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Day: 7 July 2022

Prince’s private car collection opens in new location

by: Luke Entwistle
07/07/2022

Prince Albert II and members of the Princely family inaugurated the new Collection of the Prince of Monaco’s Automobiles on Thursday, as the museum moves from Fontvieille to Port Hercules.

Following Thursday’s inauguration, the Collection will open to the public from Friday. Valérie Closier, director of the Collection said, “This Collection should be open to all and interest a large public. We have to make it lively so that even the locals come back regularly to discover new things.”

The Collection’s new site is even closer to the heart of Monaco’s racing history. On the edge of the famous “piscine” section of the iconic Formula 1 circuit, the new 3,500m2 unit will house 70 vehicles, which all hold a notable place in the history of the Principality.

Photo by Michael Alesi, Government Communication Department

From Formula 1 cars that cling to the walls of the Collection, to more personal pieces including those in which Princely family weddings took place… for automobile fans both within and beyond Monaco’s borders, there is something for everyone.

The new Collection also hopes to be more immersive. As well as giant screens which broadcast films, touchscreens also allow visitors to more actively engage with the cars. Not only is it possible to discover the characteristics of the cars, it is also possible to digitally visit the interiors of some of these historic vehicles. “In this way, we in some way enter into the intimacy of the Princely family,” said Closier.

In modernising and relocating, the Prince’s Collection orients itself more at the heart of the Principality’s rich automobile history and offers unprecedented access to that history.

 

 

Photo by Michael Alesi, Government Communication Department

“We are licensed and regulated and still offer the benefits of DeFi”

by: Cassandra Tanti
07/07/2022

Brad Yasar is the CEO of EQIFi, the only decentralised finance platform backed by a leading digital bank. 

We caught up with Brad Yasar at the recent CoinAgenda forum at Le Meridien, where he was presenting his company EQIFi, a platform designed to bring the familiarity and reliability of traditional banking to the world of DeFi. This is how it works.

Monaco Life: What was the motivation behind creating EQIFi? 

Brad Yasar: My partner, Jason Blick, and I identified a disconnect between traditional banking and decentralised finance (DeFi) and decided we wanted to try to bridge that gap.

We’re looking to address one major problem – negative interest rates. People put their money in banks and watch it diminish every year. The truth is, it doesn’t have to be this way. DeFi provides a solution to that problem.

Many people are curious about these potential DeFi returns and how it’s even possible, but they don’t understand the technology behind it. This is something we wanted to solve. We wanted my grandma, for example, to be able to use an EQIFi DeFi product and see positive results.

We can’t change banking overnight, but we wanted to demonstrate that you can be licensed and regulated and still offer the benefits of DeFi and crypto.

This was the genesis of EQIFi. We have the banking component in EQIBank, but coupled with DeFi returns and potential positive interest rate returns on our products and services, we can offer a really attractive proposition. And we will make it so simple that even those unfamiliar with crypto can use it and feel comfortable when doing so.

What percentage are you providing in terms of interest rates?

It differs depending on the product. We have market-rate products that were returning up to 70% APY. Interest rate products are different. It’s a matter of risk. Market-rate products correct with the market fluctuations.

In total, we have four products at the moment. The product on stable points, the crypto version of dollars and euros, is pegged one-to-one. Those return single-digit returns, 7 to 8%. Then we have a bitcoin product that returns at 4 to 5%. That’s for people who want to hold onto their bitcoin, hoping it’ll skyrocket.

We also have two market-rate products that have provided 40% and 70% returns this year.

With markets crashing, we are correcting too, but we are still beating the market, so our returns are as good as, if not better, anything else out there.

We try to be conservative. We don’t promise anything we can’t deliver on, and if we can better our expectations, it’s a great position to be in.

It’s a high-risk investment, then?

The risks are commensurate with expected returns. If you expect to double your money every year and earn 50, 60, or 70%, there is obviously risk attached. When people say they want these returns without risk, we do our best to let them know it doesn’t work that way. There are plenty of companies collapsing – just recently USDT and Terra Luna – that should teach us all that you can’t guarantee 20% returns to everyone who holds an asset without questioning where its value comes from.

The United States is in the process of negotiating regulations for the DeFi market. Are you waiting on any word from them?

US regulation impacts everyone globally because the US has been an economic leader for centuries and also because they take an enforcement position globally in these matters. We are licenced and regulated out of the Caribbean, Dominica, and BVI, so our regulators are more nimble. We are regulated, but we aren’t affected by other jurisdictions.

What we’re looking for is regulation that allows for a framework. It helps platforms like EQIFi who are trying to improve constantly but know the limitations on what should or should not be attempted. I want to see regulation that supports innovation. Those places that impose roadblocks get left behind.

The US has become too strict, and other jurisdictions are more welcoming and enabling. So, we’re looking for clear guidance, not punishment, on how to build a future that makes people comfortable.

There should be a code of conduct that serves a purpose.

Mainstream banks are now starting to offer crypto options. What does this mean for smaller companies like yours?

