Disclaimer: The mTBILL token is not available to U.S. persons and entities, or those from sanctioned jurisdictions.
Applicant information
Name: Midas (the brand name of Midas Software GmbH)
Address (Headquarters):
Midas Software GmbH: Kurfürstendamm 15, 10719 Berlin
Country:
Tokenizer: Germany
Issuer: Midas Software GmbH
Website: https://midas.app/
Primary Contact Name
Name: Dennis Dinkelmeyer
Title: Founder
Contact Information:
Email: team@midas.app
Key Information:
Midas is a pioneer in asset tokenization, seamlessly integrating real-world securities and structured products onchain. Our premier offering, mTBILL, is an ERC-20 token that mirrors the performance of short-term US Treasuries. Beyond mTBILL, Midas offers a robust tokenization platform that enhances the Arbitrum ecosystem by diversifying its reach into suitable on-chain securities and structured products, fostering growth and diversification.
Expected Yield: The iShares $ Treasury Bond 0-1yr UCITS ETF (IB01) seeks to track the investment results of an index composed of US dollar-denominated government bonds issued by the US Treasury, with remaining maturities between zero and one year. The current Yield-to-Maturity (YtM) is 5.10%.
Expected Maturity: The fund consists of rolling maturities, with the current average maturity at 0.32 months.
Underlying asset: Short-duration U.S Treasury Bills
Minimum/Maximum transaction size: 120,000 USDC minimum.
Current AUM for the project: Midas - $7.87m
Source of first-loss capital: Midas-issued tokens are fully backed by the underlying, as such, no first-loss capital is required.
Basics and Background
1. How will this investment improve Arbitrum’s RWA ecosystem?
Tokenization of RWAs
Midas is the trailblazing asset tokenization protocol bringing real-world securities and structured products on-chain. Midas is backed by the leading investor in the RWA space, BlockTower, who alongside Framework Ventures and HV Capital co-led its recent $8.75m funding round. The round also saw participation from Cathay Ledger, 6th Man Ventures, Coinbase Ventures, Hack VC, GSR, Lattice Capital, Phaedrus, Theia Blockchain, Pareto, Axelar Foundation, Peer VC, and FJ Labs.
While our flagship product is mTBILL, an ERC-20 token tracking short-dated US Treasuries, Midas’ best-in-class tokenization infrastructure grants Arbitrum’s ecosystem exposure to any onchain security or structured product. All Midas-issued assets are designed to be:
- Institutional Grade: Midas’s assets are bankruptcy remote secured credits and offer best-in-class data reporting. mTBILL provides exposure to high-quality and BlackRock-managed short-dated US Treasury Bill Funds. Benefit from a robust investment foundation that prioritizes safety and stability for your assets.
- Regulatory Compliant: Enjoy the freedom of investment with the assurance of full compliance. mTBILL rigorously meets all European Securities regulations, and token holders enjoy the NAV of the underlying collateral.
- DeFi composability: mTBILL is a freely transferable and permissionless ERC-20 Token. Harness the full power of DeFi with 24/7 settlement or lending & borrowing on DeFi money markets.
Midas’s commitment to Arbitrum’s ecosystem
- In partnership with the DAO, Midas will educate protocols and projects on the benefits of leveraging RWAs on Arbitrum.
- Investors within Midas’s ecosystem will show alignment in onboarding new portfolio companies to the Arbitrum RWA ecosystem and deploy capital in Arbitrum’s onchain RWAs.
- DeFi use case development: Midas’ experience in deploying mTBILL in DeFi, such as the deployment on Morpho [link], will support the integration of RWA’s in Arbitrum’s DeFi ecosystem.
DeFi Money Market Integration: tokenizing the risk-free rate on Arbitrum
The introduction of tokenized T-Bills, such as mTBILL, on Arbitrum’s DeFi money markets protocols will perpetually increase the base rate of lending, as economic forces will narrow the spread between the off-chain risk-free rate and DeFi lending rates.
As a result, this democratizes access to the US risk-free rate on Decentralised Finance to anyone with access to the Internet, even without access to the US banking system or direct exposure to tokenised securities.
Collateral asset for decentralized stablecoins
mTBILL represents the ideal collateral asset for Arbitrum lending protocols. As an asset that accumulates value and is denominated in USD, mTBILL enables users to borrow traditional stablecoins with higher-than-average loan-to-value ratios while minimizing liquidation risk.
