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Crypto payments made easy w/ Loop
Recorded: Sept. 19, 2023 Duration: 0:50:19Space Recording
Full Transcription
I'm good.
And now I'm tracking down the other two people that I need to get.
What about that kind of thing?
Yeah, exactly.
So we actually, this is helpful in both directions, both a community maybe paying its contributors
as well as like a community paying for tooling like Chalmers, where if you as a community
have already gone through the approval process and given authorization to make a particular
spend, there's no reason you can't schedule that spend up front.
And so on Loops dashboard natively, we have a handful of thousand communities that will
come in, have their multi-state, give approval for the top line amount that they've approved
for contributor payments, let's say over the next six months, and then schedule those payments.
So maybe what was in the past like 58 signatures, because you're paying, you know, eight people
three times a month, is now just one, right?
It's that approval up front, and then the scheduling is all web two approval.
And then the same is true on the flip side.
So if you're, let's say you buy Charmverse, they're going to pay you $10 a month, the multi-state
can give approval for $100, and then not have to worry about getting everyone's signature
every single month to pay for tooling that they've already approved.
I mean, it really does just resemble processes that happen in web two, which is, you know,
the person who makes a decision about the buying isn't necessarily the person who controls
the treasury.
And so Loop sort of helps you build processes that actually match how your organization functions.
Amazing.
Again, I think with every, every topic we're talking about, I'm like, oh, man, there are
people listening that are probably just like, I love this.
I've been having to track this down.
Like you said, do this every month.
Imagine having to get 58 signatures every month.
And just, that's like a full-time job right there.
And you're, you know, freaking out that did you mess it up?
Because you need to double check, right?
All the wallets that's going to, the amounts that you're sending, and asking three or four
people to do that as well.
First, you know, if you schedule it on front, they let you download it into a CSV.
You can, you know, do formulas and run analysis and double check.
And if you mess up, you can go and edit it because it's an off-chain transaction until
the due date occurs.
That's amazing, you know, because that's another scary part, right?
It's kind of like, oh, once it's sent, obviously, I think that's the big concern when people
start sending money.
They're like, once it's gone, it's gone.
Or I put in the wrong wallet address or whatever.
But the fact that, you know, you can edit it, you can make sure everything's ready until
that payment is sent, you can make changes and kind of double check everything.
So, yeah, oh, go ahead.
I was going to say, and we've had customers tell us that they've had their customers send
them money on the wrong chain, right?
You say, like, here's my Ethereum wallet, and then they end up sending it to you on Arbitron
or something.
And so, like, that can never happen with root because your authorization exists on a specific
chain for a specific token.
So that's, yeah, that's a great point to note.
And I feel like it wouldn't be Web3 if we didn't talk about permissions.
You can set permissions through Loop, right, for your organization.
Oh, yeah, that's right.
So our front end will let you have you-only permission.
So let's say you are a community and you've scheduled all these payments.
You can allow others in the community to come in and view and see what's scheduled or not.
So maybe, like, an external audit.
And then something we're working to add in is more approval flows.
So, again, like, scheduling payments and deciding, like, who should get paid when should be abstracted
from, like, who has the keys to the castle, right?
Maybe certain heads of guilds are the ones that approve the transactions and, like, a final
approval is what executes it versus them having to go through their approval process and then
ping the owners of the mall to see it.
So am I, do I understand it right that so you could restrict usage to just a few individuals
or you could also create that transparency for your community so they can really see what's
happening?
Yeah, that's right.
We have just a view-only login.
So you can have people in the community come and just see, you know, what's scheduled.
Which I think is really important.
Again, you know, we work with a lot of Web3 communities, DAOs, and that's important, right?
They want to know what's happening with that treasury.
They want to know where that money is going.
And sure, there might be delegates that they're trusting, but the transparency is very important
to make sure, yes, this is, we are doing with the money what we say we're doing.
Yeah, exactly.
And because we're able to allow companies as well to add notes and tags to transactions
that they've scheduled, it also makes reconciliation at the end of the year much easier.
So we have one user who will go back and look at all their DAO votes and what was budgeted per
field and then compare that to what was actually sent out the door and what before was just
transaction hashes that didn't really tell you anything, now can have the metadata attached
to them.
So he can tag them based on what line item the transaction is related to or add some notes.
Maybe it's like an adjustment.
And it really makes that transparency much easier to show.
Love it.
I love it.
So I was going to say, one of my questions for you, we already addressed it, but I think
it's worth stating again, was I was kind of assuming that it was Web3 communities, mostly,
solely, using Loop.
But that doesn't sound to be the case.
You have, like you said, Web2 projects that want to broaden their customer base and accept
crypto.
