 after several years. And for the last seven, eight years, people have worked on tokenization, with an asset tokenization, deposit tokenization, bond tokenization, etc. But the cool part about 2023 was rather that this was the year when instead of things moved out of pilot stages. So while pilots had been going on for so long, we started seeing real transaction volume taking place. So today, Onyx does around a couple of billions of dollars of transaction every day. In the month of November, JPMorgan said that they will be creating their own L1 platform. And also we have seen that number of them have been moving towards L2. So this is the year in 2023 where we saw that actually tokenization came out of the shadows and finally started moving into the production stage on both traditional finance and T5 space. And it became the buzzword, even the likes of Swift. So Swift, of course, everybody has been predicting this, but in 2023 market Citibank started its own prediction, etc. And even the traditional finance giants like Swift, you all know about that they started working with T5. So that has been the thesis we started working a couple of years back as well. Of course, our asset class was very much specific. Like typically we have seen that when we talk about asset tokenization, equity, bonds, T-bills, they have been and of course real estate have been at the forefront. World and blue had children, at the other hand, to work with commodities and mind you, not gold but agriculture commodities. So essentially that is what we have been doing. And we have been developing layers of, we have been building the entire stack and we have been building layers of that stack. So the first effort started with, of course, commodity tokenization, wherein we adopted a policy of asset tokenization when the assets are stored with third party custodians. Then on top of that tokenized asset back lending, which we have, I mean, maybe very surprising to many, but we have been doing tokenized asset back lending with TRIAD-5 banks in India for last more than two years, almost three years now. We just launched a couple of months back, a tokenized commodity exchange. And when I'm saying commodity, these are all agri-commodities. Then we also launched DeFi in last, in 2023, April, which is blue finance. And that is the stack which we have built today. Now we are, of course, expanding it further. We are working on taking the solution to an import or export using tokenization. And of course, which has been something, supply chain tokenization has been paying under work for a lot of time. But our approach has been a bit different. Our approach has been to start with asset tokenization and build slowly the stack on top of that. So that is something global commodity finance is what our core focus will be. And of course, in that a lot of infrastructure building is also required, which we have been doing or we will be doing over a period of time. For example, when we started working and we needed Oracle data, we started working with IOTs. And what we realized that the cost of IOT was quite high and we had to leave that path. But now once again, we are launching that under a deep in structure, means decentralized infrastructure on physical infrastructure on blockchain. So we will be adding that over a period of time as well. So this is the stack which we have been building for the commodity market. The first commodity stack was, of course, agriculture commodities, but in future, other commodities will also come over here. Excuse me, are you advancing the slides or is it still on the first slide? No, I'm advancing the slide. Oh, I don't see the slides advancing. Maybe there's something. Oh, I'm so sorry. Oops, that's that's a huge huge. Oh, I went on slide number four in this meanwhile. Wait a second. It's, am I changing? Are we changing? Yes, now. Okay. So let me just then I will take 30 seconds. So this was the first slide we talked about that tokenization is finally moving out of the pilots and POCs and has come actually in 2023, we saw that already happening. A lot of work happened on the mennet levels, also onto the private blockchains. One more shift we saw happening and which in my opinion will be a bit, it will be different from how we have seen that. So we saw enterprise blockchain, we saw public blockchain, but in my opinion, over a period of time, we will move towards a world where these two will be, and that is something even Basu is doing with Hyperledger, that perhaps we may have, may move towards a world where the transactions happen on specific chains, like Apollo is saying elements, or it may happen on L2 like Nomura is developing. And those will be supported by the security of a large element, for example, Ethereum or Solana instead of the previous model where we were building enterprise blockchain and then we are adding DeFi. In my opinion, slowly the things will change. So that is one thing we have been seeing. Secondly, I was talking about this slide, what is happening in the tokenization market. Third, this was the slide I was talking about, that we have built a stack on the commodity sector. So we started with tokenization as the base stack, added to add file lending on top of that, added decentralized finance on top of that. And just last to last month, we have also started a tokenized commodity trade platform or tokenized commodity exchange. Only for physical commodities, no derivatives over here, so no securities. And of course, our idea is to take it to a global. So this is where I was. And so the core idea when we started talking about tokenization of commodities