Tonight, I put half of my points into @bmprotocol on @virtualsio. The track is innovative, and the team looks good so far.

Core Product: DeFi lending protocol for lending fiat currency

The core of BM is DeFi lending - on-chain over-collateralization + off-chain fiat lending. Currently, I haven't seen any similar positioned projects in the Virtuals ecosystem.

At the underlying level, BM will integrate with Bridge, meaning that the fiat side of the business will be handled by Bridge, and BM will not touch that part of the money (Bridge was acquired by Stripe for $1.1 billion in 2024 and has served clients like Coinbase and SpaceX).

In the future, BM will also consider services like fiat deposits and withdrawals, and broker integration. The official team revealed that they have their own payment license, but it should still be integrated with Bridge at the underlying level.

Compliance and Trust: A Few Concerns

All crypto projects that interact with the real world are challenging, especially when the business involves fiat currency.

So, even though BM integrates Bridge services at the protocol level, I still worry about whether they will face legal issues. Essentially, BM is also a part of the fiat deposit and withdrawal service, even if it is just an intermediary.

Secondly, brand power. On a personal level, all my deposit and withdrawal services are done through Binance. At least with a big brand like Binance, the probability of encountering dirty money is low, and the risk of running away is also small. As a small to medium project, how will BM gradually build its brand and gain user trust? It's really quite difficult.

Regardless, I still placed my trust vote with money in BM, hoping they can do well.

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