[Fiat24] LTIPP Application - FINAL

Archive Long Term Incentives Pilot Program (LTIPP)
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SECTION 1: APPLICANT INFORMATION

Applicant Name: Blockchain Babe

Project Name: Fiat24 (operated by SR Saphirstein AG, Switzerland)

Project Description:

Fiat24 is a Swiss regulated financial institution supervised by the Swiss bank regulator. We are likely the first bank that is operating in a truly Web3 way, with all client ledgers booked exclusively on Arbitrum, and with an NFT used to represent client identification. Holding the Fiat24 NFT in any non-custodial crypto wallet (e.g.: MetaMask) enables clients to operate their account and access their e-banking portal directly from that wallet. In this way, we connect the crypto world to the real world payment network.

A milestone worth highlighting is that in July 2023, we issued a co-branded Visa card with Arbitrum to commemorate the first booking of Visa transactions on Arbitrum.

References:

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  • Watch This Video: YouTube Video
  • Winner of the Qorus Accenture Banking Innovation Awards (2022) alongside top tier banks, such as DBS, HSBC: Link to Article

Team Members and Roles:

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Project Links:

Contact Information：

  • Handle: kblockchainbabe
  • Point of Contact’s TG handle: KayFiat24
  • Twitter:@Fiat24Account
  • Email: karen@fiat24.com

Do you acknowledge that your team will be subject to a KYC requirement?:

YES

SECTION 2a: Team and Product Information

Team

Harry ZHANG, CFA (CEO)
o Linkedin: https://www.linkedin.com/in/harryzurich/
o Education: MSc in Computer Science from ETH Zurich, CFA Chart Holder
o Experience: After graduating from university, he worked as an IT consultant at Hewlett-Packard (HP) for 5 years. Later, he switched to Avaloq, the largest core banking software company in Switzerland, as an engineer. From 2013 onwards, he was responsible for tokenization business at UBS, where he was involved in the early development of UBS blockchain projects. Harry is a rare talent with both over 10 years of IT development experience, and comprehensive knowledge of finance, holds the CFA designation, and has several years of work experience at UBS, Switzerland’s largest bank. Since 2018, he has been fully dedicated to Fiat24.
o Incentives specific experiences: Harry designed Fiat24’s core banking system, which is purely booked on the blockchain. In late 2023, Fiat24 received a grant from the Arbitrum Foundation, and Harry led the client acquisition campaign via a referral program rewarding clients who referred friends to become new clients with ARB tokens. The campaign was a proven success, with the distribution of 19K ARB, 1.2K KYCed clients.
o Skills: Core Banking System Design, Solidity, Smart Contract
o Achievements: Won Qorus Accenture Banking Innovation Awards (2022) alongside top tier banks, such as DBS, HSBC, (link to article), built the first core banking system on blockchain (Arbitrum) which was approved by Swiss Financial Regulator (FINMA).

Nico BĂĽCHEL (CTO)
o Linkedin: https://www.linkedin.com/in/nico-buechel-1135bb4a/
o Education: BS in Computer Science from Swiss University of Applied Sciences
o Experience: Nico joined Fiat24 at the founding of Fiat24 in 2018 where he acts as CTO. Nico set-up the Fiat24 IT infrastructure, including developing all smart contracts on Arbitrum. Prior to this job, Nico worked for 17 years at SIX Group (the Swiss Stock Exchange) in the field of financial information systems serving as the head of the core development team.
o Skills: Solidity, Smart Contract, Python, C++, Machine Learning

Karen Blockchain Babe (CMO)
o Linkedin: https://www.linkedin.com/in/kay-shidlo-blockchainbabe/
o Education: BFA from Pratt Institute, Diploma in UX Design, Diploma in Digital Marketing
o Experience: Karen started her career in advertising agencies, working on digital campaigns for Post Finance, Miele, Micasa, Pfister, and more top national companies. Following further marketing experience in an ETH University startup in the biotech sector, she joined Fiat24 in early 2022.
o Skills: community growth and management, brand building, product marketing
o Achievements: worked on the proposals for successful grant submissions (including Questbook Arbitrum Grant Round 1); grew Fiat24 communities to 30K on Twitter, 4K on LinkedIn, 1K on Discord, 1K on Telegram; assisted in the successful 25K Fiat24 NFT minting