Why not?
So there are Web2 businesses and projects that are using Loop for their crypto payments.
Yeah, that's right.
We heard from some of our customers that like some of the largest crypto companies, at least
for their enterprise sales, about 20% of them want to pay in crypto.
And then in terms of more of like the self-serve or smaller sales, they tend to be in the DeFi
space.
So if you're serving traders or companies that earn in crypto, they want to spend in crypto.
It's just easier because it's the universe that they live in.
And then again, some of the issues I mentioned before about being in certain geographies or
not having access to dollars.
And it really allows them to increase their customer base.
Yeah.
And I mean, we're seeing a lot more use cases of crypto and I hate to say in the real world,
but, you know, in the government, let's say.
Right.
So like Colorado's Department of Revenue is now accepting crypto as an additional form of
payment for like taxpayers.
And they're the first state to do that, I think.
So, yeah, I'm just curious, you know, as you are immersed in this world of crypto, what do
you see the future of crypto being?
Yeah, I think the world is just becoming much more like interconnected and globalized than ever
before, and crypto really does unlock the efficiencies and cross-border payments that we really haven't
seen.
Like it used to take you maybe something like a week to send a wire to another country.
And, you know, with crypto, you can send it to anyone in the world, regardless of where
they are.
And it's essentially instant settlement.
And so I do think the future is companies that are serving customer bases that could be anywhere,
which means they need to have payment forms that allow them to access those customers.
And perhaps they're hiring people in other countries.
Again, like you need to be able to pay your contributors.
And crypto really makes that possible.
Absolutely.
And, you know, we also look at parts of the world where women aren't allowed to have bank
accounts, you know?
Yeah.
And so now crypto is starting to give them more power that they might not have otherwise,
or that they wouldn't have otherwise, which is also amazing.
Yeah.
And sort of relatedly, like I think in the US, it's easy to take for granted that our currency
is stable.
Like you might be like, why do I need a stable coin?
The dollar works fine.
But if you live in a country of which your currency is not very stable, like it's USDC
and, you know, Gemini dollar allow you to access a store of value that you didn't have before.
And that too, I think increases the customer base that will want to transact in crypto.
Absolutely.
Yeah.
So I know we touched on this, but I think it's really important because I think it's the
biggest concern when people hear crypto is the security.
So, you know, we talked about you having more control, but, and these payments being more
secure.
But what would you, what would you say to assuage any concerns of our listeners that are like,
I don't know, all I hear is crypto scams.
You know, like, what, what would you say to them?
Yeah.
So, I mean, a lot of times the number one way that we see trust be built is like, are you
buying from a reputable company?
And so if you're going to Nansen's website and you're buying your product and you just, people
know and trust Nansen because they've been around.
And I think over time as more crypto brands become well known and sort of have that track
record of being established, it'll be harder to scan people because it'll be clear like who's
trustworthy and who's not.
But sort of that aside, like, yeah, like I mentioned in the, the key, at least in my mind,
the key use case for crypto is the non-conservial wallet, like you're your own bank.
And when you're your own bank, it's your job to protect yourself, but you have more tools
to do that.
And the number one tool is this authorization function and you can revoke it.
You can always see who has it.
There's websites like revoke.cash that make it very easy for you to maintain this control
over your own bank account.
So I think just time and sort of experience will help us wage these concerns.
I like that.
And I also like that you're not like, you know, it's perfect now.
It's good.
Go do it.
It's like, no, be smart about it.
Use a reputable company.
Don't cut corners, you know, and it will take time.
And with projects, projects like Loop and other projects I've spoken with, whether it's
AI tooling that's, you know, catching scams and that kind of thing, it is getting safer
and safer out there to be doing this with more reputable companies surfacing.
So listeners, I definitely encourage you to check out Loop.
Eleni, before I let you go, I know we're running short on time.
As a founder, I like asking, I just love asking founders what they did right, maybe what they
might not do if they could do over, because I'm sure we have some future founders here in
the audience.
So what is something that you feel you did very right, that you were very happy with
when you started Loop?
Like as a founder, what would you suggest other people going down that path do?
I think, honestly, the best thing I did was picking my co-founder.
I feel like just so lucky that we had worked together before we started Loop and not just
work at the same company, but we built and launched this token project together.
And it was me and him, it was during COVID.
So we got used to the remote work and I could really see what it was like to build with him.
And I think he just makes such a good partner and starting a company is really hard and to
have someone that he's always just so supportive of what I'm doing.
Like if I'm really busy and stressed and complaining, he doesn't sort of get mad and say, well, I'm
busy and stressed too.
He's like, I know I'm really appreciative of all your work.
And I don't know if everyone can say that too about the partner they pick.
