IBAN for Your Wallet

Transcript

foreign [Music] [Music] how are you doing woohoo so I am geesley the CTO and co-founder of monarium and my original intent was to talk about an eye band for your wallet that's actually a lie because in the past few months there are so many things that have happened that the if if I would have known then when I submitted the talk what I know

now it would have been something more like why you're not bullish enough on difi right so I'm going to be sharing some of those insights with you and hopefully explain why I'm so excited but before we can begin for those of you who don't know what monarium is when Arium is the issuer for the Yuri and the UE is a authorized stable coin first of its kind basically a new category of stable coins and when we're building the UE we had some design principles that we really wanted to adhere to of course this had to be you know web3 first so the Yuri is

of course managed by your wallet using metamask signatures and it's web defy native right but being regulated gives you a set of properties that we think are really important and for us it was really important that the Euro that we provide is the actual Euro and not a proxy for something else like usdc so to prove that last month one of our customers actually paid their tax obligations in their home country in Europe with our token so you have to think about this as the Euro right

okay so when you sign up and become a monarium customary we also give you an iban and I'm sure you're familiar with what an iPad is it's the International Bank account number you'll see one on your bank account right but now you have one on your wallet and I'm going to be sharing some demos here to show you you know the process and this here is uh the monarium application uh and like every other D app the first thing you go you do is that you're going to connect your wallet to it and right now we support both browser injected wallets and wallet connect

so we're going to connect connect there we go and here you can see that I'm selecting a Euro account on kenosis chain I'm going to provide a wallet signature and once we've done that we can request an iban and this is what that looks like so now I have an ipan associated with my wallet and what does that unlock why do we even

care about that well number one you can now seamlessly receive your payments directly from a bank account to your wallet so it never made sense to us that you had to go through a centralist Exchange to buy a euro you don't do that in the banking system you just move your Euros from One bank account to the other and that's what we have so if we seamlessly integrate it this app system and let's take a look at what that that's like hear what you're seeing is my wallet and the application this is my personal ipan for my wallet and now let's take the other side here is my good friend artney

and let's imagine that he doesn't have a wallet yet but he has a bank account so we'll open up his revolut account and he will take my iban and send the couple of viewers to it then he may want to type in a memo associated with the payment and then he's going to review his payment and when he's ready he's going to send and this is an actual recording of the time that it took the euro to go from his background via the set by instant settlement system directly into my wallet it's 10 seconds and it's there automatic seamless money flowing back and forth and what you see in the DAP

will be some of the uh properties associated with a transaction like the center and if you can see it going on chain the memo was moved between the two systems completely automatic and seamless so that's one thing you can do with an iPad what about the other way so you can also send payments from your wallet to somebody else to anyone with a connected bank account so let's look at what that looks like I'm going to hit the send button there I'm going to type a Euro and I'm going to send them back a euro

I'm going to select his revolut eye band and I'm going to type in a memo going off chain so we don't necessarily talk about on and off ramping anymore it's just feared off chain in the banking system and then feared on chain with monarium let's go here's help me again and the money just flows back and when it lands in his wallet his bank account you can see that the payment is from me and not monarium because this is your money and it's in your name right so this solves a lot of headache for a

lot of people and businesses when it comes to you know crypto Associated transactions back into the banking system it solved taken care of what about cross chain right now we support three chains so it's ethereum gnosis chain and polygon and we'll be adding a lot more in the coming months think about layer ones layer twos non-new VM based and here's what that looks like in in the web client so you can see that I have one Euro gnosis chain and zero balance on the others now I'm going to initiate the payment not to the banking system but to another blockchain

so I'll select cross chain I will select the destination chain I want and the address that I want to send to type in a memo just like before and then I'm gonna send it away by providing the signature okay off we go now the money is moving from polygon sorry from hypnosis chain and it's gone there you can see the balance is zero right now and let's look where the money is right now so go ahead I'm going to open up the balances there and you can now see one Euro on polygon so like that in a couple of seconds you can move your money between chains

so we think this is really powerful um so let's imagine now that you're a web 3 company and you manage all your assets your ticket glasses your crypto everything on chain right and you want to use uh save wallet for that for multi-signatory purposes so using the Yuri as Fiat you can now uh use that wallet to provide uh to to control the euro with the same multi-signature setting so it's just the same thing you don't really need to think about a bank account you take to think about your

fiat currency on chain so you can see in this demo there's a two out of two multi-signature you can open up the monarium app as a safe app and what that gets you is uh is the web client embedded into the wallet and here's an important thing to note that the green light up there and the save icon tells you that now this wallet is controlling your assets right so that means you have all the same functionality that I spoke about before you can send payments back into the banking system you can go across chain but whenever you want to authorize it now two persons have to do so right so this is how we extend the what we built

