The hour is building a token launch and trading platform without launch bots, VCs or pre-sales with direct liquidity and customizable rewards.

Welcome John.

Thank you. Thank you. Yeah. Is that one right?

Hey, thank you. Welcome everybody. Thank you for coming by. So, I'm Bjor Matins. I'm the founder of Diora and I'm going to tell you today about a new revolution in crypto.

Making crypto launches easy and free with time to make liquidity completely free. We're audited by codespect trusted and partnered with Orca and backed by the VC company Bonk Advisory. I let you explain of course who is building the product quite important. So I'm the founder. I'm Bjor Matton.

I'm ex Microsoft. I've been a builder in the crypto space since 2017 and have more than eight years of experience in the crypto space itself. My co-founder is also here in the audience. Thomas Masa ex Facebook and Microsoft very met each other and is a very advanced trader in the crypto space with reaching the top 0.01% 01% on the pump fund uh platform.

Besides that, here we got two of our main developers and our very strong advisory team part where we have yeah partnered with Bong Advisory. Alex Hell is great person very much experienced in running businesses ran up a company previously from zero to $60 million of annual returning revenue. And then Kieran Park Parker is a very experienced founder has raised over $5 million in uh in funding for several different companies. So let's talk about the problem in crypto. Currently liquidity is inefficient.

Uh over 10 billion dollars has been locked in liquidity pools in DeFi. That's unreachable and is just that set of capital. Uh how why is this the AMMs automated market makers or dexes they work with algorithms and because of their algorithm eventually there will also always be liquidity stuck in liquidity pools. uh we call this in inefficiency the debt liquidity ratio land lounge pads with the bonding curve they even emphasize this issue. So let me quickly showcase you.

So at any time uh in any time moment there's 100% of Salana in the pool and there's like 20% of the token supply in the pool. Now on this moment people start selling the token and until the full token has been sold. So 100% of the token supply is in the liquidity pool but on that moment 20% of the Solana is also still left in this liquidity pool. It's there, it's unreachable and it's only representing value. This can be solved with very easy solution.

I'm going to show you right now. So the solution we from theora are building a loun engine utilizing synthetics to replace the debt liquidity with virtual liquidity. So as you can see here the chart eventually comes to zero. So how does this exactly work? Um we utilize synthetic tokens by replacing the real asset.

So say Solana uh backed by Solana C our synthetic replacing the liquidity that's in a debt static stat set static ratio. So this moment we just virtualize the liquidity and only make it a value representation instead of it being real liquid. Uh with this solution, people can basically launch a token with millions of dollars of liquidity initially, have a very deep pool and yeah have a better solution than current solutions on the market like illquid launch pads, high fees or yeah things that hurt your brand. Now the market opportunity, what can we earn? What is the opportunity we have?

So the total monthly defy volume in crypto is 500 billion a month. But most of this are stable coins and native tokens. Of course, this not our focus. The target we have is available is hundred billion dollars per month on token launches like altcoins, meme coins, utility coins. Now, if we capture only 1% of this volume, we will get 2.

5 million in revenue per month. And if you only capture 0.1% in volume, we will capture $250,000 per month. So the question from yesterday from one of the jury members. So by the end of 2026 we will expect to have run an an annual revenue of $3 million.

Now exactly how do we earn money? We the token launcher they can choose their own fee on our platform and we just match this fee. You choose 0.5% we get 0.5%.

Besides that you can also trade on our platform these tokens where we also charge 0.5% of all transactions. The synthetics are backed up by the original uh asset where if you want to convert back to the original asset, we charge another 0.25%. Besides that, we have build an API on top of our platform that uh other products can easily integrate.

They will get a part of our revenue and we get a part of the revenue they create for us. So again here API we've built even sales agents can uh earn on getting integration partners besides that yeah our traction very important we went live on mainet for two weeks we ran over $500,000 in test net volume uh we won the first prize in a side event of the Solana hackathon of Colossium official partner of Oraca um they're not here yet as it was just recently realized but we are backed now by bunk advisor official VC from the bon ecosystem. So the last part our road map um we're currently in Q4 we're planning to integrate with more AMMs we're going to launch more synthetics for people get bigger variety um also mentioned yesterday question from the jury uh we are planning to go crosschain and also yeah experiments with other liquidity pools like Ethereum unis swap to really give our uh platform usability across all chains and the last slide we are raising currently on an $8.2 million market cap for our token sale. We are starting our private sale very soon where we have already almost sold out by patches.