was several, I mean, there were several factors which we saw that we can solve by if we bring the commodities on the chain. And I have been into the commodity sector for more than 10, 15 years, even before I started into blockchain at least 10 years. So that experience was why I chose commodities instead of equity or real estate. So the first thing is that commodity markets, especially the physical commodity markets are highly fragmented. And the reason being is that physical commodity markets, unlike pure financial assets, whether those are equities or crypto digital assets, require consumption and that plus they require logistics, they require movement of commodities from one part of the world to another part of the world. And that creates friction into the process, but also it creates very highly fragmented markets because there are a lot of intermediaries into the chain. So if we can remove few intermediaries, then of course we are in a position to remove some of the problems of fragmentation. And that was one aspect why we started working on commodities. And the second part is commodities markets have a product called commodity finance, which is essentially inventory financing. So commodity cycles are in such a way that everybody in the supply chain ends up holding a lot and a lot of commodities. It means your lot of money is locked into a lot of working capital is locked into that inventory. So commodity finance is a way to solve that inventory problem that liquidity is provided by giving loan against inventory. And that's a global product commodity finance is $250 billion product across emerging markets across European markets. Anywhere you see commodities, you will see commodity finance. But what we have seen and we have seen in many markets that this market is prone to high level of frauds, whether the frauds happen in India, China, South East Asia, Singapore, these are some of the examples. Latin America means almost at every point, every bank of the globe has suffered in commodity finance. And as a result, many banks actually have pulled out of this and hedge funds are currently the real players into this market. So that was the second thing that how do I create a commodity finance market, which is less fraud prone, because the fraud was largely double spend problem multiple lending at, I mean, all these, whether you see NSEL, Qingdao, all of these are about multiple lending against the same collateral. Only Access World fraud was different in the sense that Access World is a Glencore subsidiary Glencore is a well-known in the commodity markets. So in physical commodities and Access World was just a duplicate fraud, a duplication of deposit receipts. But other than that, most of it has been about multiple lending. So we thought that blockchain will be able to solve that. So we created a product that goods, I mean, the product was already there, goods are stored in bonded warehouses, inventory is stored in bonded warehouses. Loan is given against that. We brought that on chain. So we brought the commodity on chain and we brought the commodity finance on chain. So that was the core idea, how do you reduce fragmentation? And secondly, how do you reduce frauds? Today, we are one of the large blockchain platforms in asset tokenization space. Of course, in India, we are number one. We have already tokenized approximately, this number has gone to almost $700 million now. In terms of asset tokenization, we have a network of 1500 custodian warehouses. We have already served and I'm talking about retail customers here, approximately 20,000 participants starting from the level of farmers to the level of intermediary traders to also processing mills and commodity processing mills and so on. And we are working one of the few institutions across the globe to work with traditional finance institutions on tokenized asset lending. So we are working with few of the names in India. We are also working with the government sector and that has been going on over there. So this was our journey started on the private blockchain under the umbrella of and it is still going on under the umbrella of brand name of world. We added group finance on top of that. And when we added group finance on top of that, what it did that, it allows the liquidity to flow in either from traditional finance banks or from a decentralized finance protocol, depending upon where the liquidity is cheaper. So two years back, DeFi was cheaper and traditional finance was actually costly. Now traditional finance in India is cheaper, actually speaking, after the rate I can in the US market. So how the system works, very simple. These are commodity owners. They can be like very small farmers. We have given loans of less than $100 as well to farmers and they can be large traders as well. They can be institutional traders as well or they can be institutional mills as well. They have commodity as inventory. They bring this inventory to a bonded warehouse. Why bonded warehouse means this is a third party warehouse. This is not in control of the borrower. These are the warehouses on our blockchain network and the goods are deposited. They are verified, verified both using technology. So we have brought, as I said, we started building with IOT, but we have machine learning solutions deployed here. Plus there is a physical verification agency as well and the price of the commodity is determined using price of accounts. So based on all this data, we create commodity non-fungible tokens, which go into the platform and then that can be used as a collateral against which both of our traditional finance banks or