Biz Builder Mike

You can't sail Today's boat on Yesterdays wind - Michael Noel

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Thought Machine, a Cloud Native Tech Provider for Banks, Integrates Fintech Wise’s Money Transfer Platform

Thought Machine, a company that builds Cloud-native technology for banks, has reportedly integrated Wise‘s (formerly doing business as TransferWise) global money transfer platform into its core banking engine, Vault.

The integration should allow Thought Machine‘s banking and Fintech clients the option to use Wise’s fast and affordable global transfers service more quickly and in a more efficient manner. The companies have developed an integration layer that, they explained, lowers the developer effort required for financial institutions to link up with Wise’s API (developer effort reduced as much as 60%).

Wise, which recently rebranded from TransferWise (earlier in 2021), began its business operations as a consumer-facing startup providing an alternative to slower, inefficient, and costly currency transmission services offered by incumbents.

While still working with millions of clients directly, Wise is now more focused on teaming up with banks in order to integrate its API within their platforms.

The latest deal sees Wise’s technology being provided to  Thought Machine’s clients, which includes Lloyds Banking Group, Standard Chartered, Atom bank, Monese, Curve, and SEB.

Stuart Gregory, MD, Wise Platform & Wise Business, stated:

“Our integration today makes it quicker and easier for financial institutions and banks to enable faster and cheaper payments for their customers and brings us one step closer to our mission of building money without borders.”

Wise, a top Fintech that may be described as a stealth bank, recently announced that it’s giving away shares in itself. According to the private company, it has gifted 2000 customers a single share of the firm that has emerged as popular global payments and transfer platform.

The UK-based Fintech firm noted that currently there are 2400 employees in 15 offices working at Wise. All of the employees are said to have shares in the company that has indicated in the past it will seek to remain private as long as possible. Of course, if and when, Wise goes public, early shareholders may benefit from their confidence in the company’s mission.

Wise stated:

“We believe our customers should also be shareholders. You have the strongest understanding of the problems we’re trying to solve and our mission, so it’s natural you should have a say in how Wise is built and run. We believe having you represented amongst our shareholders will help us move even faster towards completing our mission. That’s why we’re giving one share in Wise to 2,000 of our active customers. Having a share is a bit like having a slice of the Wise pie — it means you own a bit of Wise. If you’re one of the lucky 2,000, we’ll be in touch with how to claim your share.”

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Synthetic FAANG stocks are trading in DeFi — but do gas fees make them uncompetitive?

Decentralized finance protocol Kwenta has launched a series of synthetic tokens for popular stocks — but current gas prices could make trading them more expensive than buying the real thing.

In a blog post on April 23, derivatives trading protocol Kwenta —an Ethereum dApp which is powered by Synthetix — announced the listing of various synths that track the prices of stocks from the top five tech firms known by the acronym FAANG. These comprise Facebook, Apple, Amazon, Netflix, and Google. Tesla was already available and there are plans to soon add Microsoft (MSFT) and Coinbase (COIN).

The Mirror Protocol on Terra blockchain has a similar setup offering a range of synthetic tokens based on tech stocks, as well as a FAANG index token. Tokenized stocks were first made available on the FTX derivatives exchange and can now be traded on other major platforms such as Binance, however synthetic tokens enable these stocks (or something similar) to be traded in DeFi.

Synthetic digital assets are tokenized versions of real world assets such as stocks, commodities, and indexes — they can also include physical assets such as real estate or vehicles. Their prices follow those of the real world assets, tracked by price oracles, allowing investors to gain exposure to them. The additional appeal is that anyone anywhere can trade them without having to jump through regulatory hoops associated with U.S. stock exchanges.

Synths were popularized by the DeFi protocol Synthetix which allows users to create their own synthetic assets providing there is underlying crypto collateral. The newly listed FAANG synths can be used for liquidity provision in pools provided by Balancer.

In the April 23 edition of DeFi newsletter ‘Bankless’, UMA Protocol founder Hart Lambur (another synthetic asset platform) compared synths to alchemy, adding that they enable anyone to create a financial asset for anything.

“In the same way YouTube allowed new forms of long tail video content to flourish, […] synthetic assets will enable new types of financial products we haven’t even imagined yet.”

There is one underlying problem, however, especially with platforms based on Ethereum Layer 1. According to Bitinfocharts, the average transaction cost on Ethereum spiked to its second highest level on Tuesday, April 20, hitting $30.