There will also be a VC round and the public sale will be starting in Q1 Q2 of 2026. That was it for me guys. I want to thank you very much for listening. If there are any questions, I will be happy to answer them.

Thank you so much. Great pitch. Very quick one only one question uh from the jury if there's any. I

think we had five minutes yesterday of questions. So I think everything was clear. So thank you ever so much. The last thing I want to say guys we got a boot at a Sana station. If you're interested to know more if maybe not did understand the full concept feel to pass by and we would love to show you the Damon we have live at the booth.

Thank you so much.

Check that out. Thank you. Great stuff. Uh, so we've got next Zeno Osber. He's the CBO of Forks Finance joining us from Italy.

Folks Finance is an app that bridges traditional finance and DeFi, offering fiat deposits and DeFi yields, a crypto card, and access to real world assets through one simple platform. Zeno, the stage is yours. [Applause] Can you hear me? Perfect. So, let me check.

Here we go. So, hi everyone. Great to see you again. I'm Zeno back. So, I think we are Can we go back a bit?

Well, never mind. So a bit about myself. So it's it's five years that I've been leading the DeFi department at Forks Finance leading crosschain lending and borrowing protocol in the market. So through these five years I've mastered a deep understanding of the fintech industry and defi industry and that's exactly what brought me here today to guide you through our newest product as a spin-off which is folks mobile. Let's start.

So first of all we all know real world assets are limited. What I mean with this it's not liquid. We know you can't access liquidity through uh backing like reward assets as collateral and so on. Second point, we know that DeFi is complicated. We know that I imagine anyone here inside has tried to do to use a new protocol but smart contract integrations uh interacting with new with new protocols uh seed seed phrases backup that's complicated.

It's not for mass adoptions, right? And last but not least, yields are low. I refer to traditional finance yield. I think that a big majority of people that doesn't invest is disincentivized from how low the yields are. Rather than investing, they just save.

What's the solution? Folks mobile bring the solution but by allowing you to save, invest, borrow against your investments and spend. And all of this directly on one secure, affordable and frictionless app, Folks mobile. So the market is huge. We all know it, right?

And we are seeing the shift of fintech industry entering and conquering the the traditional finance industry. And that's exactly where we want to position ourselves. And we can already see we have around $200 million aum with the mother company Folks Finance. And this is the the path we want to take. Moving on, we are not starting from zero.

We have folks finance as mother company. So we are starting with strong metrics. So numbers never lie. Profitable company, $3.2 million revenue last year.

second year live on the market 1.6 6 million net profit, 50% margin, 400 million AUM as all-time high, 35,000 plus monthly active users. All metrics funneled directly in the mobile app once we launch it in Q1 2026. Moving on, here's an overview about the product. So on one side we have the digital asset side.

So imagine lend, borrow, trade, stake, leverage, reward assets, whatever you can imagine with digital asset. We have those tools in a simple click, one-click way. On the other side, we want to have the banking side, right? We wanted to on board all the web two users, all the newbies, beginners. We want to be mass adopted.

And there we have payments, uh, credit card, fiat deposits, and all the other stuff. I want to highlight three stuff. First point, don't sell, spend. What really? So imagine you can access capital, top up your credit card through your digital assets, not only Bitcoin, Ethereum, but imagine you have Tesla stocks, MCI word, S&P 500, T bills, gold, Bitcoin, whatever you can imagine.

You can have it as collateral, borrow against it, credit line backed by digital assets and spend it with your credit card, your coffee, your car, whatever you want. Second point, democratizing DeFi. We said it's complicated, right? We all know it. So we want to abstract it, have it one click.

D5 tools easy on a daily basis. And last but not least, saving accounts give you 4%, maybe in Europe they give you even 2%. Come on guys, we want to give you 20%. How? Backed by delta strategies uh by yielding stable coins not exposed to market volatilities and more advanced features but abstracted in a simple way for traditional users.

Here's a quick overview about our licensing road map. So we already have VASP license uh issued last year last last November in 2024 and this is the road map here a quick comparison uh between our competitor US I want to highlight this so in the last decades we have we had several revolutionary uh projects right we had Apple for phones simplicity we had Amazon for logistics efficiency we had Robin Hood for stocks accessibility and we have folks for digital assets empowerment Here's a quick overview of the team. Myself leading the business strategy and and anything related on the DeFi side. We have CEO Bentoi, Tech Stars mentor and Forbes under 30. Uh Ravnit Sandu, mobile app engineer, previous BitGo engineer and general manager Emanuel Bion with a great uh traditional banking uh background.

On top of this, we are supported by folks finance uh stable and reliable team that has been live building the most innovative DeFi tools in the market for the last four years and on top of that we have so as a venture studio. Last question is do you want to be part of the future with folks? Thank you very much.

Right on time. Amazing. Thank you Zeno. Yeah, you can keep it just in case. That was an amazing presentation and amazing metric so far from Dino in Italy.

Guys, any questions from the jury here today? Oh, everything is clear. We got two. So, let's start from the easiest access, but then we'll go with three. Thank you.

Okay, sir. Amazing presentation. H yesterday we were talking about how the false motor company is supporting you. I think everything is clear until last point, but I have an a question. is the regulation uh behind the regular asset is really difficult.

For example, if you are regulated in in Mika in Europe, you can access services to for example um North American citizens. How is that affecting you in order to reach new markets? Are you going to be able to offer your services in Europe, in Latin America, in Dubai? How is the regulation thing limited in you?

I completely understand. So I'm also happy to share that yesterday they sent me the first version of the of the app. So we have the app in testing. But on that question specific question we have uh so VIP license the one we we got already allows us to offer securities custody and other particular services in Europe. We cannot with with this license we cannot marketize those.

So it's a bit different

but but you know this is the first step and as you know uh we will we will start where where we will have more space to grow and then slowly the thing is a lot of users will be redirected already from our mother company which can offer tools because it's DeFi tools around the world and it's going to be an inbound natural organic inflow at the beginning and then you know how uh like word of mouth and how that network uh it just explodes. That's that's the that's the plan.

So amazing. Then you are saying like the users that actually are using the model app are like a private private ecosystem where you can offer your new services without a specific regulation for marketizing that.

Correct. But also imagine all securities and reward assets which for now is a huge market. Everyone is tokenizing token to tokenizing tokenizing. But there there's no use case because you tokenize and then what what do you do? Okay, you have some processor better and whatever but you don't access capital.

So imagine how you can offer this securities tokenized as collateral to all the trady funds to access D5 liquidity to loop it and stuff like that. We can we could do that because we have VIP license and we can offer securities as collateral uh through like a whit listed KYC through the app and uh and so we can touch base that market which now is their billions and now no one is is targeting.

Agree.

Thank you. We run out of time for questions but uh we will go through the next round with you. Sorry about this. Uh we need to be very on target and time but at the end we can re recover. Thank you Zeno.

Next up we've got not from far from Spain. We've got growing finance uh Marcos Riol which is the co-founder. It's the first mika regulated defi asset manager in Europe combining quote and strategies with full rec compliance for institutional investors. Welcome and the stage is yours Marcus.

Thank you.

Hello everyone. We are growing finance and we are building the first ma regulated gateway to the defi ecosystem. slides. Okay. Um well, DeFi is great.

We already know that and that's why we probably are sit here. However, it has a very big problem which is complexity. And that's why 57% of investors site complexity as a major barrier for crypto investments.

Next. And complexity is present in all the parts of the investment journey from daily operations to asset allocation and to risk management. Our answer to this problem is bringing institutional grade asset management to DeFi. So what customer get is a platform that makes investing in DeFi simple, compliance and profitable. The D5 market is a big opportunity which is growing very fast.