It means validation. We believe we are several years ahead of any potential competitor with a full banking license like us. Traditional banks are taking crypto seriously now, which is great. The clients are driving this force, though, not the banks themselves, but still, the change is good. It’s gratifying when the big institutions recognise bitcoin as an asset and allow people to borrow and lend against it. It shows a shift in mindset.

We want to lead the way and set exemplary standards in this field.

How do you get clients to trust you?

How does any bank do it?

Once you’re licensed and regulated, all background checks are done, and a third party is watching over what you’re doing. That was a hard step to take, but now that we’re there, people are confident. We are also transparent; we don’t hide behind an alias or our location online. We don’t think being anonymous means being free like some others do. We also create an insurance framework by being good custodians, but there are mechanisms outside of us to protect clients.

What is your balance sheet? 

We started in August 2021, we have over 30,000 users, over $30 million locked on the platform at the end of 2021, and we’ve grown very nicely. We haven’t done audits this year, we do them annually, but we are on track to show similar growth to last year. We plan to grow and reach targets for the year, meaning 100,000 users by the end of 2022. And we’re looking at a total value of $250 million locked. Let’s see if we can still reach those targets.

Do you believe we are in a bear market? Do you have any advice?

I think we have been in a bear market since last October. People are expecting a huge bubble, like the .com bubble. The reason that burst was for five years, investors had no visibility into the liquidity of their investments. It may have grown, but all you got was a yearly update saying they were “building” something, until one day they came back and said they were broke. Investors didn’t have the opportunity to make adjustments.

Crypto is so liquid that it’s burst several times, more significant than the crash of 2018, but it continues to grow. I think crypto is here to stay. If there is an uptick in the summer, that will carry through, just as a downturn will carry through the summer similarly.

I tell people that if you’re already in the market and have losses, unless there’s a reason to realise them, don’t take the loss. Stay in.

This needs to be a four-year cycle. Be patient, don’t pull out in months. Let it play out. Bear markets are good times to invest. Now is the time to get in, not get out.

 

Photo by Monaco Life

 

 

 

Princess launches NFT for new charity project

by: Stephanie Horsman
07/07/2022

Princess Charlene has started a new project that is combining the latest craze in cryptocurrency, the non-fungible token, and art for the benefit of her latest charitable venture, Feed2gether, which aims to provide food to needy children in her native South Africa.

After the long months of absence due to health problems, Princess Charlene is firmly back in the saddle, launching projects and making plans for the future.

As revealed on her Instagram page on Wednesday 6th July, the 44-year-old Princess is “excited” about her latest venture – being part of an NFT digital art collection by artist Junaid Sénéchal-Senekal where she lent her image to raise funds for her new Feed2gether project. It will be run through the Princess Charlene of Monaco Foundation in collaboration with Golfer Louis Oosthuizen’s Foundation57.

The artwork is a sepia-toned portrait of the elegant Princess broken into squares and is called OurVisionTogether.

The Princess herself seems very pleased with the work, praising the artist on social media saying, “Thank you to the artist @junaidssart who put his heart and soul into this creation, as well as his health for fasting for the entire duration of this work, by doing what he experienced is a tragic reality for many and something most take for granted every day, it highlights the importance of this project.”

The Children’s Institute of Cape Town estimates that 10%, or 2.1 million South African children, live in households where there is not enough to eat. Of these, 600,000 experience perpetual hunger.

“Together we will be collaborating on a project, a feeding scheme, that will help communities in developing areas to have access to food,” Princess Charlene explained in a video that she made as the programme was being created and she was still recovering in South Africa. “Food is vitally important for children between the ages of one and six for their brain development. The ambition is to give opportunity and the right for people to grow strong and healthy in our country. This can and will be done.”

The Feed2gether initiative aims to benefit children as well as the community and society at large. They have a goal to raise funds to finance the production of iPapa57’s specially formulated maize product that will feed many children between the ages of three and five.

Charlene has dedicated much of her spare time to charitable causes, including her own Foundation which has a focus on water safety, and the rhino anti-poaching charity she went to South Africa to be a part of last year.

Additionally, she has been seen at several events over the past months, including appearances at the Grand Prix in May, a high-profile official trip to Norway and a visit to the Princess Grace Hospital where she spent time with newborns and their mothers in a belated Mother’s Day event.

This spectacular return to public life has been a boost to the Principality, who had missed seeing their Princess in action.

 

 

 

Prince inaugurates Le Chat Déambule travelling exhibit

by: Stephanie Horsman
07/07/2022

A sculpture exhibition featuring Philippe Geluck’s famous cat of the Charlie Hebdo cartoons is gracing the Larvotto promenade, featuring 20 gigantic pieces created in dedication to the victims of the 2015 terrorist attack.   

Belgian cartoonist Philippe Geluck has delighted readers of French publication Charlie Hebdo for decades with the dark humour and witty one-liners he puts into his now-famous “cat” cartoons in every issue.

Now, Geluck has created an exhibit based completely around the iconic character and his travelling show, called ‘Le Chat Déambule’ (The Cat Walks), has just landed in Monaco, officially inaugurated by Prince Albert with the artist on Tuesday 5th July.

The sculptures of the Cat are 2.7 metres high and weigh in at 2.5 tonnes apiece. Using detailed sketches to create each pose, he has once again captured the moods and whimsies of the times.