in D5 to the banking system um okay and of course the asset page in the safe wallet is also going to reflect the balance very importantly so the euro is natively there I think it takes some time for a lot of people to understand what we built and the power of the infrastructure that we have but I think it's easiest and was summarized by a happy monarium customer when he said my safe wallet and actually any wallet is now becoming my own self-solving bank

account right why would you need another bank account you can do all the functions that a revolut wallet can do from your metamask wallet or your safe wallet you can receive money from anyone you can send money from anyone and you can grow go cross chain so think about it there are 11 trillion Euros in the banking system and now they can freely flow to a blockchain and then to another chain and there's you know enough liquidity there because it's just moving money around okay so the Yuri is efficient you can send payments 24 7.

cause the banking system to anyone in the anyone in the Cyber system uh you can go cross chain and I probably forgot to mention with zero fees so this is free of charts the infrastructure is also self-sovereign because you can it's your money as you saw earlier it's in your name it's uh you can use whatever wallet you want to use and on any chain that we support and we'll be adding more as I mentioned earlier uh and of course it needs to be secure so it's regulated it's authorized it's the

Euro it's 102 over collateralized and our smart contracts have been audited by Aki uh who have done a great job auditing many of the industries smart contracts like the safe wallet like one ends and others foreign so what I've shown you so far are the capabilities of the on-chain Fiat infrastructure that we built but we're not stopping there we're not creating a siled and a lock-in interface that is the only way to access this

if you're Builders and now I'm going to speak to the builders in the group if you're builders and you need Fiat and to begin with the euro this is the solution this is the solution for you to build on so you have all the power all the features that I showed you earlier available to you as an API and we've even gone so far as to wrap it up in an SDK for your convenience and oh yes it's open and it's free so you can start to use it so now that we have established how powerful this is and you have an SDK for it we can really start to question or ask ourselves

what can be built on this and here's a good friend of ours from the bhutno team shout out to put note so what they had decided to do this is an external team to monarium they decided to dedicate two Developers for a month and see what they could come up with and the idea was how can you streamline the process of going from any token on any chain to an external bank account in less than five minutes with less than total of one Euro fee okay I I think this is really powerful because although

it's powerful for a reason because if you think about a Dao contributor who gets paid in a treasury token or a stable coin somewhere like going from that to an external bank account where you may need to pay your landlord you know a rent or something like that it's a major hassle if you think about the steps needed to tip that they need to take today here it's completely streamlined and I'm going to show you a demo of how this works so they're calling it uramp and you start by connecting your wallet metamask boom connect it then and remember this is just a web

client there's no uh backend there so it's just a web client to deploy it and what it does it gets your explicit authorization to perform some operations on your behalf so here I'm accepting that so from there I can actually go to polygon in this example select Matic I'll type 2 Matic which I have there and I'm going to get a quote it's one Euro 39 Euro cents the next thing to do is that I will type in the ipan this is going to be my credentials my banking details but imagine this is the landlord and then you go

you you start the transaction and it's twofold you want to bridge you want to convert and this is happening in this transaction so bridging from any Source chain to the gnosis chain converting into UE from there we actually want to transfer to the landlord that's another signature so 10 seconds later it was done and what did I see in my revolut account I saw this one Euro 38 cents originating from the Matic on polygon now in my bank account and and as before it's coming from geistly So You Don't

See monarium there and the reference there is using urap so that's also transferred along so I've talked about the possibilities and this was an example of what you can build in such a short amount of time and now we're seeing the the save core SDK being released and there you kind of have this Powerhouse of services that allow you and enable a user experience on a next level right so you'd have your spending policies your casters payments seamless onboarding with web 3 off all the good

stuff that you need it's being encapsulated into a single API and of course we are very honored and humbled to have been chosen as the Fiat rails for this SDK using this we now can ask ourselves what kind of applications can be built on this stack and I think one of the major announcements yesterday was the the diagnosis paid if you've seen it did you see it hypnosis pay announcement with its Associated debit card where you now can go anywhere where Visa is accepted and pay for a cup of coffee and it's different from the binance card

because this card is actually decentralized it's going from your safe wallet and there's no intermediary there so if you want to kind of look a little bit under the hood to see uh you know how this actually works and why this is so important for monarium is that you have the wallet and associated with the wallet it's a safe sorry you have the card and associated with the card is the safe the save has an iPad a monarium iPad so whenever you touch a POS system somewhere the wallet the the card is actually instructing the wallet to saddle the

