Real-World Asset Tokenization: Access, Liquidity and Regulation

Transcript

It's 9:15. How am I already underwater? I'm in the same boat. I'm in an actual boat. I thought [Music] [Music] [Music] [Music]

Good morning everyone. Uh welcome back to E Canal. Sorry for the late start. Uh if we can get our speakers towards the stage and our moderator who's uh there he is and Okay, just give us 5 minutes and we'll get started. Thank [Music] [Music] you. Feel [Music]

team of architects, engineers, construction, technology, and he's making changes across different industries in AI, blockchain. Uh, and he his mission is to create from Panama the next unicorn that's going to shape the world. So, let's give it up for GMO. Come on, guys. I got some coffee already. Yeah. Next up, we have Mr. Remy Jacobson for realy. He's the co-ounder and CEO. He has vast experience. He started in

um he started 25 years ago property management, buying property. So, who else to transition into what now is tokenized property? So, he founded the Embassy for Crypto in Montreal, Canada, and then opened up to 11 franchises around the world, and he has tokenized 2,000 apartments and have over $200 million of management. So, let's give it up for Remy Jameson. Next up, we have we heard him yesterday.

He's a friend of all of us. He's a person that has driving the ecosystem here. Sen Asorian. He is a CEO of Redfi and Red Line Lap. So, let's give it up for him. He's an investor, entrepreneur, is a is a driving force in the ecosystem. [Music] and who I just had the pleasure to meet, Miss Stephanie Sanchez. She's known as Miss Crypto Lawyer. So, that should tell you what she does, right? She helps companies and people navigate this world in governance, regulations. She studied

in Barcelona, everything that has to do with RWA. And now she's here with us to share her insights. She founded Block Rock. Let's give it up for Stephanie Sanchez. And since we all gentlemen, she is going to be right front and center. Perfect. And last but not least, the person behind ETH canal that has come up with this idea that we have to push this and have everybody come up. Steve Clark Martin is the CEO of Tesar's Lab. He has he knows this ecosystem back and front. He is the mind

behind all this. Let's give it up for him. Big round of applause to this big panel that we have. And what we're going to do is we're going to try to understand this new world. Why are we thinking that this is the best way to move forward into the financial uh world? How can we go over these challenges so we can eliminate roadblocks and resistant? We're going to talk about real world assets and what to do with it and how to go about it. So we're going to start with a simple question which is what does it mean to our panel real world assets and tokenized assets. So we start over here

with Guermo. What is his stake on again? What does it mean to tokenize an asset and why do we do it? Okay, thank you. Thank you everyone. I feel very little little inside these guys this cracks. Um well that what does this mean? I'm not going to get very technical because I truly believe that it's not my position to be very technical why we tokenize ISD. We did it so anyone can be part of it. That's the main main reason why we tokenize it. I think that sometimes we focus too much

on the technology and it's cool that the developers focus on the technology but I'm a businessman and I'm a I'm a PM I'm a project manager and from that point of view I think that what tokenize in has come for is for create a revolution in property is to revolute the way that we understand property Um there's many many examples like thank you to tokenization people that produce uh grains no they can sell the grains before when they have it in their deposits before they deliver it and

thank you to that they can access to bank financing no so I think that the big revolution here is that thank you to for tokenization it's more democratic thank you for tokenization we have examples like realy that you can buy an apartment from I don't know $10 $50 or you can buy an ISD token and be part of the silicon by Latin America from $1 sorry for that no but no just joking and and after I think that's this is beautiful this which is an amazing

idea and it's a process. No, and I think that we have many challenges. I really like tokenization. I really think that there's a big opportunity in properties, a big opportunity in memberships, many many things in art that you can tokenize art and art that really has a has a value. And the thing is, thank you for tokeniz. Thank you to tokenization. At the end, you do it quicker with less cost and more guaranteed. No, I truly believe that Panama has an amazing opportunity with tokenization. Imagine that every apartment in Panama is tokenized. No.

And can sell it to anywhere in the world. not not even coming to Panama and all this process. Um I'm I'm helping a friend of mine buying an apartment uh on at the beach. It has been 3 months with all the registration public you know that's cost that's money that's people a pain it's a pain in the ass. No so thank you to tokenization we can do that in minutes not we can do it in second but and we can do it in a guaranteed way. you know, so I truly believe that tokenization is an

opportunity. It's a way to democrat democratic exercise. Thank you very much. Erh um so uh we truly believe in that and I think that we are in a very early stage and I think that I can speak later about that and we truly believe in that and that's why ISD is tokenized and anyone in the world can be part of it and enjoy uh the revolization of the the project and the depence of the project and do many many other things. Great. Great. uh Surin coming from I mean Redfi is uh for financial services what is that transition why is it important for real world assets so you being part of trying

to help people that want to get into uh real world assets to invest um I'm going to go I'm going to go back to where all this started uh we were talking with Remy he was giving away Bitcoin for people to understand ecosystem them. Uh most of us thanks to Satoshi um started this journey by uh understanding the peer-to-peer transactions without intermediaries, right? That was like that was the reason we most of us are were trying to come to this entire ecosystem and start building it because we seen it oursel like you know you guys know our story. Redline um blockchain