Etherscan is currently reporting three-figure gas prices in USD for more complex DeFi activities such as swapping tokens on Uniswap. This could make investing in the new FAANG synths more costly than buying the actual stock and paying brokerage fees.

Fortunately, Synthetix is among a number of DeFi protocols implementing Layer 2 scaling solutions. It is currently in the process of migrating the exchange to rollup technology from Ethereum scaling solutions provider, Optimistic Ethereum. Owing to delays in the launch of Optimism mainnet, this is not expected until July 2021.

Synthetic FAANG stocks are trading in DeFi — but do gas fees make them uncompetitive?

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Bitcoiners back social platform to escape shadowbans and demonetization

A new Social media platform called Locals has drawn strong backing from leading crypto figures as part of a push to escape big tech censorship.

Locals Technology, Inc. announced a $3.8 million seed investment round on April 20, and included backing from the co-founder of Morgan Creek Digital Assets, Anthony Pompliano, former Coinbase CTO Balaji S. Srinivasan as well as Alexander Lloyd, co-author of The Little Bitcoin Book.

Locals is an alternative platform that gives control to independent creators by allowing them to post content without wrestling with the ambiguous censorship standards on social media platforms such as YouTube and Patreon.

Scott Adams, creator of the Dilbert comic strip said that he joined Locals because it gave him back the control over his content, noting he was fearful over what content he could post in light of being shadow-banned or demonetized:

“Before Locals, I couldn’t control what anybody saw because Twitter could shadowban me, YouTube could demonetize me and it looked like one wrong move and I would just be out of business. I was putting tons of work into something that I had no control over. These platforms could just snap a finger and I’d be out of business.”

While the platform is not blockchain-based, it’s likely to be of interest to crypto influencers who have fallen victim to similar shadow bans, demonetization, video deletion, and algorithms that reportedly work against crypto content.

Co-founder and CEO Assaf Lev noted on the company’s website the aim of the platform was put creators back in control:

“We created locals.com to give creators more—more money, more control, and true ownership over their own content and audience.”

Creators on the platform can set the rules for allowed content in their own “communities,” with fans also being able to post content in the communities they subscribe to. Co-founder Dave Rubin, who is an outspoken political commentator and YouTube personality, started Locals with the idea of evening up the playing field:

“If you think about the relationship between the big social media platforms and the content creator, the equation is backwards. The content creator is why people visit these big tech platforms, and yet they are the ones who make the lion’s share of the money.”

Creators can set their own monthly subscription fees, with Locals taking a 10% cut of total monthly revenues. The platform operates with Local Coin, a non-crypto virtual currency which holds a value of 10 cents.

The push for monetized free speech platforms has sparked a lot of innovation for blockchain-based solutions. On April 1, Cointelegraph reported on several platforms that aim to solve the vague content monetization policies of the major platforms. For example, GazeTV, You42, and AIOZTube are all aiming to provide a transparent way creators can post content while being able to track revenue on the blockchain.

Bitcoiners back social platform to escape shadowbans and demonetization

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Danial Daychopan: CEO at Plutus Explains how Financial Services Provider Is Bridging Worlds of Fiat and Crypto

We recently connected with Danial Daychopan, CEO and Founder of UK-based Plutus, a financial services provider that aims to bridge the gap between traditional fiat currencies and “upcoming” cryptocurrencies.

Plutus says it offers the “best of both worlds,” which includes centralized fiat and non-custodial crypto, “under one intuitive banking-like app.”

To stay true to the “decentralized” culture of crypto, users may attach their personal crypto wallet to the app and interact with it alongside their fiat current account “without ever revealing the private keys,” the Plutus team notes. A “custom-built” decentralized exchange (PlutusDEX) allows users to “swap between the two asset types without having to trust a 3rd party,” the company explains.

The Plutus app comes with a Plutus Debit Card which users can load with fiat and converted cryptocurrency in order to spend at more than 60 million merchants, “circumventing the need for mass adoption and making crypto payments a reality now!.” With 3% “crypto back built-in,” Plutus claims it’s one of the “most secure” and “rewarding” accounts available. Our conversation with Danial Daychopan is shared below.

Crowdfund Insider: What are the main products and services that you offer at Plutus?

Danial Daychopan: We are essentially looking to bridge the gap between crypto and traditional finance, but in a way that stays true to the cypherpunk culture of cryptocurrencies. We offer traditional banking features such as a UK Sort Code & Account Number, or a European IBAN depending on where you live, and then allow users to connect any personal cryptocurrency wallet they like to this account.

