So yeah, we do several things to provide transparency to our clients or borrowers.
We have a bit of a name as the most transparent or the most
responsible company in the space. They used to call us a few years back
the boring Canadians, but after twenty twenty two, be boring became a very
positive thing. You're listening to Carrie Letts's Financial Survival Network, where you get
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now more than ever, And welcome. You are listening to watching the Financial
Survival Network. I'm your host, Carrie Lutts, And hey, we're second
to last week of August and things are racing by, but the world waits
for no one. And well, hey, it's just in Vegas for a
weekend to go see a concert and meet some friends. And it rained the
entire time I was there, which was actually a good thing because instead of
it being one hundred degrees, it was eighty degrees. A little human,
which is unusual for Vegas if you've been there in the summer. But innovation
continues. Probably no place where innovation is taking faster than taking hold faster than
in the crypto sector. Mauricio di Bartolomeo is with us and now and his
company, and I hope I say this right is Leaden and Hey Mauricio,
welcome to the show. So Leaden Private Wealth, Leaden Capital, tell us
what exactly you do in the crypto space? Hey, Gary, thanks for
having me, sure and happy to tell you about what we do. So
our product, our flagship product is very simple. We issue dollar loans backed
by bitcoin collateral. So that is a product that gets you dollar liquidity without
having to sell your bitcoin or create a taxable event. So the main benefits
to this product is that you get the dollars you need and maintain ownership of
your bitcoin, so you get to keep the upside of the asset appreciates while
you have the loan. By taking a loan and not selling, you're not
creating a taxable event, so in most jurisdictions that is avatigis from tax perspective.
Then you can repay the loan and get your collateral back. That is
the product we've been doing this as twenty eighteen, we processed thousands of these,
almost six hundred million dollars worth of these loans. And the other product
that we offer is the ability to learn interest on both US stable cooin dollars
stable coins. That's how we financed the bitcoin back loans. So we pay
nine toward poll Newark. We charge to a point nine to the borrowers,
and you can also earn interest on your bitcoin, so passive income on your
So sorry, all things lending and borrowing for bitcoin of stable coins, all
right, got it? So okay? Well, yeah, any collateralized lending,
especially for a digital asset, person's gonna wonder how do I know my
collateral is safe? How do I know the companies are going to blow up
and I lose all my collateral. You must have some type of trust arrangement
to secure the collateral. So yeah, we do several things to provide transparency
to our clients or borrowers. We have a bit of a name as the
most transparent or the most responsible company in the space. They used to call
us a few years back, the boring Canadians, but after twenty twenty two,
be Boring became a very positive thing and already give us apprentices exactly boring
is sex seed again, as we like to say, But in twenty twenty
one it was. It was a hard pitch because back then we were to
people when other companies were introducing a new tokens and new ways to speculate,
we were introducing proof of reserves. So in proof of reserves is a process
whereby we bring in accountant to Lettin every six months to verify the assets that
we have on behalf of clients and to verify where those assets are in our
accounts and our exchange partners, lending partners, custody, etc. Banks and
they verify that we have more than of assets to cover our client liabilities.
They produce a report. The report is made available to our clients. This
happens every six months, our next ones up in October. And the other
thing that we do is we produce what's called the open book report, so
all of our clients when they log into our accounts in their growth account dashboards
or you can check this out at our blog as well. Every month we
publish how we are utilizing the assets at Lettin to generate the interests that we
pay out. So for example, on the US and EC side, we
will show you how much or what percentage of those dollars are being deployed to
finance a bitcoin back loan book and the bitcoins. We will show you how
many, how much more percentative each of that pool it's led to each institution,
and how many institutions are actively borrowing from that pool. So our clients
can see both how we are accounting for the assets, how we are utilizing
the assets, and they can basically make their own decisions with that information.
Okay, so this is audited, these reports, it's not an audit.
