Particula

Particula assigns an A+ rating* to the issuance of the Liquid Treasury Fund 1 ($LTF) token by Anemoy as of September 9, 2024. In a rapidly evolving market for tokenized assets, transparency and consistent risk assessment are essential for informed decision-making. 📊 The rating favorably reflects the issuer’s bankruptcy-remote operational structure, which operates under stringent regulatory oversight, as well as the robust product design supported by an efficient technical infrastructure provided by Centrifuge. It also takes into account the direct ownership of fund shares, strong reporting and transparency practices and the high quality of the underlying assets. However, the rating highlights certain challenges, including legal risks, key person and concentration risks, operational and market presence risks, as well as counterparty risks associated with the issuance of $LTF. In our report, you will also find a comprehensive peer comparison of similar products issued by Franklin Templeton, BlackRock, Ondo Finance, Superstate, Hashnote, and others. ➤ Our goal is to provide the next generation of ratings for the next generation of assets in order to give investors instant security, clarity and better market access. #Tokenization #DigitalAssets #TreasuryFund #RiskAssessment _______________________ *𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘵𝘰 𝘤𝘳𝘺𝘱𝘵𝘰 𝘷𝘢𝘭𝘶𝘦𝘴, 𝘤𝘳𝘺𝘱𝘵𝘰 𝘵𝘰𝘬𝘦𝘯𝘴, 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘢𝘴𝘴𝘦𝘵𝘴 (“𝘋𝘪𝘨𝘪𝘵𝘢𝘭 𝘈𝘴𝘴𝘦𝘵𝘴“) 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢 𝘎𝘮𝘣𝘏 (“𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢“) 𝘢𝘳𝘦 𝘦𝘹𝘤𝘭𝘶𝘴𝘪𝘷𝘦𝘭𝘺 𝘮𝘢𝘥𝘦 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘵𝘰 𝘦𝘯𝘵𝘳𝘦𝘱𝘳𝘦𝘯𝘦𝘶𝘳𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘮𝘦𝘢𝘯𝘪𝘯𝘨 𝘰𝘧 § 14 𝘉𝘎𝘉 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘴𝘰𝘭𝘦𝘭𝘺 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘥𝘰 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢 𝘳𝘢𝘵𝘪𝘯𝘨 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘌𝘎/1060/2009 (“𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯“). 𝘈 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴 𝘢𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘵𝘩𝘦 𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯, 𝘦𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘯𝘨 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳’𝘴 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴, 𝘪𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘭𝘺 𝘯𝘰𝘵 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴.

𝐖𝐞 𝐚𝐫𝐞 𝐭𝐡𝐫𝐢𝐥𝐥𝐞𝐝 𝐭𝐨 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐞 𝐨𝐮𝐫 𝐧𝐞𝐰 𝐩𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩 𝐰𝐢𝐭𝐡 𝐒𝐢𝐧𝐠𝐮𝐥𝐚𝐫𝐢𝐭𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 (𝐒𝐅𝐈), 𝐚 𝐋𝐚𝐲𝐞𝐫 𝟐 𝐛𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐝𝐞𝐬𝐢𝐠𝐧𝐞𝐝 𝐭𝐨 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞 𝐜𝐮𝐭𝐭𝐢𝐧𝐠-𝐞𝐝𝐠𝐞 𝐀𝐈 𝐭𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐰𝐢𝐭𝐡 𝐫𝐞𝐚𝐥-𝐰𝐨𝐫𝐥𝐝 𝐚𝐬𝐬𝐞𝐭𝐬 (𝐑𝐖𝐀) 🤝 The new entity born from the merging of Cogito Finance ➡️ Singularity Finance, SingularityDAO Labs, and SelfKey Foundation will be known as Singularity Finance, and will be committed to democratizing access to the global AI economy by: •Developing a fast, secure, and economically sustainable blockchain network to support ecosystem growth. •Enabling broader participation in the global AI economy by tokenizing AI assets.     •Bringing real-world assets (RWAs) on-chain to create a decentralized, high yield, compliant market.     •Providing self-sovereign digital identity solutions that ensure privacy, security, and regulatory compliance, enhancing trust within the decentralized ecosystem. •Delivering advanced AI-driven financial tools for automated asset allocation, risk management, and analytics. ▶ The SFI ecosystem is dedicated to fostering innovation and growth across its project network. As ecosystem partners, we look forward to supporting all issuers by leveraging our respective strength in risk management, asset monitoring, as well as our rating services for their tokenized assets.

