Case Sharing - Glo
the anti-poverty version of the dollar
Evan 23’ 2.15 (Wed) - Da0 Meeting
# Stablecoin
Glo is a fully backed stablecoin pegged to the US dollar.
(Backed by a reserve of USD and US Treasuries, and
they will allow users to buy or redeem Glo for $1)
# Non-profit
They’re non-profit. Like other stablecoin companies,
they earn interest from our reserves. The difference:
they give all of it away to reduce extreme poverty.
# Generate basic income
You can generate basic income for people in extreme poverty
simply by owning Glo. More Glo adoption means more basic
income for more people.
# Initial funding from GitLab CEO
Initial funding provided by the Sijbrandij Foundation. Early funds will be allocated to the budget for operations and marketing.
Sytse 'Sid' Sijbrandij founded business software firm GitLab in 2012 and took it public in the U.S. in October 2021.
# With board consists of industrial leaders
The nonprofit will be governed by a board of directors and led by an executive team. The board will consist of industry leaders representing the project’s stakeholders.
The board will establish policies and provide oversight to the organization. The executive team will provide the strategic and operational direction of the nonprofit.
“The innovation of Glo is that it allows you to financially contribute without actually giving any money away.”
There are three key drivers that make up most stablecoin demand:
(1) facilitating trades on crypto exchanges
(2) liquidity for market making and trading
(3) as loans using volatile assets (e.g. bitcoin) as collateral, allowing borrowers to leverage gains in assets without selling them
# Promoting the social impact position of Glo
Glo will seek to grow market share by positioning the stablecoin as a trusted and transparent option compared to others in the market. We will also leverage our mission and social impact that users have when using Glo.
Short - Term
Drive merchant adoption
# Growing community
Individuals sacrifice some comfort by buying Glo and trying to spend it.
Mid - Term
Drives global brand awareness
# Growing a socia movement
As merchant adoption grows, the broader public can increasingly buy Glo.
Long - Term
Drive ESG or
CSR goal
# Growing growing corporate holdings
To capture brand equity and pay employees who care, businesses have to decide to retain their Glo as Glo and not redeem USD.
Q1 - Is it the right time to launch Glo? Why now?
>> Come up with the question from after reading the book of Jason Calacanis - Angel: How to Invest in Technology Startups
(從 Angel Investor 的角度來問創辦人：你過去是從事什麼、為何選擇這個項目、為什麼是現在、你有什麼優勢）
Maybe the mass adoption of USDC, USDT, BUSD?
Q2 - In the whitepaper of Glo, they mentioned that will have messaging app to become their strategic partner in oder to integrating the payment feature, what kind of partnership do you think it is nice (or great) to have?
Besides messaging app, maybe country-based NGO would be a great choice
Q3 - What’s the possible factors that lead to fail for Glo?
Crypto market condition?
https://docs.google.com/document/d/1E09fdrvBr_TgsUqODq-MROfoSniHI8Ri_3gRYYoWXi0/edit#