ShuttleOne — CryptoVerse AMA
Date : 18th Feb 2021
Guest : Zhuang — CEO
Q: Let’s get started with the introduction first.
A: For starters, I am Zhuang, I am the founder and CEO at ShuttleOne. Personally, I am an ex investment banker dealing in structured products and quantitative finance before I became an entrepreneur in the agriculture industry. Yes, I became a farmer. You folks can read more about my story here:
Betting the farm
Floods, thugs, wild boars - Singaporean Lim Hong Zhuang has braved them all. On a long drive to Johor, he tells Susan…
After successfully exiting from the farming business sometime in 2017, I begun to transit to be involved in the crypto space by way of mining Ethereum. It was funny as I read about Bitcoin in 2011 and I thought at that time I was late, nonetheless I got started in mining eth and built one of Singapore’s largest mining facilities.
More of the story here:
From farming veggies to mining digital currencies
Q How did you get into the world of cryptocurrencies? A My journey dates back to 2014. I had wanted to help my farm…
Miners have one issue, the problem is we still need fiat currencies to pay for our electricity, rent workforce etc. These are costs that we as miners had to exchange eth to domestic currencies. This therefore gave spark at the end of 2018 to begin what we have today in ShuttleOne
Q: What is the digital currency infrastructure on the blockchain that ShuttleOne is creating to provide seamless financial services in an era of programmable money? Will multiple chains be able to support this novel financial infrastructure?
A: We’ve built all our infrastructure on the ethereum blockchain at this moment. That is only because Ethereum has the largest onchain value in the crypto space. and most if not all widely adopted financial services are built on ethereum with the largest developer community.
With the ethereum blockchain, we are able to combine, risk management, credit scoring and loans disbursement all in one transaction as you can see here:
However, ethereum also has its challenges. The token price coupled with gas fees are hindering small investors from participating in these financial services. Therefore, we do actually have a huge partnership announcement and grant announcement coming in the next few days that will be great news for the SZO token holders and our partners and clients so stay tuned!
Q: What do you expect to be the short-term effects on ShuttleOne’s growth thanks to your recent expansion into the Chinese market? What results do you expect to see soon in your project’s statistics?
A: Our new partnership news with one of the biggest blockchain companies are seeking to solve that.
ShuttleOne is based in Singapore, and like any ambitious project, China is definitely a huge and interesting market for us. Expanding into China will allow us not only a bigger base of clientele, users who are currently unable to borrow from inefficient banking networks.
More importantly, with this huge demand, we reckon, more and more SZO will be burnt and therefore in the process reduce the circulating supply which will be helpful to SZO token holders.
so our partnerships with Chinese firms will expand the reach of the business which means more SZO being burnt!
Q: How is Shuttle One development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
A: Since inception, ShuttleOne has been a small team. We’ve been validated both in Singapore when we obtained not 1 but 2 grants from the central bank.
Globally, ShuttleOne equity investors include Maker, CMT Digital, Andromeda Capital and various angels in Singapore. Recently, Microsoft’s ex Director Charlie Songhurst who took over Yahoo and Skype also invested in us.
Going forward, ShuttleOne is looking to introduce innovative solutions that will attract more assets and liquidity into the ShuttleOne.Network. We are working on tokenizing Oil now with a oil giant and this will be announced more in 2021.
For liquidity suppliers, we are one of the highest paying interest rate of 10% at the moment on Dai, USDC and USDT both in the crypto space and also against banks.
You can read about how we have been increasing revenue during the Covid19 pandemic here:
Building ShuttleOne Series 2: Standing Firm in Mission Critical Financial Services
In just 100 days, the world as we know it has changed. For many, daily routine has been severely disrupted. While the…
all our products are mainnet and real defi products supporting real world loans at this stage.
Thats what we pride ourselves in doing, execution and delivering revenue
Q : Security is considered as one of the top priority of any exchanges, how does $SZO protect users information and ensure asset security?
A: Security and Risks are very important to us. The SZO contract is audited by Peckshield as early as April 2020. You can view the smart contract audit on
We always ensure the safety of our users and that is also part of our licensing application with the Monetary Authority of Singapore. Which can be found on our github also.
I don’t believe many defi projects are looking to be regulated, ShuttleOne is one of the few globally that has taken steps to do it to safeguard our investors, company and liquidity suppliers.
You may read up on how we deal with risks and security here:
Risk Management & Disclaimers
"The Monetary Authority of Singapore (MAS) requires us to provide this risk warning to you as a customer of a digital…
we are fully decentralized with non-custodial asset mgt. basically you use metamask on your own and interact with our protocols.
Q: Can you tell me more about the bussiness model of Shuttle One what is your breakeven point from a financial point of view? what is your revenue model?
A: ShuttleOne has been a project that has been around for roughly 2 years since the end of 2018. We generate profit in many ways, one way is the fees we earn in SZO. If you look at this transaction:
You will see a US$101,976 loan was taken out recently from the ShuttleOne.Network. There are SZO that is being burnt here. As more business is done, and more SZO burnt, it reduces the circulating supply and the team and SZO holders are incentivized in this manner to ensure the long term viability of the business as a defi company.