the DeFi lenders, both of them can lend. DeFi allows us access to the global market, TradFi allows us access to the regulated Indian market. But of course this same model can be taken to any part of the world and the same model can be used for purpose of lending by people across the globe as well. This is take-out-to-ticture, essentially the same thing shown in a different language because the part is about TradFi and DeFi. So how we have done that. So the one which you see on the left-hand side, this side, this is our private blockchain, which we have created on Quorum. So Quorum was our choice at that point of time. So these are the same borrowers or depositors that bring their goods to the assets, custodians. There are banks, there are asset verification agencies, all of them write data on our private blockchain. That is where the permission blockchain, that is where the assets are essentially tokenized and created as an NFT. If these are banks as a lender, then the entire transaction gets closed over here. There is nothing which goes on to the public blockchain. But if DeFi is a lender, means someone is lending from a DeFi protocol. So we have created a bridge between the permission blockchain and we are here on Polygon. So between Polygon and the permission blockchain, we have created a bridge. The bridge sends NFTs or the collateral to the Polygon network and takes the liquidity from Polygon network to be given back to the borrowers on to the check. So for the interface level, we have interface over here, typically web applications, also a mobile application. And here it's a pure mobile based interface. But whatever the interface at the end of the day, the core idea is that the assets are minted on a permission blockchain. And later on, if there is need of DeFi intervention, then they move towards the DeFi protocol. This is the same thing which we did. Essentially, we have already talked about. So what I will do, sorry. And the core idea here was, so of course there are other DeFi products or protocols who are doing RWA financing. How we differentiated ourselves over here is that typically all the DeFi protocols require a fintech. They work with fintech, they work with third party. And thereby, the benefits of decentralization actually stops working. So for example, a DeFi protocol will give loan because when they are doing RWA, not when they are doing digital asset playing. But if they are doing RWA, they will give loan to a fintech. Say for example, in Indonesia, the fintech will acquire customers will give loan over there and take the money back from the borrowers as part of collection and pass it back to the DeFi protocol. On our platform, at the other hand, there is no third party in between. As you saw that everything is, I mean, of course there are players, but all of them are connected through smart contract. So the money doesn't goes to world or money doesn't goes to a third party fintech. Everything remains on chain. Each part of the transaction remains on chain. So the borrower directly dips into the pool and takes money from there by providing their assets. So there is no third party coming in between. So end-to-end integration has got that benefit. And that means that we have been able to also create some sort of social impact over here. So I will take a pause over here and if there are questions, I can answer that now. Or if there are specific areas on which you would like me to focus, I can bring that into the discussion away. Don't hesitate, guys. Please ask questions. Of course, it has to be Jim first. Right. Thanks, Bipin. So yeah, my big thing on the DeFi and the traditional banks is they usually have very, very different rules and regulations that they have to comply with. So my guess is, and this I need your help to understand it better, but I'm guessing your platform has to accommodate those differences in regulations in a sense. So if I'm borrowing money, if it's coming from one of the DeFi things, I have a different set of I assume rules and regulations, they're going to apply versus me borrowing from some commercial bank or the equivalent of that in India. Does that make sense? 100%. So actually speaking, DeFi regulations have yet to be framed in many parts of the world, right? Even the USA has not regulations and is rather saying that the existing regulations apply. And in some countries like Japan, Singapore, etc. have already created a framework. India is one of the countries which has decided that they will only go for regulating the assets, except for a few things, only after G20 adopts the regulations. So that way we have no regulation. We have a regulatory arbitrage over here, but you are pretty much right Jim, that when it is a bank lending, we have to comply with every regulation related to the banking sector. And that's how we build the solution. That is why the initial solution was built on permission blockchain. It used quorum, where private transactions was possible. I mean, that was before Hyperledger brought private transactions. And we built it through the solution from that perspective. So as of today, we are in a position to follow the regulations related to banking sector, even if we are into the DeFi, because the core was built using those regulations in mind. Alright, so then the other thing that in the US, if we're doing the same thing you're doing and had to comply with regulations, one of the challenges here, and I don't know if it matters in India or not, don't know, is here, if I were operating in this network as a participant and I wanted to borrow money for whatever I'm selling or buying in this