This arrangement promotes an influx of stable capital into Arbitrum lending protocols, attracting users seeking favorable rates in the current market environment.
In isolated pool models, mTBILL enhances interest rates for lenders and borrowers, narrows the rate spread, and offers a method for mitigating bad debt as the collateral asset appreciates. As a permissionless ERC-20 token, mTBILL can be transferred seamlessly in the case of loan default. In single-pool structures, mTBILL can improve rate spreads and boost supply-side yields for traditional stablecoins like DAI, USDC, and USDT.
Capital commitment
Midas has established an impressive network of investors and co-allocators, including, but not limited to: BlockTower, Framework Ventures, and GSR, who are aligned to utilize and grow the adoption of mTBILL and RWA assets that Midas issues on Arbitrum.
These partners plan to work in concert with Midas to create new opportunities within Arbitrum’s DeFi ecosystem by providing liquidity in protocols and creating new opportunities for lending, borrowing, and yield farming. We anticipate the activity will create a network effect within the Arbitrum ecosystem, contributing to its long-term growth and success.
Capital Preservation & Accumulation for the Arbitrum DAO
The investment from the Arbitrum DAO into tokenized treasuries such as Midas mTBILL safeguards the foundation’s financial stability and fosters growth, while also playing a pivotal role in advancing the real-world asset (RWA) ecosystem on Arbitrum.
By leveraging mTBILL, which utilises strategies akin to corporate treasury management, the foundation can diversify its assets and achieve stable financial returns without compromising liquidity or incurring high risk. Simultaneously, this investment enhances the security and stability of the Arbitrum ecosystem, promoting its development and resilience against market volatility by integrating real-world financial mechanisms into the blockchain environment.
Additionally, Arbitrum stands to gain from Midas’s robust legal and regulatory framework used to issue mTBILL, details of which we will explore later in this proposal.
2. Identify key management personnel and individual experience. Also, include third parties utilized for managing assets and their qualifications.
The Midas team is led by Fabrice Grinda and Dennis Dinkelmeyer.
Fabrice serves as executive chairman of Midas. Mr. Grinda is the Founding Partner of FJ Labs and is among the world’s leading marketplace entrepreneurs and investors with over 300 exits on over 1000 angel investments. In 2018, Forbes named Fabrice Grinda the number one angel investor in the world based on publicly recorded investments and exits. Mr. Grinda was previously the co-founder and co-CEO of OLX, one of the largest online marketplaces worldwide, with over 300 million unique visitors per month and a presence in 30 countries, of which a majority stake was sold to Naspers in 2010. Before OLX, Mr. Grinda founded Zingy, a mobile media start-up he grew to $200m in revenue and was sold to Japanese media conglomerate For-Side in 2004. Mr. Grinda received a Bachelor of Arts degree in Economics from Princeton University.
Mr. Dinkelmeyer serves as CEO of Midas. Previously, Mr. Dinkelmeyer has held investment roles at Capital Group and Investment Research at Goldman Sachs. Throughout his career, Mr. Dinkelmeyer has had significant experience investing, advising, and working with technology companies ranging from early-stage to public companies. Mr. Dinkelmeyer received a BSc in Economics from University College London.
Romain Bourgois is currently the Head of Product at Midas. He has a strong background in tech product development from his nine years at Criteo, where he led Product Managers and Data Analysts. In early 2022, Romain transitioned to Ondo Finance, where he gradually took on the role of Head of Product. At Ondo, he shifted the company’s direction towards tokenized real-world assets backed by US Treasuries and launched OUSG, Flux Finance, and USDY products across various chains.
Greg Feibus serves as the Head of Institutional Sales & Partnerships for Midas. He held several roles in SunGard’s Capital Markets business (later acquired by FIS Global), namely as a Senior Director in the Energy Trading and Risk and US Equities divisions, advising hedge funds, banks, and corporations. Greg later contributed to the early development of the Digital Assets business at FIS in 2020 before joining Anchorage Digital, the first federally chartered digital asset bank, in 2021. He joined Ondo Finance in 2023 prior to leading Institutional Sales and Partnerships at Midas. Greg also serves as an advisor to multiple founders in the Fintech space.
Institutional Partners
- Maerki Baumann is an independent Swiss private bank renowned for its long-term outlook. The institution manages over CHF 9.16 billion in customer assets (AUM). Among its core offerings is digital asset management for blockchain protocols.
