Glo Dollar, the stablecoin aiming to end extreme poverty

Transcript

GM GM welcome to web3 Academy your one trusted source to capitalize on the next big phase of the internet don't get caught in the hype cycle I'm jird joined by my co-host Kyle reidhead and we believe that glow dollar is going to change the world that's why we're carving a path for doers to confidently build and invest in web 3 yeah the beginning of or the end of there what you just say every single episode is really what you're saying is we believe that crypto is going to change the world or web 3 is going to change the world and the thing I love about this podcast is we found a use case that really could change the world right stable coins is the one use case that we've always said can change the world just stable coins as they are um because of the amount of

people around the world that have inflating currencies and so we always say it's the killer app for crypto and then what glow is doing is taking stable coins and making it even better doing something even better for the world and I think that that's really cool and I mean these are the kind of things that we need to be spreading to the main Normie World they need to hear about projects like this where hey millions billions of people around the world can fight inflation by holding on to a stable coin and not only that but by holding on to it you then can help to end poverty what a perfect one two punch right and so super just excited to to highlight what glow is doing I just share that with with our listeners and hopefully our listeners will share this episode with their friends and their

family and other people in the space because we need to get the word out about good like really good things happening in the space and this is one of them no doubt yeah it's amazing how when Kyle and I first heard about glow dollar it was like so obvious this concept of okay if you have a stable coin you make yield off of holding the currency that you are backed by so in the case of you glow dollar you hold USD and you make yield from that and that is generating big profit for these large stablecoin companies well glow dollar is saying okay let's just take that yield and let's donate it and they're estimating that for every

$20,000 that somebody holds in glow dollar they can lift one person out of extreme poverty there's currently 700 million people in the world living on Extreme poverty which means they have more than they sorry they have less than $2 in income per day so just think about like that's a huge mission that just makes me feel so good to in the blockchain and web 3 space and Jeff who is the CEO of God dollar who joins us today comes from a academic background he worked at cron University he was an economist a research professor and he really saw all these stablecoin companies making so much profit and was like oh okay here's an opportunity to

take that profit and turn it into good mainly because stable coins are not a high Capital startup or High resource intensive business to run it's an incredible business model I mean Kai maybe you and I should stop web3 Academy and start a stablecoin company geez but I think the opportunity here that Jeff really presents is so great for the entire crypto space because it will not cost you anything to hold glow dollar there is no impact to you and just by holding glow dollar you could potentially lift somebody out of poverty it just it's such a great story it's so simple and so without further Ado why

don't you guys all learn about it and if you get a chance switch your usdc switch your usdt into glow dollar and help us all make a difference in the world but before we listen to that episode let's take a quick second to hear from our sponsors modern newsletters are built on paragraph that's right paragraph is a brand new newsletter platform that combines the best parts of web 2 and web 3 to supercharge newsletters for both writers and readers build a community not just an audience paragraph uses blockchain Tech to allow readers to collect and own the words that matter to them this takes reading a newsletter to the next level with paragraph readers can mint collect and show off quotes from their favorite newsletters this

opens new possibilities like creators sharing Revenue with fans I also love their new feature paragraph AI this integrates gp4 natively in paragraphs create edit and improve your writing effortlessly with one click and guess what we at web3 Academy are on board and have already moved our content over to paragraph We believe this is the future of newsletters because of profound engagement it creates between creators and fans so whether you're a Creator writer or an Avid Reader it's time to check out paragraph and capitalize on the opportunity of being early GM Jeff welcome to webter Academy yeah great to

be here appreciate uh the time yeah really appreciate you and your team we don't get enough guests on the show that are focused on making the world a better place beyond just making money easier to move and all the amazing things that blockchain is doing and don't get me wrong I believe blockchain is getting making the world a better place but the charitable side we don't get enough of the charitable side so glow dollar is a stable coin with a charitable cause and your mission is to end extreme poverty I just want to start at sort of the beginning of if I buy and hold some glow stable coin how does that lift somebody out of extreme poverty yeah absolutely I'll explain that for sure yeah the

