Ledgity AMA Recap — 30/06/21
Hello Occam.fi community!
We’re delighted to bring you a recap of the engaging AMA session we had with Ledgity CEO and Founder Pierre-Yves Dittlot on Wednesday 30th June 2021.
We had some really interesting questions, however we simply couldn’t squeeze them all in! However, those questions that we missed were still eligible to be selected by the Ledgity team as winning questions, as long as they were asked before the AMA began.
We’re also pleased to reveal that three lucky winners have been selected for guaranteed whitelisting to the Ledgity IDO. We will announce the winners at the end of this recap, so make sure you read to the bottom!
Let’s start with the live Telegram AMA recap! Short on time? Jump to the end of this article to see the winners.
Reddit AMA Transcript
AMA start date: 30/06/2021
Elliot — Ok! Group muted, and the AMA will now begin! Occam.fi community, please give a warm welcome to Ledgity founder Pierre Yves! Welcome Pierre, great to have you here.
Pierre Yves — Thanks a lot Elliot. It’s always a great pleasure to exchange with the community.
Elliot — Thank you for taking the time to join us. So, let’s get started with some questions from Reddit! Our first questions are from user ddggoo, who has a couple of questions for you Pierre:
“Q1: How do you plan to enter the market in a specific country which is imposing a compulsory digital bank license before you can operate and engage with their citizen? It is like an endorsement by the rule of law of the particular country?
Q2. There is an option for the client to have the metal card. Projects related to cryptocurrency had a challenge to get the BIN to issue card be it Visa and Master. How Ledgity will overcome that?”
Pierre Yves — Hi ddggoo, thanks for your questions. A1: In order to enter a specific country, we will have to analyze the regulatory framework in order to launch the full scope of the functionalities of our solution. Digital bank license is not needed all the time. Most of the time you do not have “Digital Bank License”. You just have “Banking License”. You can operate with a financial services and a payment agent license (at least in Europe). However, we will be able to launch our product with limited specific functionalities such as “smart route engine crypto exchange” in order to expand our business to many countries.
A2: Current account and metal card is planned for 2022. We will use a bank as a service. We operate with Financial advisors and traditional finance, so we are quite confident to overcome the issue you mentioned.
Elliot — Love the thought of using a debit card for crypto! Next we have a question from Reddit user Groundbreaking-Pen23:
“What are your marketing strategies and how do you plan on implementing global adoption? How do you intend on getting more users, community and investments from all parts of the world including non-English speakers and communities? Any ambassador or referral program?”
Pierre Yves — Questions about marketing strategy are always tough. You have to be in constant improvement in order to make your strategy better. What I can say is that we are currently working to expand our marketing strategy. For example, we started to strengthen our communication in South Korea and Australia.
Ambassador and referral programs are great tools to engage the community. We are planning to do it. We are also working on Partnership. In the coming months, our marketing strategy will gradually accelerate.
Elliot — South Korean market is huge, as is the Australian market, but many projects neglect these geographies. Great to see you already thinking about your strategy there. So, we now have another question from Reddit user Groundbreaking-Pen23:
“What are the benefits of holding $LTY token as long term investment? How will the demand for $LTY token will increase in the future ? or What steps would you take to increase the demand? May I know how do you plan to attract more business partnerships to your project?”
Pierre Yves — Rome was not built in a day 😉. As any startup, most of the value is created on the medium/long term. The demand for $LTY tokens will increase alongside our business development. We are bringing exclusive utility to our LTY token:
1️⃣ Investors get premium membership functionalities: discount fees, priority access on specific features or investment opportunities
2️⃣ Governance. Alongside the growth of our ecosystem, we will decentralize our governance and let token holders vote on specific decisions.
3️⃣💥New innovative utility function💥: Access to the use of the intangible asset.
The value of any tech company comes from the intangible asset that the company creates. This intangible asset is often called Intellectual Property.
As soon as you represent this intangible asset in the form of a token, you justify the fact that the operating company has to buy-back token to use the product in order to operate the business. At Ledgity, a significant portion of the profits of the company will be used to buy-back and burn LTY tokens. On the long term it will create tremendous value.
We are already in discussion to set up several partnerships but we can not disclose it yet.
Elliot — Really cool to see that you are committed to long-term value for your token holders, that’s definitely where a lot of projects fail. Next, we have a question from Reddit user alexadoctor:
“Security is of vital importance, would you mention Ledgity security measures? How is it protected against any hacking attempt, and in case it succeeds, is there insurance for investors? What are the security plans In place to prevent hackers? also, Privacy blockchains have promoted money laundering and criminal sponsorship in the past, how does Ledgity tackle this?”
