We are FOLKVANG, a quant trading firm interested in borrowing 1,500,000 TUSD for 30 days at an annualized rate of 11.6% [EDIT: 13.1%]. We’ve been watching TrueFi and would love to expand our relationship with the community over time.
Our crypto genesis story begins before DeFi; at the very dawn of CeFi, when Binance was but a glint in CZ’s eyes and Ether a whisper in the wind. We go back yet further, spanning crypto winters and frenzied peaks alike. We venture out to a mythical place far away; from the western lowlands we go beyond Asia to face Mt. Gox. Ruled by a strange French king it was the highest mountain in the land. We set out to traverse the dangerous crevasses, a ruthless quest too harsh to bear for many. As we passed frozen bodies of the fallen, we continued tirelessly and strengthened our resolve.
But this is not the tale of Mt. Gox - a story we all know too well; one we reminisce on with grimaced faces around campfires once the young have gone to bed. This is the story of a crypto world that phoenixed from the ashes and the trading firm that came along with it. From its humble beginnings as the creator of Gekko, a now famous story from a time long passed, yet ever popular amongst the finest craftsman on Github; to Agent Smith, an arbitrage bot trading billion dollar volume on Poloniex in 2017; and finally culminating in FOLKVANG.
We have used this experience and our expertise to evolve into a force active in nearly all crypto markets. Chief amongst our many strategies is market making where we harness our market leading technology and infrastructure. You may not know us by name, but we have likely met before. When you have wanted to buy, we were willing to sell; and when you have wanted to sell, we were willing to buy. We look forward to continuing this partnership.
As is courtesy, we will lift our skirt and show our ranking in one of the halls of fame (FTX). This is but a taste of our global breadth and depth as we spread our expertise like an invisible umbrella protecting and nurturing the crypto ecosystem.
It’s nice to know that Alameda Research has invested in Folkvang.
Questions:
What will the money be used for?
Thanks for the tweet and appreciate that a lot. If you can, it would be nice to tweet about TrueFi farming opportunities with high APY (87.29% Unstable) as of this writing. The goal is to onboard more lenders so that we as a community can provide loans for borrowers like you. If you need more details, visit https://app.truefi.io/farm and checkout TFI-LP.
thanks guys, that helps our marketing quite a bit and helps us grow our relationship. Could we issue a joint press release in the future as well? Any way that you could help give more attention to our platform and to our $TRU coin would be appreciated.
We are sincerely enjoying the initial loan, and now we are ready to scale up. We are hoping to borrow an additional 2.25 to 5m, we are willing to pay an interest of 18% that reflects our desire for this.
5mm – we’re going to be working with Folkvang to get set up on X-Margin to see if, as Raf pointed out in an earlier post, we can offer more quantitative support around borrowing limits. More to come on that!
I still think we should wait for the loan repayment from Folkvang before increasing the limit 3 fold. Building credit history should be key to make these decisions. So I agree with limiting to 2.25 million or lower until loan repayment is done successfully
Agreed, 6.5mm total before any history of successful repayment feels like too much. If the X-Margin thing is set up, tell us and that might change my mind, but at the moment I plan to vote no.
Unfortunately there is no “processing duration” - the code is set up such that if the vote passes, then at the end of the voting period nothing can prevent a borrower from withdrawing the capital immediately. Thus I believe that the only sensible thing for the platform to do is to not approve a loan if we would not be happy with the borrower withdrawing it immediately, even though I have absolutely no reason to distrust Folkvang in particular.
Note that 3 days is the minimum voting period - we could always vote no now and then change the vote to yes after repayment, assuming we actually want to approve 5mm. Though I’m not sure we do want to approve 5mm without X-Margin.
Hey guys, really appreciate the support for our second 5m borrow application; unfortunately, we’ve had to take it down by request of the Truefi Team. We’ll continue engaging with the TrueFi team and the community to see what makes sense to do next.