Highlight the team is great you know you mentioned that and this is crypto this is a highly specul speculative space and getting a team built that like is aligned on this mission is awesome that's what we need in this space so I really appreciate the team and everybody's putting efforts into this and you're interested in what we're trying to accomplish and you're excitement about it so thanks so much on that yeah glow is very simple it's a stable coin just like a usdc a tether the Fatback stable coins you buy some glow it's backed by Fiat assets and it's us treasuries they're actually interest earning assets the interest we earn on that we're going to donate to an organization called give directly and they are on the ground doing really

really powerful program s to lift people out of extreme poverty so $40 a month and a give directly program is enough to lift somebody out of extreme poverty and we're talking about the lowest poorest population it's like under $25 c a day so it has a huge impact so really it's a very passive type of philanthropy in terms of you're not donating yourself when you buy glow dollars you're buying just a stable coin that has a lot of utility in the space and over time just in a lot of our financial applications but then on our back end we're earning interest on the reserve and and making sure that's donated this is a very profitable business model right now it's funny you mentioned that it's a very profitable business model we've talked Lots about Circle and tether and how much profit they are making right now

it's just it's insane and and I want to talk about that in a second what is considered extreme poverty I think you just you mentioned $2 a day basically in an income is considered extreme poverty and and how many people in the world live in extreme poverty yeah so it's $2.15 is the extreme poverty number and you know these estimates are it's sometimes hard to like figure out what that specific number is but around 700 million so we're talking about 10% of the world population like getting not quite 10% but yeah it say 650 700 million are the numbers that kind of get estimated the last couple of years so

it's a huge major problem and if we're going to build a super scale model that could potentially donate millions and billions of dollars if we get to the scale of tether we're a huge charitable mechanism of giving and we want to tie to something that hey this is a huge social problem in the world and I think that can really help kind of change The Narrative of crypto and and kind of embracing this as an ecosystem so it's a big problem we're just trying to buy something that can really make a bit impact on it and for context tether in circle when we were running the numbers I can't remember exactly what they are now but tether is generating multiple billions a quarter right now and then Circle was hundreds of million it's not at the billions per quarter yet but it's hundreds of millions per quarter and and

just again if those don't understand how they do that it's when you give a dollar to get a stable coin or you you buy a stable coin with anything there's a dollar that's being backed there they just take that dollar they put it into us treasuries which is yielding a risk-free rate of about 5 point I think two% right now meaning there's no additional risk the liquidity is there so it's not like your stable coins the dollars you're giving stable coins are have any sort of like Risk to them them because it's backed by the government and it's liquid meaning they can sell them and buy them at any time they want and so that's what's paying tether and circle they're not giving you any of that yield they're taking it all as pure profit which is in the billions for tether and what you're saying is we're

doing that exact same model but instead of taking billions of dollars in profit if we were that large as tether you guys are donating that to those in extreme poverty which is actually super cool and I don't know how much detail we want to go to but if you just think about it it's like it's the exact same ux as if you bought tether or usdt usdc except in the background you happen to be doing a really good deed uh versus letting two companies make hundreds of millions to billions it's an amazing model I love it yeah and it's the value of a stable coin is created by the person who adopts it the integrators we don't have to like do anything more to issue another stable coin there's not like a customer support business we need to scale up because we have a product with something that needs

that support it's like us being at a million dollar market cap versus 10 billion it's the same thing it's the same exact product so I really think it's a really efficient model to actually build around as a nonprofit and yeah the impacts we have to compete still so part of this is conversations like this getting the word out and also getting people bought into like we can choose a better stable coin I want to say better in terms of like the product itself I'm not going to lie it's erc20 smart contract yeah but like the actual mechanism of what it's actually accomplishing on the back end is really important so yeah you mentioned us treasuries we want to be as trusted trans arent as possible and we have no incentive as a organization to take additional risk with Reserve assets it's

ultimately customer assets and for-profit Company I'm not saying the current ones are taking risk they might be but you know it just creates an inherent incentive structure to maximize those profits and take additional risks like banks that get too levered up don't want to fail but they do because of that profit motive so I think that's an important aspect too like we can build a a more trusted model and just the secondary effect is a big impact so you mentioned what would be possible where are you right now what's your market cap right now and at your current stage what are you able to do and maybe we can talk about where you are now and then what's possible in the future yeah so the the