Revenues in this space accounted for 52 billion in 2024 and are expected to grow at a 50% annual rate until 2031. At the same time, there is a trend happening in this market with its institutional capital coming into DeFi and this is growing at triple digits. We already have a product we which is a very small part of the whole plan but is useful for us to test product market fit and to start generating revenue. It is a systematic trading strategy that trades future in the hyperlquid blockchain. It is accessible through our in-house protocol through a hyperlquid vault and very soon this year through a regulated fund.

As you can see in the screen, it has had great results in this last year and it represents very well what I was saying before. It is simple, it is safe and it is profitable. So how did product market feed go before? Well, since the launch of the product, TVL and monthly recurring revenues have been growing at 50% month over month, and we have onboarded more than 600 customers, including two institutional investors with more than 5 billions of assets under management. This is the full picture of Growby Finance.

It is a composible platform in DeFi. So, customer deposit capital in an easy and compliance way and they get access to all of our products. You already see the trading futures run. We will have growing liquidity provider, growing WTC Gil, Growy Euro Gil, Growy market making and many more and people will access them with just depositing euros or dollars and our products at the same time integrates with other protocols in the ecosystem. So we lease all the opportunities in DeFi.

So when I say it is the gateway to DeFi is literally you put eeros, dollars or whatever fiat and you get access to all the ecosystem and other protocols out there. The road maps to make this possible consist on developing the product sites and the legal side of the company to on board retail and institutional investors. We have we will have 100 million dollars of TBL by 2026 and $500 million by the end of 2027. This is the competitive landscape and I'm sure you know most of the names here in the screen. And the thing is that they either offer a compliance solution which which is just a passive strategy like the Bitcoin ETF or they offer active strategies but but lack the compliance way to access them.

And here's where Growi comes in offering the regulated gateway to active and professional strategies in DeFi. Our competitive advantages are the performance. We have the most probably the most difficult part of the plan which is a product with great and proven performance. The team the founders team is capable of building superior levels products without outsourcing any part of the plan and innovation because we have research and development partnerships with universities to stay ahead of the competition. At the same time, we will be one of the first Mika compliant asset managers to offer active and professional strategies in DeFi.

Team as I said comprehends all the parts of the value chain of the company from product creation to blockchain infrastructure and to delivering value to customers. To finish with, in order to scale to this point, we are raising $4 million at a 20 million pre money valuation. Funds will be used to hire the technical talent to attract customers and partners in the ecosystem and to build the legal structure. We are targeting two millions from investors and 2 million from Anchor clients who will receive equity for committing capital in tour products. This is it and I will be glad to answer any questions or to chat afterwards.

Thank you.

Thank you, Marcos. You can stay here for now. I'll take this from you unless you need to to go back. Thank you ever so much, Marcus. Uh, we've got one minute for the jury in case they have any questions.

One quick question. Yeah, over here. No questions over there. Awesome. Thank you.

Hi, thank you for the presentation. Um, did they get a tried that all the strategies that you offer will be onchain? So, the yield can be verified on chain. Is that correct?

Yes, exactly. Yields are onchain. Even though you can access h you will be able to access h from you know with with fiat money. Okay. And we have all the legal structure to on board that all the products are actually on chain.

Yes.

Okay. Thank you.

Nice. This is it. So thank you ever so much Marcos. Unless there's any other quick questions that we can take up.

Thank you and we'll see you in a little bit. You can take this inside. Thank you Marcos. Great stuff. So, next up we've got Yosayo.

Even though it sounds very Japanese, we've got Inyaki Tulva from from Spain, the CEO and co-founder of Yosemo.

Thank you very much.

Thank you. Thank you.

Vamos. Vamos. Vamos.

Okay.

Very much loved a really amazing pitch yesterday.

Yes. Okay.

Please take the stage.

Welcome of the freedom. Um, today, tomorrow, and forever. I'm in Tubelia. I'm CEO and co-founder of Yosomo. I need the Yes, this one.

So, I'm going to tell you one question. What if you pass away right now? Think about that. What happened with your family? They know everything that you have.

So, I'm going to tell you a real uh a real case. We are talking about Michael, 51 years old. He was uh watching Netflix with his wife and he suddenly died. He left behind a 200 uh employees company, gold, crypto, jewelry, bank accounts and his wife and his partner uh not have idea where to start. So he's the opportunity.

He is the beginning of the problem. The traditional wheels and notaries is the problem. Why? because it has higherend cost. They have every update means more money, time and hassle.

Uh life change faster than the the paper wheels and also all hairs see everything. So for that reason here I am there is a opportunity inevitable and global. We are making a validation with Spain and we are going to scale with the world. We have calculate around two 28.8 billions euros of ATM over a 115.

8 millions um in household with long-term savings inheritance etc. So this is a hu market uh and we are creating a solution like a sovereign system. Our solution is a sovereign system for financial sovereignty and digital legacy use cases that you can use is crypto, social media, start patterns etc. And we are composed of one product is yosomo is the piece of metal and also the inheritance is a software a software as a service. H every competitors are uh focus on emotional part or in the value part with uh uh crypto only but we are the unique that we are combining both emotional and value for everything is the human and is digital.

So the execution plan is very very lucrative. Why? Because the product is 65% of gross margin with a average order value of 155 euros. And the new lawyer is SAS lawyer is inheritance is 99% recurrently um with an average value of €250 per year. So our unit economics faster is uh a 20 times LTV to CAC.

So the go-to market is first with the V2V this November 1st with 400 people in our weight list and also we are going to make a B2B strategy with approaching to insurers family offices and private banks. Our goals is validate SAS and to scale, prepare B2B entry, strengthen trust and compliance and build brand and funnel and the execution capability is uh we are capital efficiency because we are a two teams founder uh team with 20k investment from the the founders and we get 40k revenue in 2024 in the seven first month of our company with zero ads. Uh we raised already funds 200k with artico venttors, mheim venture and some uh business angels. No and we are one of the first two crypto products in the world to win a red dot design 2025 and also we get validated from user with a 9.5 to 10.

Investing in joymo is investing in the innov table. My partner Alvaro is a developer and I have uh a a track record of two times founder. I have also a a community of 41k in YouTube and 10 years uh leading marketing teams. So the return of investment we are going to make a new funding round for validating inheritance with a a round of 5k 500k uh euros and the allocation is for a scale inheritance such as B2C sales build the first B2B pilot and B2B dashboard in Q1 of uh 2026 and certification ISO 2701 and sock two security threat. So we are not uh building for or to sell.

We want to make a camel because we want to validate everything and protect the investment of our partners. So thank you very much and if you want to to tell you more about Joayo death is 13 plenty rare ones to leave chaos behind.

Awesome.

Thank you. Well done. On time.

Right on time. And also I love your thorough presentation. What can I say? What five starters we have? We have only one more left.

Any question from the jury? One over here before we move on.

Hello. Thank you. Congratulations. Uh one very easy question. Who are your advisors?

my advisors uh nobody that's the truth so h we want to make everything with a big iPhone detail so I mentoriize to another companies in my past so I really have the experience behind of me so we created a product from a lean startup product like the book says so I don't really have a a mentors or something like that I I I see people that I want to be like them, but I don't have a a mentor right now.

Okay. Thank you very much.

You're welcome.

Thank you ever so much. Thank you.

Thank you.

See you very shortly.

Thank you. Awesome. Great stuff. We nearing to the end and we've got lastly from the United Kingdom, Julio Ferrron, the CEO of Nate here on stage. the team behind the beta that provides programmable infrastructure for issuing private bonds in LATAM connecting mid-market companies with global investors.

Welcome Julio. The stage is yours.

Thank you very much.

Perfect. So, um yeah.

Okay. So um as yesterday we we commented about our solution and just as a quick reminder we are trying to solve a $5 trillion problem. The finance gap the amount of money of thememes in emerging market needs and the financial system is not able to provide. We are doing that using private credit a nice tool that is growing a lot since banks are not able to lend that much anymore. It's not a profitable business that it used to be and we are trying to organize a market an opportunity a golden opportunity as we call it here that is a $5 trillion opportunity by standardizing and organizing a very and structure and local uh and local market.

