Welcome to another episode of our AMA series. Today we are glad to tell you about the AMA session with our friends from Polka Ventures.
Polka Ventures is a decentralized alternative investment fund. The AMA took place on March 26 and our guests was Patrick S. Dine.
The total reward pool was 500 $POLVEN and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello Satoshi Club! We are happy to announce our AMA session with Polka Ventures! Welcome to Satoshi Club.
D | Satoshi Club: @patrick_polven our today’s guest! good to have you here! welcome!
Patrick S. Dine: Hi everyone.
Mary | Satoshi Club: Patrick, please introduce yourself and tell us more about Polka Ventures.
Patrick S. Dine: I’m Patrick, 48 yrs old, master’s degree from George Washington University, I’m an entrepreneur, and I’m living in DC. It was actually a friend of mine from Edge Technologies where I was working as a manager who told me about this.
Mary | Satoshi Club: How can you describe Polka Ventures in some sentences?
Patrick S. Dine: Polka Ventures is a decentralized alternative investment fund. We invest in DeFi, crypto and blockchain projects that create value and solve issues making blockchain simply better. The investment targets have to a have a liquid token or planning to list it shortly. We provide seed and early stage funding.
We are happy to announce the airdrop launch. Take part and get $100 in POLVEN! Follow this link: https://t.me/AirdropDetective/733
Q1 from Telegram user @tony253210
Polka Ventures announced that its Pre-sale event will take place this Sunday 28th, so can you tell us what are the essential aspects that user must complete to be able to join on it? Do we have time to enter yet?
Patrick S. Dine: Pre-Sale of POLVEN tokens will take place on Sunday, March 28th, 2021 at 15:00 UTC. How to participate in the Pre-Sale?
The pre-sale will take place on the Bounce platform. In order to participate in the sale, you need to follow the link that will be posted on March 28th, 2021 at 15:00 UTC in our official Telegram (t.me/polkaventuresannouncements) and Twitter (https://twitter.com/PolkaVentures). Then, you connect your Metamask wallet to Bounce and make the fixed swap. More thorough instructions will be posted tomorrow. You don’t have to buy bounce token, you need only ETH in your wallet.
Q2 from Telegram user @ninoska0012
Polka Ventures invests in projects when they launch their token or shortly before a listing through private sales. The community plays a very important role: any member can submit a start-up project that has been identified that matches our investment criteria. What are the criteria that must be met to pass the preselection filter?
Patrick S. Dine: The projects have to be in the following sectors of investment:
- DeFi
- NFT
- Crypto
- Blockchain infrastructure
Secondly, the projects have to match some standards like:
– Is the team reliable?
– Is there a market for the product
=> You can check out our homepage and click on “Submit project”, there you can see all the information we will check before investing if our community is voting for the investment of course.
So, if you hold POLVEN token and stake it then you can vote where to invest. And you are also entitled to subject projects!
Mary | Satoshi Club: When team is s reliable? Will you accept anonymous teams?
Patrick S. Dine: No, of course not. It is important that we can check the team (personal background/ track record). The team is the most important: If you have a bad product but a good team even this team will make the product fly.
Q3 from Telegram user @meml97
While reading your whitepaper I saw that Polka Ventures decided to launch not one, but three funds pools called Lichtenstein, Warhol and Rauschenberg respectively, so, can you tell us more about this fund pools? Why did you decide to have three pools, when will each one of them take place, and what is your target expectation for these pools? On what will this funds used for? Also, I’m really curious about this names you gave them, can you tell us more about it and where did they come from?
Patrick S. Dine: Polka Ventures will launch 3 funds (technically speaking those are “pools”) named after 3 great painters of Pop Art and somehow the “fathers” of the first polka dots…
1. Lichtenstein: The Lichtenstein fund, named after pop art painter Roy Lichtenstein and somehow the father of « polka dot » painting is our initial investment pool. It is funded from the DEX raise.
2. Warhol: The Warhol fund is our second funding pool to be launched in Q3 2021. This pool is meant to attract more institutional investors.