Yang LAN, CFA, MBA (Head of Business Development)
o Linkedlin: https://www.linkedin.com/in/yang-lan-7b181a5b/
o Education: BSc+MSc in Economics from Munich University, MBA from IE Business School, CFA Chart Holder
o Experience: After graduating from university, he worked in an investment bank in Frankfurt and London for 3 years. Since 2009, he has been working in private banks as institutional sales in Zurich, Switzerland. He has previously worked for international banks such as UBS, Deutsche Bank, Coutts Bank, and Commerzbank. Prior to joining the Fiat24 project, he had a total of 12 years of experience in the banking industry.
o Skills: Banking & Finance, Fund Raising, Institutional Sales
o Achievements: successfully raised 7.5M for Fiat24, acquired 3 affiliate partners

Aleksandra Zilly, PhD candidate (Head of Legal & Compliance)
o Linkedin: https://www.linkedin.com/in/aleksandra-zilly/
o Education: Bachelor of Laws at King’s College London, Master of Laws at Humboldt-Universität Berlin, PhD candidate at the University of Zurich.
o Experience: She previously worked at law firms such as Baker McKenzie and served as a university lecturer at the University of Zurich. After that, she joined SIX Digital Exchange (the first state-owned Security Token exchange), focusing on the field of blockchain compliance. In 2021, she joined the Fiat24 team as the Head of Legal & Compliance.
o Skills: Law, Blockchain Compliance, Risk Management
o Achievements: successfully implemented the AML policy into Fiat24 core banking system, passing three regulatory audits

Product Information

What novelty or innovation does your product bring to Arbitrum?

Fiat24 is the first regulated and licensed Swiss bank that is exclusively built on Arbitrum. Unlike any other traditional banks, we have completely abandoned servers, with all banking logics run by smart contracts, and our clients being identified via their Fiat24 NFT.

This is a typical RWA project. To better explain how fiat24 operates, I need to introduce 2 concepts first, and then use an example to illustrate the process of our smart contract.

• Concept 1: Booking Tokens (ERC-20):

We have three booking tokens: USD24, EURO24, and CHF24. You can think of them as 1:1 pegged stablecoins for USD, EUR, and CHF. However, they differ from stablecoins in two ways. 1) Legally, they are “deposit certificates,” representing your FIAT money deposit with our bank. We are obliged to give you the same amount of money when you withdraw FIAT money from our bank. It is the so-called “tokenized deposit” or “commercial bank issued stablecoin”. 2) Technically, these three booking tokens can only be used in combination with our NFT and cannot be freely circulated on the market. So, USD24, EURO24, and CHF24 are Real World Assets but in an ERC-20 form. For example, when a client transfers 100$ from an ordinary bank (e.g.: Citibank) to the Fiat24 bank account, they will receive 100 USD24 in their crypto wallet, representing that they have a 100$ fiat money deposit with us. Similarly, when they spend 10$ with their Visa card, 10 USD24 will be deducted from their wallet as well.

• Concept 2: Client ID Token - Fiat24 NFT (ERC-721)

Fiat24 NFT has three functions. First, legally, it is proof of ownership of the account for the client and represents the client’s identity in our banking system. For example, NFT number 123 represents Peter, and NFT number 456 represents Mike. Second, technically, it is the access key to the Fiat24 internet banking, equivalent to the traditional bank’s username and login password.Third, this NFT also stores six transaction parameters related to banking transactions, such as Peter’s monthly transaction limit is 200k$, and Mike’s transaction limit is 1m$. This NFT has two Status, “active” and “inactive”. A client’s NFT can only change from the inactive status to the active status after successfully passing KYC verification. Only when there is an active NFT in the same EVM address can the booking tokens mentioned above be operated.

• How Fiat24 smart contracts work?

For example, Peter, who lives in France, has 50 ETH in his wallet and wants to buy a Porsche 911, which costs 135k EUR. He can open the Fiat24 dApp in his MetaMask and initiate a transaction, selling 50 ETH to receive 135k EUR. Our smart contract will first verify if Peter’s NFT status is active, then check if the transaction is within the limit range. The smart contract will then find the optimal trading path on Uniswap to sell ETH for USDC. For instance, if the price of ETH is 3k$ at the time, he can get 150k USDC by selling 50 ETH. The USDC from Uniswap will enter our smart contract, and at the same time, our smart contract will credit Peter’s account with 150k USD24, which will be converted to 135k EURO24 based on the exchange rate at that time. At this point, Peter’s account will have a deposit of 135k EUR, and he can transfer the money via bank transfer (SWIFT/SEPA) to the car dealer’s ordinary bank account (e.g.: Citibank) to get his 911.