was built and started because we've been redlined myself and you and many other people we didn't have access to the financial ecosystem. We couldn't do thing which bigger guys with bigger wallets they can do. If you're not educated, if you are lived in the wrong side of the track, if you are uh building something but you are not um physically there yet and you you just cannot support that, no banks want to give you the any sort of um financial backing or you couldn't even have a credit. Myself, I went to US 26 years ago and young guy, I want to I'm still in school. I'm learning things and I want to build and I want to go get the loan and I cannot do that, right? So because I'm not on the faulty side of

the track and and or I'm coming from the other sides and then while we were having this conversation um sorry like back to back to seven years ago when we were starting the blockchain uh redline blockchain uh six years ago or even five years I'm not sure the numbers right now I saw Michael Sailor was talking about uh Argentina losing the value of their uh overnight they lost the value between the dollar to peso because government just said they can't do that, right? They just they take away people's money and then they give them their own money. Kind of sounds similar to what's happen right now. Correct. Or many other places, Venezuela and other countries. So, what making a point here is like, you know, we start with the peer-to-peer

transactions, but that did not reflect the ownership of the any any assets or whatever we were transferring it. So what tokenization means is like literally fractionalizing the any of the assets which everyone can put it onchain and be able to move and transfer that ownership to somebody else without need of the intermediaries fast reliable and nowadays with account abstraction we're talking again with Remy or uh Stephen going to talk more tech side of the things we'll be able to um own part of the the future if somebody's creating like on ISD side he's creating the uh Silicon Valley of Latan Um on the realy side they are tokenizing every real estate asset doesn't matter where you are located

geographically. So what our job is you mentioned how we can do that for them is most of these uh companies they need to have the reliable secure compliant rails to be able to comply with their own ecosystem and what they are building. That's what we're providing them under redfi. So anyone again can open an account businesses or individual use our rails to be able to go on chain go offchain and do the fiat and transactions between fiat and uh crypto we are supporting most of the chains and um but that that is that is the way I think we're trying to help them and and much more as you know redline lab is also investing in many companies in Panama and all other places in the you know latam and um that's that's our part

but again I don't know how technical you want to go, but I want to make sure I pass it to the masters so they can talk about all this stuff. We want to keep it live for now. I know. Uh please Stephanie, um tell us a little bit about Block Rock and how that came about. How you the name Miss Crypto Lawyer? Because one of the things that frightening people about tokenization is I don't understand it. uh I'm a business person and technical and it seems to be a lot of technicalities to navigate in token tokenizing real world assets. So tell us how you came about blog rock. What was the the the main idea and what's driving you in that sense of uh making plain for

people to understand. First of all, thank you for having me here. I'm super to share this space with credible minds and thanks everybody for being here. Actually, I'm newest. I knew in this business no like you guys h like five years ago. Um I didn't anything about crypto actually. Um I was um super lost in in in my in my career. I used to be criminal attorney. So I made this change because I was looking for um another vision. I really love travel and I'm

super passionate about new technology. So I was learning about geopolitics and and I look ahead what is happening around the world and me as a not republic I understood that we very soon we're going to disappear if so I I tried to to understand globally what it was happening and I realized that I need to make a move make a move and and I did it and I start my master uh blockchain master in Barcelona and I I learned how to program, smart contracts. Never in my mind I I thought that I could do that because me as an attorney, I don't like numbers. I I'm most focusing in in in letters, you know. So, um for me, it was

really interesting to learn how to coding. But then when when I when I found out how it works, the smart contract, it it blew my mind because it's really um it's really interesting how you can program, but at the same time, you don't need the the central regulations for do that. You can do it P2P by yourself. And then when when I finished my master I I made my my test is in RWA uh because I saw a really big opportunity now for people to get um to have the freedom and sovereign of their

own economy. So this this was just h in the hands of the traditionals central banks and they're they they just they don't want to share this with with everybody and for me this is all because you as an individual or as an institute or as a government can create new ways to make um different business using tokenization. So it's a really interesting uh business because everybody just with a little portion can buy and can be part of a big project. So uh this before the intermediation it was

just for the centrals banks but now people can uh have the freedom to do it just uh democrat democratizing the the economy and it's it's beautiful because now everybody can can rule to this beautiful path and me as an attorney I I try to teach in the simple way to people how to understand this and and make a a new a new case of uses and in the business and even for me it's really important to the government implement the regulations like is in Salvador it's the best

um actually yesterday I think the president of the SEC was with the with this really good new that they are they are um um they are putting in the crypto as um as a digital asset no as a value that is really important for in the industry because the for example in Europe they they categorize this as a value and h the value is the same like they are working all all history in the industry yeah it's totally different because um it's it's in the hands of the people they cannot um they cannot use anymore for control. So it's why they

don't want it the people awake. And for me this is a really interesting um new awakening of the humanity because it's not just uh for um improve the financials of the people. It's it's a really awakening in a dri different aspects of freedom of economy, freedom of mind and for me that is most important to bring the people that um freedom in the industry. Great. You mentioned something that I know Rem is very passionate about democratizing the access to participate in real estate, right? Tell us about it.

I mean, you have over 25 years of experience and then you transition. I have 25 years of experience in real estate. It's my bread and butter when I started in my business life. In 2011, I got involved with something called Bitcoin because I was a gamer. I started mining, became an industrial miner uh quite quite rapidly and um never left the rabbit hole after that. U but to answer some of the questions you was asked today to the other panelist, what is tokenization? Tokenization is inclusion. It's freedom. It's ability to be able to transact like the 1% without the budget of the 1%. You want to go and buy a token for $50, you could invest in

real estate that brings the same yield, same income as somebody who invested $10 million, $20 million for $50. $50 is the number we chose because when we started on Ethereum, Defi Summer came and a transaction at $1 would have cost you way more than the price of the token and even then. But that's was Defi Summer. Um, what is tokenization going to allow you to do in the future and how is it going to democratize the access? You want to invest in a piece of property. You don't have $100,000. You have $50.

You want to invest in an airplane. You have jet token. You could buy a piece of an airplane. I don't know what it's going to do. Um, somebody was talking about maintenance of airplane. That's why I'm speaking about this. I find this interesting for tokenization. But it's really inclusion into the business for everybody. and more importantly is self-custody. What does that mean? That means you are in charge of your assets there on your wallet. And I hope everybody uses a cold storage and is not on a um hot wallet because that would be a mistake. Um you have your wallet to do your transaction at any time of the day or night. Today with realy we are six years old. We created an ecosystem where

yes we sell properties at $50 a token. Um, yes, we did 2,100 and something apartments, but what's more important than this? It's the ecosystem around it. The life we gave to the token itself because having a property tokenized, honestly, if you don't use the blockchain, might as well use an Excel sheet. Much cheaper, much less headaches, and we'll give you the same thing. So, you have to give a life to the token. Now, you bought a token from realy for $50. What are you going to do with it? Sit down and collect rent? Absolutely. It's an option you could do or you could go and take a mortgage on it. Within our ecosystem, we have a lending platform. You deposit your $50 token, you get a loan to value of $25 in

two clicks. Try to go get 50% loan to value at a local bank. Uh they'll probably ask you for a colonoscopy, but try then you want to sell your asset. You go and put your property for sale. In the US, in different markets, it's more dynamic than others, but it's a minimum of 45 days. And then you have the legal process. You have to register the deed. You have to go through title search. You have to do all the steps that you do when you have one buyer, one seller. What does tokenization do? It removes the middleman as well because the deed is checked. The deed is never transferred again. It stays within the tokenized vehicle. So you're able to exchange the assets without having to go

to another closing. So your saving cost is you're able to buy a property on Monday, collect rent Wednesday, Tuesday, Thursday, sell it on Friday, and you could buy it again on Monday. We have a full dynamic peer-to-peer exchange on our platform. We have about a million and a half dollars per day being exchanged. If we sell a property on Friday, by the following Friday, the property will be resold to another group of of investors. And by the Friday after that, 50% of the property will be um taken as loans for token holders without putting a mortgage on the property. Everybody puts their token as a collateral. You're master of your own destiny. That's what tokenization is doing. That's what the future is. Do I believe everything will be tokenized?

I'm the wrong person to ask. I I if I could have tokenized my kids, I would have at this point. But um everything will be tokenized at some point in life. It just makes sense. It's 247. It's when you want, how you want it. That that Yes. Well, it wasn't intended like this, but actually it's flowing pretty good because Tesas is a decentralized exchange and it speaks to what Remy is saying. It how dynamic the market can be 247.

uh what is the outlook for real world assets for somebody who's getting new to this to navigate an exchange? Well, tell us. That's a that's a great question and I have to you know admit obviously I've been influenced by realy and what they've been doing and uh what innovation smart district did with uh being one of the first companies to launch on bricken you know being in Panama has given me an interesting perspective uh our ecosystem uh is a conducive place for real world assets and when we started looking at uh real world assets It started with the idea that we need to build a better decentralized exchange

and when you start looking at the metadata you start looking at uh the various uh directories uh defy lama etc you'll see realy there you'll see you know a lot of these projects there and you'll see their their relevance so the approach that we took was how do we build something that's compatible with the market leaders and that required us taking a a different look at how things were done and understanding the psychology about some of the builders. You know, some of the builders at UNIS swap for example are not thinking about real world assets or uh the user journey for somebody in Arizona or in you know Uruguay or Mexico. Use a journey that

you guys talk about around democratization. It's about giving access to people everywhere. So the problem that we saw we sought to solve with Tessorus was we needed to have a way of categorizing real world assets that made it approachable to everyone and that required us rethinking how these things are done. So we started with the idea that we needed to tokenize everything and we need to separate the ownership of a token or of a of an asset to the utility of an asset. So we have a a thesis of a multi-token approach for each project. And you know we figured that you know we've been looking forward