Pierre Yves — We do not compromise with the security. All our developments are made with embedded security conception in the architecture. We can not disclose in detail this information for obvious security reasons. However I can tell you that we are using the most secure and one of the primary technologies wallet providers and custodians utilizing to secure crypto assets
Because we are targeting traditional financial (which will represent the biggest volume) we have strict AML rules. Coming from private banking and asset management industry gives us a strong knowledge about it. It’s an advantage
Elliot — I definitely think projects that can comply with regulatory requirements are poised for success. Our next question comes from Reddit user usercrypto36:
“Many people still don’t have much idea of how Ledgity work and how to acquire them, is #ledgity beginner-friendly in the world of Defi? Do we have to have advanced knowledge or #ledgity intuitive enough for inexperienced users? Also do you have any plan to attract non crypto users toward Ledgity protocol?”
Pierre Yves — We designed our product in order to simplify as much as possible the access to crypto assets and defi investment opportunities. It will be accessible to users who have never invested in crypto before. More than that, we will provide these investment opportunities to traditional finance through independent financial advisors. This strategy will democratize crypto assets in the traditional financial. Financial advisors are the best way to attract non crypto users, by creating a circle of trust.
Elliot — Great answer! Sounds like you are pushing power to the edges and incresing access to crypto for all. The next question is from Redditor Royal_Ad8035:
“Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry? Security of funds is always top priority for a users. Can you tell us about #ledgity security? Have you done any audit via any third party? How can we rest assured that our funds are safe with Ledgity?”
Pierre Yves — A1: We have been working on Ledgity for 2 years. We validated our product market fit. Even only in Europe, the market is huge. By providing the first solution of crypto assets investing for independent financial advisors and their clients, we will get a strong position in the market.
A2: The product is still under development. Security audit by a third party as well as an analytics module is planned. As I answered in a previous question. We are using the most secure and one of the primary technologies wallet providers and custodians utilizing to secure crypto assets.
Elliot — I’m not sure many of our community know that you have already been building behind the scenes for two years, before launching an IDO. That is certainly testament to your commitment to Ledgity. Our next question comes from y0st2 on Reddit:
“Will there be a reputation/scoring system utilized to show top performing asset managers/financial advisors? The website mentions regulated financial advisors — Could this also show crypto freelance financial advisors that are not investment advisors/certified?”
Pierre Yves — A1: It’s a tough question. At the launch no because we want to attract the most financial advisors on the platform. But later on, if it’s a feature asked by the community, we will add it.
A2: No. In the financial industry the rules are stricts. However, we are working with our lawyers to evaluate how we can offer partners the ability to advise their clients under Ledgity’s financial advisory license. We’ll figure out how we can do that. It will be amazing to work closely with members of our community 😉
Elliot — Our last question from Reddit now before we move onto Discord. This is from user: OliveFlat6431
“Governance is really important for projects to grow bigger. What do you think about governance? Why do you think that demand & use of Ledgity will increase in Future & all governments & Enterprises will adopt & do partnerships with Ledgity Blockchain Project?”
Pierre Yves — A1: Indeed, Governance is really important for projects at any stage of growth. As our ecosystem grows, we have the will to decentralize governance. Obviously via LTY token.
A2: I don’t know if all governments & Enterprises will adopt & do partnerships with Ledgity. Currently the traditional finance and financial advisors do not have a solution to advise clients on crypto assets in the context of their advisory services. We will be the first institutional grade solution to offer that. We are currently in discussions with several groups of financial advisors and multi family offices.
Elliot — Great! We now have four questions from Discord, before we move onto some open questions from Telegram. The first fairly simple question from Discord user Spider_Lee is:
“How do you get this name “Ledgity” and is there any special meaning to this?”
Pierre Yves — Easy question, thanks for asking it 😉. Ledgity comes from the combination of “Ledger” and “Legitimate”
Elliot — 🚀👍 The next question comes from Discord user Crays:
“What is the one of the biggest disruption you guys see you’re bringing that could onboard more users and why? You’ve been building since 2018, why is it now you’ve chosen to do the IDO?”
Pierre Yves — For the last 2 years, we have improved the vision of the project. We believe that crypto assets will become an asset class alongside equity and bond. However it’s hard for traditional banks which are relying on an antiquated IT system to include digital assets in their scope of investment opportunities. For us it’s one of the biggest business opportunities in the financial industry for decades.