We are connected to global payment networks, such as SWIFT, SEPA, Swiss National Bank, European Central Bank, Visa, and Master. When we receive payment information through these networks (e.g.: Peter spends 10$ at McDonald’s), we synchronize this information to Arbitrum using our booking tokens. In this sense, Fiat24 works in a similar way to ChainLink; we synchronize real-world information to the blockchain through our oracle, allowing it to be used by all smart contracts.

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In July 2023, we issued a co-branded Visa card with Arbitrum to commemorate the booking of Visa transactions on Arbitrum. The news of this innovation was publicized in this CoinTelegraph Article.

We feel that we are the ideal showcase that has successfully demonstrated what will be the driver for mainstream adoption. We believe that Fiat24 will bring about a positive and substantial impact to the Arbitrum ecosystem in that we have created a practical and necessary application, combined with being fully compliant and regulated. We address real-world problems, showing how Arbitrum is mature, robust, and secure enough to be the infrastructure not only for DeFi, but also for TradFi.

Is your project composable with other projects on Arbitrum? If so, please explain:

Yes, it is! In fact, Fiat24 aims to be an indispensable infrastructure layer for the DeFi ecosystem by connecting the DeFi world with the TradFi (real) world.

You might imagine us as an additional fiat layer for the entire DeFi ecosystem. We are already collaborating with significant projects within the Arbitrum ecosystem, including Camelot, and various stablecoin issuers to bridge onchain assets to the fiat world.

Fiat24 is especially compatible with DEXs (e.g.: Camelot, Helix) and Stablecoin Issuers (e.g.:VNX, GloDollar, verified USD), with several projects from each sector already working on integrations with us.

Fiat24 is also an inevitable component for non-custodial crypto wallets - we have already been successfully integrated by THORWallet (who previously did not support the Arbitrum network, but made the addition due to our partnership); Halo Wallet (prev. Kucoin Wallet); SafePal; with Trust Wallet, imToken, and BitGet all coming next.

Reference Links:

Screenshots:

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One of the goals on our roadmap to be achieved by July 2025 is to be on Arbitrum Orbit. In this sense, we are comparable to KINTO, with the main difference being that we use a bottom-up approach, onboarding hundreds of thousands of clients to Arbitrum One and then migrate all of our KYCed clients to Orbit, rather than building a protocol on Orbit first and waiting for clients get KYCed.

Do you have any comparable protocols within the Arbitrum ecosystem or other blockchains?

Within the Arbitrum ecosystem we are a unique player. Within the crypto space at large, the most obvious comparable protocol is Gnosis Pay and Monerium in the Gnosis ecosystem, who, together, have some similarities to Fiat24.

However, one major difference is that we use an on-chain mechanism in the form of our NFT to verify our clients, rather than using addresses for verification. Gnosis Pay + Monerium have become well-known projects within their ecosystem, working together with Gnosis Safe Wallet to solve real world pain points and bring Web2 people into Web3.

We hope to receive support from the Arbitrum DAO at this critical moment, so that we can quickly capture the market ahead of our competitors.

How do you measure and think about retention internally? (metrics, target KPIs)

KPI Measurements:

  1. Number of KYCed users (NFT status = “active”).
    Minting a Fiat24 NFT is the first step necessary in order for users to become a Fiat24 client. This is because the NFT serves as the on-chain client identification and is the access key to the client e-banking portal. Once the NFT is minted, the holder must go through our KYC process to become our client. Once KYC is approved, one of the NFT parameters Status will change from “inactive” to “active”. We would like to highlight the fact that there is no way to fake any of the NFT status, due to the fact that we use an innovative method to verify clients, scanning the biometric information stored on the chip in the passport via NFC. By doing so, there is no way to fake any single client profile, and it is as safe as the WorldCoin method which scans the users iris. In addition, by law/regulation, we must be audited by an accredited external auditor twice a year. We use Grant Thornton as our external auditor. The KPI is to get 36k KYCed users by the end of this grant program.

  2. Number of active users (holders of Fiat24 Booking tokens)
    Once the NFT has been activated, the user becomes a Fiat24 client who can enjoy the Fiat24 banking services. We offer a crypto friendly Swiss bank account with a Visa debit card linked to the account. KPI is to get 20k active clients by the end of this grant program.

