From the outset you can tell that Jakob Kronbichler has carefully positioned himself at the helm of innovation in the bustling Hong Kong. Renowned as the Asian Financial hub with a sub-tropical climate, this city has made a name for itself in the DeFi world.
As CEO and co-founder of Clearpool, a cutting-edge borrowing and lending platform, Jakob is setting the scene for newcomers entering the DeFi space and creating an easy solution for businesses and institutions accessing capital. We sat down with him to delve into his journey, the genesis of Clearpool, and to discuss the potential of DeFi.
Jakob was an early member of Foodpanda, the second largest food delivery platform in Asia. From his experience in the world of consumer facing start=ups in Web2 he transitioned into fintech, working at a leading digital bank in Southeast Asia.
Originally from Italy, Jakob has been using his experience as a Web2 startup founder to join what he describes as a hotbed for Web3 innovation in Hong Kong.
“Many pioneering companies in this space have roots here, and the city’s status as a financial capital naturally drew me into the Web3 arena.”
In 2020 he was intrigued by the rise of DeFi, especially with protocols like Aave, Compound and Maker that showcased the potential of smart contacts. After spending an increasing amount of time immersed in crypto he took the leep and jumped in fully with his co-founders Alessio and Rob to address a significant gap in the market.
“While existing DeFi lending platforms focused on overcollateralization, we saw an opportunity to serve institutions and real-world companies needing unsecured loans. This led to the creation of Clearpool.”
Clearpool is focused on making DeFi more accessible and trustworthy for existing companies, using secure systems that offer transparency and diligence that companies are familiar with from traditional financial processes.
“At Clearpool, we’ve introduced private credit to the DeFi ecosystem. Instead of requiring on-chain collateral, we conduct thorough due diligence and credit risk assessments on borrowers. This allows us to offer lending solutions to institutions that might not have the digital assets to collateralize their loans. Essentially, we’re bringing the rigor of traditional financial assessments into the DeFi space.”
Instead of shying away from the global nature of the Web3 sector, Jakob embraces the opportunities it offers when working in a truly global services industry.
“One key differentiator is the global and inclusive nature of DeFi. Unlike traditional fintech, which often has geographical limitations, crypto is inherently borderless. This means we can source capital from all over the world.”
Another key factor when building out their ecosystem is to maintain the community involvement as it is a key differentiator when it comes to Web3 companies.
“In Web3, building a strong community is crucial. You not only need to have a sound business model but also must be transparent and engaging with your users on a regular basis. This community involvement can lead to valuable feedback and stronger product ideas.”
The Clearpool community is diverse, including retail investors, institutions, and family offices.
“We use our CPOOL token and community channels to communicate directly and transparently with all users. The goal is to include them in every step of our journey, ensuring they understand and trust our processes.”
For institutions, we emphasize compliance and risk mitigation. All borrowers undergo KYC and extensive due diligence. We partner with Credora, a leader in credit risk assessment, to ensure our borrowers are thoroughly vetted and monitored.
Clearpool has partnered with Flare, a layer 1 blockchain for data to build their first tokenized pool on their ecosystem. Hex Trust has launched the USDX stablecoin on Flare, fully backed by treasuries and fiat.
“We’ve created a tokenized pool where users can lock their USDX for a token that earns treasury yield. This token, cUSDX, can be used as collateral within the Flare ecosystem. It’s a significant step towards more efficient and transparent financial solutions in DeFi.”
When speaking about advice for Web2 start-ups Jakob can reflect on his journey and the successful traits of projects he has worked with. For Jakob it is all about focusing on the fundamentals.
“Too often, projects get caught up in the speculative aspects of crypto without establishing a real use case or product market fit. Ensure your business model generates value and revenue. The speculative part might bring initial traction, but sustainable growth comes from offering real solutions that users need.Treat a Web3 startup like a Web2 company in terms of business fundamentals, but leverage the unique advantages of blockchain and smart contracts to innovate and improve efficiency.”
Jakob Kronblichler’s journey from web2 startups to leading a DeFi innovation like Clearpool is a testament to the transformative potential of DeFi. As Clearpool continues to bridge the gap between traditional finance and DeFi, it is certain that founders like Jakob who focus on getting the fundamentals right will make all the difference for long term growth.
Watch the full interview here to learn more from Jakob about his journey and the Clearpool vision:
