0x5fbc
July 28th, 2022

Summary

Tokenization represents the conversion of an asset into a digitally native representation that exists on blockchains. From a capital markets perspective, tokenization carries a number of key benefits that are not dissimilar to securitizations, making it suitable for bridging institutional capital to fragmented markets. Not all assets are suitable for tokenization. The write-up proposes that emerging market fintech loans are compelling candidates for tokenization based on the following criteria: creditworthy Borrowers with capital intensive businesses, a large total addressable market with capital markets deficiencies, and a capacity to deliver real stakeholder value. Lastly, the write-up concludes by providing key considerations on whether to buy, build, or partner with respect to implementing a plan to expand into fintech loan tokenization.

Organization

The write-up is organized into the following sections:

0x5fbc
April 6th, 2022

Overview

The following write-up aims to propose a structure for real-world infrastructure that supports Goldfinch’s launch into Singapore, allowing it to access the rest of Southeast Asia. The structure’s primary aim is to support a scalable off-chain end-to-end product experience from the smart contracts through to the real-world assets and counterparties.

Organization

The write-up is organized into the following sections:

0x5fbc
February 1st, 2022

Overview

As noted by the Silicon Valley Bank, debt follows equity; it doesn’t replace it. As the cryptocurrency and blockchain industry hit record volumes of equity financing in 2021, it is simultaneously fast emerging as a sector for debt or hybrid capital providers to earn attractive risk-adjusted returns.

Cryptocurrency and blockchain companies are underserved by the existing capital markets, opening up an opportunity for entrepreneurial lenders to be first movers in the crypto credit markets. The post below aims to lay out the diverse types of lending structures available and as they would apply to the blockchain ecosystem including examples for reference. For the avoidance of doubt, the examples below focus on the provision of “off-chain” credit financing to projects and/or entities in the ecosystem.

0x5fbc
December 17th, 2021

web3 thesis (version0) on the composability of value as enabled by crypto-networks.

What is Composability?

Our existing world is built on composability. Composability is a system design principle that deals with the inter-relationships of components. Any type of system, whether its a single-institution, industry, etc., can be evaluated along degrees of composability. Highly composable systems allow the individual components to be selected and assembled in various combinations depending on specific requirements and/or use cases. 

For example, in capital markets, composability exists in the financing documents used to create the capital structures of any type of company across a variety of different industries. In order to finance a real estate asset, different financial instruments whether it be equity, preferred equity, mezzanine debt, senior secured debt, or other need to “fit” into a company’s capital structure, utilizing standard legal concepts and provisions as the same “rails” to allow for an orderly functioning system.

0x5fbc
December 2nd, 2021

Public notebook that captures any and all of the following:

(1) Deep-dives into specific projects.

(2) Articulating a thesis of Web3.

(3) Building blocks of Web3.