With Thanksgiving around the corner, it's a perfect time to reflect on the blessings of the past year—especially the exciting developments in the tokenization space - I am really thankful for. 😅 📈 So what happened last week? » UK likely to issue digital gilts within the next 2 years. Chancellor Rachel Reeves is expected to announce tokenized government bonds on blockchain as part of the UK’s digital strategy, including the Digital Securities Sandbox. » Avalon Labs to launch bitcoin-backed USDa stablecoin. Backed by $200M in bitcoin, the overcollateralized stablecoin offers APYs of 20% to 50% & has achieved $318M in TVL. » Libeara & FundBridge Capital to launch their US Treasury fund on Avalanche. » BIS to appoint tokenization-friendly Pablo Hernández de Cos as its new general manager in 2025. » BlackRock to expand BUIDL fund to Aptos, Arbitrum, Avalanche, Optimism, and Polygon, further advancing its tokenized USD liquidity solutions. » Copper.co to offer custody services for tokenized money market funds like BlackRock's BUIDL, approved by Abu Dhabi’s FSRA for collateral in derivatives trades. » Reltime & ISON to launch €150M tok. real estate investment in Norway, beginning with the Oslofjord Project. » Societe Generale-FORGE to plan EURCV stablecoin launch on XRP Ledger by 2025. » Franklin Templeton expands $410M Money Market fund (FOBXX) to Ethereum, marking its sixth blockchain integration after Base, Aptos, Avalanche, & more. » Fireblocks to partner with South Korea’s Nonghyup Bank on VAT tokenization, streamlining tax refund processes & enhancing transparency. » Matrixdock collaborates with Brink’s for global RWA custody, ensuring secure storage for XAUm, its gold-backed token, leveraging Brink’s vaults in Singapore & Hong Kong. » Tether.io to launch Hadron platform for simplified asset tok., offering tools for compliant & secure token issuance across multiple blockchains. » Institutions urge ECB to extend wholesale DLT trials. Participants like Clearstream & DekaBank advocate for a roadmap to capitalize on cost savings & risk reduction through tokenization. » Gulf Bank wins Mastercard’s "Highest Tokenized Debit Portfolio in Kuwait" award, recognizing leadership in secure payment solutions. » Quantoz Blockchain Technology, backed by Tether, launches MiCA-compliant stablecoins USDQ & EURQ, providing fiat-backed digital assets aligned with EU regulations. » Goldman Sachs plans to spin out its digital assets platform within 12-18 months, focusing on blockchain solutions for trading, tok. funds, & private asset transactions. » SBI & UBS to issue tokenized funds under Project Guardian, expanding tok. securities offerings & collaborating on cross-border trading. » Leading tokenization brands launch Real World Asset Foundation, uniting Securitize, Ava Labs, Republic, Particula, Security Token Market 🌴 and many more to drive interoperability, liquidity, & adoption of RWAs through standards & initiatives.

Today is the official launch day of the Real World Asset Foundation, the newly dedicated decentralized community for RWAs. 🎉 The tokenized asset industry has reached a significant milestone today with the introduction of the RWA Foundation featuring founding member partners across different service practices, blockchain solutions, and asset tokenization leaders. The mission of the RWA Foundation is to establish standards, best practices, and utility that incentivizes the adoption of tokenization for crypto natives interacting with RWAs as well as asset issuers bringing products on-chain. ➡ Through the creation of working boards, grant programs, dedicated educational events, and a variety of special initiatives, the RWA Foundation will work with its members to integrate tokenization and RWAs within the crypto economy.  Given the importance of risk management and evaluation in the tokenized assets space, we are thrilled to support this initiative as a founding member and look forward to actively participating and contributing. 📈

Tune in to this episode of the Security Token Show where this week Herwig “Happy” Konings 🌴 covers the industry leading headlines and market movements, including the RWA chain wars and more tokenization market activity! Special Announcement, STM will be revealing a special project on Tuesday at the Future of Digital Assets Powered By Benzinga, live in NYC and livestream: https://lnkd.in/gN7V-xp6 Join the TokenizeThis 2025 waitlist at summit.stm.co! The Market Movements 1. Liquidity Products Go Multi-Chain: BUIDL and BENJI: https://lnkd.in/esdkiHgv https://lnkd.in/e54vq7B8 2. First Tokenized Fund Rated by Moody's and Particula: Anemoy ‘s LTF, Managed by Janus Henderson Investors: https://lnkd.in/eBNDdTT2 3. Tether.io Launches Hadron RWA Tokenization Platform: https://lnkd.in/dfQ3cz52 4. Arca and BlockTower Capital to Merge for Growth in Digital Asset Space: https://lnkd.in/dEheNTdP 5.Tokenized Burgers: Furahaa’s Issuance on INX Live November 20th: https://lnkd.in/gRZtS_Em 6. Avalon Labs Launches USDa: Bitcoin-Backed, Overcollateralized Stablecoin: https://lnkd.in/gVqZKN87 ⏰ TABLE OF CONTENTS ⏰ 0:16 Introduction 0:52 Special Announcement: Project Reveal at Benzinga on Tuesday, TokenizeThis 2025 2:31 Market Movements 17:15 Company of The Week: BUIDL