to engaging you guys when we're ready. We're we're still a new company, but you know, obviously there's some companies that have done things the right way where, you know, assets that are onchain are connected to real assets. Uh the ones that aren't uh you know, awesomely done uh require them to go through a process of tokenizing using um something like the ERC 3643 standard for uh asserting that somebody actually owns an asset. And then for us it was really about um building on top of that uh all the way to the exchange and that required us doing some things with intentbased protocol and those types of things. Uh the technical details you

know I'll talk about that a little bit later today but uh I think we have the mechanism to tokenize kids uh tokenize uh you know there have been some experiments around people investing in individuals for you know for their careers their education. I think many of those workflows can be done with the tools that we have today. So, it's really exciting. We're looking at use cases. Um, you know, one of the speakers that will be here tomorrow, uh, we're talking to him about tokenizing a pension fund, uh, as an example. You know there's uh rubber uh plantation that has carbon credits and a multiple of other things associated with

the project. It's uh it's an exciting time for the space and I I think I'm I'm glad to be on stage here with these market leaders and hope that we can all build collaborative ecosystems that enhance and build together. Yes. Being a marketing guy uh you mentioned well actually each one of you mentioned something that it piqu my interest which is this. You talk about the journeys uh the users journey uh you talk about the 1% and have not to have the the funds as the 1% but to participate but then you talk about smart contract what does this thing means for the common person that is is seeing the buzz of what's

happening but how do I how do I tap into and who would like to answer that so I'll take this one um three years ago five years ago Go 10 years ago when crypto started, you needed to have your wallet, your seat code, store it, do it the right way. It was a real bottleneck for mass adoptions. This bottleneck is gone. It's called abstract account. You could do social login. It's completely uh decentralized. You could get it back. Transaction fees could be paid by the company directly. Saurin uh actually said that Redline pays the transaction fees. Um which is quite amazing. If it's on Ethereum, I'm going to send it.

deserve a round of applause, right? Yeah. We are eliminating resistance. Um but I'm sorry I lost my line of You were saying that [Laughter] right how we eliminated Rob to tap. So abstract account is really going to change the way people interact. It's becoming available today. Smart contract. A smart contract yet has a contract. Um I'm sorry. Stephanie said that she's not with a number person, but she's a letters person. When you code solidity, it's mostly letters. It's a logic behind it where she's able to apply her legal knowledge and have it written, of course, in a in a language, but

selfexecutated. The execution of the contract will happen at the time that it is written in. There is no third party needed to execute the contract. So, if I give you a loan and I say my loan is going to be paid back from your wallet on uh April 27 at 4 p.m. April 27 at 4 p.m. the transaction is going to process automatically. Same thing with a contract. So, when you see all this is let me ask you a question. When you send an email, do you know if you send it from STMP or HT HMP? No idea. Very soon you will know in what chain you are anymore. You will not know which protocol you use. Um, it could be an ERC uh 20, an ERC 745. It's going to be completely irrelevant. You will go you

will go onchain just like you go online today. You will do your transactions. It will say, do you want to do it on this chain, this chain or this chain? Rabby wallet does it today. So, don't forget our industry, the whole crypto industry is 12 years old today, 13 years old today. Tokenization is really six years old. We did the first tokenization of real estate. Um, give it a little bit of time and you'll see every one of you in this room will have a wallet without even knowing it. That it is you that downloaded it through a private service or through your financial institution or true third party. You will be on chain one way or the other without knowing it.

Anybody else would like to add to that? Yeah. All right. So, uh, one of the thing which is like everything Remy said. Yes, sir. Great answer. like this is exactly what we've been talking for for many many many years but now it is a reality but you mentioned something what about that uh person which has no idea of course he mentioned uh account abstractions and easy to uses and sometimes you have no idea do when you drink the water from your tab or food do you know what where was sourced none of those things matter to you right you need the water you get the water something can apply to every single thing real world assets but many people saying where do guys start right like just like you know what you guys spend

10 years 20 years 25 years in your life with this industry so you understand it she with this smart contract uh coding and understanding that she's background is like also professional lawyer what about the person is in chera or person is like is somewhere like not have no access to any of this informations I'm glad to say part of our what we do in the red line lab is educating people right freely so like you guys the logo over there cryptogie. Cryptomonji.com is one of our platforms we invested and the reason we invested is just to answer this question because now you don't have an excuse to learn about this information. You can get there and within literally a day of spending six,

seven, eight hours, you will understand the entire thesis from the even writing the smart contract or how to use the AI to advance your yourself, your business, your education, productivities to the legality of the things and on and on. There are lots of modules for free you can use it and then now it comes down to say you know what I understand what I want to just be part of this right again another part of our redline lab is dojo coding. So if you got to know things and now you want to be involved, you'll be able to start literally go to doja coding and then start coding and then go to the um boot camps, you can go to the hackathons and be able to deploy that and then now you got better than ever.

