As part of our promotional campaign for the equity launch, this deal will have 0% carry for everyone. Investors will only share single, one-time SPV legal/setup cost (≈ $4-10K total) split pro rata among all investors. PAID takes no profit from these fees. They cover the SPV setup and four years of annual maintenance, with a full cost breakdown shared transparently after the raise.

<h3>1. Executive Summary</h3>PAID is excited to announce an exclusive allocation in&nbsp;Bluwhale&nbsp;at a&nbsp;$30 M FDV Equity valuation, paired&nbsp;1‑for‑1 with BLUAI tokens at the same&nbsp;$30 M FDV (12‑month cliff, 36‑month linear vest).&nbsp;This is a 70% discount from the current funding round and is exclusive only available on PAID. The round is led by&nbsp;SBI Holdings, Decima Fund (Animoca, Gumi, MZ Crypto), Sui Foundation, and many more. This dual‑exposure structure gives investors equity upside plus direct participation in the network token, which lists on a&nbsp;Tier 1 Exchange Q3 2025. PAID has solidified a $300,000 allocation for the community to participate in this opportunity.&nbsp;This round is an exclusive allocation only available on PAID platform.Bluwhale (“BW”) is building&nbsp;Web3’s intelligence layer - a decentralized, mobile‑first AI network that transforms raw on‑chain activity into actionable user intelligence for dApps, wallets and enterprises. After processing&nbsp;800 M+ wallets&nbsp;across 37 chains spanning EVM, Move, and Rust ecosystems and onboarding&nbsp;4,780 enterprise clients, BW has demonstrated product‑market fit, 7‑figure recurring revenue, and a self‑reinforcing node economy.<a href="https://docsend.com/view/pgvk3becnqncxmaw">Deck</a> (password is “bconfidential”) <a href="https://docsend.com/view/ck6824vtuj5dwaib">Performance</a> (password is “bconfidential”) <a href="https://www.bluwhale.com/">Website</a> <a href="https://x.com/bluwhaleai">Twitter</a>&nbsp;<h3>2. Problem &amp; Opportunity</h3>Web3 projects lack reliable, privacy‑preserving user intelligence. Traditional analytics firms (e.g., Nansen, Arkham) scrape limited wallet heuristics; dApps still resort to blind airdrops and costly, scatter‑shot campaigns. This results in&nbsp;marketing CAC that is 3‑5× higher than comparable Web2 funnels.Total addressable market (TAM) combines:<ul><li>$5.2 B annual blockchain data‑analytics spend (Messari 2024)</li><li>$9.4 B global customer data platform spend (IDC 2024)</li><li>$3 B cumulative protocol airdrop budgets projected through 2027</li></ul>Capturing even a low‑single‑digit share translates to a&nbsp;$250‑400 M revenue opportunity within five years.&nbsp;<h3>3. Solution &amp; Technology</h3>BluWhale operates a&nbsp;two‑sided AI marketplace:<figure class="table"><table><tbody><tr><td>Layer</td><td>Functionality</td></tr><tr><td>AI Orchestration</td><td>Wallet matching, behavioural clustering, sybil detection, predictive LTV scores</td></tr><tr><td>Decentralized Compute</td><td>100 K verifier &amp; AI nodes (mobile devices) execute federated learning jobs; participants earn BLUAI</td></tr><tr><td>Knowledge Graph</td><td>Cross‑chain embeddings form a unified “user graph” (Layer 3/4) that any protocol can query in real time</td></tr></tbody></table></figure>Key technical advantages<ul><li>Mobile‑edge inference – reduces latency &amp; cloud cost by &gt;60 % versus centralized rivals.</li><li>Graph‑based embeddings – superior to sub‑graph indexing; scales horizontally with node count.</li><li>Privacy‑preserving federated learning – no raw PII leaves devices, mitigating GDPR risk.</li><li>&nbsp;</li></ul><h3>4. Traction</h3><figure class="table"><table><tbody><tr><td>Metric</td><td>Value</td><td>Trend</td></tr><tr><td>Unique wallets processed</td><td>800 M+</td><td>+35 % QoQ</td></tr><tr><td>Enterprise accounts</td><td>4,780</td><td>15× growth since Jan 2024</td></tr><tr><td>MAU / DAU</td><td>1.5 M / 180 K</td><td>Sustained since Mar 2025</td></tr><tr><td>ARR (CY‑2024)</td><td>$1.7 M</td><td>Projected $3‑4 M 2025</td></tr><tr><td>Nodes sold</td><td>100 K (38 K master / 42 K common)</td><td>Generates recurring staking demand</td></tr><tr><td>Community</td><td>270 K X followers · 103 K Telegram · 65 K Discord</td><td>Organic growth; low bot ratio</td></tr></tbody></table></figure>BW is&nbsp;active across 37 chains spanning EVM, Move, and Rust ecosystems with&nbsp;notable customers include&nbsp;PvP Games, Playember, Delabs Games..&nbsp;<h3>5. Business Model &amp; Economics</h3><ul><li>API subscription (SaaS) – tiered pricing for analytics queries (∼ 65 % gross margin).</li><li>BLUAI token burn – enterprise usage triggers burns, linking token value to demand.</li><li>Node licence sales – upfront revenue plus locked‑in token staking.</li><li>&nbsp;</li></ul>Cost structure is dominated by R&amp;D (41.7 %) and AI compute (16.7 %); latest burn rate implies&nbsp;&gt;18‑month runway post‑Series A.&nbsp;<h3>7. Go‑to‑Market &amp; Community Strategy</h3><ul><li>Enterprise land‑and‑expand – start with free wallet‑scoring tier; upsell to paid graph queries.</li><li>Developer evangelism – SDK, hackathons with several partner chains</li><li>Node‑sale airdrop flywheel – node buyers amplify social reach while securing network.</li><li>Listing playbook – market maker (name withheld under NDA) committed to $5 M ADV, ≤2 % spread for six months; 5 % of token supply reserved for liquidity &amp; incentive programs.</li><li>&nbsp;</li></ul><h3>8. Competitive Landscape</h3><figure class="table"><table><tbody><tr><td>Vertical</td><td>BluWhale Position</td><td>Key Competitors</td></tr><tr><td>“Brain” / Intelligence Layer</td><td>Market leader (mobile‑edge; 4,780 enterprise)</td><td>The Graph, OriginTrail</td></tr><tr><td>AI Agents</td><td>Partner integrations</td><td>Fetch.ai, Autonolas</td></tr><tr><td>Data Analytics</td><td>Wallet graph + behavioural scores</td><td>Nansen, Arkham</td></tr><tr><td>Compute</td><td>Outsources to partners</td><td>Render, Aethir</td></tr></tbody></table></figure>&nbsp;BluWhale defends its moat via proprietary embeddings, node count, and data network effects—each additional wallet processed enriches signal quality, raising barriers for fast followers.&nbsp;<h3>9. Management &amp; Backing</h3><ul><li>Han Jin – CEO; ex‑NeuralNet Labs; 10 yrs applied AI, Masters UC Berkeley&nbsp;</li><li>Dr. Adam Rowell – CTO; Stanford PhD, real‑time ML on mobile, Forbes 40 under 40</li><li>Investors already in cap table: SBI Holdings,&nbsp;Decima Fund (Animoca, Gumi, MZ Crypto),&nbsp;Sui Foundation, GSR, DWF, Hub71/Mubadala, founders of Oculus &amp; Guitar Hero, Amazon Head of Personalization</li><li>&nbsp;</li></ul><h3>12. Deal Terms for PAID</h3><figure class="table"><table><tbody><tr><td>Item</td><td>Detail</td></tr><tr><td>Allocation</td><td>Up to&nbsp;$300,000 reserved for PAID investors</td></tr><tr><td>Instrument</td><td>SAFE Note</td></tr><tr><td>Equity Valuation</td><td>$30 M FDV</td></tr><tr><td>Token Airdrop</td><td>1 : 1 BLUAI tokens on same FDV, 12m lock, 36m vest</td></tr><tr><td>Minimum Ticket</td><td>$500</td></tr><tr><td>Closing Date</td><td>TBD</td></tr></tbody></table></figure>This round is an exclusive allocation only available on the PAID platform.&nbsp;<h3>14. Subscription Instructions</h3>PAID investors can review the attached pitch deck, register their interest, sign the electronic subscription agreement, and participate with USDC. Funds flow to the PAID SPV; token allocation will be recorded off‑chain and delivered under the cliff and vesting terms, the equity exit will be handled by PAID, and returns will be sent to investors’ wallets.&nbsp;&nbsp;<h4>Disclaimer</h4>This memo is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities or tokens. Investments in start‑ups and digital assets are speculative and illiquid. Please review the full risk factors in the subscription documents.

