That is the key. Second, it's like sending USDT or USDC. For example, if you have a cousin living and working in the US and they want to send money home, usually there's tax involved. That's just one small part of the market. People are still learning about wallets and sales. There's a new learning curve as well.
On the back end of the business, every day we put them on top of the volume. Most of our centralized exchanges, even local ones, are also aggregator exchanges. They get liquidity from other sources. That's the current scenario in the internet market. Local centralized exchanges are getting new liquidity from the balance. I know Coinbase has entered the India market. They have a license. Even Point Eight Four is a company I know well. If we need help, I can definitely reach out in the next stage. That would also help us penetrate with quality in places like Handan.
Everyone in India uses UPI. I always wonder where the crypto world really fits in. The local people have UPI to pay for anything. But we are a crypto wallet, and I want to find our PMF—our product-market fit. Centralized exchanges are currently struggling. Product-market fit means users directly interact, and if it is cost per acquisition, that's even faster. UPI is faster because it's just a scan of a QR, and the money transfers from one bank to another. But it's on and off because we have to change banking partners regularly to keep it working.
If we want to be a kind of dollar account for everyone in India, including saving and sending money home, where do you think we should start? Which people are our first onboarding users? Excluding the crypto natives who want to trade, if we target the 'pay five', and want to offer a dollar account for everyday use, where should we begin? Basically, you can trade on the side and do other things, like saving, because no other wallet provides that. Others are continuously changing, but we can distinguish ourselves.
Even when I was casting, I used it during my time. I took my picture and a good amount of users use it for booking travel. If you look at other things, we should start with our current users, like trading users who come to the wallet. Giving them good practice and showing them a better way to handle money, both online and offline, will help in their daily lives.
In your opinion, centralized exchanges have had a better experience, but there is a huge learning curve because traditional traders have just moved in. We have some features to help them transfer to the wallet, like social login using Gmail or Apple ID, so you can have a non-custodial wallet. You don't need to care about gas fees. You can send your USDC or USDT directly to any address. If we want to become a USD account provider, we can have a VA—virtual account. You can receive USDT and store it in our wallet. Do you think it's a very important feature for local people?
I think it's a little difficult to open the market. Let me share our vision about how to prepare an account wallet in a social context. My English is not very good, so I can't discuss this very deeply, but if you have time, please write a document about your insights on social issues, market share in computer, where our first users are, where our PMF is, and how to go to market when we have a VA. I think it's very important. Who is doing interesting work in India right now? Anyone you keep an eye on?
If you had to find our first real users there, where would you begin? How do people usually discover an app like ours? That's a great way to show themselves, to play in schools or their classes. That's how they're capturing the market. The key point is to identify the QL.
Is there any type of users we can contact directly, like those who work for a US or European company for a longer period? Can we reach those people directly? What are you most excited to jump into first?
This role is a bit different from pure marketing. You're running the whole social side now. How are you feeling about that, and what would help you most?
I think I can figure it out. We'll just leave it as it is, because no one knows we have one of them. This topic is very nice, and there's a lot of excitement for the start. Once we launch it, I'd like to focus on adding more features and getting help with marketing.
Six months from now, what would make you feel that this is working? Do you have any suggestions for me? Thank you. Southeast Asia, especially these three countries, is our most important market. If you have anything you want to discuss or any feedback, please send me a message. Thank you. I hope we can work together to build a very good product for this market and help people have a USD account. Do you have any questions about our vision or our USD account strategy?
I think trading is the central exchanges' main focus. They have good experience and user habits. We want to change things and look to the future. I believe the USD account and PayFi are the next big things—they have real value for real people. They can use them to solve real problems in their lives. It's valuable, I think.
Now, I have another meeting. I'm very glad to connect with you and wish you a good day. Bye-bye.