Now you come work with one of our companies now help us. So there's no more excuse but that we had to make it easier for people to come to this entire environment. And now when they are they can go to uh realy they can put $50 they can I didn't know you guys are giving the loans as well. So um why not like you know so you don't have to wait for somebody else or bank to ask your escro to ask you the information you go there 24/7 365 just move your money all your assets as he mentioned do not leave your money even into red take it on your own self custody use as on ramp off ramping I've been telling everybody I don't need your money to stay in red five because we're not a bank to get your money and

loan to other people we want your money to be on your own custody and bunch more things but you know Again, education plus the reality of the reality we have today, I think going to be the success of the tomorrow and tomorrows and tomorrow. Great. Yeah. Amen. Do you second that? Yes. Round of applause. What do we understand about real world assets? And I think this question is for you. uh beyond tokenizing real world assets um you got individual smart district and there are 60 companies within or that are part associated with ISD so more beyond the the property

being tokenized how does rural assets help us to expand the ecosystem in our district and I think this is a combo for you to create that dynamic market how do we what's the picture there. Good question. Okay, so everything needs to have a use case. No, I need the tokens to something. No, to earn money for example. No, before I answer your question, I want to say that I really like that you guys that are leadering tokenization your ideas because at the end I always say to the builders, this has to be user friendly, you know. user friendly is the and I love the idea that

who cares about the blockchain you're using people doesn't care about that no that's not the important thing and and and as a developer I truly believe that real estate is an amazing business but has one problem and real estate always go up always go up but has one big problem when you want to sell no wants to buy no liquidity. So thanks to tokenization we're having liquidity. So we say that tokenization is good for the people because democratize no the for to to to the to the investors but also it's

good for the market. The market is more solid no if you have more people in it. No. So this is the uh first thing I I wanted to to uh to make it clear and I think that that's a big revolution. That's amazing revolution. You're getting more people in real estate and becoming amazing business with more guarantees and more people getting involved in that with more liquidity and then answer to to your to your question. So we have tokenized a project. We have sold around $2 million in ISD tokens and it's a talent. It's a talent

because I think that talent is going to be solved by tesus. It's what I believe. What's the talent? What happened once you do the primary soul? What's after that? No, what is the secondary market? That's the diff the difficult part of this and this is the the next challenge we need to solve. Perfect. Perfect. I love that. I love that. It's cool. But for me it's too little for now. Should be as big as Binance, you know. It should be as big, you know. of of course maybe technical sol but we have the technical solution but maybe we need like the regulation

solution because after I'm going to to do a spam no here 4:30 we're having a panel talking about regulation if we need regulation in Panama okay my position is we need regulation in Panama to get what the correct regulation okay but we will speak about that if we want to tokenize the No, I think that we need regulation. Me I I think that too, but let's let's talk about that at 4:30. No.

So So I truly believe in that. I truly believe that we need regulation for that. So I think that we are in the beginning of this revolution. And what you see here, these guys are the ones that are leadering the revolution. And it's fantastic. And it's and it's I I I I 100% with every word you four guys have said. And I really happy about that. We should do it more user friendly. We should give more utility.

That's not it's not only that I have an I token. How can I use that token? For example, in our case, the tokens give you part of the property. You have the right of the dividends, but we also um are giving the token holders like the a membership token. This means that you have discounts in many places. No. So, so there's more reasons to have the to hold the ISD token. Plus all these 60 62 companies that are already in ISD, they need to have the ISD token to be part of the community. So we go give more reasons to hold the ISD. But that's that's the the challenge no to make is

more than having a a dividend at the end of the year. I think that what blockchain what technology can give us is that we can put a lot of layers on it that they are very very very very attractive. You see Stephen how can you complement that? Yeah, I think the the thesis that we started with with Tesserus was building for the future. Uh taking a very wide aperture look at where things were going. Uh I spent a lot of time in the adtech ecosystem. Um I you know invented contextual advertising and you know it's being used

by uh you know Google, Facebook, uh Microsoft mapping uh content to people's interests. And one of the things that you learn in the adtech ecosystem is just how large scale some systems can be. One of the things in the ecosystem there are uh attribution for ad campaigns. So when we thought about real world assets, we realized that we can map real world assets to the campaigns that are used by the large uh ad agencies uh ad holding companies like WPP, Publix, Omicron and others. So we all live in the you know we're all

digital twins in some data set somewhere and as we live our lives uh we're part of a user journey that's being um auctioned. So for individuals to reclaim their sovereignty and to participate in a fully digitally transformed world that's enabled by blockchain technology. we need to start mapping um things into that reality. So that's some of what we're doing at Tesla is really thinking about how to map not just real estate, not just um you know pension funds or or commodities or anything like that to uh tokenized things but mapping everything.