Bluwhale

Bluwhale is Web3’s Intelligence Layer - a decentralized AI infrastructure powering smart contracts, agents, and applications with real-time wallet intelligence.

Carry fees are applied based on your staking tier. If you invested in Bluwhale you will receive 50% off your carry as a one time promotion for your contribution.

<h3>1. Executive Summary</h3>NGRAVE is the world’s most secure self-custody wallet, trusted with over $1.6B in digital assets. Unlike consumer-grade options (Ledger, Trezor), NGRAVE delivers EAL-7 certification (the highest global security standard), a fully air-gapped device (QR-only, no USB/Bluetooth), and a disaster-proof backup system.Its ecosystem combines hardware, firmware, and user experience into a seamless solution that empowers both individuals and institutions to fully own and control their digital wealth, with staking, lending, and swaps coming soon.The company is now raising a $30M convertible note at a 15% discount to the next round, with 7% annual coupon and 24-month maturity. This round sits one step ahead of their upcoming institutional raise, giving PAID members a chance to invest at lower entry terms than the next wave of VCs.NGRAVE is backed by leading investors including&nbsp;<a href="https://www.mechanism.capital/">Mechanism</a>,&nbsp;<a href="https://woodstockfund.com/">Woodstock</a>, GBV,&nbsp;<a href="https://morningstar.ventures/">Morningstar Ventures</a>,&nbsp;<a href="https://www.dfg.group/">DFG</a>,&nbsp;<a href="https://www.imec-int.com/en">IMEC</a> (Europe’s deep-tech incubator), and a top-5 global asset manager (under NDA). With an average $130K of assets per wallet and a 4.6/5 Trustpilot rating (90% five-star reviews), NGRAVE is positioned to capture the institutional migration to investment-grade self-custody.Allocation is strictly limited to PAID participants and will be filled first-come, first-served. &nbsp;<h3>2. Problem &amp; Opportunity</h3>Billions in crypto wealth is moving from exchanges and custodians to self-custody. In 2024 alone, over&nbsp;8M hardware wallets were sold, but most options remain consumer-grade, with USB/Bluetooth vulnerabilities, weak recovery methods, and low trust ratings.A shift of even&nbsp;1% of assets leaving custodians = $100B+ in addressable market. Institutions and high-net-worth investors are demanding&nbsp;investment-grade custody,&nbsp;and NGRAVE is positioned to capture this migration.&nbsp;<h3>3. Product &amp; Technology Most wallets on the market are built for casual retail users. NGRAVE is different, it was designed from the ground up to meet&nbsp;institutional-level security standards, while still being simple enough for everyday use. The ecosystem includes three core products:</h3><ul><li>ZERO - the flagship hardware wallet, the world’s only&nbsp;EAL-7 certified device (highest grade of security for any financial product).</li><li>GRAPHENE - a disaster-proof steel recovery backup, ensuring funds can always be restored, even in extreme conditions.</li><li>LIQUID - a mobile app to track and approve transactions. In 2025 it will add staking and swaps, turning custody into a revenue stream. Together, these products give investors a&nbsp;complete, end-to-end custody solution that’s both safer and more advanced than competitors. &nbsp;</li></ul><h3>4. Traction &amp; Metrics</h3><figure class="table"><table><tbody><tr><td>KPI</td><td>Current</td><td>Target</td></tr><tr><td>Assets under self‑custody</td><td>US $1.6 B (+3 % MoM, +40 % YoY)</td><td>US $100 B within five years</td></tr><tr><td>Avg. assets per wallet</td><td>US $130 K (premium segment)</td><td>US $250 K</td></tr><tr><td>Hardware units sold (cumulative)</td><td>30 K+ (est.)</td><td>Scale to 1 K units / month by Q4‑25</td></tr><tr><td>Monthly revenue</td><td>US $150‑250 K (hardware‑led)</td><td>&gt;US $500 K with staking &amp; swap take‑rates</td></tr><tr><td>Trustpilot</td><td>4.6 / 5 (90 % five‑star)</td><td>&nbsp;</td></tr></tbody></table></figure><h3>&nbsp;</h3><h3>5. Business Model &amp; Economics</h3>NGRAVE makes money in three main ways:Wallet sales – the ZERO hardware wallet sells at a premium price with healthy margins (~44%).