Dopewars

GM Dope DAO

With previous attempts to source a DAO Credit card failing, I have followed up on an introduction by Mr Winston Wolfe to check out the UTGL Group. https://utgl.io/

See previous Snapshot here: https://snapshot.org/#/dopedao.eth/proposal/0xd934aef8e71d1528f0dd2968344a31ea0bbe3b3ea67fd387c0e45a5b958ecfa4

Like previous attempts, this organisation is also unwilling to issue a card to a DAO as an entity. However they have confirmed that they would be willing to issue a card that would be in the DAO’s name provided I would act as the Ultimate Beneficial Owner.

UTGL are Hong Kong based and the card they would provide is an asset linked credit card. Digital funds need to deposited within a linked account before any funds could be spent on the card. The card can only be spent at a Loan to Value ration of 90% of the Stables in the linked account. These measures would mean that we would never actually be able to go into ‘debt’ using the card. It would always function on a pre paid basis. Which would be ideal given that I would have to KYC as the UBO.

The cost/fees details are as follows: USDC/T to USD: 1% Overseas card spending: 1.95% ATM withdrawal: 2.5% (We wouldn’t use this) Set up fee: USD 1,000 payable in digital assets.

It seems as though DAO’s have a long way to go in the eyes of financial institutions. Which is understandable. I feel like this would be the best option we can secure at this time so we can use DAO digital funds to make payments required by the DAO.

This vote would authorise the expenditure of $1000 USD to set up the card with UTGL.

Tani