- BlackRock manages ~$8.5 trillion in assets and is widely perceived as among the most respected money managers in the business.
- ATG Treuhand, headquartered in Germany, is the Security Agent responsible for ring-fencing investor assets.
- Compliance Labs Liechtenstein (CLL) performs KYC on behalf of Midas. CLL is regulated under the anti-money laundering regime and reports to financial regulators.
- Fireblocks, delivering institutional-grade security. The robust architecture melds MPC-CMP technology with hardware safeguards, nullifying single-point failures and securing Midas’s smart contracts.
3. Describe any previous work by the entity or its officers/key contributors similar to that requested. References are encouraged.
Fabrice and FJ Labs have been in crypto since 2012, initially mining BTC and since 2016 in an institutional capacity, having made over 100 investments in the ecosystem, ranging from crypto exchanges, consumer apps, NFT marketplaces, tooling and infrastructure for crypto-native teams, and DAOs. Fabrice’s equity investments include Animoca, Figment, Moonpay, Quantstamp, Ramp, Ripio, Securitize, and others. The full list of investments can be found here: Portfolio.
Fabrice also launched Triton Liquid, a digital assets hedge fund that combines fundamental research principles with proprietary data analysis to manage a portfolio of liquid tokens. Liquid token exposures for Triton Liquid include ARB and RNDR, alongside AAVE, ETH, AVAX, Link, dYdX, and others.
The full list of investments can be found here: Portfolio. Triton, which currently has an AUM exceeding USD 50m, was seeded by FJ Labs.
Midas has deployed mTBILL on Ethereum Mainnet and works with various organizations to diversify their Treasury investments, including:
- The mTBILL/USDC lending market launch on Morpho Blue
- The corresponding LeadBlock-managed USDC MetaMorpho vault that utilises this market.
- The previously mentioned Triton Liquid fund.
A complete reference list will be shared privately with the committee and is available upon request.
4. Has your entity or its officers/key contributors been subject to enforcement action, criminal action, or defaulted on legal or financial obligations?
No. None of our team members has any history of enforcement or legal actions against them. Transparency and adherence to regulatory standards are paramount, especially when dealing with a regulated securities issuance.
5. Describe any conflicts of interest for your entity and key personnel.
No conflicts of interest exist, for the entity or key personnel, at present.
6. Insurance coverages, guarantees, and backstops
mTBILL has a bankruptcy-protected structure. In the unlikely event of a default, the Security Agent, ATG Treuhand, secures the assets held in custody by the asset manager. Assets are then sold, and funds are distributed to the corresponding tokenholders.
7. Historical tracking error in your proposed product, or similar to that being proposed
No tracking errors have occurred in either the underlying or current onchain implementations.
8. Brief reason for the above tracking error
Not applicable. Redemptions are facilitated 1:1.
9. Please describe any experience your firm has in working with decentralized organizational structures
Alec Horner, DeFi Analyst at Midas, spent years with MakerDAO and gained a deep understanding of the workings of both DAO-centric governance and the greater decentralized economy.
Alex Berto, advisor on risk management framework of Midas. During her tenure at Aave Companies, Alex was instrumental in setting resilient DeFi risk standards that endured extreme market conditions. Alongside the Genesis team, she forged one of the most active DAOs and largest liquidity pools in the DeFi space. After helping to propel the protocol’s growth, Alex supported its consolidation, developing a risk management framework covering tracking, alerting, and mitigations.
10. What are your entity’s current assets under management, assets held in trust, total value locked, or equivalent metric for your legal structuring?
The current Midas Total value locked (AUM) is USD 7.87m and recently closed on a USD 8.75m funding round co-led by BlockTower, Framework Ventures, and HV Capital.
More information on our funding round and partners can be found via this link: Midas
11. How many of these assets held are present on Arbitrum One, if any?
None at present, but we intend to deploy on Arbitrum natively, growing mTBILL’s TVL and fostering ecosystem adoption within Arbitrum expected by the end of Q3.
Plan design
1. Please describe your proposed product, including a description of the underlying assets and, if more than one asset, the proposed allocation among assets and general investment guidelines. Where appropriate, include targeted maturity mix and credit quality. Attach supplementary documents as appropriate.