Um, you know, Coca-Cola spends uh north of $6 billion a quarter on advertising and Visa, Mastercard and others uh enable billions of dollars in transactions on a regular basis. When you combine these two things, you have this notion of physical digital marketing digital. And you know, I think real world assets will play in that space. And in that space, we we will deal with utility in the ways that the large uh formerly Fang companies, the magnificent seven companies, the way they the way web 2 deals with the user journeys is how we will do do it in web

3. But I think we have the opportunity to keep everyone um keep everyone's data u sovereign and uh enable much more interesting realities and I think it's going to be super interesting. I mean we don't yet have an Airbnb on chain that is super popular yet we don't have uh I I mean I'd love to I'd love to hear about it. Uh uh you got some insights I mean when I I say at a scale question right? So the scale question but let me say this uh no not yet not yet uh what you're saying is if we combine that and adoption like Surin is saying to

people's I mean to map that to people's interests not only to just be consumers but to take ownership of what they like that would be the way to create mass adoption of real world assets. Yes, I think real world assets will uh replace a lot of web 2 companies and the uh productizing of real world assets and all that includes into applications that may mimic or replace web 2 organizations and companies. I think that's where we're going right now on coin market cap. There are over 13 million cryptos and you know hundreds of exchanges and there's so much complexity and this

isn't unlike how you know the internet ecosystem started. There were so many players you know Facebook built their technology on PHP kind of a basic uh programming language and now they're Facebook and now they you know operate some of the most advanced artificial intelligence. In the end, no one will care what programming language is used or what chain. What they'll care about is how it impacts their lives, their user journey. To that Remy. So just to complete a little bit what Stephen is saying, one of the thing that a lot of builders forget the most important part what does blockchain give us? Blockchain for company like us like us gives us access

to you the community people using it wanting to be part of it. So today the financial world is based really on big players coming with investments multi-million dollars a fund real estate whatever it is they make uh the the sun or the rain. You look at what happened with GME it was an army of investors that came and change the change the narrative. Blockchain gives you that chance to change the narrative on any single investment. Community is what blockchain is based on. That is our core value is our community. This is this is for Stephanie. I mean these guys are talking about taking lawyers out of the equation right?

But now that that's that's the question is like smart contracts, right? What's behind it? like how do we make sure that these guys that are developing the solutions and the beneficiaries I mean how what's the mindset behind that for you make it easy and fast because as everybody knows in the traditional way takes so long so it have to be easy but for this the people have to be educated so it's why we are here learning um and yeah the ecosystem Since it's it's really important but in tokenization you can tokenize everything in block we are not just uh focusing in

real estate we are focusing in in commodities as well it's it's why um we was introducing with Stephen Sen so with with the setas we we are building um a new a new case of use erh using commodities uh for the canabis medicinal industry. Uh so it's it's on all the region. Uh so we we are planning to to launch this very soon. H we're so proud and and happy because it's um a way to bring the people uh the way not just in invest in in project of this uh

category. It's it's a crypto economy that we're going to make around the business. It's for the subscriptions. is not just for tokenize and have funds because in this industry like in US it's really hard and difficult to have um like um investment uh in the traditional way because of the matter of the industry and even really important the banking of this industry now I mean um Costa Rican and and now in Costa Rica you can erh be you can use the bank system erh in the industry erh for for have accounts and and it's something that in US you cannot do that.

So we are bringing new ideas and new ways to to make uh more strong the ecosystem. So in the canabis industry medicinal canabis industry it was difficult but now we are making possible with this with this uh partnership with the setas. You you said uh our job is to make it easy. What's the challenge right now? What is it hard at this moment? Um, I think that the people need to be more aware, involved and study. For me, the best way to uh to invest in yourself, it's it's learning, study, the compromise to to be aware what is

happening around. Um, and yeah, it's it's everything is about knowledge for me. If you invest in your knowledge, you you have the best asset in your life. Okay, we're going to wrap this up, but is there questions in the audience? All right. Okay. Question for any of our panelists? Yes. Um, this question is for Zod and Remy and Stephanie. probably we when we talk about tokenization we usually uh refer to the very nice case of tokenizing maybe real estate but I would like for you guys to give me a little bit more information on tokenizing depth right because that has a lot of

implications if you tokenize depth before I'm sorry just go ahead go ahead just so I can finish you know um around 48% of world assets are in shadow banking like non-financial banking institutions and they sell depth to depth collectors. This is a fact. This happens. So, if we start tokenizing uh that depth, what then? You know what happens when 10,000 people own a part of your depth because you bought a microwave for that's a silly example, right? But what then? Are you then subjected to a class action because there's a thousand people like what's happening when you tokenize them? So um let's not forget the legal framework and the tokenization. So let's

take the US as an example. You would buy you would have a debt and bra street would sell your debt to a debt collector after a certain amount of years at pennies on the dollar. That debt collector starts calling you and calling you and affect your credit. The person that will be calling you, the person that is in owner of the debt is the manager of the LLC. He's the one in charge. So you deal with one person. The owners of the LLC could be 2,000 3,000 token holder around the world. You cannot reinvent a legal framework that has worked. You could enhance it for now until the regulation catch up with the technology. So how do you enhance it?