<ul><li>App transaction fees – once staking, swaps, and lending launch in the LIQUID app, NGRAVE will earn a small percentage fee (around 0.3%–0.6%) on each transaction.</li><li>Enterprise licensing – exchanges and asset managers can license NGRAVE’s technology; a pilot is already complete with a top-5 global exchange.</li></ul>Today, the average NGRAVE wallet safeguards about&nbsp;$130K in assets, and the company is already generating&nbsp;$150–250K in monthly revenue. The next phase will scale hardware sales while adding&nbsp;recurring, high-margin income from transactions and licensing.&nbsp;<h3>6. Competitive Landscape</h3><figure class="table"><table><tbody><tr><td>Player</td><td>Cert.</td><td>Air‑gapped</td><td>Backup</td><td>Target User</td><td>Moat vs. NGRAVE</td></tr><tr><td>NGRAVE</td><td>EAL‑7</td><td>✓ (QR)</td><td>Steel + encryption</td><td>HNW / Institutions&nbsp;</td><td>Highest cert; integrated ecosystem</td></tr><tr><td>Ledger</td><td>EAL‑5+</td><td>✗ (USB/BLE)</td><td>Paper</td><td>Mass retail</td><td>Reputational data‑leak issues</td></tr><tr><td>Trezor</td><td>None</td><td>✗ (USB)</td><td>Shamir (paper)</td><td>Open‑source hobbyists</td><td>No mobile signing</td></tr><tr><td>Keystone</td><td>--</td><td>✓ (QR)</td><td>SD‑card</td><td>Prosumer</td><td>China manufacturing risk</td></tr></tbody></table></figure>Detailed comparison in application sheet confirms upgrade path for 90 % of NGRAVE buyers who already own a competing wallet.&nbsp;<h3>7. Go‑to‑Market Plan</h3><ul><li>Customer acquisition: NGRAVE will grow its user base through crypto security thought-leadership, high-net-worth referrals, and a tailored affiliate program — supported by a&nbsp;$600K marketing budget over the next 12 months.</li><li>Partnerships: Active white-label discussions are underway with a&nbsp;top-5 global asset manager and tier-1 exchanges to integrate NGRAVE’s custody technology directly into their client offerings.</li><li>Community &amp; awareness: NGRAVE already has a strong community with&nbsp;56K X followers and active channels on Discord and YouTube. Growth will be supported by&nbsp;targeted PR (Cointelegraph) and campaigns with leading KOLs. &nbsp;</li></ul><h3>8. Management &amp; Governance</h3><ul><li>Xavier Hendrickx – Co‑founder &amp; CEO/CTO; ex‑Bug Bounty top‑ranked white‑hat.</li><li>Ruben Merre – Co‑founder; serial fintech entrepreneur.</li><li>Edouard Vanham – Co‑founder &amp; CPO; ex‑banking IT lead.</li></ul>Advisors include cryptographer&nbsp;Prof. Jean‑Jacques Quisquater (cited in Bitcoin WP) and&nbsp;David Suetens (ex‑State Street EVP). &nbsp;<h3>9. Subscription Details for PAID Investors</h3><figure class="table"><table><tbody><tr><td>Field</td><td>Term</td></tr><tr><td>Instrument</td><td>Convertible note (valuation cap$30M), 15% discount from next round</td></tr><tr><td>Min ticket</td><td>$500 USD</td></tr><tr><td>Closing</td><td>TBD</td></tr><tr><td>&nbsp;</td><td>&nbsp;</td></tr></tbody></table></figure>Funds held in Belgium NV escrow; note converts automatically into the next equity round or at maturity. &nbsp;<h3>10. Investment Rationale</h3><ul><li>Best-in-class security with growing demand: NGRAVE offers the highest security certification available, meeting the needs of institutions and serious investors moving away from custodians to self-custody.</li><li>Premium user base: The average NGRAVE wallet secures about&nbsp;$130K in assets, showing strong adoption among high-value customers. This creates a natural base for expanding into services like staking and swaps, where fees scale with assets under custody.</li><li>Attractive entry valuation: This round values NGRAVE at just&nbsp;1.1× its 2024 revenue, while competitors like Ledger raised at over&nbsp;4.5× revenue multiples. Investors today are entering at a significant discount.</li><li>Path to profitability: With healthy&nbsp;hardware margins (~44%) and recurring revenue from in-app fees and enterprise licensing coming online, NGRAVE has a clear path to sustainable profitability.</li></ul>

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