Incrypture - Smart Structure

Securitization incentivized by tokenomics directly benefits borrowers; even small ones in developing markets not served by Wall St.

Mathematicians, computer scientists, structured finance specialists and an SPO that have traded Mortgage Backed Securities extensively.

Incrypture's Smart Structure protocol will put the "engine" of securitization onto the Cardano network and be utilized by both TradFi markets as well as DeFi markets.  This proposal addresses a need in TradFi of removing some middlemen in the process.  It will also provide tools for DeFi securitization and structured products.  

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).  See https://en.wikipedia.org/wiki/Securitization

Market:

Incrypture's TradFi CRT pilot project is to build a solution for FNMA/FHLMC Credit Risk Transfer vehicles with unpaid principal balances of over 2 Trillion USD.

Product:

Build a modelling and structuring tool for the CRT market as a minimal viable product. The MVP will be used by the team to bootstrap further fundraising via a token sale and ISO to develop tools for other TradFi securitization markets. 

Budget:

50k, Developer costs 625 hours x 80/hr

Road Map:

                    Code Development                                                 Business Development

Month 1      Specifications from Existing C# Code Base          Engage with FHLMC & Hedge funds

Month 2     Code Development in Plutus/Marlowe                   White board business cases with both

Month 3     Development and testing                                        Establish 1 year road map

Month 4     Address Issuer and user feedback                         MOU with an Issuer and a User

Success Measures:

1. MVP developed for further project funding

2. Buy-in from at least one issuer and one user 

Project White paper:

https://drive.google.com/file/d/1DnQh_0FTh266Wh9nIrsl73wW_4bP6PyI/view?usp=sharing

Team Incrypture:[Contact - adilabd@incrypture.com]

Adil Abdulali - Founder

• 10 years experience structuring and trading mortgage and asset backed securities on Wall St
• 17 years seeding and investing in Hedge Funds (Protege Partners and MOV37)
• MOV37 thesis focused on crypto, AI, machine learning strategies
• MIT Masters; initial backer of Digital Currency Initiative 2015

Sean Kim - Founder

• Application software engineer,with 30 years of enterprise-level database design expertise
• Built Credit Suisse Prime and FICC Derivatives platforms, used to manage multi-billion dollar books
• Deep experience with Intex and other structured product apps
• Skilled at managing engineering teams, and directly writing code

Michael Grossberg - Advisor

• Professor, Computer Science, Grove School of Engineering, City University of New York; Founding Co-director of the Master's in Data Science and Engineering
• Faculty positions at Hebrew University, The Max Plank Institute, and Columbia University
• Published in Science, ACM Transactions on Graphics (SIGGRAPH), IEEE Transactions on Pattern Analysis and Machine Intelligence, Medical Physics, and Advances in Meteorology
• Ph.D. in Mathematics, Massachusetts Institute of Technology

Andrew Chasen - Advisor

• 30+ years of creating software for modeling structured finance transactions;
• Created a library of over 20,000 modeled transactions for use within various analytical and risk management applications
• Sold original modeling business to Markit (now IHS Markit) in 2006;
• Involved in several new business as investor and advisor