You have one manager. You have the LLC and you have investors in this LLC. That's the only way to do it. And you could be debt. It could be a mortgage. It could be anything. legal framework cannot be walked around unless you want to go on vacation at the at the expense of the government which I don't suggest. Stephanie, would you like to add anything to that? Stephen? Yeah. The lawyer. Yeah. actually um it's it's really interesting because even um we work in in in a decentralized organization we work as well in in centralized or

tokenization we already are opening a block for in Salvador so it's it's u I think it's the way um to do it centralized for the investors for give them uh more security how to invest all the all the uh laws that protect attack this matter. It will be really necessary h because uh the the the deaf um when when it's uh when it's using in the traditional systems it's not for everybody. No, everybody can have the front uh from the bank traditional system but with

tokenization everybody can take it. just need to take a look of the project if it have a really good revenues you can tokenize everything. So it's really simple the in the in the traditional way sorry how would a in debt smart contract will self-execute to collect I mean how it's if we're talking about that class action right is a worry right and we have smart contract it shouldn't be right okay Yeah. Okay. The worst scenario, the worst case scenario, it's Yeah. to collect the the asset. So, um this is really interesting for me that I learned

a couple months ago in Salvador. Now you can do it because um let's say you have the the the the description of the tokenization in in Salvador with that title you can inscript in any other register around the war h the the tokenization so in the worst case scenario the the title it's in the national register of that country. So you can take it's it's like an the property is like in an escrow. So it's protected for for uh for for this matters and if something wrong happened the erh the regulator that in this case is Salvador what we are working they can

hold and force h the property to be to ensure h the the token holders rights. So that is the way to do it and in the worst scenario but it's it's really necessary to use the regulations frameworks. Thank you Stephen. You sorry. Okay. Go ahead. Hey Robert, thanks for coming here actually. Just make sure you guys go back to him and talk to him. He's coming from Costa Rica with a great crazy knowledge. Uh let me let me finish this before uh you you're talking about the blockchain and a smart contract. uh you said you want to make it easy and fast but what about we forgot what blockchain

was means transparency right so if it's a transparent ledger onchain and you can verify it so goes back to the education why would you want to go reinvest in something which was already invested in so much and there's no liquidity happening so education will be part of that narrative you want to do plus compliance we said compliance must be so if you are buying from a UN non-compliant jurisdiction from a person who until yesterday was doing the mortgage uh um been a mortgage officer and all of a sudden next day is a CEO of some company and tokenizing something.

So you got to be careful. So education, transparency and regulation will be driving our you know industry forward. where to begin with which jurisdiction we have Dubai on the other side we have El Salvador's here we have Panama but the we don't have to forget if Facebook was waiting for the regulation to start we never could have Facebook we never could have Instagram we never could have anything am I saying go break it and make it until regulation comes no you're asking a guy which 5 years ago everybody was laughing at me when I start hiring the first compliance officer like everybody's saying this guy's Crazy. But this crazy guy and many others in this stage sharing the knowledge after 5

years and tokenization like literally people told me and so mall 5 years ago here on our event this gringo is crazy. Why? Because I told them I want to tokenize the uh canal and I was thinking like you're right. And so is it possible? Yes. Is it transparent on our side? Yes. Is it regulated? Not yet. Is it going to be uh you know just covering entire aspect of it? No. But please please please you're educated person. You've been in this business for a long time. But for many others which they don't start understanding it before even giving your hard-earned money to somebody else. please.

Yeah. Uh yeah, one thing about the Panama Canal tokenization. Just quickly uh just know that uh the Panama Canal thing. It's very it's more more than more than a business is an emotional thing for us Panameanians. So there's a lot of blood involved. So correct saying that's what they call me crazy. I know. Yeah. It's not it's not it's not logical. It's emotional. I know. I know. Okay. Uh Amen. Amen. But then the paname could sell it and therefore it becomes a business.

So yeah, but that that was not the question. That was just a comment for that. That was actually the whole hope of this. Why would I want to tokenize canal? Because I want a Panameanian guys and gals get up in the morning instead of worrying about what they going to do or how to put the money on their uh on food on their tables to be able to be part of this entire ecosystem of the canal. You guys are moving uh cargo from left to right, north to south, south to east like why cannot panameian be proud of to be part of this entire movement. That was my thesis. But yes, but I understand it's emotional. Absolutely.

So uh well the question was uh for moni uh I'm actually a realy holder. Uh so uh my question is more on how more how does the uh the the properties you have in Panama how how do they how are they how hard they're working because they are tokenized and here in Panama we still do not have the uh token regulation about tokenizations and all and all that stuff. So first of all thank you for your support for being a realy uh token holder. I hope you enjoy your tokens and let me know which properties you have after this. So Panama, the framework we use in Panama, we did one property that is completely uh done and built in Play Aveno in Villa Marina. This property is operating as an RBNB. Um property is

under a Panameanian framework. Panameanian company that owns it. The work was done by a brilliant lawyer in Panama at Arifa. His name is Javier um Yenta. Um I forgot the last two names that he has behind but he was brilliant. So we figured out the way to be able to do the tokenization in Panama of Panameanian assets. Unfortunately Panameanian investors are not allowed to buy Panameanian assets. Uh unfortunately so we did also about 12 pre-construction project in Panama right now. Pino Alto uh Vervana Margaritavville and I think I'm skipping a few of them multiple units per them. Those are pre-construction. The money is raised up

