Topics
Latest
AI
Amazon
Image Credits:MStudioImages(opens in a new window)/ Getty Images
Apps
Biotech & Health
Climate
Image Credits:MStudioImages(opens in a new window)/ Getty Images
Cloud Computing
Commerce
Crypto
Wind.app’s team.Image Credits:Wind.app
Enterprise
EVs
Fintech
Fundraising
Gadgets
Gaming
Government & Policy
Hardware
layoff
Media & Entertainment
Meta
Microsoft
Privacy
Robotics
Security
societal
quad
startup
TikTok
Transportation
Venture
More from TechCrunch
effect
Startup Battlefield
StrictlyVC
Podcasts
Videos
Partner Content
TechCrunch Brand Studio
Crunchboard
Contact Us
Hussain Elius is best known as the carbon monoxide - laminitis ofPathao , one of Bangladesh ’s top ridesharing apps . For his latest startup , however , Elius is exploring the world of DeFi withWind.app , a ego - tutelary , bright contract billfold with three main characteristic . The first is enabling businesses to air payments to remote employee around the human beings . The second is countenance people to habituate Wind.app as a virtual banking concern account . And the third is the on - Allium tricoccum / off - ramp substructure that the company is build to enable drug user to deepen their crypto holdings for fiat or vice versa .
So far , Wind.app has facilitated over $ 3 million in annualized crying dealing volume ( GTV ) within a few calendar month of its launch . The Singapore - based inauguration announced today that it has raised $ 3.8 million in pre - seed funding co - direct by Global Founders Capital and Spartan Group , with involution from backers like Saison Capital , Alumni Ventures and Tiny VC .
By the time Elius go forth Pathao , it had become one of the most rife consumer tech society in Bangladesh and Nepal , propose food bringing , defrayment and BNPL , by from ridesharing , and gaining investment from backers like Gojek . During the COVID pandemic , Elius began explore crypto . But he recognise how hard it is to use for people who , unlike him , do not have a technical school background signal .
“ I ’m a technical school - savvy person . If it submit me seven to 10 day to figure out things like MetaMask , gas fee , secret keys , public key and mnemonics , from me come from a consumer tech background and going into crypto , I realized that crypto is still for nerds , ” he suppose .
Elius decided to establish an app accessible to hoi polloi with minimal blockchain and crypto experience . For one affair , user do n’t have to handle with gas fee . And they also store their money in stablecoins , since bitcoin is too volatile . Instead of using private or public keys , users can sign up for Wind.app with their emails or phone numbers .
Wind.app is starting off by targeting freelancers and distant actor for payment , especially in Southeast Asia . It ’s live in the Philippines , India and Bangladesh , and plans to enter more countries . Many of its early customers are other web3 startup . “ It ’s easy to get our value proposition across to other web3 caller because they get it from day one , ” Elius enjoin . Wind.app allows them to apply it alternatively of an central with high fees to devote their remote proletarian .
Elius says Wind.app differentiates from Wise or Payoneer because it use blockchain for colonization and is able-bodied to charge downhearted fees . Another benefit is being able to open an account speedily because Wind.app ’s self - tutelar billfold does n’t expect advanced KYC .
Join us at TechCrunch Sessions: AI
Exhibit at TechCrunch Sessions: AI
“ Eventually , we need to go down the run and place the underbanked section , who do n’t have as much KYC information anyway , to give them a very well-off way of life to start accept money , ” state Elius .
While Wind.app has users around the world , it started in Southeast Asia — specifically the Philippines — because there is a very large remitment market for USD there . Elius say the country is also very crypto savvy , and many hoi polloi are familiar with crypto .
“ I was in the Philippines a couple of fourth dimension and even some of the tuk - tuk drivers own crypto , ” he say . “ They own some bitcoin . So it ’s both a remittance market and a big crypto market place , which makes it a good first market to depart off with . ”
One feature article that may make Wind.app attract to consumers it that it has built its own offramp and onramp for edict and crypto coin .
“ The reasonableness we did that was because we ab initio tried to use different partners and interpret it was pretty expensive , ” Elius said . “ Any other onramps and off ramps charge between 2 % to 3 % , which is a lot specially if it ’s a dividend . So we do our own and we got the cost down to less than 30 bips or so . And now we really started to offer that to other businesses , and other business that are move money . ”
Some companies in the same blank as Wind.app include Binance and Coinbase , but Elius says he does n’t see them as competitors because people apply them mostly for trading . or else , more direct competitors let in Payoneer and TransferWise . “ We are come in and saying that hey , you know we are different because our entire tech push-down list is different , our regulative advantage is dissimilar , ” Elius order .
In terms of user safety , Wind.app is a self - tutelar wallet , which means the inauguration does n’t have access or control of substance abuser funds , Elius says . Similarly to Coinbase Wallet , MetaMask or Trust Wallet , notecase are secured cryptographically in the blockchain and their individual keys are stored directly in drug user ’ phones . If Wind.app was to shut down , user would still have access to their pocketbook and can transfer funds to other wallets .
Wind.apps newfangled financing will be used for technical school development , and procuring licence and compliance as it builds it off and onramps . Part of it will also be used on the inauguration ’s client skill strategy , including approaching businesses directly and individual users , too .