The proposed product, Midas mTBILL, is a regulatory-compliant security token that offers investors on-chain exposure to yield from US Treasury Bills (T-Bills), specifically through the iShares $ Treasury Bond 0-1yr UCITS ETF managed by BlackRock. This ETF is comprised of short-dated US Treasury Bills, targeting a maturity mix of 0-1 year to minimize interest rate risk while providing a stable return.
Given that US T-Bills are backed by the credit of the United States government, the credit quality of the underlying assets is among the highest. The product is designed to 1:1 track the performance of its underlying assets, offering both safety and yield onchain.
Relevant attachments are included via email.
2. Do investors have any shareholder, investor, creditor, or similar rights?
mTBILL is a placement of a secured credit by the issuing SPV Midas Software GmbH.
Investors in mTBILL gain exposure to the net asset value (NAV) of the underlying ETF, ensuring a claim to the financial returns generated from the US Treasury Bills. No shareholder or voting rights are associated with mTBILL.
3. Describe the legal and contractual structuring for your product including regulatory bodies overseeing your business and the product and identifying all legal jurisdictions interacting with your product. Attach supplementary documents as appropriate.
Midas mTBILL is issued under German law by Midas Software GmbH, structured as a special purpose vehicle (SPV) to ensure compliance with the European Securities Regulation and Anti-Money Laundering law. Midas mTBILL is a secured loan issued by Midas Software GmbH to investors during token issuance. The asset tracks the value of the underlying Blackrock iShares $ Treasury Bond 0-1yr UCITS ETF (IB01).
This setup adheres to regulations in multiple jurisdictions, with specific exclusions for US, China, sanctioned countries, and UK retail investors.
4. Would Arbitrum’s assets be bankruptcy remote from your entity and its officers/key contributors? If so, please explain the legal and contractual basis. On a confidential, non-reliance basis, provide any third-party legal opinions to support the conclusions.
Arbitrum’s assets invested in mTBILL are bankruptcy remote due to the legal and contractual design involving an SPV (Midas Software GmbH) and the secure custody of assets by regulated custodians (e.g., Maerki Baumann).
A security agent (e.g., ATG Azimut Treuhandgesellschaft mbH) acts on behalf of investors to ensure the segregation and protection of assets. This structure is established under German and Swiss law, providing a strong legal basis for asset protection against bankruptcy or adverse events affecting Midas.
5. How are Arbitrum’s assets protected vis-a-vis the bankruptcy of the brokerage or applicable financial institution (e.g., bank deposit insurance, securities insurance, etc.)?
- The fund shares backing mTBILL are securely ring-fenced and held by a qualified custodian, assuring asset protection in the unlikely event of Midas’ insolvency.
- Assets are held in a segregated brokerage account protected from the custodian’s solvency. Maerki Baumann serves as the licensed Custodian of the assets.
- The appointed security agent acts as trustee to token holders ensuring bankruptcy remoteness. ATG Azimut Treuhandgesellschaft mbH acts as the Security Agent on behalf of investors.
6. Does the Issuer issue more than one asset? If so, what is the priority relationship between different asset classes?
No, not at this time.
7. Provide a detailed cash flow diagram that shows the flow of funds from ARB/Fiat conversion, investment in the underlying asset, payment of expenses, sale of the underlying asset, and repayment (Fiat/ARB conversion), including the counterparties and legal jurisdictions involved.
Outline flow of funds (with reference to fees):
- Midas Software GmbH is the tokenizing entity where assets are ring-fenced and bankruptcy-protected.
- The security agent ATG Treuhand controls assets for Midas Software GmbH and can liquidate and distribute assets at the behest of the investors in the case of a default of the issuing SPV Midas Software GmbH.
- Midas Software GmbH receives investment in the form of fiat or stablecoins from the Arbitrum DAO.
- If stablecoins aside from USDC are transferred, a qualified on-offramp provider converts the funds to USDC before transferring them to Maerki Baumann who then converts the proceeds to fiat.
- After converting to fiat, Maerki utilises the proceeds to acquire and hold BlackRock-managed US Treasury ETFs.
- Upon completion of the underlying purchase, a value-equivalent quantity of mTBILL is minted and sent to the investor’s wallet.
- In the case of a redemption, Maerki sells a value-equivalent quantity of ETF shares. After the sale has been finalized, Maerki routes the funds to the applicable investors.