front. It's deposited into the RMM, which is our lending platform. Lend for interest to other users of realy. I'm sure you use the RMM if you're one of our users, and being able to generate income that way. What does that mean? Is your money that you bought for a pre-construction that's going to be delivered in two years is working for you, generating income while you wait for the apartment to be delivered where you're the owner. Once the apartment is delivered, then you get the rent that comes coming in and you don't get the income from the RMM, the lending platform, because there's no more money on it. It's used to pay the developer. I see Panama as a very interesting market, something that is going to evolve very quickly. Um, it's at the center, it's a

hub. It's a commercial hub. It's at the center of the world and the center of of conversation and a lot of political debate. Um, I think we're going to see a boom in the country in the next 5 to 10 years. At least I hope um very bullish on Panama and Central America in general. That's great to hear. Yes. Well, the last thing before you guys before I let you guys go is what is the biggest takeaway of of this conversation and what lies ahead in the future?

Stephen, I'm just really excited about uh you know, utility uh for everyone. Uh real world assets. It's a really big unlock and um yeah, I think it's going to be the what makes blockchain Ethereum enabled things really really popular with everyone. Uh I think that's what's next. And uh I think we have uh Manuel speaking next from Latin X and you know he he nudged me into a conversation about security token some time ago. So it's really great to reconnect and and connect these dots. Great.

Remy lies ahead. Does it look bright bullish? Well, obviously I'm biased. It's going to be bullish. It's going to be bright. There's going to be ups and downs. There's going to be a adoption phase. a lot of knowledge that's going to need to be learned by a lot of people but very bullish. I think we're at the beginning of what we're seeing being tokenized because right now we talked about the real world assets. There is so much more in the real world asset that are derivative of real world assets that are coming on chain as well. So I think the financial world will be on chain. Great.

Stephanie your biggest takeaway and what lies ahead. Yeah, as a ramen told everything will be tokenized in the next future thanks to blockchain. So um this this freedom that give us the uh the decentralized ecosystems in web three um it's really important for globally for the new democracy because the people can have their own value in in their in their pockets no in their third party. So for me that is the most important to give them back the freedom and the sovereign that h they took us and bring it back people and be aware what what is happening just uh learn too much about

this new ecosystem this new industry and for me not just to the people to the governments um to don't be slaves to other countries uh because of the erh blans of financial things that are involved. The the governments even can use this as a platform for make a new business and introduce their people to make them as a token holders as well. So all the value will be in the same country for me. It will be really really interesting to focus in this. Thank you Stephanie. Surin giving back the power to the people to have always always always giving back the power to people

plus if you really want to cross the red line in any matter financially in your education in your family how you how you've been bring brought up um you have to do the work and uh one of the thing also I want to finish with that is many people in this uh stage they are community leaders I want to encourage everyone uh to not think of it as a solo So corporation or company think of it as a community and to build a community you have to be transparently share the resources knowledge with each other and last thing I want to say is not all of us are built to be number one of something if we are number two number three number four number five number 10 number 100 of Facebook not only you

monetize their entire vision you'll be able to also move the movement forward so that's all be part of the community, be part of a community. Yeah. GMO, biggest takeaway, what lies ahead? Well, I share 100% what they have said. I'm feel more Steven and Surin, they know me and they know that I'm very positive. But after the conversation, I'm even more positive. I really feel what you're saying.

Um I have uh find in the last two years the challenges of we have find it together no we it's difficult to get the people to understand no what a token is and and also we when we don't have regulation no and but I think that at the end the world is going to be tokenized and there's a very famous interview maybe in 1999 or something like that to Bill Gates that in the late night show they were laughing at him because he were talking about internet right so I feel that people are laughing at us saying this but I truly believe that we are right I truly believe that real assets is going to change property

and it's going to allow people and enable the world and people is going to be more active in property and is going to have freedom and democratize democratize sorry the the the the property. Thank you for all to all these leaders. No, and I truly I'm very very happy seeing that the vision is I think is the correct one that you guys that are is the correct one. No, doing user friendly to doing for the people and do it for the correct way. Now in the last two years, three years, we have seen crazy things in the crypto world. Yes.

And I think at the end what we will what we will get is real world assets based on blockchain. That's the result of all this. Great guys. Uh biggest takeaway I think is ownership, freedom, sovereignty, democratization and access to be the one. I like that phrase, you know, act like the 1% even though you don't have the funds of the 1%. So I want to thank our panelists for sharing their knowledge, their insights. Uh let's give it a big round of applause. Thank you guys. Well, we're going to have this this is this is a a talk that really

expands to more. There's so much to know about real world assets. We're going to have a short break and then we're going to have Manuel Batista, which is the vice president of Latinx and technology and strategy, be back here in about 15 minutes. who get started. That's going to be very interesting too. They are a financial service being tech. So see