If you turn to this topic, that is the key. Users are definitely looking to operate both online and offline. For example, sending USDT or USDC—if a few of our cousins are living and working in the US, they want to send money back home. Usually, there are taxes involved, which is one market model we are seeing. People are still learning about wallets and sales, so there's a new learning curve. We are able to address that on the backend of the business, putting more volume on top every day.
Most centralized exchanges, as well as local exchanges, are acting as aggregators, bringing in new liquidity. For example, Coinbase has entered the Indian market and has a license. I know some founders there, so if we need help, I can definitely reach out next year. That would help us penetrate the market with quality partners.
In India, everyone uses UPI. I always wonder where crypto fits in, because people have UPI to pay for anything. But we are a crypto wallet. I want to find our product-market fit. Centralized exchanges have their own models, but finding product-market fit is important. Users care about speed and convenience—CPA can be faster, but UPI is even faster because it's just a QR scan. However, it only works for a short time unless banking partners are changed regularly.
If we want to be a dollar account for everyone in India, for saving and sending money home, where should we start? Which user group should we target first? Excluding crypto natives who mainly want to trade, we should think about the everyday user. If we can offer a dollar account for regular use, how do we begin? We could start with current users, such as traders who are already familiar with wallets, and then give them reasons to use us—like good practice features and the ability to do things online and offline.
In my opinion, centralized exchanges currently offer a better experience. There's a huge learning curve because many traditional traders have just moved to crypto. We have some features to help with this, like social login with Gmail or Apple ID, enabling a long-term custodial wallet where users don't have to worry about gas fees. You can send USDC or USDT directly to any address. If we want to become a USD account option, we can provide a virtual account where users can receive these tokens in our wallet. Is this an important feature for local people? In the United States, it would be.
It's a little difficult to open up the market. I'll share our vision for preparing an account wallet in a social context. My English isn't very good, so it's hard for me to have a deep discussion. If you have time, could you write a document with your insights about the market, where our first users are, where our product-market fit is, and how to go to market when we have a virtual account? It's important to know who is doing interesting work in India right now, and who we should keep an eye on.
If you had to find our first real users, where would you begin? How do people usually discover an app like ours? People who are active in crypto would definitely be interested. Capturing student activity is also important, as some use crypto to pay for school or other things.
Are there any user types we can reach directly, like people who work for US or European companies? These could be our early users. What are you most excited to work on first? This role is different from pure marketing—now it's about running the entire social side. How do you feel about that, and what would help you most?
On a large scale, nobody knows us yet. But once we launch, I want to keep adding features and get help with marketing. Six months from now, what would make you feel that this is working? If you have suggestions for me, please let me know.
Southeast Asia, especially three countries, is our most important market. If you have anything to discuss or want to give feedback, send me a message. I hope we can build a great product for this market and help people have a USD account. If you have questions about our vision or USD account strategy, let me know.
In my opinion, trading is still dominated by centralized exchanges because of their good experience and user habits. We want to change that and shape the future. A USD account and PayFi are the next important things—they bring real value to real people by solving practical problems in life. I think this is valuable.
I have another meeting now. I'm glad we could connect, and I wish you a good day. Bye.