🎤 Our Co-founder and CEO, Timm Reinsdorf, will be a panelist on “Order from Chaos: Establishing Standards for Digital Assets” at the International Financial Standards Conference (#IFSC2024) in Frankfurt, today. 🗓️ 𝗦𝗽𝗲𝗮𝗸𝗲𝗿𝘀: Timm Reinsdorf from Particula Moritz Stumpf from tokenforge Denis Dounaev from Digital Token Identifier Foundation (DTIF) Jonathan Knegtel from The Grid Maximilian Bruckner from WM Datenservice 𝗪𝗲 𝘄𝗶𝗹𝗹 𝗱𝗶𝘀𝗰𝘂𝘀𝘀: 🔵 Setting standards to boost transparency and trust 🔵 Balancing innovation with compliance for sustainable progress 🔵 Navigating complex regulations as the market evolves 🔵 Enhancing interoperability to build a connected, global ecosystem For those unable to join on-site, virtual access is available via the link in the comments.✍ #DigitalAssets #Standardization #IFSC2024

Since it is super grey in Munich for the last 2 weeks, I thought I am bringing you some light again here with my Weekly Tokenization News Updates! ☀ 😎 » Swift, UBS, & Chainlink Labs complete tokenized assets pilot, enabling tokenized fund subscriptions & redemptions via Swift’s network with improved liquidity and cost efficiency. » Ozean & HELIX to tokenize private credit, merging Helix’s expertise with Clearpool’s $640M lending success to expand options for tokenized private credit. » Euroclear & HSBC join Singapore’s GL1 public permissioned blockchain, aiming to transition tokenization from pilot phases to full-scale commercialization with security & compliance at its core. » J.P. Morgan rebrands Onyx to Kinexys, expanding solutions for repo, tokenized collateral, & bond issuance, with OCBC now using the platform’s repo feature. » ADDX & ANZ pilot tokenized commercial papers with Chainlink Labs privacy-enabled transactions, offering Australian investors access to tok. papers on ADDX. » Project Epic report by JP's Kinexys highlights advancements in privacy & identity in tok. finance, leveraging technologies like zero-knowledge proofs for enhanced transaction security. » Bank of Korea to test tokenized voucher system, exploring digital versions of traditional vouchers for simplified settlement in cultural and educational transactions. » Particula assigns “A” rating to Backed Finance AG’s bIB01 US$ Treasury Bond Token, noting its strong regulatory backing & expanding blockchain integration but also outlining liquidity & counterparty risks. » UBS to pilot digital cash for multi-currency blockchain payments, enhancing intraday liquidity & visibility with a private blockchain for cross-border transactions. » Reserve Bank of Australia & DFCRC to trial wholesale CBDC for asset tokenization, with project Acacia investigating settlement models & digital money’s role in 2025 trials. » Amazon simulates tokenized seller receivables with stablecoins at singapore fintech festival, allowing faster fund access for sellers in a trial simulation using StraitsX’s XSGD. » Tether.io finances $45M middle eastern oil transaction, reducing costs & streamlining payment processes for commodity trades using tether’s USD₮ stablecoin. » France’s Groupe Caisse des Dépôts to issue €100M tok. bonds, collaborating with BNP Paribas & Euroclear on secure blockchain settlement. » Deutsche Bundesbank joins Singapore’s project Guardian to support frameworks for tok. assets, focusing on cross-border transactions in fixed income. » Intesa Sanpaolo issues tokenized commercial paper in ECB DLT trials, marking a key step in europe’s transition to digital settlement systems. » Security Token Market 🌴 October update reports $46B market cap for tokenized securities, highlighting asset performance & new developments in the security token sector. » Anemoy’s Liquid Treasury Fund becomes first tokenized fund rated by Moody's (Aa) & Particula (A+). What else did I miss ?