market cap is $1.4 million total and yes very small we're just getting started in terms of growing this a lot of our efforts is building what we call the low Consortium it's we're up to like over 20 organizations that are using glow dollar integrating with it they already used usdc or usdt add glow dollar now you have this other option and it's creating utility for our token and it's part of this cold start problem like we have to create utility to make it useful for general purposes like the mission goes a long way but it still has to have like a practical obligation so that's where we're at that's a big focus and the market cap anybody who wants to help support us there can just go by glow or just share the word that if have have a

platform that's using crypto and Stables let them let them know like hey you should adopt USD glow I want to use glow instead of usdc or something so that's up well right now is that available on like you can buy it on Unis swap what about on exchanges like I don't know coinbase binance Kraken like is it available anywhere yet how far along are you guys on that yeah so it's mostly decentralized Finance right now it's part of this process too is building enough early market cap interest and utility to get a coinbase interested and actually having the liquidity to support something like that but yeah so it's on Unis swap ra a few chains there so like ethereum polygon C is a really good one in terms of accessibility with really

low fees so that's kind of the defi space where it's really accessible but we have some really good partners too if if people want to just almost buy it directly from us and we use braille brail. XYZ as a issuing partner they built out a platform where you can actually very quickly and securely and Trust in a very trusted manner issue stable coins and then they've been our partners you know since we launched so it's it's been a really useful relationship there and you could just onboard with brail if you're in the in the right States they currently cover and directly issue you don't have to go to an exchange and I think that's really important for businesses that want to integrate with glow and make sure they

have that onetoone backing at all times you don't have to worry about any slight fluctuations in trading or slippage and we're using like OTC desk and and a market maker that that helps us with some of this I'm getting the market as well so yeah does that answer the question in terms of kind of where we're at I wish we could say we're on point but super easy but that'll take time I love that you brought up bra and I want to talk a little bit more about that because I do think that's a very interesting tool and partner that you're using your ecosystem that a a lot of crypto Builders and Founders could benefit from but before we do I just want to talk a little bit more about what's possible so let's say you were at 2 million market cap or 10 million

market cap or maybe let's say you had the same market cap as usdc or usdt can you give us an idea of of what is possible in the future so in terms of impact yeah yeah in terms of impact exactly when you get to like the billions of market caps like truthly it it's dependent on interest rate environment as well right we like to estimate if on average we had like a two and a half to three% interest rate uh what kind of impact you could have and numbers Fair it's a very fair estimate especially in today's current situation yeah and I'm not gonna like I have an economics background like we just had like a world of zero percent interest rates for 15 years I don't think that's a normal interest rate environment so I

think 2.5 to three is a good estimate I'm pretty confident in making those claims um happy to debate anybody on that but uh we just estimated $220,000 of market cap leads to lifting one person out an extreme poverty and that's because that 20,000 at that more conservative interest rate generates about $480 of Interest over a year and so you found take of like a billion dollars of market cap divid by 20,000 you're getting a lot of people lift out of extreme poverty and it's also just a nice number to say like hey if I want to make an impact I want to I'm not donating 20,000 I'm buying a stable coin but like if I hold that a year is having you know a dramatic impact on a person's

life that lives in extreme poverty so it's that's the figure I'm confident in and it's also yeah it's very easy to kind of understand if this thing scales the impact is pretty substantial so so if one person holds 20,000 in glow then for one year basically you will make equivalent revenue from that now is that Revenue the total amount of Revenue that you would make from that treasury holding or are you also taking you have expenses to run the business to how are you breaking that down how much comes back because I would think what this does is this probably gives us an idea of how much profit the usdt and the USCS are making right now versus how much

they need to actually run their teams right yeah so we want to build it in a way like this is what we're currently building as an organization we're saying our operations we want those funded by donors and then we can say like okay stable coin that business model the revenue from it we donate 100% of that and when I say 100% we do understand like there are certain fees with using issuing partner and all those things but we really want to shift that to its own like okay operations are funded by like a group of donors that help us out and this model is is very similar to charity Water charity water has a group of donors called the well they F operations and then I'm on the website I want to donate $200 to charity water that whole