Almost all services out there require users to use a centralized wallet which the company has access to, so I think the ability to connect any wallet of your choice whilst retaining the private keys is of huge significance. Ownership of the private keys is what gives crypto value, and the rest of the market seems to be moving increasingly further away from that. The app also includes a decentralized exchange (DEX) so you can seamlessly convert crypto for fiat and vice versa without having to trust a 3rd party, and a Plutus Visa Debit Card awards users 3% in crypto rewards every time you spend with it.

Crowdfund Insider: Many more people have been using investment apps and other types of Fintech apps following the COVID outbreak.

Have you seen more people sign up to use your products as well? What’s been the response overall from consumers this past year?

Danial Daychopan: We have definitely seen a surge in customer acquisition across the last 12-months and exceeded our EOY target of 25,000 accounts. However, I believe there are a huge number of contributing factors other than COVID; the bull run experienced at the start of 2021 was by far the biggest driving force for us.

Crowdfund Insider:  What are the benefits of using all-digital Fintech apps to conduct transactions?

Danial Daychopan: I think the core benefits of all-digital FinTech apps lie beyond just transactions, it’s the whole financial experience. Creating an account in just 2-minutes without having to visit a branch; efficient customer support outside of your traditional 9-5 working hours; a thorough breakdown of your expenses and instant notifications. Traditional banks are overly reliant on outdated tech, and given the size of these corporations, the risks of implementing alternative technologies are remarkably high and extremely costly.

All-digital Fintech apps, on the other hand, are much more adaptable and able to develop innovative features that really cater to what users want – they have a much more customer-centric approach.

Crowdfund Insider: The crypto market recently surpassed the $2 trillion mark. Do you feel we are at the beginning of what could be a much larger ecoystem in the next 5 to 10 years?

What can we expect to see in the coming years in terms of cryptocurrency adoption?

Danial Daychopan: Absolutely, depending on the research study, between 4–10% of the population currently own cryptocurrencies, which means there is a super-majority out there that are yet to adopt crypto.

Whilst there could be several market cycles over the next decade, I am certain the overall trajectory will be increasingly higher adoption. I imagine we will also see further institutional investment into the likes of Bitcoin and Ethereum, followed by the release of a centralized cryptocurrency by the federal reserve bank. Users will have the option of a centralized fiat currency, or the decentralized alternatives such as Bitcoin, and hopefully the smart money will choose the latter.

Alongside that, I am sure the tech will become progressively more user-friendly to accommodate the mass market. The rate of development in this sector is phenomenal.

Crowdfund Insider: What are your plans as a company for 2021 and beyond?

Danial Daychopan: In the immediate term, there will be two major product releases. We are adding Bitcoin to our list of supported cryptocurrencies, meaning you can connect any Bitcoin wallet you like to your Plutus Visa Debit Card which is a world’s first – previously our card was more ETH-focused. We are also launching our own Plutus Wallet. This is non-custodial and follows a similar format to MetaMask, except users can interact with both BTC and ERC-20 tokens from the same browser extension.

Major events to look out for later this year include our launch in both Asia and Latin America which will help rapidly expand the product, and we also aim to attain a full banking license in 2022 which would allow us to offer a much wider range of financial services.

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Apply Now: Indiegogo Fellowship Program 2021

The Indiegogo Fellowship Program provides entrepreneurs and creators from marginalized and underrepresented groups in the tech and innovation community (i.e. BIPOC and LGBTQIA+ entrepreneurs and creators) who have limited resources and support with a 8-week educational program to guide them in running a successful crowdfunding campaign from end to end.

With a series of guided, exclusive coursework, program participants will get mentorship from established crowdfunding professionals, additional office hours with a core member of the Indiegogo team, and be able to connect with a vibrant business community.

We will handpick up to 6 campaigners for this program.

Apply here!

Application deadline: June 21, 2021

Fellows Will Learn:

  • Pre-launch email + ad strategy
  • Social media strategy
  • Branding and positioning your Indiegogo campaign page
  • Perk and campaign strategy
  • Post-launch strategy
  • Shipping and fulfillment strategy

Indiegogo will also provide a virtual environment where participants can access and share resources with each other, get feedback from peers in the program and industry professionals, connect with a new community network, and more.

