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ShuttleOne Adds Tezos To Their Multi-Chain Lending Platform And Brings Tokenized Real-World Assets To the Tezos Ecosystem

ShuttleOne Adds Tezos To Their Multi Chain Lending Platform And Brings Tokenized Real-World Assets To The Tezos Ecosystem. 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.

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Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

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Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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