🛠Anemoy ‘s Liquid Treasury Fund Managed by Janus Henderson Investors Becomes First Tokenized Fund Rated by Moody's and Particula🚀 Anemoy a web3 native asset manager powered by Centrifuge announced ratings from Moody's and Particula for their tokenized Liquid Treasury Fund managed by Janus Henderson. The fund received an Aa from Moody’s and an A+ from Particula. ⚡️Moody’s Rating of Aa The bond fund rating reflects the high credit quality of the fund’s underlying assets, primarily U.S. Treasury Bills, and the operational oversight of Janus Henderson, a top-tier asset manager. VanessaRobert, Senior Credit Officer at Moody’s, remarked, “The Aa bond fund rating signals our confidence in the fund’s asset quality and operational controls, despite its use of emerging blockchain technologies.” 🔊Particula’s A+ Rating Particula emphasized the robust operational structure, transparency, and use of the Centrifuge platform for tokenization, which ensures secure onchain efficiency, scalability, and regulatory compliance. Particula’s report also highlighted the direct ownership of U.S. Treasury Bills as a significant factor in safeguarding investor interests. Timm Reinsdorf, CEO at Particula, commented, "The A+ rating reflects Anemoy's effective integration of blockchain technology within traditional asset management practices, highlighting a secure and well-executed deployment of decentralized solutions that create high standards of transparency and operational efficiency." Anemoy’s Liquid Treasury Fund has seen rapid growth, with assets under management increasing by 211% in the last 30 days. This surge in demand demonstrates investor confidence in both the fund and the broader potential of tokenized assets. Martin Quensel, Co-founder of Anemoy, expressed his pride in the team’s accomplishment: “Securing these ratings from both Moody’s and Particula validates our vision of bridging traditional finance with decentralized technology. This marks a significant step forward for institutional adoption of tokenized assets, and we’re just getting started.” The dual ratings from Moody’s and Particula underscore the growing institutional confidence in tokenized assets and signal a new era of financial innovation. As Anemoy continues to pioneer this space with trusted partners like Janus Henderson and Centrifuge, the Liquid Treasury Fund sets the stage for broader institutional engagement in onchain markets. Anemoy and Centrifuge have seen significant momentum in the last weeks, announcing partnerships with Janus Henderson, Chronicle Labs | Protocol and Archax, and submitting a competitive bid for the Spark Tokenization Grand Prix. By leveraging Centrifuge’s cutting-edge infrastructure and Anemoy’s expertise, the two firms have created a unique advantage for delivering value across the intersection of traditional and crypto markets.

Navigating U.S. Regulatory Frameworks for Tokenized Fixed Income Products 🔎 Fixed income products are issued within specific legal frameworks that ensure regulatory compliance, protect investors, and optimize tax and operational efficiencies. Each jurisdiction provides distinct structures governed by laws designed to address market stability, investor protection, and capital formation. Our latest article provides an overview of U.S. regulatory frameworks for fixed-income products, featuring issuers like Ondo Finance and Superstate to highlight regulatory differences. Find the link for the full article in the comments. 🔗 #digitalassets #tokenization #regulation #fixedincome

Particula assigns an A rating* to the issuance of the bIB01 $ Treasury Bond 0-1 yr token by Backed Finance AG as of September 18, 2024. The bIB01 token is a tracker certificate issued as an ERC-20 token tracking the price of the iShares $ Treasury Bond 0-1yr UCITS ETF. The rating reflects the issuer's notable market presence, robust product structure supported by regulatory oversight and the secure, transparent technical infrastructure, along with the increasing utility of the bIB01 token. However, the rating also highlights several challenges associated with the bIB01 token issuance, including potential counterparty risks and liquidity constraints, technical vulnerabilities related to the smart contract as well as discretionary termination conditions. ➤ Our goal is to provide the next generation of ratings for the next generation of assets in order to give investors instant security, clarity and better market access. #Tokenization #DigitalAssets #RiskAssessment _______________________ *𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘵𝘰 𝘤𝘳𝘺𝘱𝘵𝘰 𝘷𝘢𝘭𝘶𝘦𝘴, 𝘤𝘳𝘺𝘱𝘵𝘰 𝘵𝘰𝘬𝘦𝘯𝘴, 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘢𝘴𝘴𝘦𝘵𝘴 (“𝘋𝘪𝘨𝘪𝘵𝘢𝘭 𝘈𝘴𝘴𝘦𝘵𝘴“) 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢 𝘎𝘮𝘣𝘏 (“𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢“) 𝘢𝘳𝘦 𝘦𝘹𝘤𝘭𝘶𝘴𝘪𝘷𝘦𝘭𝘺 𝘮𝘢𝘥𝘦 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘵𝘰 𝘦𝘯𝘵𝘳𝘦𝘱𝘳𝘦𝘯𝘦𝘶𝘳𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘮𝘦𝘢𝘯𝘪𝘯𝘨 𝘰𝘧 § 14 𝘉𝘎𝘉 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘴𝘰𝘭𝘦𝘭𝘺 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘥𝘰 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢 𝘳𝘢𝘵𝘪𝘯𝘨 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘌𝘎/1060/2009 (“𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯“). 𝘈 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴 𝘢𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘵𝘩𝘦 𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯, 𝘦𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘯𝘨 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳’𝘴 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴, 𝘪𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘭𝘺 𝘯𝘰𝘵 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴.