{"signature": "0xa7bf249a96ded68e259a5b1ea176080296449ab277d4698b6d09b718bcdd3800025628b198341e1db0b0bcc13b8ed7bf407d0b4d384b2480654fcbdffd2bccd51c", "application": {"round": "0x523d76f39f6e6c7dd6a6707ed3b4490a386434a2", "answers": [{"type": "email", "hidden": true, "question": "Email Address", "questionId": 0, "encryptedAnswer": {"ciphertext": "oiFsQ22B2lvqyBn1xUYgdHcmstDjU1TtHsHvrZTwTaqOOC2wN699oSRGJYx3YlBr", "encryptedSymmetricKey": "382b74d5ccc8f83895f37f0b103204de508fe769e74782b4b8f65b4c07122285da7108f1b7ccc0eeb65d6c98c53cce0b111934d860222990ea822df399b42cc5d2008d6407e34b07632715cd0abe80074ba0915a281e1f04eae497aa9ead2387485a8cd3c36d106530c6eaa63f8403e9453fc74a65d553645b1f319b5e1df5810000000000000020cfa571880482a040b8a5880362b3ea842ddac55a5ab6636ae13f2b8c283d03f09fed81a385a16998b2395306081f08b8"}}, {"type": "multiple-choice", "answer": "Building - Deployment of RWAs", "hidden": false, "question": "Which of the following RWAIG funding categories does your project fall under? ", "questionId": 1}, {"type": "number", "answer": "200000", "hidden": false, "question": "Funding Request ($USD) ", "questionId": 2}, {"type": "paragraph", "answer": "Frictionless is the first full-service audited tokenization and digital fund administration, custody and transfer agent platform to completely automate all aspects of the fund lifecycle. No stablecoins needed, no wallets required, no managing of private keys or stressing over which blockchain to run on.\n\nFrictionless is the legal issuer of Institutional Deposit Tokens, in 8 currencies backed by custody at Citi and Barclays with FX, and USDC on/off ramp, all protected by Luxembourg's robust securitization and financial collateral act.\n\nFrictionless can launch any private market (equity, credit, infra, IP rights, Real Assets, etc) offering in Luxembourg with total expense ratios which enable economic minimums as low as 1,000 USD per investment.\n\nOur technology and fund structures are designed for risk-adverse institutional capital flows, and institutional investors with the unit economics required for retail.", "hidden": false, "question": "What problem is your project solving in the RWA space?", "questionId": 3}, {"type": "paragraph", "answer": "Frictionless is fundamentally designed for institutional capital on-chain.\n\nFrictionless Institutional Deposit Tokens are issued in accordance with Luxembourg's financial collateral act and the blockchain laws.\n\nThese Deposit Tokens contain the key protections for institutional capital on-chain such as compliance, KYT, independent attestation and FX (spot & FWD)\n\nOur Institutional Cash Funds (BlackRock ICS) are tax transparent (unlike Securitize BUIDL) ensuring they can be consumed by non-crypto clients.\n\nBy bringing Frictionless offerings to Arbitrum, the Frictionless team aims to bring a new wave of RWA clients from tradFi into the on-chain capital markets.", "hidden": false, "question": "Explain how your project is different from others and will bring value to the RWA ecosystem on Arbitrum. ", "questionId": 4}, {"type": "paragraph", "answer": "Live on Avalanche, approved by the regulator, the CSSF in Luxembourg.\n\nInitial institutional capital investments, daily yields and redemptions into BlackRock Euro, US Treasury and Sterling Government Funds were conducted in June.", "hidden": true, "question": "[Answer this if you have chosen Building - Deployment of RWAs, otherwise type N/A] What stage of development is your project currently in?", "questionId": 5}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - Strengthening Analytics, otherwise type N/A] How many Arbitrum users or projects (rough estimate) would benefit from the analytics you are providing?", "questionId": 6}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Building - RWA Token Standards, otherwise type N/A] How will the standard make it smoother to deploy RWAs onto Arbitrum?", "questionId": 7}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Research, otherwise type N/A] Describe how your research will lead to reduced costs for projects aiming to deploy RWAs on Arbitrum.", "questionId": 8}, {"type": "paragraph", "answer": "N/A", "hidden": true, "question": "[Answer this if you have chosen Awareness, otherwise type N/A] Describe your awareness content piece and outline its structure in detail.", "questionId": 9}, {"type": "short-answer", "answer": "CFOs, Corporate Treasurers, Family Offices, HNWIs, Limited & General Partners & Institutions. ", "hidden": true, "question": "What is the target audience for this project? ", "questionId": 10}, {"type": "paragraph", "answer": "Pat Hourigan - CEO - 24 years in technology, inventor of the frictionless smart contracts and the capital markets 3.0 platform. Leads all sales and platform initiatives.\n\nKaz Yasuda - CIO - 30 years experience in capital markets. Track record of raising 5Bn for private credit & private infrastructure placements in global institutional LP arena.\n\nPaul Buckley - Strategice Investment - CEO of FIRSTavenue, track record of 30B USD of investments in credit, equity, infrastructure. Currently leading all capital raising for Fricitionless and strategice relationships with GPs and LPs in the FIRSTavenue global network.\n\nBrendan Flanagan - Head of Regulatory - 35 years experience in corporate law, regulatory affairs.\n\nNadia Manzari - Regulatory Advisor - Specialist Luxembourg based regulatory lawyer, responsible for all CSSF interactions.\n\nLewis Fellas - Strategic Digital Markets Adviser - Currently head of hedge funds at CoinShares. Active board observer and adviser in all onchain collateraliszation, deposit tokens and tokenized investment structures.", "hidden": true, "question": "What are the roles and experiences of project team members?", "questionId": 11}, {"type": "paragraph", "answer": "Seed Round 1.3M USD (Nov 2022)\nConvertible Loans of 1.1 USD (Jan 2024)", "hidden": true, "question": "How much funding has your project raised already?", "questionId": 12}, {"type": "short-answer", "answer": "No", "hidden": true, "question": "Is this project already funded by other grant programs? If funded by any Arbitrum-related programs, please specify.", "questionId": 13}], "project": {"id": "0xd6ae729f21441dcb09082ddc7208f4a0ec053f8fb1a9418d62aee097dc365e0d", "title": "Frictionless Institutional Deposit Tokens & Cash Funds", "logoImg": "bafkreicgr65zzep4xwyggmdqlyd6vwqmvexbo5f3jmn52jr2zwgywdqg5i", "metaPtr": {"pointer": "bafkreidxg4s7axxsok7ipnc6acr4rkpevsauwtuse6awrjkx4tsxy4tvda", "protocol": "undefined"}, "website": "https://www.frictionless.markets", "bannerImg": "bafkreifdsz253eo6eazq6d6lvjvkujf2lfbadzns3g4gy7u5on7uvdwlsq", "createdAt": 1719759332229, "credentials": {}, "description": "What's different about Frictionless?\n\nFrictionless is the first full-service audited tokenization and digital fund administration, custody and transfer agent platform to completely automate all aspects of the fund lifecycle. No stablecoins needed, no wallets required, no managing of private keys or stressing over which blockchain to run on.\n\nFrictionless is the legal issuer of Institutional Deposit Tokens, in 8 currencies backed by custody at Citi and Barclays with FX, and USDC on/off ramp, all protected by Luxembourg's robust securitization and financial collateral act.\n\nFrictionless can launch any private market (equity, credit, infra, IP rights, Real Assets, etc) offering in Luxembourg with total expense ratios which enable economic minimums as low as 1,000 USD per investment.\n\nOur technology and fund structures are designed for risk-adverse institutional capital flows, and institutional investors with the unit economics required for retail.\n\n\nOur market approach\nFrictionless Markets has been established in Luxembourg to take advantage of the favourable securitization laws recognising the legal tokenization of securities.\nOur market approach is based on providing differentiated solutions to GPs and Investors.\n\nVia relationship with BlackRock as a registered intermediary, we have tokenized BlackRock Institutional Cash Series funds in USD, EUR and GBP.\nThis represents the tokenization of the lowest-risk financial products with the deepest liquidity, public constant NAV government debt, and US Treasuries.\n\nOur g-t-m enables GPs to remove cash drag in their funds by automatically investing in tokenized MMFs, which are instant redemption and daily yielding, we also recognize under Luxembourg law, that tokenized MMFs serve as financial collateral and can be used by LPs to invest in any private fund. This is revolutionary for 2 reasons:\n\n1: It's automated, capital-efficient and simple to use for GPs. Eliminating cash drag within the capital call to investment timelines can be executed without all the jigs and reels of managing cash movements.\n2: It changes the subscription model for funds. Investors can front load invest into a fund, knowing that they will receive a market-beating daily yield on their capital until the time of deployment in an underlying within an equity/credit or infra fund.\n\n\nOur Tokenized Cash Launch\nWe are incentivizing Institutional Partners to deploy into these BlackRock cash funds and leverage the yield generated by re-investing it back into Frictionless Markets as an equity stake. This represents a low-risk, capital-protected equity investment.\n\nThe data room (DDQs, etc) on the funds is located here -> https://drive.google.com/drive/folders/1BLI5RecyR9u-KydxtDpTd4NcOoSseS5F?usp=drive_link", "lastUpdated": 0, "projectTwitter": "MFrictionless"}, "recipient": "0x5ceE31c8006975E860AC80f3bF4B8A7FF4fe35Fc"}}