Filecoin for Treasuries, Wills, Financial Access, and more
The Filecoin Launchpad Accelerator, powered by Tachyon, hosted a Demo Day to showcase 13 startups building more interoperable, open, and programmable tools, applications, and infrastructure for the decentralized web. 33 founders from 11 countries participated in an immersive 12-week program bridging the IPFS, Filecoin and Ethereum communities. This post profiles the startups launched in the “Finance” category: Parcel, Secured Finance, Canza, WFIL, and Endowl.
Simplifying crypto treasury management.
What is Parcel?
Parcel enables organizations to seamlessly manage their crypto treasuries with a solution built on top of battle-tested Gnosis Safe, IPFS, and Filecoin.
What does Parcel do?
Over $15B+ USD is locked in Gnosis Safe, but an efficient treasury management solution that is also truly crypto native doesn’t exist. There are four main challenges to a crypto native treasury management solution:
- Time consuming transaction collaboration while doing multisig transactions.
- Individual transactions lead to paying high fees.
- Error prone manual accounting.
- Data Centralisation
Parcel is building the most trustless treasury management dapp for users, not only in terms of funds stored on Gnosis Safe, but also giving ownership of data to the users.
This type of architecture is only possible by using distributed databases like IPFS. In order to persist that data, Parcel also uses FIlecoin for long term storage. Parcel ensures end-to-end encryption for organizations’ data on IPFS and Filecoin. The encryption key is calculated deterministically through signatures using an Ethereum private key in order to give complete ownership of the data to the users.
Parcel’s solution includes 1-click on-chain mass payouts with built in token swaps, automated payments, yield optimization, and integrated accounting. The team aims to streamline the treasury management for crypto companies and DAOs.
By building a consumer-driven application like Parcel on top of IPFS & Filecoin, the future of financial applications will be more trustless and verifiable for the end users.
How can I learn more about Parcel?
Decentralized P2P banking business for digital assets.
What is Secured Finance?
Secured Finance is a platform for the conclusion of smart contract-based peer-to-peer fixed-rate loans, collateral management services, cross-currency swaps, and other types of interest-rate products.
What does Secured Finance do?
Secured Finance’s mission is to bring the maturity and best practices of institutional finance into decentralized finance protocols. In traditional finance, the interest rate derivatives business by far is the biggest market; it accumulates over $500 trillion dollars (based on the data from the Bank for International Settlements).
Based on global FINMA recommendations, banks’ crypto assets holding should be “assigned a flat risk weight of 800% to cover market and credit risks, regardless of whether the positions are held in the banking or trading book.” This is the main limitation for financial institutions and banks to provide a full range of financial services in the crypto space.
Secured Finance believes the financial world runs on yield curves. By providing fixed-term lending with different maturities, Secured Finance can build any yield curve. Yield curves give discount factors at any point in the future, so the platform can calculate the accurate PV of loans at any point of time.
Secured Finance’s protocol is the decentralized P2P financial protocol that provides the functionality of middle and back-office banking operations on top of blockchain by leveraging Ethereum smart contracts. Secured Finance has been able to address needs within the Filecoin network by providing a solution for Filecoin miners’ strong demand for FIL loans.
How can I learn more about Secured Finance?
Providing access to financial tools for Sub-Saharan Africa.
What is Canza?
Canza is a peer to peer neo-bank leveraging stable crypto assets, DeFi savings protocols, and an existing network of money market agents to provide service to small and medium sized businesses in Sub-Saharan Africa.
What does Canza do?
As a growing, tech-savvy population, young people across Sub-Saharan African still lack basic financial services. Canza is a sustainable answer to this gap in financial access. Canza’s solution is built on local infrastructure to enhance existing customer behaviors instead of trying to change them entirely.
Canza leverages a prominent network of local agents who currently dominate the fiat foriegn exchange market across the region, averaging hundreds of thousands to millions of dollars worth of transactions annually per agent. These local money market agents will be Canza agents, facilitating on- and off-ramp services for cash to crypto to their client base of businesses and individuals.
The Canza solution is tailored to address the primary challenges local money market agents have:
- Avoiding losses due to currency devaluation.
- Increasing access to crypto to avoid premium rates.
- Growing customers and business partners beyond their trusted network.
Resolving the problems of local money market agents problems solves everyone’s problem down the line. Core to this solution is Canza’s utility of the Filecoin network to solve identity and security code management.
- Stable crypto currencies for reverse volatility control and facilitation of cash-to-crypto on- and off-ramp services.
- Liquidity pools to increase crypto supply as well as offer savings services.
- A social network that leverages the WhatsApp ChatBot API. Over 90% of local money market agents do business with their customers over WhatsApp.
How can I learn more about Canza?
The most decentralized Filecoin wrapping solution on Ethereum. Powered by WFIL Labs.
What is WFIL?
WFIL is the most decentralized, secure way to wrap Filecoin into an ERC20 token for use on the Ethereum ecosystem.
What does WFIL do?
Right now, there is no way for FIlecoin holders to safely access the $20 billion of economic activity happening in the Ethereum DeFi ecosystem. In the past year, DeFi has seen $100M lost due to contract vulnerability. It’s important to provide safe access to DeFi, and WFIL aims to fulfill that need.
The WFIL Token Contract is an immutable smart contract implemented via the OpenZeppelin ERC20 Library, designed specifically for Filecoin and the WFIL Factory Contract. The Factory Contract is an immutable smart contract where “merchants” initiate the process of minting newly wrapped FIL and burning wrapped FIL, which is performed by the “custodians.”
Endowl manages the full life cycle of your estate plan.
What is Endowl?
Endowl provides decentralized tools to manage the full life cycle of your will.
What does Endowl do?
Estate planning is broken. The largest generation in US history is getting older, and 68% of Americans don’t have an estate plan, despite knowing they have one. Endowl is a platform allowing people to create, update, and execute wills in a single location leveraging decentralized technology and Filecoin for security and permanence. Endowl has identified the primary issues keeping people from estate planning and has built their platform to be easy to use, automated, easily updatable, affordable, and flexible.
How can I learn more about Endowl?