---
# System prepended metadata

title: 'Collateral Call Summary - Episode #34'
tags: [Collateral Call]

---

---
tags: Collateral Call
---

# Collateral Call Summary - Episode #34
July 30th, 2021

## Agenda

- [00:00](https://youtu.be/0d2CJ2dV7Do): Intro with Juan Guillén
- [00:55](https://youtu.be/0d2CJ2dV7Do?t=55): Untangled with Manrui Tang
- [20:07]((https://youtu.be/0d2CJ2dV7Do?t=1207)): Q&A and Discussion about Untangled
- [01:08:55](https://youtu.be/0d2CJ2dV7Do?t=4135): Closing with Juan Guillén


## Video

<https://youtu.be/0d2CJ2dV7Do>

## Introduction

### Juan Guillén

#### Agenda and Preamble
[00:00](https://youtu.be/0d2CJ2dV7Do)

- Hi everyone! This is collateral onboarding call #34. My name is Juan. I am the facilitator from the SES CU. Today we are joined by the team of Untangled and a bunch of people from Maker community. They will be explaining what the project is about, their MIP6 application, anything related to that, and hopefully answer some questions.
- Discussions about collateral happen in the [Forum.](https://forum.makerdao.com/t/collateral-onboarding-call-34-untangled-friday-july-30-4pm-utc/9527/3)

## Untangled

### Presentation with Manrui Tang

![Front](https://i.imgur.com/j9FTRra.jpg)

![Team](https://i.imgur.com/NCt8kl4.png)

![Untangled Digital Credit Fund](https://i.imgur.com/0aVeVSz.png)

![Unlocking New Assets Classes](https://i.imgur.com/wLFqryg.png)

![Abstraction Layer For Maker](https://i.imgur.com/ReWqfAV.png)

![Transparency](https://i.imgur.com/S4zqvlz.png)

### Platform with Quan Le

![Platform - Investor](https://i.imgur.com/QeWixrh.png)

![Platform - Investor](https://i.imgur.com/4oIA9m2.png)

![Platform - Asset Originator](https://i.imgur.com/2yfRePv.png)

![Platform - Asset 2](https://i.imgur.com/Gzbl3xf.png)

![Performance](https://i.imgur.com/ftvqdxp.png)

![Trigger](https://i.imgur.com/mtrUy7w.png)

![Investors - Assets/Performance/etc.](https://i.imgur.com/5kmYsAH.png)

#### Discussion

- [20:07 - Juan Guillén: If you managed to tokenize the assets yourselves why did you go with Centrifuge?](https://youtu.be/0d2CJ2dV7Do?t=1207)
- [21:34 - Payton Rose: You mentioned the partnership and the blockchain community is important to you. What else are you hoping to get from the lending line with Maker?](https://youtu.be/0d2CJ2dV7Do?t=1294)
- [23:23 - Frank Cruz: Can you go through the sufficient Vault that you spoke about earlier? Can you walk us through the borrower's worst-case scenario?](https://youtu.be/0d2CJ2dV7Do?t=1403)
- [29:18 - Frank Cruz: Is it true that the borrower needs to get insurance for maritime insurance?](https://youtu.be/0d2CJ2dV7Do?t=1758)
- [30:45 - Payton Rose: I have a question about the Centrifuge pools. Are you intending to use the incentivized ones? Will there be farming rewards for drop investors?](https://youtu.be/0d2CJ2dV7Do?t=1845)
- [31:33 - Payton Rose: In terms of scale, how much financing would you be seeking from the Maker side?](https://youtu.be/0d2CJ2dV7Do?t=1893)
- [33:33 - Planet_X: You are registered in the UK, is that correct?](https://youtu.be/0d2CJ2dV7Do?t=2013)
- [34:33 - Planet_X: If you are operating globally, you have exposure to other assets or other currencies than the US dollar, correct?](https://youtu.be/0d2CJ2dV7Do?t=2073)
- [35:35 - Planet_X: What kind of rules and regulations do you follow?](https://youtu.be/0d2CJ2dV7Do?t=2135)
- [38:03 - Planet_X: Concerning your cost structure, a part of it has to do with capital expenditure and another part with human resources. If you are planning to scale as much as you are hoping to do, what is the share of human resources in your expenditure picture?](https://youtu.be/0d2CJ2dV7Do?t=2283)
- [43:13 - Planet_X: Speaking about the assets that you provide finance to, I assume that not all deals go well and you do not get to monetize every asset you finance. Is that right?](https://youtu.be/0d2CJ2dV7Do?t=2593)
- [47:13 - PaperImperium (from chat): How much of the receivable is secured by inventory and how much by revenue?](https://youtu.be/0d2CJ2dV7Do?t=2833)
- [50:57 - PaperImperium: Could you talk about the process you go about identifying asset originators to onboard and what your due diligence process is?](https://youtu.be/0d2CJ2dV7Do?t=3057)
- [56:04 - PaperImperium: Can you talk about how you go about the ultimate pricing of that coupon that the drop will pay?](https://youtu.be/0d2CJ2dV7Do?t=3364)
- [1:00:42 - PaperImperium: Who do you envision in co-investing alongside in the TIN tranches? Is that going to be mostly asset originators? How do your Untangled Credit Fund and the capital of that Fund fit in?](https://youtu.be/0d2CJ2dV7Do?t=3642)
- [1:02:12 - PaperImperium: In some of these deals you will be co-investing with your own capital and in some you will not be, is that correct?](https://youtu.be/0d2CJ2dV7Do?t=3732)
- [1:06:11 - Juan Guillén: Can you comment on the process that we are at and what are the next steps?](https://youtu.be/0d2CJ2dV7Do?t=3971)
- [1:08:20 - Juan Guillén: If anyone wants to reach out to ask questions or make comments, where should they do that?](https://youtu.be/0d2CJ2dV7Do?t=4100)

## Closing Comment

### Juan Guillén

#### Outro
[01:08:55](https://youtu.be/0d2CJ2dV7Do?t=4135)

- Please join the discussion at the forum. You will find the MIP6 application and you can reach the team to ask any further questions. Please vote and participate in the governance process! Any parting comments?
	- Munrai Tang: I look forward to working with you! We have been following Maker for four years now! It is amazing what you have been able to achieve and being fully decentralized as well. With your funding cost of zero, it is a very big opportunity to help our originators grow the real economy, and to take Dai out to the real world.
- That is our superpower! Thanks to everyone for joining us.

## Credits

- Gala Guillén produced this summary.
- Everyone who spoke and presented on the call, listed in the headers.