Bleap: Onchain bank account

Transcript

[Applause] [Music] [Applause] Okay, cool. Thank you. Thanks everyone for being here. Um, today I want to talk about uh Blip and how we are building a bank on the blockchain. Uh, we are going to try at least to do a live demo, but I wanted to start with a quick intro on ourselves and why we are bu trying to build a bank on chain. So, starting maybe with myself, my name is Jiao. Uh before starting Bleep I I was building the Revolute car program and uh in 2019 I started to build Blip which is essentially trying to build a bank account completely on chain and uh maybe starting with why are we

trying to bring bank accounts on chain. We basically see that there are three main advantages of building onchain for banking specific and the first one is it solves a very big problem in banking which is how do you do global expansion because every time you're trying on banking trying to go to a new country it takes maybe one or two years just to get all of the license done and when you're building on chain because you're building it in especially if you're building it non-custodial you basically remove or derisk the the biggest thing that the regulators care about which is you're not holding assets from the customers. So you were not likely to lose them which means you are much like lightly lighterly regulated. The second one is it's much

faster to build because in when you're building on chain you can build on top of almost these Lego Lego blocks uh that other protocols are building. So you can build savings features you can win swaps you can even build payment uh features just by connecting to all of these other D5 protocols. And lastly, you have much much stronger network effects. Imagine when PayPal was launched, if they from day one, they had 500 million users to be able to do their P2P. It would be such a strong uh value proposition. And that's exactly what we have on chain because everyone is essentially building on the same ledger.

And now that I gave you the why, I want to show you the how did we try to solve this problem of building a bank account on on chain. So me see if I can share my screen. All right, here we go. So we try to build um for retail customers. So a normal person to be able to come and actually be able to use a bank account like they are normally using already. So the first big problem we tried to solve was complexity. So for a normal person to be able to come and not be scared by signatures, by gas, by having to bridge crosschain, things like that. And we try to bring all of these

into our UI. So for example, the way we've built our wallet is we have an MPC wallet that then deploys a smart contract wallet on arbitum so that we can so that we can actually do things like transaction sponsoring. we can abstract the signature process and we can also abstract things like um seed phrases and etc. Then on the UI itself, for example, here we show a user as €75. But in reality, what you would have is a different set of stable coins, but for the majority of the users, they won't care. They just want to know how much money do I have in my current account that I can maybe spend. And even things like savings. So we are not calling the feature earn. We are not calling it

staking. We are calling it it's a savings account. Everyone knows what a saving account is. Then the next problem we tried to solve was okay now that you have a bank account on chain you need to be able to easily get in and you need to be able to get out. So the next thing we built was banking account details so that you can send money from your current bank account and that it lands actually on your wallet without you having to do anything. So, for example, these are my bank account details. And if I go to my to my Portuguese bank account, like the most basic account you can have, you can do a transfer.

I will select bleep. I will send the amount. And it's done. the money has been sent now to my bleep account and what's going to happen is it's going to land in a bank account and within 5 seconds the money is going to be available to me which we already see it here which it has just arrived. So we try to really make it as fast as you would have in a typical uh fintech right but even though these are not 2 right this is actually a stable coin of 2 way everything was converted on the fly one to one and just arrives there but then we also wanted to simplify this part of being able to get in for a normal for a more advanced customer

let's say so for example let's say you are a crypto user and you actually have your own connected wallet and you want to add some USDC our wallet is on arbitum but For example, let's say you want to pick a token. I want to add USDC from base. I will put again $2. Uh in this case, we are going to see it's going to ask me for two USDC always want one. I'll hit review. We can see the transfer is going to be coming from base. It's going to connect me to my Zerion. It's going to send me back.

