Neobank Yopaki Aims To Make Every Mexican A Bitcoiner

Firm Identify: Yopaki

Founders: Francisco Chavarria (CEO) and Carlos Chida (CTO)

Date Based: March 2023

Location of Headquarters: Austin, TX

Variety of Staff: 4 full time; one half time

Web site: https://www.yopaki.com/

Public or Personal? Personal

In 2021, Francisco Chavarria stood within the viewers at Bitcoin 2021 and watched as Strike CEO Jack Mallers passionately delivered his now well-known keynote speech throughout which he revealed that El Salvador deliberate to make bitcoin authorized tender.

That second sparked one thing inside Chavarria.

“It was not like something I’d skilled in my skilled profession,” Chavarria informed Bitcoin Journal.

“I knew I needed to do one thing within the Bitcoin area after that. It was the seed,” he added.

First-forward forward two years, and Chavarria discovered himself placing his profession as a Software program as a Service (SaaS) advisor on maintain to attract up the blueprints for Yopaki, a neobank and funding app with a Bitcoin-focus, geared toward serving the individuals of his dwelling nation, Mexico. (Customers exterior of Mexico may use Yopaki’s non-custodial Lighting pockets.)

Since then, he and his co-founder, Carlos Chida, have been onerous at work bringing Yopaki to life, together with collaborating in Wolf’s Bitcoin Accelerator program in efforts to make Yopaki as cutting-edge and dynamic as attainable.

However earlier than attending to that a part of the story, let’s begin with the cultural origin of the platform’s identify.

What’s In A Identify?

“The identify Yopaki comes from the traditional language Nahuatl, the language spoken by the Aztecs,” defined Chavarria.

“The Aztecs lived within the middle area of what in the present day is Mexico, and so they’re those answerable for among the greatest pyramids in all of Latin America. The middle of this historic place known as Teotihuacán, ‘the place of the gods,’” he added.

“The identify itself, if I had been to translate it into English, most intently means “the pursuit of happiness.’”

Judging by the identify alone, it’s clear that Chavarria views Yopaki as extra than simply one other enterprise endeavor — he needs it to have a profound influence on those that use it.

And he’ll want the app to have such an influence if he and his workforce are to reach their mission: to show each Mexican right into a Bitcoiner.

2025 Dream Predictions for Bitcoin in Mexico 🇲🇽😶‍🌫️ 1. Bitcoin adoption in Mexico surges.2. Mexican Bitcoin startups appeal to world buyers. With El Salvador’s affect, Mexico turns into the Latin American chief for Bitcoin innovation.3. Peso-Bitcoin integration deepens.…

— Francisco Chavarria (@FranciscoBTC) December 31, 2024

Bitcoin In The Mexican Context

When Bitcoin is introduced up within the context of Latin America and different creating areas, it’s usually referenced as a instrument to “financial institution the unbanked.”

Nevertheless, Mexico’s banking system is “fairly superior,” in response to Chavarria.

“The infrastructure has been constructed for individuals to have entry to banking,” he defined.

“It will not be the identical banking that we’ve got within the U.S. (the place Chavarria at the moment resides), however, for instance, in Mexico, there are shops like 7/11s referred to as OXXOs, and so they’re in every single place. Any individual can stroll into an OXXO with an ID, and inside 20 minutes, they will stroll out with a Visa card and an app,” he added.

“It’s not precisely a financial institution, however it offers entry to cost rails,” he added.

Chavarria went on to share that these Visa playing cards cost excessive charges, although.

“They’re very predatory in that sense,” he mentioned.

So, Yopaki offers its Mexican customers with entry to 3 completely different financial accounts: a Mexican peso account, a U.S. greenback account and a (non-custodial) bitcoin Lightning pockets. Every of those accounts lets their customers transact at decrease charges than mentioned Visa playing cards. (In 2025, Yopaki will even allow its Mexican customers to purchase shares, ETFs and different securities, as properly.)

By providing a bitcoin pockets alongside accounts for conventional currencies, Chavarria hopes to legitimize bitcoin within the eyes of its customers. Nevertheless, he additionally feels that Yopaki has some work to do so far as serving to Mexicans to get comfy utilizing bitcoin, which is why he and his workforce are doing what they will to make the method fulfilling.

Making Bitcoin Enjoyable With Lotería

Lotería is a favourite pastime of the Mexican individuals. It’s corresponding to Bingo however with photos as a substitute of numbers.