It's called the proof of reserves at the station and it's produced by a group
called the Network. They are to certified public accountant. But again, this
is not what's called a full audit. That's something that we are planning to
do further down the line. But today it's a proof of reserves at the
station and it is the ongoing overbook purports that are available. Oh yeah,
gotcha, gotcha? All right, So how is business? By the way,
it's good. I mean, it's the you've seen what happened in the
markets last year. Twenty twenty two was a year where a lot of our
competitors, unfortunately, who were doing a lot of irresponsible things and acting recklessly,
they went under and by virtue of that they were fortunately took down a
lot of client assets with them, and there were up in twenty twenty two,
there was about I would I want to say, there were about senator
eight venues or platform where you could go borrow against your bitcoin or against your
digital asset. Today there's basically us left. There aren't that many places left
to do this. And the reality is that these products are non discretionary in
the sense that you don't wake up in the morning and say today is a
great day for a loan. You know alone, You take a loan because
you need a loan, and the reasons the reasons why you need a loan
don't necessarily change day to day, or they don't change because of a particular
event occurred, like say FDx. So, for example, a person that
was bitcoin wealthy two years ago and needed a loan to buy or a property
or to diversify away from bitcoint and that platform is no longer there, they
will not stop needing a loan, you know, they still need a loan
this year. And so we're seeing a lot of the demand Carlson Train back
to lead it, and we are becoming the leader. We are the leader
and this product offering, and so it's something that we are We're not happy
that these bad actors cause so much pain and damage to people, but it
is great to see that these these people are no longer in the industry,
and so a lot of the volume and the flows are concentrating back to the
good actors and uh and I'm very bullish and optimistic on the future of this
industry and of this particular product, mainly to them from Venezuela. So I'm
from the part of the world where you cannot get ah, you can't get
a single digit dollar financing loan for a house. Mortgages largely don't exist for
the not extremely wealthy people outside of the US, Canada, Australia. Maybe
they always see OECD countries. And now with bitcoin, I can give somebody
alone in Colombia at the same rates that I'm issuing alone in Canada, with
the same level of service, with the same treatment that wasn't out that couldn't
be done before bitcoin, and that will change the world. Okay, So
places like Venezuela are not exactly known to be the freest places on the planet
for sure, So is the government trying to stop you there? Have they
tried to, Have they taken any steps to restrict you, or can they
even do it? So in many countries there has been no effort to put
in a framework for the regulating offerings in crypto assets. So for example,
in the even in the country like the US, you're just starting to see
a framework emerge for some of these services. Similar in places like Canada or
different parts of the world. And even when these frameworks are emerging, they
are emerging for a particular activity. So for example, in Canada, they
have a brain framework now for trading platforms, but they do not have a
great framework for lending offerings. So what that What that does in the way
we adapt the regulation is when a product or a particular service is regulated in
a particular country, we have to go make sure that our product abides by
those local regulations in the countries or places where there is no regulation yet.
Uh, it's it's uh, it's not as uh, there is not as
restrictive today because again the rules have not been laid out today. So in
a place like the other thing that you have with a country like Venezuela is
that it has an illegitimate government. So you could even question, uh,
you know, I would question deeply any type of legislation coming out of that
body, because again it's an illegitimate body of government. Okay, well we
could get into that. So and it's the great equalizer. Yeah and all
right, So how hard is it to set up an account? It's very
simple. It's you can register an account with Letting in under two minutes.
The services and products that are available to you will largely vary depending on the
jurisdiction that you are in. So for example, in a place like the
US, we can offer our dollar loans backed by bitcoin in a number of
states, not all of them, but the vast majority of the states,
or a number of the states. I shouldn't say a vasque majority consistent,
but it's about half. In Canada, same thing, we can offer bitquoickbac
loans broadly speaking into most provinces. But for example, if you are in
a country like anyway, most of Latin America, I would say with our
leaving a specific country would have access to our biquinmac loans, our b two
x loans are yield product and passive income on both your stable coin and your
bitcoin BCNS and a plethora of other services that we have. But again that
varies depending on where in the world you are. But setting up an account,
it takes on the two minutes anyone watching or listening go to letting dot
io and set up an account. Very cool. So so it's easy to
do, huh. That's the beauty with digital assets is you know, for
somebody in where I grew up in Venezuela. You know, if you are
a person that lives in a smaller city, there are no band branches in
your smaller cities. Sometimes you have to travel three to four hours to set
up an account any fascional institution. It's it's very difficult to have access to
both physical or digital banking infrastructure in a lot of Latin America. And what
digital assets have done is that now everybody with a phone can open an account
and letting and have an address where they can receive dollars from anywhere in the
world. Because now anybody can send you a crypto asset stable point and you
can receive that into your account. You can already start earning interests you can
start making payments internationally, and so it connects you to a wealth of services
of much higher quality in a much faster way and gets to people that are
in remote locations because all you need is an Internet connection. Gotcha all right?
So where do we go? How do you set it up? So
to set up an account, you would go to lettin dot io at the
top right hand corner. You will see a button that says sign up and
you can click and sign up. We are a centralized entity, so that
means that we have to go through the know your Client process, so you
will have to provide your personal information a copy of your ID to get through
the process that should take you about five minutes to complete. Our team should
renew a process that with about within about twenty four to forty eight hours,
you will receive a note that your account has been approved. Once your account
is approved, you can log in and you will see if the addresses to
fund your account either in stable coins or in bitcoin. And once your account
is funded, you have access to the products there are available to you,
and if you have any questions about anything that is on the platform where what
is available, you can email our team at support at that and dot io.
We get back to clients within hours, you know, less than an
hour most of the times, and our team is fantastic helping people get set
up. All right, excellent, Well, it sounds very innovative and I'm
sure it's for some of you out there. It will be very useful.
That's where you get to keep your You get to have your cake and eat
it too effectively. Obviously for a fee. Nobody's in this for nothing and
sounds safe. Appreciate you coming on, Ory CEO. There's a link to
Leaden in the show notes this interview on Financial Survival Network dot com. Make
sure you click it while you're there. Sign up for your free newsletter.
Mauricio bet a total pleasure, good luck, Thanks so much, Thank you,
Cary, thanks for listening to carry Lets's Financial Survival Network, your solution
to today's trying times. For the latest, go to Financial Survival Network dot
com. Financial Survival Network now more than ever,