I'll approve the transaction and it's done. So basically money is to USDC are going to be coming from base and they are going to land as to USDC on arbitrum one to one without the user having to do anything at all. This one unfortunately takes around 10 seconds just because we need to wait for confirmations from Shane in this case stepping instant is slightly is slightly faster. Um what else did we do? So trying to remove the barriers to get in trying to remove the barriers to get out. So you can actually send money as well like we saw here. You can send it from your linked wallets or you can send from your wallet itself. So for example, I will not finalize just to make sure I have time. But for example, let's say you wanted to send US euro C. You could send

it six 6 to your bank account. You would select again a bank account and you would send it. And this one again would take around 10 seconds, but just so make sure I have time to show you guys everything. I will not uh demo this one. So the next thing we wanted to solve was fragmentation because the current UI that we have on chain is not something that the normal person is used to. So you normally you have your own fintech app where all of the the things that you can do are inside the app. They are in inapp native experiences, right? And uh when we go to onchain like you have your wallet and then you're the one that needs to bring it essentially to all of these other apps out there. And we wanted to change that. We wanted to make

sure that every time you are having to interact with DeFi, you are still doing it in an uncolle way but you are doing it in app and you're doing it natively. So that's how what we did our savings product. So essentially we have a couple of protocols that we have aggregated here uh curated as well for the user and we try to create a normal saving experience. So you can save in USD, you can send V euros and you can even have a ETH savings account right. So for example, let's say I wanted to save in USDC or in USD, sorry. I would see a typical or a traditional UI. So how much have I earned all time? How much have I earned this month? What's my progress?

And then if I want to make a deposit, we make it super simple. So I'm going to hit deposit. I'll show user. Okay, you're going to put 2 USD. This is the past performance. This is the estimated earnings of how much you would have at the end of the year. But we are not trying to hide that this is DeFi, right? So we just we still keep it there. So if you want to scroll down, you still be able to see what's the protocol. You can find out the more about it and then you would just hit review. This here we now bring you sort of it is actually USDC. So we are giving you the summary of what's going to happen and then you just hit a deposit and what's happening is we are assembling your MPC key. We are signing the transaction. We are putting

on chain and essentially a user was able to on ramp and interact with the D5 protocol without having to know anything at all about crypto. is just a traditional rail frame. Lastly, I still wanted to show you the last problem that we tried to solve, which was we wanted to make sure that even if you're banking on chain, you're not financially excluded from the real world, right? So, what we did is we created our own integration with Mastercards. So, in this case, you can go to cards and you are actually able to order cards. And here's the what what I think is one of the most interesting things we've done is it's a single balance, right? You're not off ramping to the card. You're not sending it to another account that can then be spent.

No, this spends from exactly the same balance that you'd have in your current account, which is your wallet. You can order different types of cards. So, we have currently virtual and physic wait and physical. Sorry meant here. So we have a virtual card and we have a a physical card that we sort of try to make it as cool as possible. So if we put this one in the dark, it actually turns a bit into crypto and it tells you do more with your crypto. Just go in the dark just for people that are actually into crypto and and like this little detail and then you can freeze it. You can unfreeze your card as well. And uh finally you can make a payment. So, for example, let's say I would go to, sorry,

I'm CC. I would go to a payment link. This is just a random payment link, right? Let's say, okay, I want to pay 10 cents for demo CC. Okay, I can go to checkout. I'll hit pay. Okay. And the payment is done. And I go I can go back to my card. I can check my transactions. So I'll see okay 10 cents have been just paid. Again super important. We do it one to one. So you pay 10 cents and it it is actually taking you uh 10 cents of a stable coin.

And I just wanted to show you one that I did in can because it actually looks nice. So when you want to check the transaction you also have the map so you see where it was done. This one was near because I did it last night and you can always check what's happening because we are on arbitrum. Everything's on chain. So you can actually go to RB scan to check out. And lastly, because I would say this is like cherry on top, we wanted to make sure that this was indeed the best thing you can have as a banking as a banking app. Every time you spend, you're getting 2% cash back. Um, yeah, I think that's it for our site. Thank you. I have two minutes I think for questions if anyone has.

Okay, thanks everyone. [Applause] [Music]