Introduction
I want to introduce you to my largest position to date and a project that I believe will disrupt the entire crypto economy as well as do a better job at connecting traditional finance/banking to crypto than we have ever seen before.
As a disclaimer, I am under NDA with the team and have had a look under the hood as well as what is coming. Yes, part of that is why I believe this will be a top 15 coin. However, before knowing all of that I did know this has every bit of the making of a top 30 coin. Yes that means I see it at a $5B+ Marketcap. As of today, Everest ($ID) stands at a $110M Marketcap.
What is Everest?
Everest is a full stack fiat onramp + KYC + DeFi + L2 project that will offer a regulatory compliant solution to link the regulated fiat financial institutions world and DeFi.
This is not your one-off project. This has been in development since 2017, has massively elusive licenses, and has existing partnerships with major financial institutions. On top of that, well renowned crypto names like Aave, FTX and Kyber are publicly partnered and built into the ecosystem.
The team is public, beyond impressive , and built for success in the space.
Not to mention that the actual Ex-President of Estonia is a public and actively contributing advisor. Estonia is historically known for an innovative leader in this space for several years.
Bob Reid, the co-founder and spokesperson for the project is a former general manager of Bittorrent. Massively smart man and genuine guy. Have been able to speak with him on several occasions. Hearing him speak to the vision of Everest will sell literally anyone.
The Nucleus
It aims to be an all-in-one provider of traditional and DeFi financial services, cross border/currency payments, remittances, with the major innovation of using biometric id creation/verification for attaching biometrics to an ERC20 wallet.
A few months back, Everest received their VFA license from MFSA regulators. They have been working on this since 2018. THIS IS BEYOND MASSIVE. It CANNOT be understated.
This puts Everest in extremely rare territory. One of potentially only 8 to exist and the only other known project in this space with this license in the space is crypto.com (CRO is ~ a $6B Marketcap currently and Everest’s project scope does more)
This will allow them to be fully regulatory compliant, performing required KYC/AML checks, while the users’ information remains fully under their own control. Everest is also a regulated custodian with the ability to issue their own stable coin (ie PAXOS)
Everest is already working with multiple DEXs and CEXs for KYC services and fiat on-ramping and bringing in revenue from this (while intrinsically driving more value to the $ID token but more are coming every day.
The Everest ID token itself, or $ID, is a regulatory compliant virtual financial asset/token. It will generate staking rewards, give governance voting rights & enable access to the network and applications for larger corporations banks and exchanges.
Any financial institution or partner that want access to the network will need to hold a certain number of $ID tokens — ie buy pressure and tokens off the market.
Scaling
Everest has its own L2 chain, EverChain. Transactions can be processed on Everests’ side chain up to 300,000 tps p/s, bringing the transactions costs close to zero and addressing the scaling limitations seen from Ethereum and other DeFi solutions.
Everest also intends to start offering its own DeFi services (savings, borrowing/lending, investing…), add direct debit capabilities, and expand the geography both of its partners and of its node operators worldwide. Much like CEL, NEXO, or CRO.
Partnerships
If you want to understand how serious Everest is beyond its licenses and team, look at their partnerships…
- Partnerships with FTX, AAVE, Kyber all go without saying
- Partnership with Kinabank (2nd largest bank in Papua New Guinea) for client onboarding/KYC and cross-border payments
- Pilot program with BRI, the largest bank in Indonesia and partnership with BRI Remittance for cross border payments
- Asian Development Bank (ADB) for implementing identity, KYC/AML, e-wallets and transactions through the platform in Samoa
- Received a grant from the Ethereum foundation for its implementation of eKYC on Ethereum’s mainnet
- Proof of Concept with The Global Legal Entity Identifier Foundation (GLEIF)
- Dex Alliances
The Chart
From a TA perspective, this couldn’t look much better. Had a thrust through prior all time highs and now retesting that demand cluster with an uptick in volume.
With everything going for it fundamentally, the market conditions and look of this chart alone, I would say this has MANY multiples in it from this level.
Final Thoughts
I have said this for a long time and will say it once more, Everest will disrupt this industry and will be a multiple billion dollar marketcap.
Everest is a fully compliant mix of XRP + CRO + CEL + NEXO+1INCH + Robinhood and establishing a DeFi Bridge at a 115M MC…
Already partnered with massive government organizations and Crypto Goliaths and has all of the licenses that are required for Traditional Banks to utilize it as a scalable solution and bridge crypto to the real world.
This sleeping giant is about to wake up…