$200 goes to building Wells so it's a very trusted model in terms of you know the money your participation in the movement isn't kind of crafted in a way like oh it looks like I'm going to siphon off a whole bunch of money just for the leadership team and there's an incentive to do that we want to have that that separation for trust and I do like charity Waters model they've been super successful so it is challenging though we're trying to raise donor funds on the operation side that's we need that help and I you know I'm very confident at scale showing this impact we could raise a whole bunch of money it's that startup we need that two years of growth to really you know make sure this is something that's going to sustain at the market and that's the pun

challenge behind it so like these things help absolutely well let's talk about that the stable coin world is becoming quite competitive for a while there it was wasn't so competitive but now I mean PayPal's even stepping in there's a lot of different stable coins is coming out now I think it's the killer app of crypto of blockchain and so I think the demand for it is about to just go I think off the charts and so I think it's a great industry to be in that's for sure but curious you know you you found your partner in what was it called Braille to make this work you've kind of got the operating thing figured out how do you get from you know you're at 1.4 million now how do you get there to 10 million 100 million what's the plan what are you guys thinking yeah I mentioned

the Consortium it really is key Partnerships early on okay and you're building utility but you're also building a lot of like credibility too right and when people see that like oh this group of companies is supporting glow these donors are supporting glow the trust story starts to build we had this approach to like you know building utility in the Consortium and then also approaching Dow be like we see you're holding stable coins already and we really believe in this world like we should have more stable coin diversity I really think like I wouldn't want to take over the entire stable coin Market I think that just not a smart thing for the whole ecosystem tether is kind of that right now so we need to kind of as

an ecosystem like let's drisk let's find other stable coins and build a more Diversified portfolio for like the infrastructure building and I think that's really important so I think as we build the trust layer and story and kind of that early utility we'll see usage grow substantially because it's going to be a EAS your onboarding like organization like oh it looks like all these other people are trusting it I don't have to worry about them pulling the rug and and stuff like that now our approach kind of part of this is like we want to reach out to Dows we're starting to do that but we had a a big win with gitcoin gitcoin a proposal to some that diversify some of their they have like a matching funds

portfolio and yeah let's start with $100,000 and that was passed so I love to get coin Community there for passing that that's just to start like that could easily be a $2 million type of allocation like anywhere you see millions of dollars of stable coins as people get comfortable with us as like a early stable coin and we have the bottle it's be it backed we're not going to try to do anything crazy like ter you get pretty quick growth and that's kind of the network effect thing it might be slow at the beginning but with enough kind of foundation built I really optimistic we're going to have some substantial Market Gap growth and hopefully it comes quick so and how long have you guys been in existence for give us sort of just like a timeline so we

understand where you guys are at that has kind of gotten you to this 1.4 million market cap yeah it's been about three months I would say like the 100,000 from gitcoin is a like our largest onetime purchase we have you know many holders but yeah it's basically a lot of people interested in it and then the next phase is getting those big purchases and big supporters and really back to the stable coin divers diversification aspect like the capital's out there to figure out how we can best position to make these transfers because really there's liquidity issues like you have to kind of build that support over time as well like someone wants to buy 10 million today it's Unis sw's not going to support that so we have to connect them

into our partners there all those things take time but yeah I'm very optimistic you mentioned you killer out of crypto I love that that's why I'm doing this and then also like I love the real world asset trend and stable coins are rwa and once we see that ecosystem being built especially with a lot of traditional Finance on Wall Street staes just settling a lot of different things is going to lead to a much larger overall Market if we just capture 10% of a trillion dollar market that's a massive right nonprofit mechanism so we actually just did a report a couple weeks ago on real world assets in a deep dive and the big thing that we came apart from it was about yield bearing stable coins it's

