3.3. Çoklu Teminat için Exim Token
The collateral service within the Coimex ecosystem is a feature tailored to benefit the importer by providing a motivating assurance of transaction security. By leveraging the Exim Token as collateral, importers can initiate and guarantee multiple trade transactions up to a certain value, enhancing their purchasing power and market agility. This service underscores the intrinsic value of the Exim Token and its vital role in securing and facilitating international trade operations.
This service is solely for the benefit of importers and is designed to provide motivation and security for their operations.
When an importer (the buyer) purchases an equivalent of $20K in EXIM (which would be 400 EXIM at the assumed rate of 1 EXIM = $50), they can utilize this as collateral to initiate up to five confirmed import transactions worth $10K each (totaling $50K in value). To take advantage of this collateral service, the importer must be at least a "GROWTH Importer" member within Coimex (neither Freemium Importer nor STARTER Importer members can use this service). There is no membership level requirement for the exporter (membership is mandatory, but it could be even a STARTER).
Here is an example
Let‘s assume a Kenyan importer wishes to purchase goods from various countries (e.g., Turkey, India, etc.). In November, they start the collateral service by purchasing $20K worth of EXIM. They immediately initiate a $10K import transaction (with payment terms of 30% upfront and 70% upon arrival of goods) from India. They set up an "Escrow Smart Contract" and pay the normal fee (equivalent to $28 in EXIM). The importer deposits $3,000 upfront into Escrow (as the intention is not to break the collateral). The remaining $7,000 is shown to the seller as guaranteed by Coimex due to the importer's collateral. The Coimex team expects the importer to deposit the remaining balance when it is due (since we do not want to break the collateral). If deposited, we pay the seller. If not, we use the collateral to pay the seller.
The commission for the "Escrow Smart Contract," if typically paid by the seller, remains unchanged; if it is to be borne by the buyer, it is not deducted from the collateral but is an additional cost to the buyer (i.e., 2% or $200).
This Kenyan importer has used this collateral service primarily to facilitate multiple simultaneous purchases. Continuing with the same month of November, the importer now wishes to buy a different product from Turkey worth $20K (e.g., pasta), with terms of 20% upfront ($4,000) and 80% against documents ($16,000). As in the previous example, the importer would deposit the $4,000 into Escrow (not deducted from the collateral), and for the remaining balance ($16,000), since $10,000 is covered by collateral, the remaining $6,000 (i.e., $16K-$10K=$6K) will be deposited when due as per normal Escrow processes. On the day of the final payment (in this case, upon document presentation), the remaining $10K is not deducted from the collateral; the importer must deposit it into Escrow.
In the above scenario, two transactions are shown for November. Similarly, within the same month, the importer can initiate three more transactions (up to a total of $50K) using the same collateral.
The Coimex team will review the five $10K trades that can be initiated simultaneously with the collateral and reserves the right to approve each transaction.
The requirement to hold the Collateral in Exim Tokens can significantly impact the demand for the token, compared to other use cases.
Due to the potentially large proportional size of the Collateral economy compared to other use cases, there may be a limit/quota on the number of importers to whom this service is offered. For instance, it might be limited to a maximum of 100 importers, similar to a bank's credit limit.
If The Collateral is Broken, What Happens?
In the event of a breach in the collateral agreement, the consequences are both immediate and significant, ensuring the integrity of the Coimex ecosystem. If an importer fails to make a due payment, or an exporter does not fulfill the shipment, the collateral will be liquidated at the market price, with the funds being promptly allocated to the affected party.
This decisive action serves as a robust deterrent, safeguarding against non-compliance. A single instance of non-payment or non-shipment will result in the member being excluded from the system. Coimex maintains a strict policy in this regard to uphold trust and reliability within its trading community. Appropriate sanctions will be applied to both parties involved in the breach, reflecting the seriousness with which Coimex views such violations.
This mechanism ensures that all parties engage in transactions with the utmost commitment, reinforcing the value and security offered by the Exim Token as collateral. It not only protects the involved parties but also maintains the overall health and integrity of the Coimex ecosystem.