P2P Currency Exchange with DEFI

Reyts wants to make it easy for communities around the world that hail from countries with underserviced currencies, to access these currencies without getting taken advantage of.

We are currently utilizing fiat based banking infrastructure however, we are looking to bridge our solution over to the block chain in order to move closer to a more decentralized implementation and community powered and controlled stance. This will make things significantly more affordable and provide a more resilient means for safe and compliant movement of funds in a borderless way.

Market

Diaspora communities looking to save 10 - 24% of their funds when trying to access underserviced currencies. Currently over 1.1 million immigrants in Canada looking exchange currencies of their home countries with the Canadian Dollar and back.

This market will be expanded to accommodate a more seamless exchange and transfer of funds for local and global businesses.

Developers looking to bridge the gap between fiat and crypto using APIs to provide solutions for underserviced and underbanked communities in a permission-less, secure and compliant way.

Product

1. A marketplace that allows users to list their currency for sale using smart contracts

(eg a contract that will swap User A's CAD 1000  for NGN 500'000 when a match is found)

2. Automatically retrieve fiat from user accounts

3. Convert fiat to stable coin and send to User Wallets

( User A's CAD 1000 becomes Stable CAD 1000  and User B's NGN 500'000 becomes Stable NGN 500'000. Stable coins are sent to the exchange parties wallets)

4. Allow exchange parties to automatically redeem stable coin for fiat or store in wallet.

Note that liquidity is provided by exchange parties.

Acquisition

Userbase will be attracted by the speed and negligible cost of moving funds securely without losing a significant portion. 

In addition, gradual direct introduction to the Cardano network will be achieved in a very user friendly manner thereby opening up a large market to other possibilities on the network.

Compliance

Reyts is fully registered with Fintrac and has its compliance documentation created by legal advisors with decades of experience in the space. 

Skills Required

Our team https://www.reyts.com/about  is comprised of very talented individuals in the space of App development, IT security, Business development, Media, graphics and much more. We have also been selected to join the Black innovation program at the DMZ https://www.dmz.ryerson.ca/unilever

This team has delivered an MVP of our solution and is currently going through a validation process to confirm that our solution is truly seamless, secure and easy to use. This was completed in collaboration with our fintech partners. (see attachments)

They have built several key dependencies around an anonymized matching system that securely fulfills exchange transaction requests with minimal user input required.

We will hire a developer versed in the Cardano block chain to build out our stable coin and governance/investment token infrastructure once we have launched our application in Q2 of 2022

Our developers will then collaborate with our banking partners to establish the On/Off ramp links through APIs which are  necessary to ensure the easy and free flow of funds between Fiat and ADA.

Finally our developers will begin the ground work toward launching digital banking services that are truly inclusive and address community specific pain points of immigrants in the diaspora.

KPIs

• 1000 onboarded new and active users on the Cardano network through Reyts
• Increased usage of our API to solve currency exchange problems plaguing underserviced and underbanked communities.

Budget Breakdown

The budget has been designed to address the talent required to build out our systems.

• Transitory Stable Coin Development on Cardano -- $10'000 

A team will be needed to develop a stable coin specifically to facilitate fiat exchange transactions and act as a momentary store of value pending the time the stable coin itself is accepted as a means of payment.

• Smart Exchange Contract Enablement -- $10'000

A team will be needed to create the underlying smart contracts that will govern the use/behavior of the stable coin. Amongst other things, given its transitory nature, infrastructure as a code must be built into its use to require 1:1 backing at all times and cross functionality across multiple fiat currencies. 

In addition, the contract must ensure the use of the stable coin for fiat exchange purposes only, pending the time stable coin adoption grows and in order to comply with local and international regulations.

• Quality Assurance / Testing --    $5'000

QA team will be needed to internally verify that requirements have been met. The QA Team will be verifying  code and functionality as well as compatibility with fiat on/off ramp rails.

• Community Engagement and Incentivization -- $5'000

 As a reward for participating in pre-launch testing, selected users will receive fiat or tokens for providing feedback and conducting exchange transactions.

Road map

• Build Reyts Stable Coin (Month 1 -2 )
• Connect Stable Coin Infrastructure to Fiat Payment Processing Rails (Month 3)
• Test Fiat - Stable Coin / Stable Coin - Fiat conversion processes on payment rails (Month 4)
• Test Stable Coin Infrastructure for local P2P capabilities (Month 4)
• Test Stable Coin Infrastructure for Borderless P2P capabilities (Month 4)
• Develop local  P2P  and Borderless exchange smart contracts to fulfill exchange or send money requests. (Month 5)
• Integrate new Cardano blockchain enablement's into existing fiat only infrastructure. (Month 6)
• Launch Beta Test to  select users (Month 7 - 8)
• Launch to all users. (Month 9 Public Launch)
• Release Governance Token to allow users to vote on future implementations (Month 10 - 11)
• Release Investment  Token to  allow users provide liquidity for use in exchange transactions. (Month 12)

Please note that expected Public Launch Date is September 19th 2022

Definitions of Success

• 3 months: 

 A working and legally compliant version of our solution is available for public use that allows for seamless and automated  on/off ramping of our stable coin based on smart exchange contracts.

• 6 months:

 Increased adoption by onboarding at least 5 more underserviced currencies with sizeable diaspora communities

• 12 months:

Achievement of lowest possible cost for local and international exchange or send money transactions through a 50% fee reduction with proven viability for business operations.

Cardano Adoption

It is a core belief that Reyts can help drive the adoption of cryptocurrency and more specifically Cardano if users are introduced in a format that they already understand and can be depended on to help draw parallels between the systems they currently use and a system that is more efficient.

In saying this, especially examining our governance and investment tokens, we plan to introduce our users to the benefits of getting rewarded for participating in key decisions that make the Reyts platform more robust and accommodating for all involved, as well as expose users to the opportunities available to invest their funds though staking and earning yields.

We plan to make this introductory process as user friendly and understandable as possible. This will help drive a more seamless and less jarring process of Cardano adoption in the communities we have chosen to serve.

Meet the team

www.reyts.com/about