not a big thing yet in the industry but it's like it appears to be coming it makes like complete sense which is for those that didn't read that report is basically think of circle and tether right now they take 100% of the profit which is they put in us treasuries they take it all what some companies are working on is well how about I give that yield back to the holder of the stable coin and the stable coin actually earns so all you got to do is buy that stable coin that's earning um money and and you're basically getting a yield on that St coin without even using like a def5 protocol and then I heard about you guys I was like oh whoa okay there's like you could earn or you could just donate like super cool and then the thing I thought of right away was like why not and I

don't know if this is a technical thing or what but can you guys start to pass like could you pass 50% or 20% onto the holder of the stable coin and then the other rest goes to donations and that way you have like a bit of incentive for people to hold it personal incentive and then also the incentive around donation or you're just like we don't want to deal with that there's maybe too comp too many complications there but that was just the first thing I thought of when I heard about glow yeah and you know this is definitely something I I love the idea like interest earning stable coins now one thing tying a cash flow to your stable coin turns it into a security really fast so you have expectation over profit and one of the like Judo moves is we're doing this in

the US I think it's a very it's important it's in the US as a trusted model there's a lot of arguments why you don't want to do something in the US right now on crypto but I definitely want to try it here because we want to have that trusted model and there are other places where we can do it but but yeah so I think that's the biggest issue it's like we have even more kind of restrictions in the US in terms of even sharing some of that Revenue with Partners so I know I know like usdc and the coinbase relationship they shared revenue for like marketing purposes and then you had like paxos and PayPal I think SEC is doing some investigations there paxos and binance because of the revenue sharing stuff our Judo kick move is basically like Hey we're nonprofit if those things seem too much like

Securities there's some actually exemptions around nonprofits but we're out of security for sure because we're actually just donating no one's earning Revenue there that's one of these competitive advantages like if there is a world where we have really really big restrictions on the security side of stables I hope not I think that'd be bad for the US kind of crypto ecosystem but you that's we would be well positioned to be that kind of solution there but yeah I wish I could pass along some of that revenue and maybe there is a change in the future regulator wise that you could do that but it's going to be tricky and there's also a lot of like lot of get all details but I I lot these will be issued from different

jurisdictions not the us but you're right compe it's competitive like it it would add some competition to what we're trying to accomplish I I want to come back to two things that you've mentioned one is you've used the word utility a bunch and right the current focus on building the glow Consortium and uring that your holders are getting utility is the utility simply the charitable cost is that the utility or is there additional utility that I mean KY mentioned yield bearing I don't think you're doing that but is there other utility that you're thinking about or you're building in yeah so just fundamentally utility of the stable coin right now so yeah the mission like you are holding a stable coin that has

social impact whether that is like a signaling type of utility if you want to tell people or like show that your da is doing it CSR ESG that's all something that's really useful they store a value of stable coins so in a lot of developing countries maybe there is in non-developing countries currency fluctuations are a real big thing you know a lot of loss of value in certain countries like Argentina and stuff like that so the access to the US dollar is very easy through a stable coin so that's just fundamental utility just for all you know trusted fatback stable coins um and then part of this is well do you differentiate with the tethers and USC's well we have the mission the swan aspect but it's also I think there's going to be newer companies that

are being built and utilizing Stables if we can get into some early companies be kind of like their focused stable coin that they build around and they grow to big companies then you start to see like oh they have like this partnership with they keep participant ecosystem and I don't know I see things like gold fch you uses usdc on their protocol I would love to see like USD glow use there as like the denominated product so if we can get more things denominated and glow then you start to see utility as like the secondary effect does that help I don't have a great answer in terms of like one specific thing a for utility of stable coin it's more around like the usability throughout the crypto ecosystem right like you said USD is

often paired with other assets on let's say UD swap right or maybe usdc is sometimes as well the more you can have glow be that then that's technically utility right or other things backing you know I don't know having apps use it for like credit cards and things like that there's probably many different things that you can do to to use a stable coin where the company still has to actually enable usdt or usdc or glow and so the more that you guys can be that that it just makes more sense for people to hold on to it rather than something else right yep yeah and I would love to be the right hand side of a trading pair unlike a really popular exchange and it's like you just got to get to the point like I've had conversations I was like oh this would

