AMA Recap Crypto Library with Bitlocus


On 04th September 2021, Bitlocus conducted an AMA in the Crypto Library Community. Our guest is Arturas Bobinas and Andrius Normantas. Lots of questions as usual from the Community about Bitlocus progress. The Bitlocus team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Bitlocus.

Let’s take a look at the most interesting points of our conversation. 

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Arturas (Bitlocus) : Arturas Bobinas (CBDO) has over 15 years of experience in sales, marketing, e-commerce and project management. Joined crypto space back in 2017. Glory is our CMO, lots of eperience in the field, but he can tell this better.

Andrius (Bitlocus) : Andrius Normantas (CEO), an entrepreneur, manager, developer, professional cryptocurrency trader with over 14 years of working experience in finance field.
Crypto Library Team : What is Bitlocus? and how does it work?

Arturas (Bitlocus) : Originally Bitlocus is crypto-to-fiat CEX which has been established back in 2018. Our CeDeFi project or the “DeFi investments platform for fiat-based users” will be built on top of that as a service layer and will re-use most of already existing solutions (crm, kyc, aml, fiat payments processing in sepa and swift). Other companies of the Bitlocus ecosystem are:
  • Payrico (crypto-friendly banking service (EMI, registered in Lithuania, EU)
  • And Ginger Fund (liquidity provider for the CEX).
Basically we will serve two diff communities on the same platform - fiat-based users, and BTL holders.

Crypto Library Team : What are the features and advantages does Bitlocus want to offer?

Arturas (Bitlocus) : It already has all standart CEX features available. But, we are enriching it with DeFi investments solution/platform which will act as a gateway in between fiat customers and DeFi space and will be built in a way, where those fiat-based users will not directly interact with DeFi space at all - they will make investments via our platform really easily - basically. Just clicking a few times and submitting an ivestment request to our platform (deposit or withdraw). From there our platform takes over and processes clients’ fiat money to crypto and DeFi or vice versa. All interactions for the end user (fiat-based client) are in fiat and only over our platform. That mitigates quite a few risks and makes investsments into DeFi really easy even for the non-crypto savvy users. By also havin Payrico EMI handy, we also kinda have frictionless payments in between. 

Crypto Library Team : Please tell us about $BTL token! What are the token use case, distribution, how to buy it, and what benefits can holders get?

Arturas (Bitlocus) : BTL token will be built on Terra blockhain as cw20 token, but will imediatelly be bridged as erc20 and bep20 token for better audience reach and better DeFi space opportunities appropriation. Total supply is 500M, but the supply will decrease due to our BTL token buyback program where a part of our fees, earned from fiat users, will be used to buy tokens back and then be burned on the quarterlly basis making it deflationary token in the end. Main utility of the BTL token is to serve for our rewards programs - Liquidity Mining and Guarantee Fund staking which will also be fueled by never ending fees from fiat users. You know, it is not just temporary and sythetical rewards allocation from the supply allo. Rewards will always be in circulation and will help us incentivize BTL kolders for the time to come.

Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?

Arturas (Bitlocus) : This year, or 2021 Q4:
 ⁃ Private sales (closed already, $2.7M, 30% allo).
 ⁃ IDOs - one on Dao Maker’s platform, other - on Terra-based TerraFormer IDO launchpad. Both will happen at the same time in late November. $0.3M in total public sales (3% allo @ $0.02).

2022 will gradually publish the full product in stages:
 ⁃ Q1 - MVP with preselected Defi Investment options - starting with Terra based Anchor of course (20% guaranteed yield from stablecoins!)
 ⁃ Q1-Q4: full packages, custom DeFi investment option, lending, staking, NTF marketplace (with filtered our legit NFTs), farming. All available only in top 10 coins/tokens and stablecoins for the matter of legitimacy and safety.
 ⁃ Crypto debit card (est Q2)

And again all available in fiat: buy sell no worries. And also we will keep our eyes open for whatever new DeFi market throws at us - we will audit and implement that if the product is right.
Crypto Library Team : What is the role of the $BLT token in the entire Bitlocus project ecosystem. Will it act as a simple payment currency on all your products? Or will the holder have some sort of benefit or voice in project decisions?

Andrius (Bitlocus) : $BTL will be a built-in token on our existing infrastructure (exchange, B2B products like exchange while-label, IEO/ICO services, token listings etc), as well as an addition to any other services/products that we create. Token holders will benefit mainly from staking and liquidity mining, also by getting access to certain products or services, getting discounts etc. Our new CeDeFi product, which allows fiat funds to be invested directly into DeFi protocols to get their high returns, will use BTL token for the entrance fees for all the customers that use the product, so this will increase the demand of BTL significantly!. As for the governance utility, we want to allow BTL holders to participate in decision making by voting on the DeFi protocols offered on the platform, voting for other parameters too.

Crypto Library Team : Can you share with us your main features, and how they compare to other similar platforms? and to understand more about Bitlocus, can you share your analysis of strengths and weaknesses, opportunities and threats based on your opinion?

Andrius (Bitlocus) : There are several serious competitors in the space that offers fiat on-ramps and DeFi protocols. However, the majority of them are Ethereum-based, which means sub-10% APY on stablecoins, high network fees, exchange transaction fees etc. The users are typically left alone to sort the math and procedures by themselves, killing the returns and making the process painful in general. We are building our product around Terra/LUNA ecosystem because of higher yields and better stablecoin and protocol mechanics. In terms UI/UX, we are also building a simplified version of the product which combines all the actions the user needs to do, into just ONE action: picking the DeFi option and clicking Buy button. 

Arturas (Bitlocus) : Also, I would add up, that we will target a bit diff users than others. We are maintly going after small institutions + retail users while others are trying to get the whales.
Crypto Library Team : Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive adventage your project has that you feel most confident about?

Arturas (Bitlocus) : Well, the number 1 thing for us is the ability for FIAT users to invest directly in DeFi protocols without having to own any form crypto. Asides also the ability to invest, you also get to be able to withdraw your earnings in FIAT.

Crypto Library Team : I read that they have a unique cryptographic insurance option in the market against DeFi protocol failures. So, can you explain if this will be the only security measure you took to protect your investors? What other security measures can we see in the near future of your platform?

Arturas (Bitlocus) : Guarantee Fund will be our centrally managed kind of Insurance fund which assets would be used to at least partially cover the losses of the DeFi protocols we offer in case stuff goes wrong. This service will be provided as an optional and will cost 1-2% anually for the cover. The fund itself will be filled up by part of our fee allo + guarantee fund stakers. 

Crypto Library Team :  As far as I know, you are supported by the Terra smart chain but could you explain what other reasons you took into account to build your platform on top of the Terra ecosystem? Could they provide a cross-chain solution in the future to offer their services in other ecosystems?

Arturas (Bitlocus) : At first it started as strategic move, cause Terra's Lunatics community is good, strong and big. Their DeFi TVL is about 9Billion now and their 20% guaranteed yield is amazing deal. But once you learn more about Terra, its sygniorage peggin mechanism for their Stablecoins (like their maine one UST), their overall deralized view - you fell in love with it.

Crypto Library Team : How many types of FIAT currencies are you able to support ? Only USD? If I'm in Mexico I'm still able to use your ecosystem?

Andrius (Bitlocus) : We have EUR and USD but we will support many more fiat currencies in the future.

Crypto Library Team : How do I register for Bitlocus, do I need to verify my identity? and what are the risks if I use Bitlocus, what services are already available on Bitlocus.

Arturas (Bitlocus) : Yeap, KYC is a must. Some countries aren't allowed to join (liek the States, and Fatf blackslisted countries), but most of then can.