Thesis: In crypto, I believe finance use cases are 10x more direct and easier GTM than around identity and reputation, because people are generally OK trusting massive tech companies.
Question: What does a bank account for every person look like?
- It’s a bank account that works with any app frontend, and can easily adapted to local areas? you can take with you, with a native frontend
- Similar to what does the Farcaster of banks look like
Q: Why is this not just an Ethereum wallet?
- Can’t spend IRL.
- No protections that typical banks have.
- Debit: Can spend at a store. How does CB Visa card work?
- Rules: Set rules for what can be transacted without being temporarily locked (<$100 purchase, <$500 in a day)
- Flagging and confirmation: For flagged transactions, confirm with access to phone or email (can use zkemail)
- Address book: Trusted address book, to know who you’re paying (eg. Zelle resolves to a name) and allowing you to bypass rules (eg. Allow me to withdraw large amounts to cold wallet)
- Offer credit
- You escrow USD, which is put into a yield-bearing stablecoin like USDM and is your credit limit. Learnings from BLAST.
- We do our best to warn you, and for some transactions that we think are safe, we offer insurance on them like Pocket Universe’s transaction insurance
- Allows you to earn yield while simultaneously using your USD. And you pay it off normally
- Someday, offer APR
- Accounts: Ability to separate money into different accounts
- That you can take with you
- As much of the configuration above is in a moveable manner (Eg. Stored in an encrypted manner onchain). At first, sign a transaction to retrieve the settings
- Other apps can access at the same time (imagine using two different banking apps, but underlying protocol is the same)
- Protocol is free, but pays out a fee from the yield to both token holders and the front end
- What is the initial wedge?
- Concierge, like what AMEX provides, if we’re targeting conference goers, influencers, etc
- Likes the security aspect of things
- Why she uses AMEX card is she can dispute anything
- Also tries not to use web3 products due to taxes