May 25, 2021
Collateral — AMA Summary
On Thursday the 13th of May, the DuckDAO community had an AMA with Collateral Pay’s CEO, Chris Longden.
“Spend. Anytime. Anyplace. Anywhere.”
Collateral is a payment gateway accessed through an interoperable crypto wallet, granting access to spending power by using crypto as collateral at the point of sale. Users are able to pay for goods and services instantly by using their crypto as collateral against payments at the point of sale.
The Collateral Marketplace has recently launched, allowing users of the platform to get a taste of what is to come. Read more about it here!
Helpful Links:
Participants:
Collateral — Chris Longden — CEO
DuckDAO — Pep — DuckDAO community representative
Please note that the following summary has been edited for clarity.
Pep
Welcome everyone to another DuckDAO AMA.
We are joined again today by Chris Longden from Collateral.
On behalf of the DuckDAO community, I’d like to welcome you back to our channel :)
Hey Chris! 👋
Chris
Hi everyone! So sorry I am late 😘
Pep
No worries… I switched time zones so I’m all over the place 🙈
Or you could say I’m super excited to talk to one of my favorite CEO’s
😘
Chris
Thanks Pep!
Great to be here everyone!
Pep
We’re excited to have you back and see what you’ve been up to. We had a fabulous AMA last time so I’m really eager to hear new developments.
Let’s get started!
Chris
Fantastic
Pep
Let’s start with a quick update on the progress you’ve made since the launch — what are some key achievements and milestones that you’ve reached?
What are some of the unique surprises and challenges that you’ve run into and overcome?
Chris
Hi everyone, yes we have been working hard behind the scenes. I am extremely proud of the team. We worked night and day in the run-up to the TGE and were delighted to see the progress and we show no signs of slowing!!!
Since TGE we have launched on Uniswap, listened to the community due to fees, and with the help of the Ducks migrated to BSC and listed on PancakeSwap. We also have launched staking pools which are filled rapidly.
We have announced our partnership with Polkacover as their payment services provider and we have a number of other partnerships and announcements to follow… We have a new CMO — Chief Marketing Officer joining us from Sky, which is a great addition to the team. Yesterday we launched our Collateral Marketplace, which is just unreal only 3 weeks following TGE. Hopefully, this demonstrates to the Duck Community — what Collateral is capable of!
Pep
WOW, you have been busy!
Chris
Thanks for having me back guys — the community here is fantastic and great to have Duck Dao as our advisors too for the long term success of the project
👊
Yes we have indeed Pep
Nevermind getting on with the tech development of the Collateral Protocol!
Pep
The switch to BSC was I’m sure appreciated by many
Chris
Yes — as we all know fees are so high at the moment — we want to make COLL accessible to all.
We are moving onto the next stage now and discussing with a number of exchanges which is really interesting and exciting.
Pep
That’s perfect. Still, a large number of users don’t use DEX’s so that’s a great move there.
We’ll be anxiously waiting to hear which exchanges are coming up.
Chris
That’s true I personally am a KuCoin, Pancakeswap and Binance guy 🙂
Pep
I understand and love all those choices. That’s why we get along Chris!
Chris
We have seen some fantastic trading volume already so that’s great to see
Pep
Congratulations on the launch of the Collateral Marketplace! Can you talk a little about how this would play out for a user purchasing a high-end item such as a yacht or a car? Do they need to KYC etc. or can they just have the required tokens and then get it shipped to them like buying anything else online?
Chris
😎
First of all thank you!
Chris
Yes, we are pleased with the launch of the marketplace and already seen interest. I hope you guys appreciate that the tech — i.e. the Collateral Protocol takes time to develop so we launched the marketplace as an educational and use case tool — it’s also going to be used for merchant onboarding and early adopters.
We didn’t want to be one of those projects that completed TGE and then went missing — hopefully you can see that from the work that has been done in the last 3 weeks alone!!!!
😂
Back to the question
Pep
lol we appreciate that
And honestly, I can tell a lot about how a project will do just from its leadership so I’m not surprised to see how much you’ve already developed.
Chris
There is no need to KYC for the marketplace. Once a product has been chosen, it really is as simple as liaising with one of our agents, locking up some crypto, and then waiting for delivery of the product. We have detailed the process on the marketplace and I will share the link to it here
Thanks, Pep — really appreciate that. It’s great when you get great feedback from your community — gives all the Collateral team a lift!
Pep
I think the more options we can get from crypto the more likelihood of adoption so the marketplace is a great idea.
Chris
Yes indeed — at Collateral we want to be different and drive mass adoption for Crypto that is our goal.
The market is so vast it’s great to have options that are reliable and work!
Pep
I know you said you’ve been working hard at development and made progress. Can you describe in detail the current development efforts, the market expansion plans, the expected applications and when they will be commercially available?
Chris
Yes as you can see we have been doing a great deal.
Early Adopter Round was closed, ERC-20 Token Smart Contract was completed along with the ERC Staking Contract and finally DAPP Wallet development commenced. On April 16th only a few hours after the completion of the Ignition IDO, we listed on Uniswap.
We then on the same day launched our staking pools, which sold out rapidly and we were delighted with the performance of these. Due to the high fees on Uniswap, we listened to the community and on April 21st completed our tech development of a Bridge over to Binance Smart Chain and listed on PancakeSwap.
“Our attention now turns to the Collateral Marketplace which we launched yesterday, the Collateral Governance tokens and the Merchant onboarding process.
We also are working on the actual protocol itself — The Price Chain Oracle — with Chainlink, the Wallet development, Smart contract work and auditing etc.”
