---
# System prepended metadata

title: 'Collateral Onboarding Call #45 - Summary'

---

# Collateral Onboarding Call #45 - Summary
July 12th, 2022

## Agenda

- [00:00](https://youtu.be/Yt-Ktg1xcAc): Intro with Retro
- [00:48](https://youtu.be/Yt-Ktg1xcAc?t=48): Collateral Backed-Finance with Adam Levi
- [12:00](https://youtu.be/Yt-Ktg1xcAc?t=720): Q&A and Discussion


## Video

<https://youtu.be/Yt-Ktg1xcAc>

## Introduction

### Retro

#### Agenda and Preamble
[00:00](https://youtu.be/Yt-Ktg1xcAc)

- Hello, MakerDAO community. Thank you for joining episode #45 of the Collateral Onboarding Call. Today we have another exciting project: Backed-Finance, with one of the co-founders Adam Levi, to explain how they tokenize ETFs backed one-to-one.  
- Discussions about collateral happen in the [Forum.](https://forum.makerdao.com/c/risk/collateral-meetings/23)

## Backed Finance

- [MIP6 - Declaration of Intent - Collateral Onboarding Applications - Forum thread](https://forum.makerdao.com/t/mip-6-declaration-of-intent-invest-in-short-term-bonds-proposal-for-implementation/16185)

### Adam Levi

#### Presentation
[00:48](https://youtu.be/Yt-Ktg1xcAc?t=48)

![Backed Finance](https://i.imgur.com/yLn4jeh.png)

![Disclaimer](https://i.imgur.com/iQreCSz.jpg)

![Capital Markets On-Chain](https://i.imgur.com/ZciHHCo.png)

![Who we are](https://i.imgur.com/kcK3VsY.jpg)

![Stablecoins](https://i.imgur.com/q4vbjcf.png)

![The opportunity](https://i.imgur.com/p7BsORb.png)

![Switzerland](https://i.imgur.com/Qo9P6zv.png)

![Product](https://i.imgur.com/qXhdBLW.png)

![Product flow](https://i.imgur.com/xDEU66g.png)

![Secondary market](https://i.imgur.com/D4a1jj1.png)

![Use cases](https://i.imgur.com/9lFC01Y.png)

![Proposal to Maker](https://i.imgur.com/6vBtmdB.png)

![Our partners](https://i.imgur.com/QlFa1cf.png)

![Launch](https://i.imgur.com/15F2Vuw.png)

![Thank you](https://i.imgur.com/5qOMqJx.png)

#### Discussion

[12:00 - ElPro: Who is the Clearing Firm?](https://youtu.be/Yt-Ktg1xcAc?t=720)

[13:07 - ElPro: How similar is Backed-Finance to FTX?](https://youtu.be/Yt-Ktg1xcAc?t=787)

[13:55 - David Krett: We do not have an issuer risk. We have security agent risk. Who is the security agent, and how are they rated? How is token issuance controlled, or is it a multisig wallet?](https://youtu.be/Yt-Ktg1xcAc?t=835)

[15:57 - Retro: Is the link to the prospectus in the MIP6 application?](https://youtu.be/Yt-Ktg1xcAc?t=957)

[24:05 - Renuka Gupta: How would pricing work when trading on Uniswap?](https://youtu.be/Yt-Ktg1xcAc?t=1445)

[26:10 - ElPro: What is the total expense ratio on this IBTA? Can you please provide more details on how the KYC/AML process is enforced? Is it via someone like Fireblocks?](https://youtu.be/Yt-Ktg1xcAc?t=1405)
[28:33](https://youtu.be/Yt-Ktg1xcAc?t=1713)

[28:36 - David Krett: What is the total market for the IBTA proposed for Maker? Will Maker be the only investor in this product, or will it be available to other investors?](https://youtu.be/Yt-Ktg1xcAc?t=1713)

[30:20 - ElPro: Can the ETF be expanded to more exposure than just a single country government bond?](https://youtu.be/Yt-Ktg1xcAc?t=1820)

[31:49 - Retro: Do you have any other projects on the roadmap to work with and a similar partnership with Maker, or is it solely focused on the Maker's ecosystem?](https://youtu.be/Yt-Ktg1xcAc?t=1909)

[32:47 - Tim Black: Who maintains the IBTA price oracle?](https://youtu.be/Yt-Ktg1xcAc?t=1967)

[33:24 - David Krett: This is closed off to US Investors but are there any restrictions on token transfers? Is there a risk if the tokens are transferred to US Investors?](https://youtu.be/Yt-Ktg1xcAc?t=2004)

[34:59 - ElPro: Would the IBTA oracle only be updated at market close?](https://youtu.be/Yt-Ktg1xcAc?t=2099)

[35:52 - Retro: I looked up the performance of the iShares $ Treasury Bond 1-3yr UCITS ETF USD. Since inception, it has only return 5%(2017-2022). Can you provide color as to why it has such a performance?](https://youtu.be/Yt-Ktg1xcAc?t=2152)

[36:38 - David Krett: To a certain extent, does this restrict liquidity?](https://youtu.be/Yt-Ktg1xcAc?t=2198)

[38:07 - David Krett: But if we are holding the tokens and we are swapping them in the PSM - will it need to be made clear in advance?](https://youtu.be/Yt-Ktg1xcAc?t=2287)

[40:51 - ElPro: Why is it your ten thousand five hundred dollars from 2020 now worth less; ten thousand four hundred? Is that because when deals go up, bond prices go down?](https://youtu.be/Yt-Ktg1xcAc?t=2451)

[41:49 - ElPro: When it comes to Backed-Finance, do you gather your base in Switzerland? Is there anything that protects any DAO from having their assets frozen because it is going through a swiss company?](https://youtu.be/Yt-Ktg1xcAc?t=2509)

[43:46 - ElPro: Have you already released other ERC20 tokens? Are you able to post that on the MIP6 application?](https://youtu.be/Yt-Ktg1xcAc?t=2626)

[44:27 - Retro: What is the best way to get ahold of you?](https://youtu.be/Yt-Ktg1xcAc?t=2667)

## Closing Comment

### Retro 

#### Outro
[44:53](https://youtu.be/Yt-Ktg1xcAc?t=2693)

- Thank you, Adam, for coming out today. Everybody be prepared to see the green light poll posted on Monday. Keep up to date at forum.MakerDAO.com. We will see you next time.   


## Credits

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