Chavarria and the Yopaki workforce included it into the app with a Bitcoin slant — ideas and characters just like the Lightning Community and Max Keiser seem within the Yopaki model of the sport.

“In terms of Mexico, individuals suppose tequila, tacos, mariachi, and Lotería,” mentioned Chavarria.

“There’s no damaging connotation to the sport. Due to this, the suggestions we have acquired over the past couple of months has been, ‘Man, I did not notice that Bitcoin was enjoyable,’” he added.

Customers earn sats as they play Lotería inside the app. After they’ve earned 1,000 sats or extra, they will be taught by the app how one can switch these sats from Yopaki’s custody into their very own, all inside the Yopaki app.

Yopaki teamed up with Breez to deliver its customers a non-custodial Lightning pockets that doesn’t require its customers to to take care of the effort of Lightning channel administration.

Yopaki + Breez

“One of many most important causes we determined to go together with Breez is that we knew about their implementation of the Nodeless SDK by Liquid earlier than it was public,” mentioned Chavarria.

“We all know channel administration is a elementary roadblock for lots of people in utilizing an software like this. The second you introduce roadblocks the expertise turns into scary. It’s simply an excessive amount of,” he added.

“So, in providing a product by which customers can do an instantaneous transaction, that magic that we have all had as Bitcoiners could be dropped at the plenty.”

Chavarria went on to share that Yopaki’s Lightning pockets is really easy to make use of that even his mother-in-law is now utilizing (and having fun with) the product.

He’s excited to deliver such a product to the Mexican market, as a result of, as he put it, Mexicans “have been rugged” by custodial options prior to now.

“It’s necessary that we let customers know that we don’t maintain their funds,” mentioned Chavarria.

Prioritizing Bitcoin Schooling

Not solely does the Yopaki workforce encourage and prioritize self-sovereignty, however it additionally educates its customers about Bitcoin, because it doesn’t underestimate their curiosity and skill to be taught.

“We’ve got curated content material together with classes on broad matters like ‘What’s cash?’ — not simply Bitcoin, however cash,” defined Chavarria.

“They’re micro classes that take anyplace from one to 2 minutes to finish. On the finish of the day, it is about making a curiosity that I really feel and I feel numerous us really feel the legacy system has probably not cared about,” he added.

The tutorial element inside the app additionally units it aside from its rivals within the area.

“Bitso is the most important participant not simply in Mexico however all of Latin America, and we’ve got numerous respect for what they’ve accomplished, however they’ve become a on line casino with tokens and NFTs and all of that,” shared Chavarria. “We consider they’ve actually underestimated the curiosity of their customers and simply triggered the degenerate playing habit aspect of issues as a substitute.”

Steering From Wolf

Given how cool, calm and picked up Chavarria was once I spoke with him, I obtained the impression that the now fleshed out imaginative and prescient for Yopaki got here to him with relative ease, possibly even in a flash of sunshine.

However he informed me in any other case.

Apparently, he and Chida’s expertise at Wolf’s Bitcoin startup incubator pushed them out of their consolation zone and right into a frame of mind that helped them to make Yopaki as distinctive as it’s.

“It was probably the most necessary and significant experiences we might have gone by,” mentioned Chavarria of his time at Wolf. “The kind of suggestions we acquired and the kind of technique classes we had had been, to say it properly, brutal in a great way.”

Chavarria defined how he and Chida did, in actual fact, enter the Wolf program considering they’d already crafted a strong imaginative and prescient for Yopaki, however that the steerage they acquired in this system is what pushed them to create lots of the options that differentiate the apps for others prefer it.

“Having individuals like Kelly Brewster (Wolf’s CEO), who has years of expertise at Goldman Sachs, and Ross Stevens (Wolf’s founder) actually sit down and ask the powerful questions and push you to the restrict was highly effective,” mentioned Chavarria. “They made us actually contemplate ‘Do you perceive that what you are doing is troublesome?’ and made us articulate how we had been going to execute our plan.”

The Yr Forward

As talked about, Yopaki will allow its Mexican customers to start investing in conventional property within the coming 12 months and, beginning subsequent month, it can provide customers a bitcoin trade, as properly.

What’s extra, it can challenge its customers debit playing cards that they will use to spend their pesos, {dollars} or bitcoin. And Chavarria says it plans to supply sats again rewards when customers buy both conventional property or bitcoin through the app.

With a lot coming down the pike, Chavarria is in good spirits.

“I am simply grateful that we’re doing this,” he mentioned.

“It has been actually enjoyable to construct within the bear — now the great occasions are coming.”

Source link