Thread by @DiMoneymindset

#Blockchain is set to revolutionize the financial industry, especially payments

@FlacFinance is launching a #RealFi-custodial payment platform

connecting #Cardano to real-world utility

Are custodial platforms the way to introduce #crypto payments in #India?

Here's a thread👇

1️⃣ What is @FlacFinance

Flac Finance utilizes digital assets as collateral

and aims to provide access to financial services w/o

▪️hidden fees,
▪️credit checks or
▪️capital gains taxes.

Flac Finance is built on the #Cardano blockchain

and aims to provide a range of financial services to users in India and around the world.

The platform allows users to

▪️Borrow fiat or stablecoins against their cryptocurrency holdings

▪️Make payments using cryptocurrency or fiat

▪️Earn staking rewards

▪️Swap between cryptocurrencies and fiat currencies.

The project also plans to integrate with countries' financial infrastructure

to provide access to regulated financial services

such as credit cards, banking, and payment solutions.

Flac Finance has set its sights on India as its first target market,

recognizing the unique opportunities and challenges present in the country’s cryptocurrency landscape.

So let’s have a quick look at the background 👇

2️⃣ Short Background: Blockchain Regulations in India

India's approach towards blockchain & crypto has been cautious.

The Supreme Court recently struck down a circular

prohibiting financial institutions from dealing with entities that deal in virtual currencies.

The lack of clear regulations has been a hindrance to the development of blockchain projects.

But as India's government moves towards a more positive& supportive approach towards blockchain,

private sector players are experimenting with the technology.

So, despite India's initial cautious stance toward cryptocurrencies,

the adoption of centralized digital payment methods

Is widespread and has grown significantly in recent years.

3️⃣ From Digital Payments to Digital Currencies

India has seen a significant increase in digital payments

due to government initiatives in instant real-time payment systems like

▪️Aadhaar

▪️Jan Dhan Yojana

▪️and Unified Payments Interface (UPI).

The widespread usage of UPI

has facilitated the shift toward a cashless economy

and the government has expressed interest in exploring the possibility of a

Central Bank Digital Currency (CBDC).

Despite the high number of cryptocurrency users in India,

there is currently a lack of infrastructure for digital asset finance.

Flac Finance is building the infrastructure to harness the power of digital assets

using the Cardano blockchain to increase the adoption of digital assets in India.

4️⃣ The Next Step: @FlacFinance – A Custodial RealFi Platform

The wide adoption of digital payments in India

provides a strong foundation for developing & adopting

cryptocurrency and decentralized finance (DeFi) solutions.

Real-world finance platforms like @FlacFinance provide financial services

that bridge the gap between cryptocurrency and fiat currencies.

The custodial RealFi platform aims to increase

accessibility and user-friendly integration

between crypto and the pre-dominant centralized digital payments in India.

5️⃣ Flac Finance Features

The platform includes features such as:

▪️Flac Pay: users can pay at participating stores using a Flac credit card by taking out an immediate loan against their digital assets

▪️Swap: exchanging one cryptocurrency for another.

▪️Instant Loans: users can access low-interest loans against their digital assets with no fees

▪️Deposit & Earn: users can deposit their digital assets and earn interest

6️⃣ Tokenomics

Flac Finance is a platform that utilizes and is governed by FLAC tokens.

The maximum supply of $FLAC is 2,000,000,000.

The token serves several utilities for the platform, such as

▪️Governance: vote on platform decisions

▪️Discounted Loans: access loans at a discounted rate

▪️Higher Interest Returns: earn higher interest on their holdings

▪️Staking: earn rewards by staking tokens & providing liquidity to the platform

7️⃣ The Team

@FlacFinance team is composed of skilled & experienced Cardano developers,

led by founder @ashisherc, the CEO of @StricaHQ

The team has a proven track record in the ecosystem,

having developed popular tools such as:

▪️ @cardanoscanio, a Cardano explorer that allows users to search the chain’s history

▪️@typhonwallet, a highly advanced #Cardano wallet

8️⃣ Project Roadmap

The Flac team closed out Q4/2022 with the delivery of various features

& started their V1 Testnet Program

Next steps include:

▪️ Custodial solutions

▪️Initial Stake Pool Offering

▪️ User Account Management

▪️ Listing on Cardano Dexes & Exchanges

In 2023, the roadmap expands to

▪️ Include support for BTC and ETH

▪️ Lending & borrowing crypto & crypto/ fiat withdrawals

▪️ Integrate a fiat payment gateway

▪️ Swap crypto and fiat &

▪️ Auto KYC/AML by the end of 2023.

9️⃣ Conclusion

▪️The wide adoption of digital payments in India creates a strong foundation for developing & adopting crypto & DeFi solutions.

▪️Overall, Flac offers an innovative solution for financial services, which could disrupt the traditional financial industry.

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That's a wrap!

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