payment with the VISA Network With Yuri for the benefit of the cafe in this example so all cardholders become monarium customers and all currently all payments are settled With Yuri and this is the kind of power and kind of applications that we are starting to see emerge and it's really exciting so what am I trying to say here I think the industry has matured to a stage where all the pieces are

coming together and I think the reason why web3 hasn't won yet has been that lack of user experience it's just too hard for regular people but right now it's coming together and we're starting to see those applications being built like diagnosis pay and my prediction is that in the next few you know for the rest of the year we'll see a small team like the boot note team create an application that will have a user experience with Rivals you know the web to Darlings like revolute and others that's why I am so excited and that's what I wanted to share with you

so my only remaining question is with all of this in place what are you going to build [Applause] and I'll go to the Q a in a little while I just wanted to mention that uh if you're in Europe you can sign up for your free iPad we are going to give away three cards so I encourage you to take a picture of the QR code or visit monarium.com noses pay and you'll be entered into the raffle so I think there's some time for Q a right

if uh I'm gonna be really cheeky and ask two questions how is it gasless or why is it free if you want to answer that way and the second question is uh if we ask a really tough question why do people still why would they want this with from I mean it's amazing what you've built but I can already do instant transactions on the super network from anyone here who has a European bank account why is self-sovereignty a winning thing yeah so going back to the the the first question which was why is it Costless so I think this is a

really good point thank you for bringing it up so if you think about bridging like on and off ramps the only way they survive their their entire business model is to have liquidity of one asset and take transaction fees right that's what they do whereas monarium is actually cited with the web3 industry like we are fully on chain and we make our money by the underlying assets so we Safeguard the assets we're not allowed to lend them out like a banquet so we just Safeguard the assets and we make money on that so the transfers aren't really important to us in this kind of environment

so that's why we can be sustainable while having this for free right so that's question number one and why is this important you asked like you can already have a separate transaction to where like what happens to that you would then need to convert that into either a stable coin or you would need to convert it into a cryptocurrency but we can what we can do let's say you would send me 100 million euros in one go in one transaction right because we have an elastic Supply we can facilitate that without any

liquidity issues so it's just think about the 9 trillion Euros out there it's just seamlessly going back and forth and when it once it's on chain you can actually start to manage it with the you know safe wallet and all of that good stuff what we hear a lot is that you know the full process breaks let's say you're a dow your web3 company and you have signature rules and then you need to offer app you go into a centralized exchange and they just have a username and password and all the security just breaks down now you have the program programmability of you know ethereum also for your Fiat and that's what you get as a benefit questions yeah first of all thanks for the

presentation and also for bringing monarium to us because I've I mean I've used it uh crypto native and it's really great ux so thanks for that my question would be around liquidity for Yuri yeah do you have any plans around providing liquidity or incentivizing liquidity or what's the strategy there yeah that's a fantastic question so so far I mean we've been building this for a long time since 2016 and you know first things first we had to be regulated we knew it you know if you're going to be having Fiat on chain they're not going to accept it for mainstream usage unless it's regulated that's number one number

two you have to be interconnected to the saber system for this not to be a siled system right it just needs to flow that's Jack number three we're entering into the D5 era which is actually what we're working on so you mentioned liquidity yes uh we are going to Market we are Partners like gnosis pay so there's a common incentive for that project to have a lot of liquidity and we're working on it with Partners like that which unlocks the ability to exchange and land and all of that so that's coming uh I just wanted to mention so I think it was two weeks ago we surpassed the

100 million euros transacted on chain from the beginning yesterday after the announcement there were seven million euros transacted on chain so it's like seven percent of everything that was transacted before yesterday so we do expect a lot of pickup right now all as I mentioned all the cardholders will have monarium account settled in Yuri and there's going to be a lot of activity there last question yeah please do um yeah congrats on the product on the

the talk I was curious to know I I was in there the first part of the The Talk The iban is not tied to a name only to an address right no so that's an important topic okay so how this works is for you to have an eye ban right you we need to associate it with an address right but you need to go through a kyc process okay so like we hope we have the same license as PayPal had uh revolut so we're an e-money institution and for that to work everybody needs to be kyc however on chain you can trade in a pool and get Yuri without being kyc'd okay perfect so I think the benefit of you know being

authorized and playing by the rules is that now we can you know we settle all our separate payments to the Central Bank of Lithuania to whom we can actually speak to as colleagues because we're part of the system and this was always Our intention to say we the best way to change the system is to become part of it and change it from from within thanks we are running out of time I think yeah okay that's perfect [Applause] [Music]

thank you [Music]