  3. Daily transaction number
    All real world payment transactions (e.g.: transfer 100$ from Citibank to Fiat24 account, or buy a Starbucks coffee with the Fiat24 Visa card) are booked on Arbitrum. We also highlight the fact that no single transaction can be faked, as all on-chain ledgers have to 100% match off-chain bookings, otherwise the entire booking system will be in chaos, with serious legal consequences for the bank. On top of that, all bookings are audited by an external auditor. We expect that by the end of this grant program, there will be 2k transactions booked on Arbitrum every day.

Retention:

  1. Fiat24 offers a cutting edge service that all DeFi players need. Holding a Fiat24 NFT gives users the opportunity to move crypto assets seamlessly back and forth between the DeFi world and real-world WITHOUT involving a CEX or centralized Brokerage. We keep improving our services by making our dApp easier to use, while continuously working towards lowering associated fees. According to our statistics, more than 50% of users who have used Fiat24 banking services once will become loyal users.

  2. Owning a Fiat24 NFT with a status = “active” can, in the short term, give you a Swiss bank account that seamlessly connects crypto assets and fiat assets. But more importantly, in the long run, we hope that this NFT will become a type of digital access pass for all DeFi enthusiasts. A verified Fiat24 NFT can prove that 1) the holder is a human, not a robot, 2) the holder is over 18 years old, and 3) the holder is not on any mainstream country’s sanctions and criminal list. DeFi will not always be the regulatory vacuum it has been up until now. We believe that holding a Fiat24 NFT will eventually become a standard access pass with which to use many compliant DeFi protocols. It’s hard to imagine, for example, that citizens of heavily restricted countries (e.g.: Iran and North Korea) will continue to be able to use Uniswap with ease in the future. One of our goals is to onboard (KYC) 200k clients by July 2025. We hope that Fiat24 will become an important infrastructure layer in the DeFi ecosystem, not only connecting DeFi and TradFi, but also ensuring that DeFi services and protocols are not used by illegal entities through the holding of Fiat24 NFTs. Arbitrum has been and continues to be our preferred protocol to serve as the carrier for this infrastructure. This is also consistent with the ultimate goal of many other Arbitrum projects, such as KINTO, idOS.

Do you agree to remove team-controlled wallets from all milestone metrics AND exclude team-controlled wallets from any incentives included in your plan:

YES

Did you utilize a grants consultant or other third party not named as a grantee to draft this proposal? If so, please disclose the details of that arrangement here, including conflicts of interest

NO

SECTION 2b: PROTOCOL DETAILS

Is the protocol native to Arbitrum?:

YES

On what other networks is the protocol deployed?:

None. We are exclusively on Arbitrum.

What date did you deploy on Arbitrum mainnet?:

We were one of the first projects to deploy on Arbitrum, starting from February 16, 2022:

Do you have a native token?:

Yes, we do.

We have 5 tokens booked on Arbitrum:

  1. One Client ID Token - Fiat24 NFT (ERC721):
    0x133CAEecA096cA54889db71956c7f75862Ead7A0

  2. Three Fiat24 Booking Tokens - USD24, EURO24, CHF24 (ERC20):

  1. One Platform Token - F24 (ERC20):
    0x22043fddf353308b4f2e7da2e5284e4d087449e1
    There are two utilities of the F24 token: 1) If a new user wishes to open an account with Fiat24, one F24 token needs to be burned. 2) If a user wishes to upgrade their banking services (for higher limits and lower fees), 1500 F24 tokens need to be burned. Link to Tokenomics: F24 Token | Products

Past Incentivization: What liquidity mining/incentive programs, if any, have you previously run? Please share results and dashboards, as applicable?

We run on-going Referral Programs:

Current Incentivization: How are you currently incentivizing your protocol?

Our current incentive is to offer current Fiat24 clients 10 ARB when they refer a friend who subsequently completes KYC and also spends 10 EUR or more with the Fiat24 Card. That friend will also receive 10 ARB once they have completed the tasks. Both parties will have to wait until the end of the campaign period to claim their rewards directly via the Fiat24 dApp.

