Our team was looking for most promising projects in 2022 and that is where we found out about Susumi Capital. They have a unique approach towards the crypto industry and through this interview with their CEO we found out a lot about them. Take a deep dive into the interview with CEO, Susumi Capital.
Q. Please introduce yourself to our readers?
My name is Sam Igwe. I’m the CEO and one of the Co-founders of Susumi Capital. Prior to this role I was a Technology Consultant in the area of Digital Transformation. And many years prior to that my first job after University was as part of the team that introduced the Peoples Bank of Nigeria, a government backed Micro Finance Scheme based on the famous Grameen Bank of Indonesia. I was fascinated by that experience and witnessed how indigent rural people could access small sums of capital without collateral and drastically improve their lives. Ten years ago I had an epiphanous encounter, one of those 3am lighting strike moments, where I received the concept of Susumi. I have since been developing the concept and 3 years ago my co-founders joined me to actively work to bring those concepts to reality today.
Q. What is Susumi Capital?
Our business is Susumi Capital, this is a platform for a suite of blockchain based cooperative finance tools, or applications as you may want to refer to them.
We do not have our own chain but we run on existing chains. Our flagship product is the Susumi Decentralised Crowdfunding App is presently deployed on Binance Smart Chain. This is the foundational tool in the process of building what we call wealthcare communities around the world.
In addition to this, we have also developed our unique model of Asset Tokenization for real estate and public infrastructure development, and ultimately we have a Cooperative Digital Bank with a zero-cost payments solution coming up further down the line in our Road map.
The name Susumi itself means ‘My wealth creating group” It’s taken from ’Susu’ which is a type of social finance that has been practiced extensively in West Africa and in several parts of the World particularly in the global south for centuries.
It has different names in different cultures. It is a system whereby a group of people decide to contribute money into a pool and give the bulk sum to member of the group to help solve their financial problems based on the understanding that everybody will keep contributing a fixed amount at regular periods until every member of the group gets to receive the bulk sum.
Variations of Susu became the genesis for several successful MicroFinance Banks in many parts of the world. It is the same system used by many Korean immigrants in North America to rapidly achieve prosperity without resort to institutional credit.
We have adapted the same model to create a blockchain application to solve some of the inherent problems challenging traditional Susu practice in a modern globalised society.
Essentially, due to factors such as trust, proximity and security, traditional Susu can only be practiced within close knit groups. Therefore using the blockchain to scale up Susu is a natural fit.
The three of us got together and looked at the model and began to develop an algorithm that can emulate Susu but at the same time eliminate these problems so that it becomes possible to do a Susu without having a close relationship with other members of the group. This algorithm became the basis of the Susumi Smart Contract and the other features of the Susumi Coin.
Now it is possible for anyone using the Susumi App to create a Susu Fund and receive donations from other people to make up a bulk sum instantly to meet their personal financial needs. This is the first step in the evolution of the process. As the individual participates in Susumi and gets financially stronger, the entire Susumi community itself would also get financially stronger. then as this system is better understood by the users it becomes easier to collectively engage with funding larger scale projects.
Susumi itself is organised in three levels: Basic which is the individual personal fundraising level; there is Enterprise which for larger groups up to 60 members; then there is Community which can have an unlimited number of participants and is designed to raise funds for larger scale projects.
Q. How do you plan to achieve decentralised crowdfunding?
The idea of Decentralised Crowdfunding is simply a way to make supporting others financially an imperative.
The Western financial system may look upon this with disdain, but the idea of helping others is innate in humans and has a strong moral pull.
In many traditional societies, economic development is based on types of crowdfunding.
We have seen how over the past dozen or so years the Internet forced the concept of crowdfunding onto the mainstream as an alternative means of fundraising not only for charity but also for business and investments.
Unfortunately this success with crowdfunding has its limitations. Not only do a great majority of crowdfunding campaigns fail, the actual cost of running a crowdfunding campaign can be so high that it becomes unviable for someone who actually needs the money as they may end up worse off if the campaign fails.
However by using a Smart Contract to organise a Susu Model Crowdfunding we are able to guarantee that every participant in the process will benefit and that far more Crowdfunding campaigns will succeed faster. By regulating the entire process with an autonomous Smart Contract and with the transparency of blockchain and the SUSU Coin as a reward mechanism we have ensured that both parties, the beneficiary and the donor know exactly what to expect at every point of the transaction making crowding a much smoother and rewarding process.