be awesome it seems like a easy like plug-and playay with the other fatback stab one like tether we have to get to a level of liquidity where they can actually support that right that takes time like the tether's liquidity Moe is really strong and yeah so like people watching buy some glow help us on the liquidity side time speaking of utility I had one other idea when I first heard about glow and I was like I wonder if the thinking of this so I want to ask you just maybe you guys have thought of this already maybe not but when I heard that you guys were donating the funds I was like okay that's super cool now I know you you have one spot that you donate to then they kind of figure out what to do with the funds but all I could think about

was well it's a token on the blockchain you could form a dow around the stable coin that then votes and creates proposals around where the funds are actually being donated to all around the world and I thought that could just be such a cool thing there's some utility that's probably some nice like hype that you could generate because people get to participate in charitable cause and you're just holding a dollar that's all you're doing but that dollar is also a vote on where that you get to donate which is really cool and just not something possible in the tra in the traditional world have you guys thought about turning the stable coin also into like a dow yeah so like it's all these ideas I'm totally on board with in terms of like exploring there's a part to it like yeah that that's super cool I think

those those ideas could like really work and create a lot of interest at our stage we're trying to keep create like a very simple trusted model to what we're trying to sell you know as a nonprofit organization it's like hey we get directly their efficiency is outstanding they show impact it's going to go to something that's going to actually make an impact like they're already doing that work it's hard for us to say that when we don't really know where the funds are going to go or we don't know like we just don't know if we can vet it as like fund should go there so I think at some point if we we start building a big market cap and we have a lot of funds you're like okay we want to stick with extreme poverty give Direct is our main partner and then you find other

partners or you have like let's start with 10% of our annual revenue goes to the Dow decision SE that process works and like so you're always making impact and making sure people are aligned with like hey I'm I'm I'm a donor to Glow I want to make sure my money is going to productive uses and so yeah I would love to incorporate IAS aign that and like public goods funding needs a lot of help if we start generating millions and billions definitely want to support projects that do that like impact Market they're trying to solve extreme poverty with some really unique decentralized stuff but yeah I think those ideas are awesome and they would create a lot of attention smart to keep it simple in the beginning you gotta keep it simple yeah and also Dows don't have the greatest track record of doing the best things

yet so probably not the greatest move anytime soon that's for sure yeah and I think it's it's something to consider though it would create a lot of interest and I think that people like the transparency around why are you choosing one organization over another and a lot of this too like we're building this it should become an EC ecosystem thing like let the ecosystem own the stable coin they use and it doesn't have to be one small organization that controls everything so a lot of these decentralized ideas in crypto and I hope it gets to a place where like these things are like oh hey you're big enough to you're influential enough let's start decentralizing governance one thing that I find very interesting is we've touched on this a little bit is launching a stable coin does not require a big team

it does not require large capital investment and so it enables opportunities to do creative new use cases for a stable coin I'm curious maybe you can talk about what are the startup resources needed to start a stable coin and how did that impact your decision to start glow did you know right away that you wanted I guess maybe you can tell us a little bit of the origin story and what led you to starting glow yeah absolutely and so I I met s sa Brandy he's the founder and CEO of gitlab he's our founding donor he's an awesome partner to help us get this thing in the market we actually started

glow with a pretty you know resource of the model so like going back to Braille Braille helps us settle out in terms of being a issue this so there are expenses like you're doing it in the US as a very trusted model there's a lot of regulatory things you have to work through like MTL licenses and you know you want try to get a federal Charter and stuff like that that's just really expensive the platform we actually we're originally building on Prime trust and having our own issuing platform like you see on Circle because we didn't have a partner with like Briel yet they're very new to the market so that would that we had like some Engineers building that and it was awesome they did great work and it would have been a really good partner Prime trust obviously everybody in the crypto space knows that company

didn't work out they had some issues I'm kind of glad it happened before we actually issued the token because that could have been kind of tough for the ecosystem and like our community but really Braille is the key it's like you can run a stable coin efficiently through a part one like that and then operational expenses are you know one supporting the stable Co in terms of getting to Market Partnerships ecosystem Community all those things and then marketing you have to like actually like want to grow this grow up fast like this thing only works at scale you don't want to create something small and just spend money with no impact get to scale as fast as possible and make sure that happens so that is investment but I think it's one of those things like you don't spend the money to