With all our network in traditional finance, we validated our product market fit. Now we are doing an IDO in order to accelerate our development with a clear roadmap and market strategy. Moreover, after covid crisis, the market is much more mature for digital tools than before. Even for clients over 60 years old.
By combining in the same product: an efficient digital tool for IFA and their clients, a platform of financial products including crypto assets investment opportunities and a current account and means of payment is a game changer for the wealth management industry. We completely redesign the way we address wealth management services with an exclusive user experience.
Elliot — Awesome! I think this has been answered in some of your other questions, but it’s an interesting question from Discord user starshades007:
“What is the vision and mission of Ledgity ? What problems are you trying to solve? Do these problems remain unsolved with the existing public blockchains?”
Pierre Yves — I will try to answer it in a different way. We are building the next generation of financial service platforms. We provide to IFA and their clients a cutting edge digital solution to interact with each other and to widen their scope of investment. In the near future, crypto assets will be part of an asset allocation in the traditional finance. Because we are at the beginning of this revolution, no one focused on traditional finance yet. Do not forget that most of the wealth in our economy is managed by traditional finance 😉. For us the next big wave of adoption for crypto asset investment will come from the traditional finance
Elliot — Well put! Ok, we have one final question from Discord, from user Oli:
“Questions for the AMA: 1. I think the digital share register is a good idea. Have you any plans how to combine it with the Offchain-World. 2. Regarding to the Tokenized Assets (private equity, real estate, venture capital, structured products) — do you have already some concrete business people which want to offer their services on your platform?”
Pierre Yves — Digital share ledger and Tokenization of financial assets such as private equity and real estate investment funds is the same topic. The regulatory framework is clear and we can provide a new digital infrastructure for the representation of unlisted assets.
We have huge interest from real estate asset management companies to offer their products through our platform. And to create AMM protocol dedicated to those assets in order to create, for the first time, an efficient secondary market for assets that are not liquid
Elliot — Perfect! Ok, that concludes our questions from Reddit and Discord! We’re now going to open the channel for messages to our users!
Remember, one best question from Telegram will be selected for guaranteed whitelisting to the Ledgity IDO!
Live Telegram Questions
The following questions were asked live as the Telegram channel reopened. Each question is from a separate Telegram user:
Monica — “So, do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness?”
Pierre Yves — Rely good question. Yes we apply a buy-back and burn mechanism in order to share value with our token holders
Johan R — “I see in your Medium that the LTY token is going to be ERC-20, and your pitch deck says you are built on Cardano. Will you migrate your token to Cardano at some point or is that just too far into the future?”
Pierre Yves — Yes we issue our token on Ethereum. As soon as Cardano will launch their smart contracts we will migrate.
Ieo alert — “What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years.”
Pierre Yves — In ten years we our vision is to become one of the first “Digital Private Bank” in Europe, relying on the most important Financial advisors network, including natively crypto assets in our offer and get $50 bn under advisory
Baby Puml — “What is the role of the community in the governance of the your crypto ecosystem in order to be able to call it community driven? Which members of the community can participate in the decision making?”
Pierre Yves — As said before, as our ecosystem grows, we have the will to decentralize governance. Obviously via LTY token. It means we will organize votes to specific evolution of the product and the business
Pierre Yves — I am sorry but I am running out of time. Thank you very much for all you questions. For those I did not answer, do not hesitate to post them in Ledgity telegram channel 😉🙏 Thanks you Elliot for the organization of this AMA. It was a great pleasure 😊
Elliot — Thank you so much Pierre for your responses! Some awesome questions and you handled them perfectly! Very much looking forward to your IDO! We will shortly publish a recap of this AMA in our Medium, so keep an eye out for that. Thank you to all our community who asked questions, the 3 best will be chosen and announced at the end of our AMA recap. Please give a big thank you to Pierre for giving us his valuable time! 🚀⚡️
We hope you enjoyed the AMA recap! We are now pleased to reveal 3 winners of the best question contest — who will receive guaranteed whitelisting for the Ledgity.com IDO (subject to approved KYC status).
The winners are:
- Discord winner: Oli
- Reddit winner: y0st2
- Telegram winner: Johan R
Thank you to everyone who participated! Don’t forget to follow Ledgity on Telegram here: https://t.me/ledgityapp
Until next time!