- Midas charges no fees surrounding the issuance, redemption, or management of the mTBILL token.
| Category | Fee |
|---|---|
| On/Off-Ramp Fees | Pass-through* |
| Midas Issuance Fee | 15bps** |
| Midas Redemption Fee | 15bps** |
| Intermediary Fee | 0% |
| ETF Management Fee | 0.07% |
*Subscriptions and redemptions are available in fiat and stablecoin transfers. On-ramp and off-ramp costs are passed through on a cost basis.
**Issuance and redemption fees are waived until September 2024.
Return profile
| Category | Fee |
|---|---|
| Gross Yield to Maturity | 5.10% |
| On/Off-Ramp Fees | Pass-through* |
| Intermediary Fee | 0% |
| ETF Management Fee | 0.07% |
| Net Yield | 5.03% APY |
7. Describe anticipated tax consequences (if any) in transacting on the underlying and/or receipt of yield.
There are no withholding taxes or direct taxation applicable for tokenholders.
8. Describe the process and expected timeline for liquidation of assets, if given instructions to do so by Arbitrum governance.
Upon instructions from Arbitrum governance for asset liquidation, Midas would initiate the sale of the underlying ETF shares. The process timeline is typically T+2. The sale proceeds would then be converted to fiat, stablecoins, or ARB as instructed. The cost of the conversion is passed through.
9. What amount of first-loss equity will the Sponsor provide to ensure over-collateralization, how is the first-loss equity denominated, and what is the source of capital?
Midas possesses no first-loss equity, as all assets are backed 1:1 with the underlying.
10. Describe the liquidity and stability of the proposed underlying assets, including anticipated settlement times from the sale of the underlying to the repayment of ARB.
The Blackrock iShares $ Treasury Bond 0-1yr UCITS ETF (IB01) is a highly liquid ETF with a 3-year standard deviation of 0.72%.
| Avg Price Volatility | Avg Volume (3M) | Market Cap |
|---|---|---|
| 0.018% | $ 25,436,682 | $8,117,849,744 |
As outlined in the histogram below, since the inception of trading on February 20, 2019, the security has traded on 1,249 days. On 1,191 days, the daily price movement has been between -0.12% to 0.13%.
Since the start of the record, the most negative trading day was March 12, 2020, when the security moved by –0.87%. The max price move, 90th percentile price move, and median price move have been, 0.193%, 0.038%, and 0.010% respectively.
Exhibit: Complete histogram of daily price movements since inception on February 20, 2019, in 0.5 bps intervals.
Settlement times from the sale of the underlying ETF to the repayment of ARB are typically T+2.
11. If relying on the blockchain for any of the transactional flows, please describe any blockchain-derived risks and mitigations.
Standard smart contract risks including bugs, exploits, and human error exist. We’ve undergone two audits with Hacken and plan on performing a third (by a second auditing firm). ERC-20 contract is based on the OpenZeppelin library.
The smart contract audits are available via:
Midas Docs
12. Does the product rely on any derivative product (swaps, OTC agreements?
No.
13. List all the third-party counterparties linked to your assets including and not restricted to the prime broker if any, custodian, reporting agent, and banks for derivatives or loans and provide primary contact details for the third-party counterparties
Third-party counterparties include:
| Counterparty | Category | Description |
|---|---|---|
| Maerki Baumann | Primary Bank | Maerki Baumann is an independent Swiss private bank renowned for its long-term outlook. The institution manages over CHF 9.16 billion in customer assets (AUM). Among its core offerings is digital asset management for blockchain protocols. |
| Capital Union Bank | Secondary Bank | Capital Union Bank is an independent financial institution, incorporated and headquartered in the Commonwealth of The Bahamas. Their services include transacting with tokenized assets within the same account structure as traditional financial instruments. |
| Bank Frick | Secondary Bank | Bank Frick provides leading banking services for financial intermediaries based primarily out of Liechtenstein, Switzerland, and European markets. The institution manages over CHF 2.14 billion in assets and has been a mainstay in the digital financial landscape since 2018. |
| Volksbank Mittweida | Secondary Bank | Volksbank Mittweida is a German-based bank offering a robust suite of financial services for businesses and individuals. Volksbank currently manages around EUR 2 billion in customer assets. |
| BlackRock | Asset Manager | BlackRock manages ~$8.5 trillion in assets and is widely perceived as among the most respected money managers in the business. |
| ATG Treuhand | Security Agent | ATG Treuhand is a Security Agent based in Germany. ATG offers myriad financial and compliance services alongside its agent role, including audits, legal consultation, tax optimizations, and business consulting. |
| Fireblocks | Digital Security Infrastructure | Fireblocks offers institutional-grade security for smart contracts, EOA access, and multi-signature wallets. |
14. Can you explain how is risk management (inv and operational) being done? Can you provide a copy of your risk management policy?