ecosystem, if I'm doing that in the US, the banks that I would be borrowing, getting my loan from, would be required to support AML sanctions real time on me. So if I'm a legitimate borrower last year, and all of a sudden, the federal government now puts a sanction on me as of today, the bank has to say, oh, I can't give you any more money, among other things that they'd have to take as an action, because the sanctions are real time. Do you have to deal with sanctions at all? So India now applies AML regulations on any crypto participant, including exchanges, including DeFi protocols. So we have to follow that as well. Alright, so every participant in the DeFi side then is a known entity legally to you, exactly. We don't work without KYC. Excellent, thanks. Yeah, it's not pure DeFi that says that it's not anonymous, it's not sensitive to this trend. But the core idea of DeFi for us is that how do we pull global liquidity into a global South? So for example, if Jim wants to give loan to a farmer in India, he can use our protocol to do that using stable coins. Excellent. Money. Yeah, it's a great presentation. Can you, I missed the part about the cash movement. How does this cash work through the system, both on your private network as well as when you work with your DeFi side? So that's where the problem area is still is. So where that is where once part remains, it still remains on traditional financial side. So how we do that just allow me a second. So if the cash movement, if it is a banking transaction, okay. So as we saw that the banking transaction happens entirely on the permission blockchain. But one part which is not on the blockchain as of today is cash movement. Because we have to use react for this purpose. So what we have done that we have connected our platform to the banks core banking system. And as soon as there is a cash movement that gets registered onto the blockchain. But real cash movement in the trade file ending doesn't happen on to the blockchain. So we actually speaking India has launched a CBDC. We participated and we went to the finals. We did not win the finals, by the way, with the same proposition that Indian CBDC should be used on our protocol for lending to farmers, whereby we replace the fiat currency and we bring the CBDC so that this entire transaction happens on blockchain. So that is one part which still remains as of today, outside of the blockchain. But once the CBDC comes and once some of the banks we are working with are permitted to use CBDC for that purpose, we will be able to use that. Coming to the DeFi side. So on the DeFi side we use on-ramp offering solutions. How the cash movement happens on the DeFi side. So on DeFi you have two players. One is the borrower and one is this liquidity providers. So say for example, James sitting in the US and here a farmer in India. So how it happens that the liquidity provided provide stable coin liquidity into the group pool. And in the group pool when they provide liquidity, the stable coins come into group pool. We convert that stable coins into first of all, we convert them into dollar and then we convert that dollar into Indian rupee and give Indian rupee to the borrowers. Of course, we case that exposure as well. When the money is returned because we give only six months loan, we don't give high duration loans. So after six months when the money is returned, that figure currency we receive back from the borrowers, we convert that into stable coins and we send it back to the liquidity providers. I hope I was able to make it. That's great. Thanks. Sure. Thank you, Mani. By the way, if anybody goes back in history to the development of the federal reserve and the subsidiaries, you can say that it was due to the seasonal nature of agricultural commodities in America. Back in 19th century, America was a very powerful agricultural nation. Well, it still is. But the financing ebb and flow is what created the federal reserve. Financing of agricultural commodities is a basic feature of finance. In fact, it might even be the foundational feature of how money and finance started. In a sense, you are striking at the base of the system. I have one question for you, which is, I noticed that you are on a 2 to 4 percent fee. The fee structure is 2 to 4 percent, but others are 0.4 and 0.5 only because they are only dealing with the part of the system. Or how do you justify, because there is a lot of focus given to the fee structures, especially, for example, the Bitcoin ETF coming up, and could you comment on that? Sure. So, we've been there are two parts. When I said 2 to 4 percent, actually speaking, we are still cheaper than others because when you have a fintech in between that, fintech takes 10 percent. So, while the DeFi protocol only earns this 0.4, 0.5 percent, the fintech, which is working in between, which is taking money from here, keeps a spread of approximately 8 to 10 percent. Happens in India as well. In India, fintechs borrow at 15 and lend at around 24 to 30 percent. We are the other hand, the total cost starting from end to end is 2 to 4 percent. So, it means that we have been actually able to cut it down significantly and still keeping that on our books. So, in case of other DeFi protocol, it gets divided between the books of the DeFi versus books of the fintech. Here, it accrues on our platform. Second part, the on-ramp, off-ramp solution itself takes away approximately 1.5 to 2 percent out of this business. So, as a result, we are not actually, I would say that, enriching ourselves a lot by exploiting the borrowers. We have actually reduced the fee significantly