Further initiatives will be introduced throughout the year on a monthly basis, rewarding users for being active and helping us to grow our ecosystem, including the airdropping of ARB and other cash incentives. Currently, we are using our own funds (ARB) to incentivize our clients. The implementation of “further initiatives” depends on our financial situation. If we could receive the LTIPP grant, we will use it to continue our reward program and onboard as many clients as possible. To ensure clear measurement of the effectiveness of grant usage, we will refrain from using any other funds to incentivize customers during the 12-week period of utilizing the grant. But after the grant period ends, we will continue to reward our clients using our own token (F24) or funds (ARB).

Have you received a grant from the DAO, Foundation, or any Arbitrum ecosystem related program?

Yes, we have received/won 3 Grants so far.

  1. We received a grant from the Arbitrum Foundation

Received 19k ARB and airdropped 18.5k ARB during our ongoing Referral Program

  1. We won 4’182 ARB in the Gitbook Arbitrum Grant with 113 voters.

All ARB will be used for our ongoing Referral Program before April

  1. We won 2’500 ARB in Plurality Labs and Thank ARB MiniGrant with 752 votes.

With the funds, we are going to host an Arbitrum side event during ETH Zurich, held in April 2024. It will be a chance to give more visibility to Arbitrum in Switzerland, with educational talks given followed by networking.

Event link: Accelerating Ethereum with Arbitrum | ZĂĽrich GM Events

Protocol Performance:

  • Link to project overview and statistics: https://dune.com/fiat24/main
  • Total NFT minted: 30k
  • Total KYCed clients: 2.8k
  • Total Transaction booked on Arbitrum: > 70k
  • UAW: > 25k
  • AUM/TVL: 18m$

Protocol Roadmap:

  1. Connecting Mastercard with Arbitrum by Q3 2024: We have already implemented the VISA card transaction authorisation logic in Arbitrum (live and operating since 07.2023), and it covers the entire European market. But we have experienced demand from other regions around the world, and also wish to expand our offering and services further in order to be able to become a vital, global DeFi infrastructure protocol, onboarding the next hundreds of thousands to our Arbitrum-built web3 bank. With this goal in mind, our partnership with Mastercard will enable us to expand the scope of countries we can serve, as seen in the map below.

MasterCard has already accepted our business idea and granted us the principle membership license in order to be able to issue the cards world-wide.

  1. Migrate to Arbitrum Orbit by July 2025. We plan to migrate to a dedicated L3 blockchain to run our exclusive payment network.

Audit History & Security Vendors:

YES

Security Incidents:

No. We are a highly regulated financial institution, who is licensed and regulated by FINMA (the Swiss financial regulatory authority). Our financial and regulatory auditor Grant Thorton’s IT audit team has already checked our IT architecture and mechanisms thoroughly, and we have an ongoing IT audit twice a year.

SECTION 3: GRANT INFORMATION

Requested Grant Size:

We are applying for 490’000 ARB

Justification for the size of the grant:

A healthy ecosystem requires not only a large number of traditional DeFi projects (DEX, derivatives, lending, staking, GameFi, etc.) but also projects that use blockchain technology to solve real-world problems (RWA). With the development of blockchain technology, especially L2 technology, we are pleased to see that this technology is gradually able to support truly large-scale commercial applications. Fiat24 is a bank recognized by the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) that can use Arbitrum as a database. This signifies that Arbitrum is capable in terms of its performance, cost, security, and reliability to run highly compliant, institution-grade applications. Many times, the colleagues at Offchain Labs have showcased us as a successful case when pitching to financial institutions (such as the Monetary Authority of Singapore, Grab, CBDCs, etc.).

A successful product should have a sufficient number of active users. To achieve this goal, we have tried many methods over the past 9 months, among which two methods have proven to be most effective.

  1. Carry out continuous referral campaigns (400k ARB):

We executed the 1st referral campaign in January 2024, wherein a verified NFT holder (referrer) could refer Fiat24 to a new user (referee). If the referee also got their NFT verified, the referrer received 10 ARB as a reward and the referee got 5 ARB. Within 3 days we airdropped 19k ARB, onboarded 1.2k new clients. In the 2nd airdrop, to increase client retention, we have adjusted the incentive method. Referrers still receive 10 ARB, but referees not only need to complete KYC but also need to complete a crypto trading and make a Visa card payment to receive 10 ARB. This way, new clients will experience our product from A to Z, significantly improving client retention.

Here, I would like emphasize two points.

