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Interview with Ed Rodrigues CEO of Swapy Network
Can you introduce yourself and your role in Swapy Network?
My name is Ed Rodrigues and I am the CEO of Swapy Network. I am a business administration graduate, former Google employee and a Draper University alumnus. I am responsible for business development and for “selling the dream” of solving the problem of cost and access to credit around the world. Also, I think my role was to put together the amazing group of people that make Swapy Network and for aggregating our advisors like Tim Draper, Don Tapscott and Singularity University.
What is the role of Sway.network in credit supply?
Our role is to solve the market innefficiencies that make credit so expensive and unnaccessible in developing nations. For example, did you know that in most countries there is no such thing as a “Credit Scoring”? Or that in Brazil the 5 biggest bank conclomerates control 90% of the market? We want to solve those problems by giving the power back to the consumers and to the small and medium credit companies.
What are the components of the ecosystem that will facilitate this?
Swapy Network is a decentralized protocol that aims to provide a secure environment to connect all the involved actors within the financial industry: borrowers, creditors, insurers, data producers, data consumers, and more. The Swapy Network protocol will have three Dezentralized Applications: (1) The Swapy Exchange: a tool which aims to connect smart money to emerging or developing economies.
The primary intention is to introduce nations to international investors. The interest rates in these countries are relatively low when compared to credit companies located in countries with high rates, creating a scenario in which everybody can win. (2) The Swapy Financial ID: a tool to empower people and provide them a financial identity, with universal validity. (3) The Swapy Data Market: a resource to make value out of users’ financial data, using the token and blockchain system. There will be reduced entrance barriers for users, providing opportunities for all.
At what stage are the partnerships with service providers that will offer their services to the Swapy.network?
The service providers like lending companies, credit scoring and insurers will be able to aggregate their services in our network starting on Q1 2019. Until then, our platform will run on Beta with a few selected partners.
What is the advantage of credit organisations to join the network, what is their incentive to do so?
The advantages are that they will have access to a lower cost funding and better information on their clients. That way, they will be able to offer loans at a lower rate for their consumers.
What are the regulatory requirements in Brazil for the Swapy Network?
We are very proud of the fact that we researched the legal requirements for Swapy Network before proposing the ICO. One of the regulatory requirements is that we will only aggregate in the network accredit lending companies with a performance history. Another one is that we will declare the exchange and pay the due taxes to the Government.
What have been important milestones in the project?
Some important milestones have been that we raised a pre-ICO round in January (Oversubscribed) and that we launch the Public Alpha of the Swapy Exchange in February. More information abour future milestones here: https://github.com/SwapyNetwork/wiki/wiki/Estimated-Milestones
Who are some of the most important backers of Swapy .network?
Tim Draper (USA), Don Tapcostt (Canada), Digital Finance Group (China) and AlphaChain (Thailand) are a few of our early investors.
How many tokens will be issued?
100,000,000 (One Hundred Million) tokens were issued (pre-mined).
What is the allocation and price to the founders/advisors and are there any lock-up periods?
15% of the tokens will be allocated for all early investors, employees and founders. The lockup period for investors and advisors is 6 months. For employees and founders is one year.
What is the token price at pre-sale and during the public sale?
The token price will start at $0.55 per Swapy in the Pre-sale and will grow every $5MM invested, ending up at $0.65 in the public sale. More information about that in our Token Sale
What is the hard cap of the ICO?
The hard cap is USD$30MM.
What are the key elements that will determine the success of the Swapy Network?
I think the key elements are the engagement of our advisors and partners, like Tim Draper, Don Tapcostt and Singularity University, which thus far have been very responsive and available.
Another important factor is the engagement of the community of Swapy token holders around the world with the product development and spreading our message of universal access to credit. Finally, to incorporate the members of the network (lending companies, borrowers, lenders, insurers, Data analysts, etc…) in the product development is important to ensure that our open source project will be used by the whole community.
For more information please visit: https://www.swapy.network/
We thank Ed Rodrigues for the interview.