So we want to connect those companies that are in Latin America especially um in Colombia, Mexico, Dominican Republic or Argentina with international investors that are looking for high yield. So we want to move the excess of capital by standardizing and ordering the opportunities that are in local markets uh to those uh to those needs that are finally uh draining to the real economy. So um I want today to focus more on well first on the solution as we mentioned Devita it's a private credit platform that unifies all the things that are uh behind private credits from origination to structuring to the syndication. uh we provide the real time monitoring of the covenants the real-time monitoring of the collaterals in order to provide to private credit funds and institutional investor uh all the view on the type of deals that they are used to be but now in the emerging markets uh so that's our solution and you have here views on how we do it I mentioned yesterday we use onchain rails uh but not as a mean uh sorry as a mean not as an end u that means that we believe that the onchain rails allows us to go farther, quicker and in more directions. We believe that having the money on chain allows us that a private credit fund that is in Luxembourg can put euros and the company in Colombia can get Colombian pesos quicker.

They can free walk capital and use it to again their job creating uh job opportunities and creating value in the in the in the economies and we put also the depth on chain. Why would you put why would I we put the depth on chain? because it allows us to program certain conditions like coupon coupon payments and it will allows us to do more things that are not happening today in private credit like posting that collateral on an onchain pool and getting liquidity out of it which is something that today big players big private credit funds are not able to to do. So if we go through the stakeholders and we focus especially on the borrowers and the investors for the borrowers we are opening them a door to international markets. We are connecting the walls for capital markets.

If you want to make a metaphor we are trying to build what you can call bithum or ps but for capital markets. So Colombian company getting funded by private credit funds that are in Dubai family offices that are in Asia. We're cheaper than the local options around 50% cheaper than the local options and for the other side for the investors we allowing them to enter emerging markets without having to deploy local capabilities. So I don't know if some of you we are in mer of you are in Latin America you will understand that understanding what is a fido in Colombia is not that simple for a company that is in Luxembourg. Uh that calling the guy if the guy is not paying needs to be done in Spanish.

So this is why we have done the work in every local market and we have all the local partners that will take care that will take care of that uh for for the institutional investor. Um we also integrate banks and structuring agents as I mentioned many banks wants to use us. We have more than 30 financial institutions already on boarded because they want to take uh risk out of balance and they use us for that. Uh regarding and I will focus uh on team I will this is all the things that we take care of regarding private credit. I want to focus on the team.

We have a mix of a team that is coming from financial sector from banking especially people that was leading risk in at Bank of Santandere people that was leading digital assets also at big firms like KP&NG and we combined that with the technology people that is coming from the blockchain environment. As advisors, we have uh people that help us a lot that are coming from big uh big names and that are giving us that reach especially in those markets or those connections that we need in order to really gain uh volume and value. Uh regarding traction and that's the last we already have uh around $80 million in volume, a little bit more we have a pipeline with $150 million for the next four months. And as I mentioned, we have already more than 30 financial institutions, banking and non-banking, multilateral banks and private credit funds that are already with us. And I have 10 seconds left.

So that's

Yeah. No, that was amazing.

Well, I I will I will use them for a final remarks. Three remarks. Um first, as I mentioned, the three things that you want to have in mind about us. We have uh we are solving a $5 trillion problem that has a real impact in the economy, the finance gap. Uh we are using private credit on chain for that.

That's one. The onchain part, and this is the second, it's a mean. It's not an end. We use onchain infrastructure because this allows us to go farther in more directions and doing different things. Um, so we believe that that's a commodity tokenization and digital assets, that's a commodity that's going to stay and we are not going to talk that much about it.

And the last one, what we are building is a systemic channel for private credit. We want to connect the world. As I mentioned, we want to be the bithum or the baks in Brazil for capital markets and open uh internationally the private credit opportunity.

Great stuff, Julia. Round of applause. We'll check. We do have a question and I'm going to definitely grant it to our sponsors. One more questions.

I can take this up for you. Free your hands.

Thanks for the presentation. First of all, uh I would like to have more information regarding the process between I I mean from the beginning of the process when the guarantees and the private credit and the collateral is getting tokenized through uh which is the pipeline and the process how you are getting this uh collaterals tokenized

and uh in which blockchains are you operating the liquidation engines too and so on. I will answer the last one first. We operate in arbitron and in polygon. So that's in terms of of chains. In terms of the process, it's traditional investment banking or traditional private credit.

That's important. We built our own investment banking team. That's super important. We have people that is coming from from bank that cost me a lot of money uh that that are specialized over many years into doing that. So the process for example for an assetbased opportunity in Colombia will be the following.

uh we take the collateral we put that into a fed commisso that fid commiso uh we connect via API with that fid commiso through a partner either the port or or bas so we have the local connectivity and we get views daily we're monitoring that collateral daily invoice for example if we have as collateral invoices invoice by invoice daily we get views on how the collateral is behaving we have more than 500 KPIs on how that collateral is behaving regarding aging defaults regard regarding concentration uh we set up those covenants at the beginning following again traditional criteria by private credit funds and uh we reflect that on the platform. So we do kind of the traditional way uh but we put that on chain and we that make the that accessible for the institutional investor. The private credit fund that's interesting for the crypto people the private credit fund that comes to us they are not coming for the blockchain thing they are not coming for the tokenization thing and there are many of them that they don't know that we are using they don't understand how we are using technology for this they are coming because our structures are robust enough because our legal model is robust enough and because they have views on the collateral this is what they care of and by that we are giving them between and 17% coupon rate deal yields in USD dollars with uh structures that are 20% over collateralized. So those structures that are in the fed commisso which are similar to SPVS for you to for the ones that are not familiar with Latin America are always collateralized and always monitored daily basis.

Thank you Julian that's amazing. Last session done you can take it inside with you. Thank you ever so much. Thank you everyone. What we'll do now, we'll take a couple of minutes when the jury is going to deliberate.

We're going to take all your papers. We're going to decide who is going to be the winner of the final contest of our startups today. So, thank you to all organizers, all the attendees here today. We're going to announce the winner, but then at 6 PM before we close up, we will be giving out the checks. So now we're just going to give the names just so you know and then at the end at 6:00 after a couple of panels we will be giving the check out guys.

So don't go too far and don't slip into the side event just yet. Uh we will do that after whilst the jury is deliberating. I'm just going to entertain you once more. Uh and I'm just going to go through all the jury because they have spent many hours doing this. So I just want to thank them as well as our sponsors from Laun Madrid uh treat laia which they've been awesome but also all the organizers everyone here with us today all the startups that are advising other startups without participating here and also we have an antiscoco cuados from dmuse we have Danielle Marin from Laaf familia Mario from the startup CFO my tavers from ACC ventures Nikita from Cointelegraph, Matias Sosa from OVH Cloud, we've got Alexander N from Founders VC, we've got Ruben Portella from Wise 3 Ventures, Matias Hman from Saitel, we've got Inigo Pñena from Tettoan Valley, Evandra Kos from Team Heretics, we got Patrick Sared from Secure Zero, we got Robbie Young uh from Animoka Bronze, Alejandro Risco from Aara, and myself, Angelico, which I'm going to be also giving out some prizes because it's so important to fund raise the great startups and the level today was absolutely amazing and I do see a lot of them.

So, I was very excited and I can't wait to know who the actual winner is even though they all have been amazing and they had some stage presence. So, thank you ever so much. I'm just going to check up how we get to know with the winners and um I'll be actually with you. Thank you. Welcome back everyone.

The jury has reached to a decision. So, thank you ever so much for everyone waiting here a few minutes while we were counting and it's been extremely tough. Lots of talent. But the winner of the Merge Madrid startup context 2025 is Julio from Nate. Woo.

Well done, Julio. We only going to shake hands now. Please do come back at 6 PM. We're going to give you the check. You will know what the prizes are.

But it has been amazing to have you here alongside everybody else that has speeched today and the ones that didn't reach the juries, the sponsors and the attendants because it has been an absolute pleasure to be the host today for the startup context here at Merge Madrid 2025. Thank you so much and a round of applause for you. Thanks guys because we have a panel just now. Um, I'm going to do a proper closure up later because I'm Spanish, I'm not British, and I like to talk, but I want to give pass to the panel. So, I'm just going to ask you to come back at 6 PM because we're going to give the check everyone that wants to come here.

Thank you so much everybody. It's been an absolute pleasure and I'll see you all later at 6 PM. Thank you.