There are 20 total sculptures including the Cat sitting under an umbrella whilst “rain” falls around him, the Cat lying sideways on a smashed car, the Cat posed as Atlas holding up a globe filled with plastic waste, and the Cat taking a swing at a golf ball that’s being snatched away by a passing bird.

The exhibition, which is dedicated to the victims of the Charlie Hebdo attack in January 2015 in which 12 people were killed by terrorist gunmen, took two years and nearly 60 people to complete.

Geluck is also currently working on the launch of the Museum of Le Chat and Humorous Art in Brussels, which is set to open its doors to the public in 2024.

Le Chat Déambule has already been a hit in cities like Geneva and Bordeaux and will continue to make its way to several European other destinations. So far, the exhibition has attracted more than six million visitors.

The Cat exhibit will remain in Monaco from 6th July to 2nd October on the newly renovated Larvotto Promenade.

 

 

Photo: Michael Alesi, Government Communication Department

 

 

 

Nature can recover 

by: James Wren
07/07/2022

Scientists at ZSL have used long-term space satellite data to monitor and evaluate the impacts of more than 20 years of nature restoration efforts at the Knepp Estate in the UK. The results are remarkable.

A key feature of the work at ZSL is the employment of Nature-based Solutions – an approach which both adapt to and mitigates the impacts of climate change while providing benefits for both people and biodiversity.

These solutions, which include protecting ecosystems such as tropical forests, seagrasses and mangroves; restoring sea beds and peatlands; the rewilding of degraded landscapes; and urban greening, are high-impact, and provide multiple benefits to people and wildlife. ZSL’s aim is to ensure that biodiversity recovery is at the heart of nature-based solutions.

In April 2022, ZSL conservation scientists led on ground-breaking research using satellites to understand the impacts of rewilding efforts over two decades at a famous UK site. The long-standing rewilding project at the Knepp Estate in England has seen key species and native vegetation returned, and has been monitored for the first time from space, showing remarkable ecosystem recovery.

Scientists at ZSL have used long-term satellite data to monitor and evaluate the impacts of more than 20 years of nature restoration efforts. The research gathered satellite data and imagery such as those available from Google Earth to track changes in trees and shrubs from 2001 to 2020 across the 1,400-hectare site. After scouring years of earth observations across seasons, the team pieced together a picture of definitive nature recovery at the site, with results showing that rewilding efforts have led to a 40% increase in areas with trees, and six times more shrubs than before the project started.

The Knepp Estate had been used for several decades for intensive agriculture, but after this was deemed unprofitable, the owners turned it into a conservation site. Since this time, the estate has become home to a diversity of returning wild species, including rare turtle doves, nightingales, peregrine falcons and purple emperor butterflies.

Knepp estate

Rewilding – the process of rebuilding a functioning and self-sustaining ecosystem by restoring natural processes and food webs – is increasingly seen as an important tool to help repair damage to natural ecosystems, which are the foundations of all life on earth.

Satellite data showed that nature has bounced back particularly well in the south side of the Estate where fields were left for long periods before the introduction of herbivore species such as Exmoor ponies and fallow deer. This space exhibited the most significant change in land cover between 2001 and 2020, with the area dramatically switching from brown ‘ploughed’ fields and grassland to shrubs, woody vegetation and trees.

Conservationists who led the study say that these changes would have boosted important ecosystem functions including food sources, habitats, water and soil retention. Lead author and ZSL researcher Henrike Schulte to Bühne said: “This study is the first of its kind to assess the impacts of rewilding on wider ecosystem functions over several decades and at scale, in the UK. The Knepp Estate is becoming a lush and thriving natural habitat, and by using freely available satellite data, we have deepened our understanding of the impacts made by rewilding efforts.”

Measuring the impacts of long-term rewilding projects has thus far been a challenge. This study is the first in the UK to use satellite images to assess the long-term impacts of rewilding as a strategy for a nature positive future.

Knepp estate

Schulte to Bühne added: “Earth observation tools have been vital in helping us to understand more about rewilding and how it’s working. We hope that our work has proven how successful it is, and will be used to assess the impact of other rewilding projects in the future.”

The findings also showed a significant increase in green vegetation, which the researchers believe cannot be entirely explained by rewilding efforts. They suggest these changes could also be attributed to the impacts of warming conditions in South England due to climate change. As climate change is causing broad and damaging shifts in nature, this will need to be monitored closely, and satellite imagery could help.

Senior author and climate change and biodiversity expert at ZSL, Dr Nathalie Pettorelli said: “Restoring nature in the context of rapid environmental change is challenging. To inform conservation action, we need a range of reliable tools that help us assess and predict the impacts of our efforts in the context of rapid changes in climatic conditions; as this study has shown, satellite data are, in that respect, extremely useful.”

By James Wren is the ZSL Executive Director of Fundraising and Engagement. ZSL is working to put nature at the heart of  decision making,  prioritise  biodiversity  loss and  ensure global leaders and policy makers recognise  its interconnections with climate change. You can support ZSL’s global science and conservation work by donating at zsl.org.