into the ecosystem. Today, the rate of lending for me in India to the farmer segment is 9 percent per annum. That is just 1 percent above the mortgage rate in the USA. So, we have been actually able to, and that is actually speaking microfinance in India is in the range of approximately 24 to 26 percent. We are at 9 percent. So, we have been able to reduce the cost using this entire structure. Despite the fact that a lot of that money accrues on our platform. Significant portion also goes towards the cost, but it accrues on the platform. So, that's the benefit that our revenue goes up comparatively. Said that, we have cut down the cost of lending for the borrowers by 50 percent to 70 percent as compared to microfinance or even traditional lending ecosystems. The only reason I brought it up was because it gives this particular slide wrong impression. Actually, this slide was not meant to be here. This unfortunately, I opened a deck which is an investor deck and not a product deck. So, that's where this came up. Yeah. Okay. There are those other questions which I had posed to you, which we will go into especially now. One of the things is the volatility. Meaning, when you're maintaining your treasury in multiple types of instruments, let us say Ethereum, let us say Indian rupee dollars, the volatility of each one of these moving independently of each other would also affect your treasury, so to say. So, the treasury management becomes a very important part of this exercise. I wonder whether you could comment on that at all. Sure, Vipin, I fully agree with you. So, as a result, what happens is that we only deal in two currencies. We deal in stable coins, dollar-back, so only USD. And secondly, right now, the native currency, which is India, if we go outside of India, there will be another native currency. So, we are very much, because when I jumped into commodity markets at the same time simultaneously, I came into currency markets and have been working into currency and I was in 2008 when currencies went like, especially emerging currencies went haywire. Some of you would be there during the 97 crisis as well. I was still in college then. But what I'm trying to say that we have been very much focused. We don't take the liquidity in terms of digital assets, means no Bitcoin, Ethereum, nothing like that. Only stable coins. That allows us to manage the volatility comparatively between only one currency pair, which is USD INR. When we go to other countries, it will be USD, maybe since if we go to Indonesia, it will be USD Rupiah and so on. So, that is where our focus will be. How do we manage the currency risk only for one pair of the currency instead of having so many pairs. And second part is that we hedge the entire exposure. So, that is because we are dealing with small borrowers who typically don't have any idea how the hedging happens. And secondly, many of them don't know that the liquidity is coming from a dollar pool. So, for them, it's the converted INR. So, they don't even know that they have to hedge that. So, we take the hedging position on their behalf. So, trading management is certainly very important for us and we are focusing upon it and that's why we have kept the exposure highly reduced at this moment. Thank you. Anybody else? Any questions? Hi, I had just a quick operational question. I think you can answer pretty fast on that screen that's up right now on the architecture. So, if I'm a liquidity provider, there's this web mobile app. Are wallets involved? Is there a hot or cold wallet involved to transfer from PI to the crypto? Yeah, so there is a wallet. So, if you are a crypto, so we have created it for both crypto natives and non-crypto natives. If you are a non-crypto native, but that is only for Indian people, they can give us INR directly. So, we accept INR here in India as well. Otherwise, if you are from outside of India, you will have to give us a stable coin through your wallet. So, the moment you open the mobile app or you open the web app, it will first thing it will ask you is to connect your wallet. Because what also happens, we also give because these are over collateralized loans, so we also give the collateral, we also bring the collateral charge creation in the name of the same wallet and also we transfer the interest in the same wallet. So, wallet connection is required for all that purpose. Because the part of yield also comes in blue tokens. So, for example, if we have to provide yield today, so it will be approximately say 8% on dollars, we add yield plus 10% blue token yield. That is where the DeFi benefits start coming in, that the yield is not coming from the lending activity, but the yield is also coming from being part of the ecosystem and in the form of a token as well. Where is blue traded? Blue is not yet listed, but we are working on listing it by a month of effort. So, right now private markets will do finance tokens, but not yet publicly listed. Maybe we will take it offline, a bit more technical question about the whole quarter of infrastructure. Maybe can I reach out to you later? Sure, money anytime. Yeah, maybe if you can share with me an email, I'll reach out to you. So, at this time, I have to also say that money is going to make another presentation here, where he is going to link the entire, you know, his thought process are system-oriented. And so, his product is going to link both the payment side into the picture. And also, when you are talking about other financial, like equities and other things, then you need some kind of, you know, clearing, exchanges, a lot of financial market infrastructure, which is actually being worked on today by people like LSEG and the Euroclear people, and mostly on, I mean, some of them are on Corda, some of them are on other blockchains. Yeah, we just want to clarify, I mean, the focus will be on more on privacy, privacy on the chains using zero-knowledge proofs, and how we are implementing enterprise alleges. This is just the first of its kind. Yes, because that's essential for all implementing all of these things, like order books or any kind of cap tables. Any payment, payment, payment, you need privacy, and that's fundamentally to be a solid problem. Yeah, so even if you're focusing on that, that is in pursuit of creating the trading of what we can call it, RWA, for lack of a better term. But they are all different kinds of RWA. There are dematerialized RWA like shares and stocks, and there are actual physical RWA like commodities in real estate. So when we have this veil of the market laid over the whole thing, then we have more interoperation between all of these commodity types and payment types. Anyway, go ahead, Ashish. Sorry to hold forth on certain things. No, that's a great idea. So I mean, that's the thought process as money mentioned, that privacy using zero-knowledge proof and all, because if we want traditional finance to come on to, or if we want a measure of traditional finance and defect finance, then certainly we will require these services, we will require and as we are seeing that the ETF is coming up and people are saying, hey, it is all against decentralization, that you require custodial and all, but without them we are not going to move anywhere. So those things will be certainly required and people are building that and I would love to discuss money, because I have my own thought process on should we build something on those lines. So would you refer to this also as a supply chain trade finance solution? Over a period of time, yes. Over a period of time, that's what we are actually taking a solution to that our focus market is commodities. So whatever happens in the commodity business, we would like to be part of that over a period of time. So right now what we are doing is inventory finance. We are providing the inventory, we are taking the inventory in the warehouses, bonded warehouses, giving loan against that, but that's a very pawn market sort of a structure and then we have just started the tokenized commodity exchange. So the third step which is coming up is of course the supply chain finance and over a period of time, of course, the idea is that how do we use tokenized tokens transfer as a tool of import, export and if we are doing that, how do we bring import, export, supply chain financing. So all that is part of evolving stack for us. So if you have more material, otherwise we can continue this discussion or you can go ahead and Okay, so I will then maybe I mean the other discussion was there, but maybe I will just take this slide small one and the core idea of why we use blockchain was this one that how do we how do we solve the multiple lending or other type of fraud problems or this. Also, one question always happens that what about the commodity physical controls because you are saying that, hey, I have these assets and these assets are in the control of the warehouse, how do we ensure that. So for that we have certainly built certain machine learning solutions, we have put data from many places. We are also working with one of the largest warehousing, we are in the process of working, it is on will take a lot of time, but the largest a lot of time in the terms of procurement process of the government, but largely, we will be working in a such a fashion that how do we use intelligent machines to have a to have a control on the movement and also notification of the movement of the goods. So we are working on that pilot is going on and hopefully in next few months it will convert into a full place last project. So that that's because physical thing remains a challenge, especially in commodity space. Also given that in India, especially or in other parts of the world also in some parts of the world, like in the US you have storage in large silos. So the value stored in a particular silo is very high and you can deploy a lot of costly technology solutions. But here in India, we do storage in a 50 kg bag, a 50 kg bag of weight is approximately $20. How do you put something in that $20 bag and how do you monitor that? So that remains a challenge, we will be working on solving that. And the second part was that we have been able to reduce the cost, we have been able to create a centralized lending process for the lenders and so on. So that is where we use technology to solve some of the problems and some of the problems are being tried to be solved over a period of time. We are seeing that a deep in infrastructure network of IoT solutions, intelligent cameras and so on to come over here. And we will also see that we are also planning as I discussed earlier that how do we merge all of that over a global trade platform. So that's all I believe for me to say but I would love to have further discussion if there are any questions on that or any specific part which the people would like me to talk about. One of the things that comes up is whether what to do about default, that's one. The second is what is to be done about deterioration of physical commodity. That is what happens if rain or any kind of insects or rodents attack the product. The third of course is that you are obviously not going to lend against commodities that are extremely fragile or extremely volatile. Those are the