RWAAs a real-world asset monetization, it is inevitable to say RWA.Tokenization(tokenization), but the Tokenization is so prominent that it is easy to ignoreThe core essence of RWA is corporate financing and institutional market, while the core of Tokenization of RWA exchange is encrypted financing (Crypto Corporate Finance).
Many friends come to consult RWA and come up and ask me whether this asset can send RWA projects.Or which asset is suitable for RWA?
The elements of RWA are not only the asset side, but also various elements such as capital side, market participants, liquidity and so on. In addition, as the same asset, it is different in your hands, in the hands of institutional funds, in the hands of industrial trade and core enterprises, and in the hands of arbitrage traders, and the feasibility of RWA issuance is also different.What do you think of RWA's Tokenization?On licensed exchanges or RWA exchanges, the term Tokenization can easily mislead the team or the market.At present, the conservative approach of RWA is to monetize financial products first, which in itself is a compromise that there is no way at the beginning. Tokenization monetization is a means and method, but it is not the essence. What should be the essence?As discussed at the beginning, the core nature of RWA is corporate financing and institutional market, while the core of RWA's Tokenization is encrypted financing. If it is not called Tokenization, it cannot reflect the newness of Web3.0, but the internal team needs to have a clear understanding and positioning:For example, calledEnterprise financing business groupThe essential purpose is corporate financing, which is nothing more than issuing bonds ABS but changing the form of RWA monetization. In fact, we can see that in traditional finance, the departments of securities firms and IPO investment banks belong to the corporate financing business group.For example, calledIndustrial investment banking business groupThe essential purpose is industrial trade and supply chain finance as well as industrial digital financial derivatives, which extends from corporate financing to the integration of resources, capital and capital in the industrial chain where the enterprise is the core enterpriseFor example, calledInvestment and financial management business groupThe essential purpose is to encrypt assets investment financial management, fixed collection, insurance and other RWA financial products, with standardized Crypto investment financial products for PI investors and retail investors.Isn't it a little rustic? A lot of people will think it's a retrogression?RWA products can be very tall and high-end Web3.0, but as a RWA exchange, you can't hold the shelf of Web3.0 without cannibalism. No matter how high the flag of Web3.0 is raised, it is necessary to guide more traditional enterprises and old money into the game. As for the internal enterprise financing business group, it is necessary to take advantage of the big brand, bend over or pull approachable partners to build channels, conference marketing, and develop new digital investment banks and agents. in this way, we can grasp the anxiety of entrepreneurs and the rigid demand for corporate financing.The only way to make money from the new golden shovel is to increase the number of members and asset pool of the RWA exchange. When more and more enterprises in the middle of an industry come in, the head enterprises are ashamed not to come? When it is difficult for traditional IPO to be listed, will issuing RWA become the digital IPO of the industry?And this RWA ecology is equivalent to a new encryption ecology of corporate financing. It needs not only RWA exchanges, but also RWA's digital investment banks, digital funds, digital securities firms andMarket maker. We cannot expect licensed exchanges to do everything, nor is it realistic, which requires a specialised division of labour.The development of RWA market must require professional institutions, especially professional investment institutions and research institutions, as consultants and financing consultants for enterprises to carry out encrypted financing. Around the current anxiety of the enterprise, one is the enterpriseIndustry financingOne of the rigid requirements isoverseas marketThese can be met step by step by designing the right RWA.The RWA market also needs very local and approachable channels and agents, such as conference marketing, community marketing, and so on, just like the pan sub-projects of the currency circle. The enterprise customer market also needs such a net, but more consulting marketing, KOL or agency nodes are more professional institutions and FA consultants.Corporate financing and encryption go hand in handFromEnterprise financingFrom the point of view, we can look at the different directions of corporate financing products. If you refer to the corporate financing business group structure of securities firms, it will be divided into debt, IPO and other departments. Similarly, the monetization direction of corporate financing can also be divided into digital debt, digital IPO, digital REIT and non-stock and non-debt innovative products.-Digital debtGenerally, it is the credit debt of the enterprise, or the fixed income debt issued, which is a little more complicatedAsset securitizationABS-Digital IPOMonetized equity financing or equity financing, the code is similar to the stock symbol of ITO, which is equivalent to the digital stock of the RWA exchange, accompanied by chain information disclosure, chain audit, etc.-Innovation of non-stock and non-debtFor example, the cash allocation of Didi Guantong can be designed as a token cash flow distribution mode combined with intelligent contracts on the chain.-Digital REITTraditional REIT is held by the publicTrust investment fund(Trust Fund), RWA corresponds to digital REIT, which combines DAO with Crypto Fund of intelligent contract.The most difficult thing is, how can Crypto Corporate Finance help companies with high-quality real-world assets achieve greater decentralization and native monetization? A greater degree of Web3.0?FromIndustrial investment bankFrom the point of view, corporate financing should bring upstream and downstream industrial chain resources and industrial transaction cash flow into the monetization. It takes time for an industry to accept and carry out token monetization. From the experience of industrial digital transformation, it is often difficult for the traditional means to surpass the central enterprises that will be swallowed up at the moment. When the central enterprises come in to drive the industry to change, the head enterprises and core enterprises will begin to understand and enter, slowly driving the upstream and downstream industrial chains into the bureau. Of course, do not rule out a relatively concentrated or minority emerging materials or resources of the industry, in the core enterprises to promote the next step in place.Compared to an enterprise or an asset package held, an industry is completely different. In the industry, there is purchasing demand, daily industrial trade, stock assets and standardized warehouses or warehouse receipts, corporate credit and bank credit, trading volume and trading stream. there are also mature financial and financial institutions such as supply chain finance, commercial notes, leverage, futures and cash arbitrage.If we can achieve a central belt with a head and a community with a long tail, and lead an industry to gradually realize RWA monetization and RWA transactions based on the 2008 principle, this energy is still huge.FromCapital angleCorporate financing can't just look at assets and have to talk about funds.In the traditional financial market, the issuance of corporate financing bonds, including IPO, requires Under the table to negotiate the share. Before issuing RWA, we must talk about underwriting institutions, financing rhythm and share period, and so on. It is impossible to issue RWA and the funds will come.When talking about funds, we should pay attention to the investment trend of global funds, the trend of multipolarization and the regional monetary system. In the past two years, global funds focused on short-term cash flow. This year, with the expectation of interest rate cuts and inflation, the focus of funds may be changing again. High-quality debt collection and anti-inflation high-quality real estate, high technology, pharmaceutical biology and so on will become investment trends, as well as the trend of multipolarization formed after the decoupling between China and the United States. The regional settlement and clearing system will have an impact on funds, which will further affect the issuance of RWA products that need to be invested in.It seems that Middle Eastern funds, which seem to be friendly to China, will be the first choice, but Middle Eastern funds that need to be reinvested may not necessarily match because of different economic structures; while European and American funds have recently returned because of Sino-US decoupling, some potential funds may find a jump point and come back to invest in high-quality Chinese assets. Therefore, RWA must follow the blonde principle, the most suitable for their own is the best.Or, for example, the Didi Guantong model, which only looks at the structure of its assets and funds, combined with the trend of global funds focusing on cash grandma's short-term returns in the past two years, the assets are mainly aimed at the assets of those cash dairy chain stores, and the financial products of daily cash distribution are designed in the form of so-called non-stock and non-debt. Structurally, the guide fund Fund is used to dock all kinds of overseas funds. Realize the investment and short-term income distribution of chain brand store assets of cash dairy in the mainland.FromAsset perspectiveAs mentioned above, look at the assets in terms of funds and do what they like. This year's global funds, affected by expectations of interest rate cuts and inflation, may shift from cash cows to high-quality debt, such as US debt and high-credit high-quality corporate bonds, high-tech stock indexes, especially AI computing, stocks and private equity in sectors such as new energy, medicine and biology, special operating cash flow real estate, as well as hot assets related to culture, film and television.FromChannel angleThe RWA Exchange wants to learn the capital, channels and organizational forms of old money, which is actually simple. The financial veterans in Central are very skilled, nothing more than to guide and induce them to quickly integrate into Web3.0, and then further think about how to achieve the integration of RWA resources.RWAEcological marketFor Central, the professional service institutions of traditional finance are very mature, but they should not copy them mechanically, but should study the most suitable innovation mechanisms such as corporate financing professional services, institutional market and information disclosure of Web3.0 and RWA.Traditional financial research, stock reviews, conference sales and roadshows, compared with Web3.0 's Alpha report, community, space and DAO, learn from each other. After all, we can imagine the effect of using Web3.0 to educate and guide traditional entrepreneurs and institutional customers. The promotion and education of RWA digital investment banks and securities firms, as well as the RWA project roadshow, not only rely on the existing mature channel model, but also need how to use new forms of financing and digital IPO in the new era.RWA Exchange needs a large number of eco-market partners to jointly promote the maturity of the RWA market. It will also promote a large number of RWA media and research promotion, RWA stock commentators, new financial television and new media programs, including a large number of related professional courses such as business schools, workshops and encryption investment boutique courses, to educate investors (PI and retail retail investors) on how to invest in encryption in the new era, such as bitcoin ETF, such as RWA, and so on. The new wine in the old bottle is nothing more than a digital asset product from the stock to the new RWA code.From what has been discussed above, the RWA Exchange and the surrounding ecological market may have a better understanding of Tokenization than open and corporate finance.