Chris
The best advice I could give anyone is to join our official channels to hear the news first and be updated
Pep
So much development and always keeping the community up to date. We appreciate all your effort. 🙏
Chris
Thank you without you guys there is no project!! The community is vital so I thank you for all the team here. 🙏
Pep
When making a POS payment using Collateral Pay, will users have the option to toggle between:
- Automatically opening a loan to cover that expense (default option; and
- Actually selling crypto from their Collateral account, by automatically converting their crypto to the fiat value of that purchase? (because there will be times when we just want to sell some, and not bother with a loan)
Chris
Initially we are aiming to follow our roadmap and stick to the plan of just allowing users to make real world purchases by collateralising their crypto. However, in the future we plan to offer the facility you talk about and allow real world purchases by just spending crypto assets also.
Our main ethos is that as the crypto community believe the price of BTC, ETH and other crypto assets will likely increase in value in the coming years, why would they want to sell them if we can facilitate real world payments by allowing borrowing against them. This way our users still get the upside of the rise in the value of crypto.
“In a tax efficient manner! As without selling your Crypto there is zero capital gains tax”
Pep
That is one of the biggest perks I can see for users. Especially users where taxes are astronomical that it doesn’t make sense to cash out.
And yeah, most of us are here because we do see this asset increasing so it’s a viable choice.
Chris
Exactly — also when cashing out crypto you have the time of selling on exchange, sending to coinbase then to your account etc… nevermind the fees as well!
It’s something I would use everyday and this is why the business has been developed 🙂
Pep
I love it. It is a very real world use case and more than just the meme coins that offer no value.
Don’t get me started on those lol
Chris
Exactly — meme coins will come and go!!
Pep
I look for projects that solve real world problems
Chris
We are trying to build a real produce with a real use case — I think what Nexo have achieved has been remarkable for the space
Pep
I agree and kudos both of you as you each have strengths that are similar but different.
Chris
Thanks Pep 😘
Pep
What is the next key roadmap item for Collateral in the short term?
Chris
For those of you who are new to Collateral — I will share the light paper
Here you can find a lot of info and the roadmap etc..
Pep
Perfect.
Chris
However the main focus is the role out of the marketplace, raising awareness of the project, onboarding merchants and of course the tech development.
Pep
👍🏼
Chris
As well as the info I have put above we are currently working on the parachain development this will enable our polkadot smart contract rollout.
Pep
I’m eager to see that. Huge Polkadot fan here.
Chris
Me too!!
Pep
Again… This is why we get along!
Chris
Of course 🤣
Pep
lol
Let’s assume I am a vendor for… designer dog collars for the super wealthy. If I want to sell something on the marketplace, how do I go about it? Can you tell me what the registration/pricing process looks like?
Chris
The Collateral Marketplace has been developed to give our users an insight into the use case of COLL. The focus has mainly been on luxury goods that we think will appeal to our community also with fees margin is required until the fully automated protocol is rolled out. However, this is in no way how the Collateral protocol will be when fully developed. Once completed, the protocol will allow users to buy real world goods and services at one of our many merchants around the world.
So with this in mind, products like designer dog collars would not feature on the current marketplace. However, once the Collateral protocol goes live, we would welcome you as a merchant. Information regarding registration/pricing for this has not been announced yet but we are excited about the future of the protocol and all details will be revealed in due course.
Pep
Ok that makes sense. Obviously, some luxury items are very niche so they wouldn’t apply quite yet
Chris
True
Chris
As I mentioned above, it’s an educational tool as well. The community wants to be given updates and kept informed this is why we introduced this — it was not on the original roadmap!
However the key in crypto is to listen adapt and learn- that way you can work with communities like DuckDAO and create something truly special
Pep
❤️
Collateral Pay recently launched a Liquidity Reward Program for just 1 month. Are there plans to extend it? How many liquidity pools are available and how do we participate?
Chris
Yes nice to see you are following our project closely!
We launched the liquidity reward program yesterday. Rather than boring you with endless typing on how to participate, I will link our medium article from yesterday that details this.
Chris
Currently, there is only one liquidity pool open however there are plans to add others including ones for BSC
Pep
Oh that’s great and I actually didn’t know. I’m still holding all my COLL so that’s something I will be looking into.
Chris
Cool
Pep
Awesome. it’s great for us long term holders
Chris
Yes all our staking pools have been really popular which is great to see
Pep
I think I had mentioned to you that I was an early buyer of NEXO and its dont like 1000x since I bought…I have no doubt that COLL will reach great heights as well….so the more I can accumulate the better.
Chris
🤞
Pep
The key that I’ve learned is holding onto solid projects… that theory has worked thus far for me.
Chris
Our development time is a lot shorter than Nexo — so hopefully you won’t have to wait too long…
I too invested in the Nexo ICO
Great project as I mentioned earlier — kudos to them.
We were trending on CMC yesterday — which was great to see. Quite rare for such an early project — the price also went up 5–6 times. It has held strong today despite the market conditions so great to see the support
Pep
That’s amazing!
Chris
Yes I am proud of the team and the support we are getting from the public
Pep
I think more and more people will start to see the value and catch on. Glad we were able to get in early.
Chris
Thanks Pep — I hope people can see we are creating real products and real tech — this will stand us in good stead I personally believe
Pep
I think so and you know you’ve always had my vote.
Chris
Also one last thing
Chris
We featured on two youtube channels maybe you guys might to like to check out:
Pep
perfect
Chris
Thanks Pep great as always
Pep
Thanks Chris! See you around
Chris
X
Find Out More About DuckDAO🐥
DuckDAO is a community-backed digital asset incubator that provides promising early-stage crypto startups with the expertise, financial resources, and marketing power needed to fast-track their progress on the path to success.