three things regarding that including liquidation in terms of default would be great to talk about those. Did he disappear? Looks like he did. Ashish dropped off. Are you guys hearing what Ashish is saying or Jeff is saying? I don't see him either. It does look like he's gone as a participant. So now I'm going to VIP and you can pick it up from here. Well I mean you know these are the questions that I asked him to address. Well here he comes again. He's coming back in. Oh beautiful. I am so sorry I just got disconnected for a couple of minutes. Yes so the question arose I mean I asked three specific questions dealing with the physical commodity. One is default. Second is decay or destruction of the commodity due to improper storage or due to some extreme events. Third is of course how things are getting liquidated. Okay so I can take one by one. So in case of default and liquidation will be intellect right? So what happens in case of a default that if it is of course stratify bank we don't need to worry much about how do we work on the default because it's when the defi is there then we take care of the default process and the liquidation process on behalf of the liquidity providers. So that's one intervention we have to do. However the good part about this asset class is commodity is highly liquid asset class. So it's not real estate. So you have an asset class which is highly liquid which can be sold in almost any part of the work means of course you can sell online. We have our own trade platform where it can be sold but even if it is to be sold physically we can even sell it in a small village or maybe rural market, small urban centers as well. So we actually speaking in last two and a half years of giving loan we have zero default. We have zero case of for liquidation. Of course the track record will not be maintained forever but we are ready for that eventuality. Actually speaking that was the core idea of providing the exchange as well that one idea of exchange is by trading people are essentially selling goods and we are recovering our loan and the interest from that sale proceeds itself. So that helps us in collection and we can use any day to sell online that commodity. Secondly we can sell offline as well. So those parts are there we have physical infrastructure where houses are there which are manned by people and those people are actually in a position to sell it in the market as well. Coming to maintenance so in maintenance terms there are several aspects. One each and every penny of the commodity on our platform is insured. So actually speaking because we work with a lot of government sector total insurance at any given point of time on our platform because of the government's own insurance policies and all. I mean last few months back it was approximately it was approximately I would say that a billion dollars because they have a stock which is tokenized but they also have other government stock and they have to take insurance for that. So approximately less than a billion dollars but approximately 900 million dollars of insurance was there approximately six months back. So every penny is insured that's one against any sort of physical problems that may happen plus any sort of implied fiduciary fraud is also covered in those insurance policies. The third part is maintenance how do we ensure because insurance will not cover poor maintenance. So for that process what do we do that the maintenance records so there is a 15 days every 15 days there is a fumigation process and there are other processes in the warehouses which are to be carried out. So again those records of those processes have been carried out or not it's also available on the blockchain itself. So for every warehouse when they do those activities they put a record here on the blockchain and that is available for verification by the lander such man. Sounds great. Unfortunately we are running out of time so if anybody else has any last questions now is the time to ask or you can contact Ashish on his email and thank you Ashish for showing up and being so forthcoming about all your your platform and I think this is the place where RWA will start with the physical foundation. Yeah great great solution well thought out and you know want to see more of this as it evolves and you you are starting at the right place so I think in a sense the roadmap you have forward sort of makes a lot of sense logically at a point you'll integrate other standards and so on as you hit what I call different areas of what I call supply chain but for now you've really had a very very solid start well thought out so thank you for that. Thanks. Thanks a lot Jim. So Vipin thanks thanks a lot thanks everyone for listening so patiently and joining us especially quite early morning in some parts of the world and thanks the hyperlager foundation for giving us this stage. We would love to talk about RWA in future and hopefully whenever you are doing the physical event Vipin I will be there in New York to attend that. Yes we are going to have it probably in April sometime we don't know but it's going to be run by Jamil who has got one of the Jamil shake he's got one of the biggest networks of people. I think his hyperlager meetup has got 40 000 people so we are talking about numbers that you know there are beyond what we are capable of in hyperlager but it's going to be physical and he is planning a multi-day event or even a single day event and hopefully some of these products will feature in that. Thanks a lot and goodbye and good night. Thank you thanks everyone looking hopefully we will connect soon Vipin.