Q: An important question about SZO tokens, do you have any plans to sell tokens? What is the current progress? What is the price of each round?
A: The important thing to note. SZO has not gone through any ICO. There’s no private sale nor seed round with different tiers of investors. we are doing a IDO on dodoex.io where everyone starts fair.
this means that there are no big whales able to dump on anyone, more importantly the opening circulating supply is 3% of the hardcap. you may read more about the details with Dodoex.io v2 here and i hear there’s strong chinese support!
We are delighted to share our listing with DODO (https://dodoex.io/) as the FIRST EXCHANGE for our utility token $SZO .
Q: I read your Twitter it’s all about $SZO token burn. I know “burn” usually have good impact with a token but how does burn system in ShuttleCoin? Does it burn for every transaction for $SZO token? And How many percentage from total supply $SZO did ShuttleCoin team planning to burn?
A: To be clear, we know the community is looking at a buy or burn mechanism as any good token should be. For ShuttleOne, the burn is constant and it is tied into how many transactions there be in our lending products.
Take a look at this transaction
For a US2.3k loan, 167 SZO is being burnt and forever taken out of supply
You will see that almost daily there are SZO taken out of supply because of a working business and a moving product that serves the right community.
Q: Can you give everyone 3 reasons to join Shuttle One immediately? What is the reason why you are confident that Shuttle One will be successful?
A: Since u asked for 3, let me give you 6 reasons:
1. We did not do an ICO
Therefore, this means that the tokens in circulation and marketcap will be very low and it will grow according to the business that we do. Essentially, in cryptotalk it means there are no whales to dump on you.
2. Watch SZO BURNNNN
To ensure that there is a constant burn and reduction of total supply, if you have been following us on twitter (@shuttle_one) and our telegram announcement page, you will see that successful business done via the ShuttleOne.Network will DECREASE the token supply.
3. Very low starting supply
If you go to our Guides on the ShuttleOne.Network, you may see that more than 50% of the token supply IS NOT MINTED. The tokens can only be minted when there are successful business to be made (along with the burn) so the circulating supply on day 1 is actually less than 1% of the token supply if we would do a good estimate. The total number of tokens minted for the team and also our equity investors are also locked for 4 years from listing.
4. Working Business
Many project these days are in their early days of inception. Most of the tokens do not have real use cases or are battle tested. Even the projects in 2017, most do not garner a proper use case for their tokens. ShuttleOne stands out by having a working crypto business first (we decentralized over the past 2 years) and this is highly different. The amount of revenue that we have clocked in our trade financing this year of almost US$3mil allows us to say we are firmly a start up looking to scale and we need the community’s help at http://www.shuttleone.io/mainnet to make it happen.
5. We are backed by some highly notable equity investors.
ShuttleOne equity investors include Maker, CMT Digital, Andromeda Capital and various angels in Singapore. Recently, Microsoft’s ex Director Charlie Songhurst who took over Yahoo and Skype also invested in us.
6. Regulated DeFi
We believe we are one of the few DeFi projects that is successfully in process of applying for licensing in the world via Singapore. If you go to our github at http://www.github.com/shuttle-one you will be able to find our application submission to the monetary authority of Singapore.
Q: What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?
A: I would say the most ambitious aim of our project is to build the operating system for a digital finance future. What does that mean? We have a vision that financial services can be fully automated into any digital platform .And in our case studies which you can read about it here:
We are plugged into many different types of digital business, from insurance to ecommerce and trade financing for cross border businesses.
In terms of updates, there’s a huge announcement coming out this weekend if possible where you will see us receiving one of the biggest crypto grant from a particular blockchain foundation….so stay tuned!
Q: INDONESIA, SINGAPORE, MALAYSIA and THE PHILIPPINES are the countries where they have benefited directly from ShuttleOne services, right? But really why only these countries? Is it only in them where these financial problems exist? or ShuttleOne only seeks to solve the problems of Asian countries?
A: This is an interesting question….we focused in ASEAN, South East Asian countries earlier because we are a small startup. We have limited resources and a small team. Focusing on South East Asia allows us to test and find the right product market fit for our products that we were coding.
Typically, we serve borrowers who are under served by banks….and please allow me to explain that:
the clients we serve has 4 characteristics.
1. do not have a strong bank relationship
2. do not have strong credit history with the bank (as they maybe a cash only business)
3. They tend to do cross border businesses, especially the ecommerce types of merchants.
one of our biggest partnership is actually with a Singaporean government linked company and thru them we support shopee. (Shopee is one of the largest ecommerce platforms in south east asia…with a revenue of US$300mil in 2020)
however of course, South East Asia is not the only focus going forward.
we are looking at USA, Europe and China currently to expand our reach.
For more information, check out our official website.
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