First, due to high compliance requirements, the client acquisition cost for financial institutions is much higher than that for DeFi projects. For example, in the financial sector, the cost of acquiring a retail bank client is around 50-100$ (e.g.: Revolut pays 100 CHF to acquire a referred client.), while the cost of acquiring a private bank client is often over 5000$. However, each client brings significant value. Currently, our client acquisition cost is around 40$ (20 ARB), and we are airdropping of our company’s ARB token to incentivize clients. So, we hope that the Arbitrum DAO can support us at this critical time, enabling us to capture the market ahead of our competitors.

Second, Fiat24 is not a conventional DeFi project, so its performance measurement differs from traditional DeFi projects. Our main KPIs are the number of clients and the on-chain transactions made by clients, rather than TVL. In our case, each KYC process generates 4 on-chain transactions (mint NFT, confirm risk profile, sign address proof, and sign client application). Depending on the complexity, one trade can generate 2-6 on-chain transactions. In the previous example, when Peter exchanges ETH for EURO, the process involves exchanging ETH for USDC on Uniswap, then exchanging USDC for USD24, and finally exchanging USD24 for EURO24.

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If Peter likes using Fiat24’s products and, for example, he performs one crypto to fiat conversion per month and uses his Fiat24 Visa card twice a day, Peter would generate 770 on-chain transactions per year. Therefore, the cost per transaction booked on Arbitrum would be ca. 0.05$ (40$/770trx). However, as our platform operates longer, client trust will increase, leading clients to continue using our platform indefinitely. The longer they use our service, the lower the cost per transaction becomes.

  1. Establish more affiliate partnerships (90k ARB)

We all know that every DeFi player uses at least one crypto wallet, so the wallet is the best traffic entry point. In the past 6 months, we have acquired 3 affiliate partners, Thorwallet, HaloWallet (prev. Kucoin Wallet), and SafePal wallet. We hope that Fiat24 will become a standard feature in wallets as soon as possible.
In addition to wallets, DEXs, derivatives, and lending platforms also have our target users. By using Fiat24, DEXs can directly support fiat currency deposits and withdrawals, similar to how Coinbase operates.
We believe that most applicants requesting grants in this LTIPP are eligible to be a Fiat24 affiliate partner, something we are excited about, as the significance of collaboration in Web3 cannot be underestimated.
To highlight just one example, we have been in touch with XDEFI Wallet concerning an integration of Fiat24 in their wallet, and continue to pursue relationships that will bring about valuable collaborations.
There is a great opportunity for Arbitrum grantees to create synergy between themselves and collectively boost more real world user cases for the Arbitrum ecosystem.

Grant Matching:

YES

  1. For referral program: for each client, we invest $10 to cover the costs of KYC, compliance check and Visa Card issuance. In total: 200k$
  2. For affiliate partners: we make announcements via either Cointelegraph twitter or a detailed article on Cointelegraph highlighting Artibtrum. In total: ca. 50k$
  3. After the subject grant program, we will continue to use our own platform token (F24). 50% of our platform token will be airdropped to incentivize Fiat24 users.

Grant Breakdown:

  1. 400k ARB for ongoing Referral Program, Link: Referral Program | Frequently Asked Questions (FAQ)
  2. 90k ARB for 6 subgrants for 6 further affiliate partners, Link: Affiliate Program | Frequently Asked Questions (FAQ)

Funding Address:

company treasure address with â…” multisig setup, being audited twice a year.

Funding Address Characteristics:

â…” Gnosis Safe wallet address

Treasury Address:

Same to Funding Address above

Contract Address:

Same to Funding Address above

SECTION 4: GRANT OBJECTIVES, EXECUTION AND MILESTONES

Objectives, KPI, Measurement, Milestone, and Execution Strategy are summarized in the following table:

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Execution Strategy:
Referral Program:** Referral Program | Frequently Asked Questions (FAQ)
Affiliate Program:** Affiliate Program | Frequently Asked Questions (FAQ)

What mechanisms within the incentive design will you implement to incentivize “stickiness” whether it be users, liquidity or some other targeted metric?

The recipients of the reward need to complete a series of tasks in order to receive the reward, which not only motivates users to complete the most time-consuming part (KYC), but also requires users to utilize the Fiat24 banking services from A to Z, especially our most competitive product, the fiat off-ramp. Fiat24 users enjoy the opportunity to move crypto assets seamlessly back and forth between the DeFi world and real-world WITHOUT involving a centralized CEX or Brokerage. We keep improving our services by making our dApp easier to use, while continuously working towards lowering associated fees. According to our statistics, more than 50% of users who have used Fiat24 banking services once will become loyal users.