3. Rauschenberg: The Rauschenberg fund is our third funding pool. It is scheduled for Q1 2022 and will topple the previous investment amounts. This fund and the previous might be a regulated Jersey Private Fund (“JPF”).
Our target fund size will start from USD 3 million for the first pool, USD 5 – 10 million for the second and USD 20 million for the last pool to be launched in 2022 subject to previous market performances.
Mary | Satoshi Club: Did you officially register your company? If yes, where? And also, will you need licenses for any of your funds?
Patrick S. Dine: Yes, the company is registered in Hong Kong (=> the address is on our website). We don’t need a license for these investments. Setting up regulated fund structures is rather a requirement from institutional investors but legally speaking we don’t need to do it.
Q4 from Telegram User @yellowchamp
Can you explain more about the institutional investors that you are planning to integrate this coming months in Polka Ventures network? Why choose those investors? What gainful benefits you will get from each other as a partner? Are you already in the process of negotiating with these investors? Aside from institutional investors, do you plan to integrate other kind of investors in the future? Thank you
Patrick S. Dine:Yes absolutely, Institutional investors are more and more discovering crypto investments, for example BlackRock just filed two licenses with the SEC in order to do crypto investments. We have been approached by several institutional investors, so they invest in Polka Ventures and we invest for them.
Mary | Satoshi Club: As i understand institutional investors have high requirements for their investments. Did you have to change something in your project to meet their requirements?
Patrick S. Dine: No, as we know their requirements. My colleague Marco has been in the real estate investment/ finance industry for 15 years, he was director at Bavarian State Bank, Dresdner Kleinwort, Paul was manager at Alpha Bank, Slava was CEO at Legion, an investment company, and Nils is currently invested in 20 companies.
Q5 from Telegram user @Arisabela
Your governance method is “stake-based”, so everyone that holds enough of your tokens can participate, how do you incentivize your voters to make good apportations to your platform? Is there any way to reward them?
Patrick S. Dine: Our system is designed to provide service for the users to stake specifically created for that purpose tokens to get an interest that will depend on the percent set by Polka Ventures. Our interest logic for staking is going to be implemented using Compound logic that is designed to make the reward distribution process fair for the system users. The main idea of the Compound logic is to make a full time and rate dependent calculation of the reward amount.
We will offer 2 types of staking at attractive rates:
- Minimum of 6 months locked staking
- Staking with no fixed duration – the duration is set by the user himself
Our initial staking rate will be appr. 16%+. Polka Ventures will also offer yield farming. You can gain high interest rates and generate passive income by providing liquidity. Staking and yield farming will be launched end of Q2 2021. We use Sybil platform.
Q6 from Telegram user @lzamg
It’s great that start-ups can get capital from platforms like Polka Ventures, but what happens if the project you invest in doesn’t accomplish their goals? All investments entail risk, so how are you prepared to face loss if that happens?
Patrick S. Dine: As we only buy a liquid token we can exit at any. A traditional VC fund is investing in equity. That means if you want to sell your participation you first have to find a buyer and agree on a price. This could take several months. That is far too long for DeFi and crypto. With a liquid coin we can react within seconds!
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 120 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @Karoceh
Do you agree that there is always a risk of loss in investing? what is Polka Ventures’ strategy to at least reduce the risk of loss? Are you considering an insurance product, or do you have your own mechanism to protect investor funds?
Patrick S. Dine: Venture capital is always a risk. Projects are seeking for venture capital because they do not qualify for traditional bank loans. But as we involve our community in evry investment decision we can rely on thousands of brains and eyes who will screen the projects to invest in. Even the best fund managers couldn’t do that
Q2 from Telegram User @andZer31
Do you have mechanisms such as buyback and burning to regulate the demand and supply of $POLVEN?
Patrick S. Dine: No, we don’t. The tokens amount of 26.4 million is quite low.
Q3 from Telegram User @Mynameloc
After token finishes airdrop, do you plan on which exchange and exchange list will be the first place for POLVEN token to be valid? let me know
Patrick S. Dine: We will list on UNISWAP after the Pre Sales on Sunday. 25% of raised funds will be looked in the liquidity pool, so of ETH 3,000 it will be ETH 750 plus the same value in POLVEN tokens.