actually grow fast enough to get there you're not going to have enough scale to like actually support your nonprofit with the impact uh side of things you don't want to continuously to spend money but not having net impact so all those things are really important to help move this thing quicker but yeah does that help is is there any details you're curious about I'm curious to to touch on Braille a little bit more what role does play for glow yeah think of them as they like issue the stable coin and when I say issue they have the regulatory um standing to do so as a money transmitter and each state in the United States requires either do what they call an MTL money transmiter license you can also transmit money or

like issue money through bank Charters that's another path bra is starting with the MTL side so they have like a tech platform built you go to their website we have a glow dollar page you go through a KYB type process like onboard an entity and then just like circles platform you can wire in money and get issued glow one to one dollar it's not like an exchange it's like this is an issuance from the actual issuing partner and so they built all that tech for us and they actually allow anybody to issue a stable coin like they have their own stable coin so it's like one platform for like multiple uses and so also access kind of like an exchange between different Stables that people want to

like use it for their organization so all that cost is basically third party they hold the assets the treasury assets as well and they're you know it's part of this trust story too is like making sure a company like that is are they like gonna be good stewards and do we have enough insight into their organization and they've been really really good and transparent and kind of a trusted partner the founder is Ben Ben mil he started dalla I don't know over 10 or 15 years ago now he knows the payment space really well he's a really trusted individual in fintech and and financial services so just a really overall great partner that makes you know us doing this as a nonprofit if we didn't have them it' be really hard so

good stuff if graille holds the holding do they also retain the earnings then like at what point does earnings pass through to you yeah it's like a revenue share type of okay Arrangement yeah it's the earnings do pass through in that sense okay awesome so so braille's a powerful tool that anybody could use to build a stable coin very simply it's incredible I want to show somebody in trafi something like bril I don't think people understand how quickly we are developing new money rails in a outof thee box solution like brao right and that's the key like once this becomes a

very friction environment as like oh I can just simply integrate with the stable coin infrastructure you're going to see just dollars flowing but you're using on stable coin at some point this is a much more it's just going to create a settlement fresh andless settlement platform you mentioned before we hit record that you also had recently partnered with rain cards tell us a little bit about that partnership and what that will enable yeah rain is is awesome it's you can use an actual credit card and it's collateralized by crypto so we partnered with them they're going to have glow dollar supported on their platform so you could buy some glow dollar put it as your collateral for your credit card and then you know buy Goods like you do with any other

credit card and it they'll use your collateral as the funds so it's basically you're holding crypto using crypto but using the Visa Mastercard um Network um just like you would with any other payments so again starting to build that kind of crypto rails for just like what we're normally using Finance for and I think that's the trend like it's gonna be a much more efficient system with those type of rails but yeah rain is they're just getting wrapped up too and I think it's going to be a nice offering I think crypto companies going to be interested in it because they want to support the crypto ecosystem but then if they see like cost advantages and just the seamless use of crypto backend for traditional companies I think we're

going to see some growth there as well that's what helps grow market cap we have that use case like you need collateral if glow is the same as usdc in terms of the amount of collateral without pretty close risk profile I hope we can can use our message and get out the word out to use us instead I hope so too if somebody wants to get involved you mentioned earlier buy some glow how how can they get involved how can they support and become part of this mission to end extreme poverty right yeah so buying low is a great way to start so check out those pools on un swap Twitter we're we're really kind of building a community we have a Discord as well that's important to kind of keep engaged

and then the glow Consortium it's basically if you're part of a company working in the space if you're leading a founder of a company if in touch with us we'd love to figure out a way we can work together and it's this Consortium isn't a huge lift in terms of you don't have to do a whole bunch it's a simple as like hey integrate support glow you could donate to our organization that's helpful just adopt glow help us co-market it that's all really useful so you're leading an organization cryptospace want to help out the mission and we kind of say it's like these organizations are embedding philanthropy in their operations they're empowering this business model that's super important so yeah and if you work for a company that's in crypto tell leadership hey we should start supporting something