Specify the KPIs that will be used to measure success in achieving the grant objectives and designate a source of truth for governance to use to verify accuracy.

KPIs are summarized in the above table.
We would highlight the points again that all of our client and transaction numbers are traceable on-chain and subject to external audit and bank regulator supervision. Any manipulation will have serious legal consequences.

Grant Timeline and Milestones:

Timeline: By the end of this grant program
Milestones: Linear proportional
If we cannot achieve the milestone on time, we are willing to stop receiving the grant according to the rules of the grant and return the grant funds already received.

How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?

Innovation: We, as the only blockchain-based bank currently in operation, were awarded the Banking Innovation Awards by Accenture in 2022. In the whole blockchain industry, there are currently no projects exactly like ours. As mentioned earlier, our success can be seen to some extent as a very good case for traditional financial institutions to use Arbitrum as infrastructure.

Growth: This grant can help us quickly acquire a large number of KYCed clients, while our product truly addresses a real pain point for all DeFi players. If everything goes as planned, by the end of this grant program, we will have 36k KYCed clients and be able to generate over 2k+ on-chain transactions per day. We can not only serve users within Arbitrum’s existing ecosystem but also act as a key infrastructure for DeFi, attracting users from other ecosystems to use Arbitrum.

This grant will give us the big boost we need in order to fill the gap in the market before competitors do. In order for us to achieve our goal of becoming the fiat layer of the DeFi world, we need the support of the Arbitrum DAO!

Do you accept the funding of your grant streamed linearly for the duration of your grant proposal, and that the multisig holds the power to halt your stream?

YES

SECTION 5: Data and Reporting

Is your team prepared to comply with OBL’s data requirements for the entire life of the program and three months following and then handoff to the Arbitrum DAO? Are there any special requests/considerations that should be considered?

YES, no special requests/considerations.

Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread that reference your OBL dashboard?

YES, we will provide an in depth report that shall be post bi-weekly detailing all metrics.

*First Offense: In the event that a project does not provide a bi-weekly update, they will be reminded by an involved party (council, advisor, or program manager). Upon this reminder, the project is given 72 hours to complete the requirement or their funding will be halted.

Second Offense: Discussion with an involved party (advisor, pm, council member) that will lead to understanding if funds should keep flowing or not.

Third Offense: Funding is halted permanently

Does your team agree to provide a final closeout report not later than two weeks from the ending date of your program? This report should include summaries of work completed, final cost structure, whether any funds were returned, and any lessons the grantee feels came out of this grant. Where applicable, be sure to include final estimates of acquisition costs of any users, developers, or assets onboarded to Arbitrum chains. (NOTE: No future grants from this program can be given until a closeout report is provided.)

YES, we agree

Does your team acknowledge that failure to comply with any of the above requests can result in the halting of the program’s funding stream?:

YES

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Hello @kblockchainbabe,

Thank you for your application! Your advisor will be SeedLatam Gov @SEEDGov

Please join the LTIPP discord and ping your advisor in the general chat so they can create a new channel and start communicating with you.

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Let’s get to work! We are waiting for you at discord

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@cliffton.eth
We are done with all adjustments. Can you please make it final? thanks

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Hey there, I’ve amended the title to reflect that this proposal is FINAL. All the best!

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Fiat24 enables amplification of USDV real world payment use case via USDV<>Fiat24 co-branded virtual card, supported by Google Pay and Apple Pay. We look forward to bringing more volume to arb through this upcoming partnership.

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Yes, it is indeed a great opportunity to bring more volume to Arbitrum and an exciting real-world use case for the tech too.

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Integrating the Swiss banking license into Arbitrum, along with strong partnerships with industry giants like Visa and Mastercard, has been very beneficial. It’s a significant project for fiat currencies within Arbitrum. Moreover, from the perspective of Real World Assets (RWA), the protocol has shown reasonable growth. It’s crucial for Arbitrum to utilize the Arbitrum stack while merging DeFi and RWA. Conducting KYC to protect against Sybils is also positive. Considering these factors, although the desired funds may be excessive, we vote in favor as there will be a return on investment.

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Hi @stB3n , we are in charge of tracking LTIPP reports, you have not yet submitted last month’s and this month’s reports. You can see it in this link.