Evaluation Criteria:

  • Applicants must be at least 18 years old 
  • Applicants must be available between these dates to take part in the program: mid-July to end of August 2021

Project/Campaign Criteria:

Application Criteria:

  • Application must clearly articulate why they would be a good fit for this program and how they would benefit from a program like this 
  • Application must demonstrate a clear business plan with goal to launch a crowdfunding campaign, including articulating the product, its current product stage, and provide supporting materials, i.e. pitch deck, photos, and videos
  • Application must answer all questions on the application form

Review Process:

The Indiegogo team will evaluate applications at its sole discretion. The team to decide is comprised of sales, strategy, and marketing team members, and qualified crowdfunding partners. Participants will be contacted via emails, and announced on the Indiegogo blog and social media.

MEET LAST YEAR’S INAUGURAL FELLOWSHIP PROGRAM COHORTS

Get inspired with our inaugural Fellowship Program Batch 2020! Get to know them as they share their thoughts on what their experience was like. Could you be next?

Suzan Hernandez, MamaP

MamaP made a splash by developing a line of eco-conscious bamboo toothbrushes, with each particular toothbrush supporting a different cause. Now MamaP is raising funds to develop cleaning brushes with fully compostable heads that can be returned to the earth when used up.

“I’m honored to be part of the inaugural Indiegogo Fellowship Program. The new home care products launching on Indiegogo have always been on my mind – but COVID-19 helped accelerate these plans. The pandemic has brought plastic back into the cleaning ritual and I saw this as an opportunity to solve for the health of the planet and its people with these new products. Having the support and resources from Indiegogo to learn and build the campaign alongside the fellowship program is such an invaluable experience and opportunity. Thank you!” — Suzan Hernandez

Allison Toombs, LASTS

LASTS‘ technology makes any shoe chic and comfortable. Their first shoe, the Last Boot, is an ankle boot crafted from hundreds of real women’s feedback and thousands of data points on fit and construction.

“It was an honor to have my company selected as a participant in the first-ever Indiegogo Fellowship. A crowdfunding campaign is the perfect vehicle to launch my brand’s first product and I plan to use all of the highly tactical strategies I learned in the Fellowship to supercharge my campaign! Also, since crowdfunding is traditionally male-dominated, it’s great to part of a cohort of superstar female campaigners.” — Allison Toombs

Pierina Gandarillas Solari, Pachá PeruvianArt

Pachá Peruvian Art is connecting Peruvian artists to crafters with monthly art boxes. Peru has been deeply impacted by the halt in tourism during the pandemic. With sixteen traditional Peruvian crafts, every box of art helps a Peruvian family that depends on crafts for living. They’ve already sold 300 boxes and want to grow and expand the business.

“For me, this fellowship is a challenge but I’m excited and committed to overcome it. I’m very very excited to learn and be able to help my Peruvian artisans. Due to the pandemic, Perú has been massively affected by the lack of tourism and with it, the artisans as well. Im confident that I (we) can do more than we are doing now.” — Pierina Gandarillas Solari

Kiyeon Nam, B’zT

B’zT is an award-winning location-based, proximity Bluetooth sensor-embedded smart clothing. The B’zT Smart clothing is the world’s first machine washable tracking apparel designed to  prevent missing children and adults.

“The program was awesome. There was no frustrating moment during the Fellowship. I feel much more confident that I can do an Indiegogo campaign after this program.” — Kiyeon Nam

Emily Wu, Thingamagic

Thingamagic is the Instant Pot accessory that lets you cook and steam at the same time. Existing Instant Pot accessories ask you to choose between steaming and cooking. Emily’s Thingamagic allows you to elevate your Instant Pot and make it even more efficient so you don’t have to buy yet another smart cooking device.

“I’ve always wanted to start a crowdfunding campaign for my new gadget ideas but I always felt somewhat intimidated and clueless about how to properly do it. Luckily, I discovered this program by chance when I was browsing on Indiegogo. I am super thrilled to be selected and excited to learn all the tips and tricks for running a campaign!” — Emily Wu

Rana Burr, Mamafrog

MamaFrog is the subscription box that grows with your baby. Mamafrog is curating responsibly sourced baby products designed for every stage of a baby’s development. Each box includes: Something to read, something to wear, something to play with, something to use, and a surprise for mom!

“I am absolutely thrilled to be a part of the first ever cohort of the Indiegogo Fellowship. This is an outstanding opportunity not only to learn directly from the Indiegogo team, but also to get to know other amazing women and to support them in their businesses. I am looking forward to a collaborative learning and growing effort towards building the Indiegogo launch for the Mamafrog Baby Subscription Box!” — Rana Burr

Want to be part of the 2021 Indiegogo Fellowship Program? Apply here!

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