like this and support an organization that's trying to you know I call it change The Narrative of crypto into something that like the ecosystem like I would love the New York Times to write about hey look this crypto project generates millions of dollars for social cause and the whole ecosystem uses it we could use a headline like that in this space right yeah and it's that's the goal and you know it's gonna take time we're not gonna get to 80 billion dollar tether market cap overnight but you know the small steps fast enough and with enough time and enough people engaged it's definitely doable we're not inventing something brand new we're just inventing a better way to think about it I think for lers too you don't even necessarily have to buy glow you can just swap your existing stap coins into glow which is just in terms of marketing

is just a better term for a lot of people like if you have usdc or usdt just sitting in your wallet doing nothing put in glow why wouldn't you do that ex right it just makes complete sense you're doing nothing with it in usdc and usdt might as well have them glow so I mean buy glow if you need some Stables but also if you already have Stables just swap it over yeah just swap it and that's the goal like that's why this Dow approach is we can see Dows are holding Stables let's divers by it and I love that I'm going to start saying swap a lot [Laughter] more okay before we wrap here Jeff want to just ask you a couple fun speedrun questions what's an nft you'll never sell sandbox I have a Sandbox nft early on and for some reason you know the

price went up to like 20,000 or 30,000 for these little I didn't check it then it went way down but I it's just kind of like this token of like remembrance from that era it's like that plot of land I don't know that's just a fun one I'm like I'm not going to sell this I'm not even going to watch it want to see what happens in 10 years what it's actually doing so I I feel the same way about my moonbird but that could have made me a lot of money didn't now it's sentimental value more than real value One by I get notifications in emails like oh someone bid on your sandbox real estate and it's starting to pick up again so it's like okay the ball Market's coming back that's my little proxy like how many emails you get for week yeah it

was pretty quiet for you know last six months but at least this this month's been pretty good there you go there's the biggest bull market signal we've heard in a while uh one thing you've bought recently for under $100 that brings you Joy does not have to be a crypto product Oh interesting um brings me joy uh I don't I'm a b tea drinker so I bought some really nice tea and it was like oh do I spend this much on tea it was like 50 bucks but it's really good so it sitting in front of me um that's great what flavor of tea is it it's called tea leaves okay yeah it's a green tea it's like a yeah like a fancy green

tea but yeah that's what I got right now sorry that's not the most interesting thing it's just tea good no I love it I love tea if you had a billboard that one billion people were going to see what would you write on it that's a really good question I would say you have to be taken action like called the action which would be buy glow dollar maybe the sentence before that is one billion that's a lot is there one billion users in stable coins yet no so let's make it more broad let's say transform how you think about money I like that buy glow dollar to let everybody out of extreme poverty like you have a bilon people doing that I think we could do that yeah and extreme poverty yeah I property I like hearing you try to think that right on your toes there building it that was

good well I can just it's got to be strategic right yeah yeah that's all this project is like how do we actually get into the market it's like we're competing with super capitalized companies yeah and like you have to be super strategic on how we you know talk about this and get in front of the right people and so as Jay asked you that question you're like man I would love a billboard that reached a billion people right about now right yeah absolutely well we don't reach qu a billion people yet but I hope that everybody listening to this show will seriously consider putting some of their money into glow dollar swap some of your stable coins in especially if you're

just holding those stable coins you're not doing anything with them you might as well make them do work for good versus putting more profit into the hands of a couple big private companies Jeff appreciate everything that you guys are doing appreciate your time thanks so much for joining us today yeah no I I really appreciate it thanks for the interest in order we're trying to accomplish and yeah everybody watching I just appreciate the intrig and and your support thanks for listening and everybody have an awesome day thank you for listening to web through Academy your one trusted source to capitalize on the next big phase of the internet if you enjoyed this episode please share it and subscribe or follow so that you don't miss the next one while you're at

it there's a link in the description for our free newsletter where we provide timely and relevant web three insights so you can confidently build and invest in web 3 make sure to subscribe today one final note this podcast is for educational purposes only and nothing we say is financial advice crypto and web3 are risky and you should never invest more than you're willing to lose thank you friends and see you in the next one