Q. Please explain cooperative finance in brief?
Cooperative Finance is the practice of funding the development and prosperity of individuals in communities using the resources of the people within the community. This is the basic idea underlying the massively successful Cooperative movement around the world. This type of economic mode has huge potential to transform communities in the Global south. We find that in such communities there is often a reliance on external parties to finance their development either through aid, international loans or grants. Unfortunately the developmental priorities of the external financier do not always align with that of the local communities. So whereas a community would like to invest in quality education and healthcare infrastructure, the external financier would be more interested in funding factories for the production of consumer goods for international markets. Cooperative finance is a model through which communities can fund the types of investments in infrastructure that serves the best interests of their local communities.
Susumi is a platform that uses the vast blockchain resources for record keeping and transaction processing to enable communities to quickly utilise Cooperative Finance and reap its benefits.
Q. What is the significance of the $SUSU token?
The SUSU Token is the native currency of the Susumi Platform. Susumi applications are powered by the SUSU Token. It is used to regulate participation in the Susu Funds, it also enables our Susu NFTS and is the governance Token for other Apps to be launched on the Susumi Platform.
Q. Please explain the tokenomics of the project?
Susumi has a rather unique tokenomics.
The maximum supply of the Tokens are 100 Billion units, fully minted. However only 4% of the Tokens are made available for immediate circulation through the crowdsale and exchange liquidity, plus 1% of Team tokens which are deferred presently. The the rest 95 % of the total supply of the Tokens will be locked in the Crowdfunding Smart Contract. The only way therefore to get these Tokens would be to donate to a crowdfunding campaign and receive them as rewards.
Whilst to create the Crowdfunding campaigns a quantity of SUSU Tokens will have to be deposited back into the Smart Contract thus replenishing the stock that goes out.
There are no deflationary mechanisms. The Susumi algorithm regulates the pricing of the Tokens according to the available quality of Tokens. Therefore with this model it is highly unlikely that the SUSU Token will be dependent on speculation, rather the value of the token is entirely derived from its utility which is simply to help people raise money. As long as people use the Token to raise money, the SUSU Token will always have value.
Q. Is the project running right on time with the roadmap? What is your next planned event?
The project is running on time as scheduled, although we have tried to hold back a bit due to the dull situation in the market generally. Our next planned event is an IEO as a prelude to full listing for trading on multiple exchanges by 1st of August. By th elast quarter of this year we intend to have cross-chain compatibility and we will have our apps available on other chains.
Q. What are the plans for the presale of $SUSU token? Is there any IDO for the token?
The Susumi presale opened last week and anybody can buy at the presale price from the susumi website www.susumi.io We also have launched an IDO at the P2PB2B Exchange to make it easier for experienced traders to get the token early. The plan is that those potential users who may wish to use the Susumi App when it is launched can obtain the Coin at the Presale only by activating their Susumi Wallet. And for this we are rewarding early holders with Airdrop bonus and Referral bonus up to a combined 10%.
Q. Please explain precisely, why should anybody invest in this project?
There are multiple reasons why people should support the Susumi project and acquire the SUSU Coin.
This Coin is designed to empower people. There are many great things that people do with Blockchain technologies, but Susumi deals with a primary real-life use case: Helping people raise money.
Particularly, those people facing challenging circumstances. Our specific target for Susumi is that it becomes a fund-raising solution for the over 2 Billion people around the world who do not have access to institutional personal credit. If they can use Crypto with Susumi, then they can raise money for any project they need.
From the investment point of view, the SUSU Coin is a great store of value, and at this early stage holders can expect to see a tremendous appreciation of that value as the adoption grows. We believe adoption will grow because we have already seen great interest from users, our community has grown exponentially in less than two weeks since we launched. And this is just the beginning. Susumi also attracts more people who have not yet adopted Crypto currency to come onboard because it provides a simple solution to a real life problem. We now have Susumi communities in about ten countries and it is growing daily. Early backers would definitely benefit from their investment.
Q. Any message for our readers?
Susumi is a very attractive solution for both experienced Crypto users and newbies. It is a quick and simple way to raise funds for any personal or business project.
Susumi is not an investment scheme, it is not peer to peer lending, there is no requirement to pay back funds and it is not based on speculation in the markets. The only requirement for users to raise money from Susumi is that you are willing to give to someone who needs and then you will get an opportunity to receive from others. Hence or motto: You Give, You Get. Simple.
There is an opportunity right now for both individuals and communities to take advantage of the pre-sale of Susumi Coin by going to our website to create a new Wallet and then fund the Wallet with BUSD and BNB for Gas Fees.
Susumi Capital Links: