Hello, My name is Sangmin Yoo and I wanted to introduce our firm to the community. We are Elysia and we are working on a project to bridge the gap between the real estate market and the crypto financial market. We are looking to onboard the Centrifuge pool as an Asset Originator and would like to provide a brief overview of our project before submitting the onboarding document. We have been developing Elyfi, a service that uses Wyoming-based DAO LLC to bring real-world assets into the crypto financial market and use them as collateral. We are hoping to leverage Centrifuge to access more capital. To this end, we are collaborating with various P2P companies that have obtained licenses for online investment-linked financial services in South Korea. Below, you will find information regarding the P2P companies that are working with us.
The two P2P companies we are working with are as follows:
- Company A: Cumulative loans amounting to approximately KRW 1.6 trillion($1.3 billion), with an average yield of 10.4%.
- Company B: Cumulative loans amounting to approximately KRW 1.5 trillion($1.2 billion), with an average yield of 10.48%.
The asset we plan to collateralize is Korea’s real estate mortgage-based principal and interest receivables. Principal and interest receivables are financial instruments derived from a loan bond, with the right to receive both principal and interest. In order to issue such receivables, P2P Financing Firms must be registered with the Financial Services Commission (FSC) and follow the government’s bill “the Act on Online Investment-linked Financial Business and Protection of Users” for protecting the investors.
Note: the rights held by principal and interest receivables.
- Beneficial Interest: Beneficial Interest refers to the right to receive principal and interest. The borrower pays investors monthly interest, excluding platform fees and taxes.
- Preferred Repayment Rights : Preferred Repayment Rights, provided for under The Act, give investors preferential repayment rights for linked loan bonds. This certificate of rights protects investors from the company’s creditors in the event of a P2P company bankruptcy.
Our strength is that we select very high quality assets from the products that P2P companies have through the DAO structure and invest in them. Furthermore, the P2P financial companies we are working with are officially certified companies by the financial authorities.
- Default rate: 0%
Korean P2P financial companies must pass the criteria from the government in terms of investor protection and integrity. Through this, it strengthens the investor protection and investors can get their money back even in the case of the bankruptcy of the P2P financial companies.
For further details, please refer to the POP we are preparing. If you have any questions before then, please feel free to ask them in the thread below.
Before we proceed with the onboarding process, we have a few questions. Firstly, we understand that there have been changes to the onboarding process recently. As far as I know, the Version 1 onboarding process required submitting a POP to the Centrifuge forum and receiving more than 66 POP scores. We understand that the new version requires a template for POP V2 to be submitted. Does this template need to be posted on the forum in the same manner as before?
We have noticed on the centrifuge medium that Flowcarbon has been reviewed by Credit Group. Where can I find the POP V2 they have submitted? I am unable to locate their POP on the forum. Additionally, some items have been added to V2, and I am wondering if they are evaluated using the same score system as POP V1. For example, a new query about crypto business experience has been added. Is this included in the score evaluation criteria? If there are any additional detailed guidelines apart from those in the POP V2 RFC, please provide them. Additionally, if there is any channel for communication with Credit Group, kindly let me know.
If there is a link I can refer to for certain parts, that would be ideal. We are currently also working with companies that offer high-yield financial products. We believe we can provide a good product if you are interested. Thank you.