Q4 from Telegram User @Korryl
I read from your twitter that PolkaVenture have won a nominee as one of the best project which have best website Madeontilda by Tilda. Can you share what is Tilda and what effort that PolkaVenture’s team already do to get this achievement?
Patrick S. Dine: Tilda is a solution like Invision I would say.
Q5 from Telegram User @highpee
Your Project name is Polka Venture which has sound similarity with PolkaDot. But I found out you will be launching on Ethereum. Do you have consideration for Defi investment in PolkaDot chain project? Or is there a limit to the blockchain and project you will be venturing into?
Patrick S. Dine: Yes, a Polka Dot version is in the pipeline too. We want to see that is fully deployed with all features.
Q6 from Telegram User @rockmorti
If the market makes a long crash, is it possible that PolkaVentures can protect itself, some mechanism?
Patrick S. Dine: Yes, we hold a shredhold in USDT and USD, but let’s be fair: we won’t do miracles either. Said so, during market corrections it is a good time to invest at a low price. In crypto you have to be patient.
Q7 from Telegram User @K2ice
Less than 48 hours to your Presale. Is there anything we need to know before then as regards participation and the correct contract address? Is there a way to join before the presale starts or we have to wait till the day before participating?
Patrick S. Dine: Pre-Sale of POLVEN tokens will take place on Sunday, March 28th, 2021 at 15:00 UTC.
How to participate in the Pre-Sale?
The pre-sale will take place on the Bounce platform. In order to participate in the sale, you need to follow the link that will be posted on March 28th, 2021 at 15:00 UTC in our official Telegram (t.me/polkaventuresannouncements) and Twitter (https://twitter.com/PolkaVentures). Then, you connect your Metamask wallet to Bounce and make the fixed swap. More thorough instructions will be posted tomorrow. You don’t have to buy bounce token, you need only ETH in your wallet.
Q8 from Telegram User @meml97
One thing that caught my attention was the fact that the team you show on your website looks (purely based on their last names) very american and europian to me, but even that, Polka Ventures is based in Hong Kong, so can you tell us more about it? Why did you decide to based Polka Ventures there and not in another part of the world like USA for example? Does this mean you are trying to penetrate the Asian market first? If so, why did you decide to enter that market first? How could this be beneficial for Polka Ventures?
Patrick S. Dine: Hong Kong is one of the most dynamic financial places in the worl, I think they are number 3 or 4. The legal frame is very business and crypto friendly and enjoys a great stability. I hope some Asian advisors will join! Spread the word.
Q9 from Telegram User @K2ice
What can you say about the audit that was recently conducted by Blackshot on the POLVEN smart contract? How can we get access to this report and are you planning on doing another audit with a different audit firm?
Patrick S. Dine:
Our POLVEN token is a standard ERC20 token. We made an audit that was conducted by Blackshot on March 19th, 2021. According to the audit, the “POLVEN smart contract is well crafted, following common security practices. Full set of tests were provided to enforce correctness. Issues that can impact on the contract were not found. Some recommendations were proposed to follow best practices.” Excited to get listed on Uniswap! The audit report is on our Twitter account.
Q10 from Telegram User @K2ice
Is there a specific target of projects that Polka Ventures invest in or just any kind of project is welcomed on board?
Patrick S. Dine: The projects have to be in the following sectors of investment:
- DeFi
- NFT
- Crypto
- Blockchain infrastructure
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about Polka Ventures. A link to a Quiz form was sent into the chat. Participants had 10 minutes to answer. 300 $POLVEN were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
English Telegram group: https://t.me/Satoshi_club
Russian Telegram group: https://t.me/satoshi_club_ru
Spanish Telegram group: https://t.me/satoshi_club_spanish
Telegram Channel: https://t.me/satoshi_club_channel
Website: https://esatoshi.club/
Twitter: https://twitter.com/esatoshiclub
Our Partners:
Polka Ventures official chat: https://t.me/polkaventuresofficialchat