- Market risk is managed through the use of BlackRock’s highly liquid ETF.
- Custody risk is managed by maintaining access to multiple bank accounts in strategically selected locations under varied jurisdictions including Maerki Baumann in Switzerland, Bank Frick in Liechtenstein, Volksbank in Germany, and Capital Union Bank in the Bahamas.
- Issuer bankruptcy risk is encompassed by a bankruptcy-protected structure that ring-fences investor assets in the event of a Midas default. The Security Agent, ATG Treuhand, can request the liquidation and distribution of all assets in custody.
- Compliance risk is managed through the legal opinions of several notable firms including, Gunnercooke, DLA Piper, and Naegele Attorney. This is furthered through comprehensive AML screening and reporting by Compliance Labs Liechtenstein.
Performance reporting
1. What are your proposed performance benchmarks? If this is substantially different from the underlying assets, please explain why.
The yield generated by mTBILL will mirror the yield of the underlying ETF (IB01) it represents.
2. Describe the content, format, preparation process, and cadence of performance reports. This should include proof of reserves, if appropriate. Please include a sample report.
Data reports include the net asset value of the holdings.
3. Who provides the performance reports with respect to the underlying assets?
Ankura Trust will provide data verification for the Arbitrum DAO and provide updates regularly.
4. Describe any formal audit process and timing of such audits.
Midas Software GmbH is undergoing an audit process currently and is expected to complete in May 2024.
Pricing
1. Provide a copy of your standard contract, or one similar to what is being proposed here.
This will be provided to the committee through email correspondence.
2. Fee summary: Inclusive of the full scope of services requested.
Issuance Fee: 15 bps (waived for mTBILL on Arbitrum until September 2024)
Redemption Fee: 15 bps (waived for mTBILL on Arbitrum until September 2024)
No additional fees are generated from the interest income.
3. Describe the frequency of fee payment and its position vis-a-vis payment priority compared with other expenses (i.e., cash waterfall)
- Issuance fee is applicable on the primary issuance of mTBILL.
- Redemption fee is applicable on the primary issuance of mTBILL.
- Interest accrues to the value of the (accumulating) token daily.
Smart Contract/Architecture
1. How many audits have you had and names of auditors? Please provide a copy of reports.
Two smart contract audits via Hacken:
#1: Hacken | PDF | September 23, 2023
#2 Hacken | PDF | January 18, 2024
A third audit with a new firm is currently being discussed.
2. Is the project permissioned? If so how are you managing user identities? Any blacklisting/whitelisting features?
The mTBILL token is permissioned to the extent that primary issuance and redemption of the asset require accepted counterparties (e.g. those who have successfully passed KYC and AML checks and have successfully onboarded to Midas). Yes, there is a blacklist function to prevent sanctioned individuals and operators of scam/fraud operations from utilizing the asset.
3. Is the product present on several chains? Are there any cross-chain interactions?
Currently, mTBILL is available on Ethereum Mainnet. Arbitrum will be the second chain that mTBILL is natively available on.
4. Are the RWA tokens being used in any other protocols? Please describe the various components of the ecosystem
Yes, Morpho has launched a lending market for mTBILL paired with USDC. The USDC RWA-backed Morpho vault enables access to mTBILL yields, arbitrage, and leverage strategies. Morpho Blue is a fast-growing DeFi lending protocol on Ethereum. The USDC mTBILL vault enables USDC to be lent against mTBILL as a collateral asset.
Midas is working on similar use cases with various other protocols where mTBILL will be leveraged as accepted collateral, given its low volatility and highly liquid backing.
5. How are trusted roles/admins managed in the system? Which aspects of the solution require trust from users?
Pending a successful onboarding, the user’s wallet address is greenlisted. There is an unavoidable degree of trust present when using centralized service providers, but the product has been designed to partition and mitigate risks wherever possible.
6. Is there any custom logic required for your RWA token? If so please give any details.
No custom logic is required.
Supplementary
1. Please attach any further information or documents you feel would help the screening committee or ARB tokenholders make an informed decision.
Supplementary materials will be included in an email to the committee.