ShuttleOne
ShuttleOne is a financial operating system that helps platforms and ecosystems to provide decentralized financial services such as cross-border money transfer and trade financing directly to their businesses enterprises.
ShuttleOne targets the SME market in Southeast Asia and is founded by serial entrepreneur Hongzhuang Lim.
“For MSMEs, ShuttleOne is able to provide loans that are otherwise unobtainable from the traditional financial ecosystem, as they may not have well-documented ledgers or limited working capital. To address this gap, ShuttleOne offers B2B via Smart Contracts,” – Lim Hong Zhuang, CEO of ShuttleOne.
Businesses that are in need of working capital or growth funds, are enabled to collateralize their real-world assets (such as commodities, purchase orders, cargos, etc.) and get a loan from ShuttleOne.
In May last year, ShuttleOne received $500,000 USD in their seed funding round. Since then they have been developing a working product on Ethereum.
So far ShuttleOne has supplied loans to over 4,000 SMEs in Southeast Asia, with a 1% commission fee per transaction. Its average ticket size of remittances ranges between US$500 and US$250,000.
While ShuttleOne had their product live on Ethereum, scalability issues and skyrocketing transaction fees became an issue which made them look for alternatives. For this purpose they have created a multi-chain strategy.
“We will allow the most efficient chain to ensure full decentralization and scalability that best serves our users. The multi-chain offering will allow automated swaps and best in class transactions that provides the greatest benefits to our business and its users.”
Tezos seemed to be the perfect fit.
“By running our solution on the Tezos blockchain to facilitate business-to-business and ecommerce invoicing/purchase order remittances, we are able to remove the need for working capital, pool on-demand liquidity, and reduce transaction costs by up to 80%,” – Hongzhuang Lim
Tezos’ ability to evolve fast and move with the markets needs, makes it the perfect platform for long-term commitments.
Running on Tezos, gives companies that want to utilize blockchain technology the confidence they need to focus on their application development instead of the need to constantly monitor changing variables in transaction fees or risks of a clogged up network.
ShuttleOne Assets
The ShuttleOne system works with three assets: CAT, RAT and SZO tokens.
– Risk Assessment Token (RAT). This is a Non-Fungible Token (NFT) which captures crucial merchant and borrower specific datasets. From there an eventual credit risk score will be tied to the merchant and broadcasted on-chain.
– Credit Application Token (CAT). These are tokenized Real World Assets where borrowers would pledge their assets onto the blockchain as collateral. With the collateral a credit line becomes available against CAT tokens.
– The ShuttleOne Token (SZO). SZO acts as a governance and access permission token for the ShuttleOne.Network. SZO tokens will also be utilized as rewards to incentivize people to add liquidity to the ShuttleOne network.
Both CAT and RAT tokens can be migrated to the Tezos blockchain. This will be done through a wrap solution. The eth assets will be locked via a smart contract that can only be released or transferred when the tokens on the other chains are burnt during the unwrapping or wrapping execution.
Tezos will also be used to tokenize data and assets to create new CAT and RAT tokens for new merchants that choose Tezos as chain of choice.
Providing liquidity
ShuttleOne intends to allow anyone to supply liquidity to the lending pool. Providing liquidity will be done through Tezos-based stablecoins.
When you provide liquidity into the ShuttleOne.Network you are rewarded with ShuttleOne tokens SZO token as a reward for supporting the protocol.
Currently SZO tokens are Ethereum-based ERC20 tokens, but once ShuttleOne is live on Tezos, SZO will also be created on Tezos as an FA2 token.
TZ APAC
TZ APAC provides guidance to ShuttleOne on the implementation of their application in Tezos and advice on blockchain scalability and growth strategies.
TZ APAC is a leading Asia-based public blockchain consultancy supporting the Tezos ecosystem.
TZ APAC designs value-added blockchain transformation strategies for enterprises and creators with a bottom-up approach, working closely with blockchain experts and other stakeholders in the Tezos ecosystem.
TZ APAC is supported by the Tezos Foundation and is headquartered in Singapore.
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