And I think I got lucky because, you know, we had this opportunity to actually work together.
So I would say like team is something I would suggest you do right up front.
Yeah, I think that is fantastic advice.
And something that Charmverse co-founder Alex has said a number of times, whether it's to us
or in interviews I've heard, was just that he's now founded three companies with the other
co-founder of Charmverse.
And yeah, but you know, it's, that's not always the story, right?
It can be really tricky if you find yourself in business and all of a sudden it's not working
out.
So I think that's great advice.
Be very careful about who you go into business with and who you team up with because you're
going to be with them and it can make all the difference in your experience.
Like Lenny said, you know, you're having a down day, you're overwhelmed, you're stressed.
Just having someone to have your back and balance and say, hey, I really appreciate you.
That goes a long way.
Yeah, that goes a really long way.
So how about something that you would not advise someone do as a founder?
Or if you could do it over, maybe you'd do it differently.
I, I haven't, I think the hard part is when you make a mistake, you learn and it's hard
to not value that learning.
And so I think something that I was surprised about was I had such a clear vision of like
the product we wanted to build early on.
And so we built that, which was, um, a much less flexible version of loop and we put it
in front of a bunch of customers and then got the feedback basically that people want
flexibility and want it to fit into their tech stack.
And so then we had to go back and rebuild.
So the learning here was like, I'm sometimes appreciative that we didn't raise a ton more
money and run like super fast in the wrong direction.
Um, but the flip side of that is, uh, because we built something and put it in front of customers,
we were able to then know that we needed to change.
And I'm not sure there's another way of doing it besides like building and failing and learning
and then doing it again.
It's okay to fail.
Yeah.
You're going, or not fail.
I fail is the wrong thing, but it's okay to make mistakes.
Yes.
And then reiterate.
And I think a good point is also listening to your users, right?
What do they need?
What do they want?
What did we maybe not think through all the way?
We're doing that all the time, you know, getting people dropped because you usually
hear when things are broken, right?
Rather than, Hey, everything's so great, but you know, you learn what people want, what
they need, what they want to do with the product in the future.
And, um, you said, you're still iterating.
You're still thinking of features that you want to build to make this, you know, a better
and better product.
Yeah, exactly.
And unless you like physically put something in front of someone, it's not the same as
asking them if they would use it or not.
And so you almost have to do it that way.
Absolutely.
Um, so can you drop any alpha?
What's next?
What's coming down the pipeline that you can tell us about?
Um, I think I mentioned this a little bit earlier, but we're definitely building this
tax integration with Stripe so that if you operate in the country that you need to charge
about tax and whatnot, you can do that.
We're adding in, honestly, just expanding the integrations that we have.
So things like QuickBooks, uh, Xero and a few other different front ends.
Um, but really are, you know, what we build is guided by our customers.
And so if someone has a payments need that we're not meeting, like please DM me and tell
me what you want and we'd be happy to build it for you.
Um, I love that.
Well, listeners, Loop Crypto makes it simple and secure for businesses and projects to integrate
crypto payments into their applications.
So if you're interested in doing this, check them out.
It's, uh, loopcrypto.xyz.
Make sure you click the Loop PFP at the top, give a follow and keep up to date on all the
cool stuff coming, the tax integration, the, or the, yeah, the tax integration.
The expanding integrations with QuickBooks, Xero and more.
And, um, yeah, give it a try because they're really strengthening the crypto world.
And, um, and Eleni, thank you again for being here and informing us more about Loop and crypto
in general, because I think it is an important conversation to have in getting more people
from web two to web three.
Yeah.
This has been really fun.
I think my first one is success.
I think you've been a fantastic guest.
I never would have known this was your first, but I'm so glad to be the host for that.
And, um, yeah.
And I look forward to following along on the journey and keeping in touch.
And I see Loop's going to be at Mainnet or ETHNYC.
Yeah.
Well, we're already in New York, so it's easy.
Oh, you're not in Chicago anymore.
No, yeah, I moved.
In April, we moved to New York.
Well, perhaps our paths will cross.
I'm headed to New York tomorrow, so I will be down there for the week.
Yeah.
Awesome.
Um, yes.
Yeah.
And Alex lives down there, so we'll both be bopping around the city.
But thank you again.
I really appreciate you taking the time.
Listeners, I hope you learned a bunch and that you will absolutely check out Loop.
Please do it.
We trust Loop with our crypto payments.
You should, too.
So, Eleni, have a fantastic rest of your day, and I look forward to being in touch.
You, too.
All right.
Bye, everyone.
Thanks for joining us.
See you next time.
Bye, everyone.
Host
CharmVerse
from
CharmVerse
