Kaito
@0xkaito
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✿ Building @utopialabs_ , a stablecoin studio. ✿ Offramps.eth: ✿ Tori:
San Francisco, CA
Joined April 2014
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PERFECT SCENE x NORAWIT
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Creating a DAO is a daunting, complicated process.
Creating a DAO, & then having it registered in Wyoming is even more complicated.
That's why for the
@beondeck
hackathon, we built DaoNao - a platform to create + incorporate your Wyoming DAO in just 5 clicks.
More below 👇
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Today, we're excited to announce
@utopialabs_
$23M Series A led by
@Paradigm
w support from
@stevejang
+
@KindredVentures
,
@DistributedG
,
@4RCapital
,
@CircleVentures
,
@GustoHQ
,
@ivcryptofund
and 50+ operators.
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Today, we sent out an email to our customers + investors that we're going to be deprecating Utopia Core: .
However, this is not the end of Utopia the company - not even close.
We have a few ideas that we're exploring again, and I'm excited to share with
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Brain Dump - The Challenges Behind a "Stablecoin Venmo".
Many of us in crypto have thought about a "stablecoin venmo" app - I wanted to go in depth and understand why, and how this idea has a graveyard of dead startups - let's break down the idea maze here with a set of
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Utopia's new office in the Marina 🌊
- No office lights needed, natural sunlight ftw
- Small + cozy (12 desk spots)
- Great restaurants
- Teammates in office each week
The second pic is of me happy leaving FiDi 😂
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I broke down the best onramp + offramp solutions for USDC in the U.S, based on 3 factors:
a) Onramp fee
b) Offramp fee
c) Payment method
Check the end of the thread to see which solution is the best.
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We just launched offramps.eth - the easiest & simplest offramping experience in the 🌏🌏.
1. Sign up for an account at - submit ID, connect your wallets, and add your bank account.
2. Send USDC to offramps.eth.
Get USD in your bank account - that's it.
Introducing 𝕠𝕗𝕗𝕣𝕒𝕞𝕡𝕤.𝕖𝕥𝕙 - simply send your USDC to the offramps.eth ENS address, and receive USD in your bank account.
Now, offramping is as easy as sending a token in your wallet - more info below👇
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I have so much respect for Coinbase.
While most crypto exchanges are sitting comfortably with high spread trading fees, Coinbase is already trying to cannibalize their own business with investments in Base/Smart Wallet/Coinbase Wallet.
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Utopia helped facilitate over $8M in a single transaction the other day 🤯.
Even in the bear, we've hit the highest month in terms of transaction volume ⚡️
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Going to be conducting some hiring experiments to onboard more web 2 people -> web 3 over the next few weeks ✨
Some ideas:
1. Send ETH to candidates metamask.
2. Have them finish 3-5
@rabbithole_gg
quests.
3. Finish a 1-2 week bootcamp with
@_buildspace
Creds:
@smsunarto
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Last week -
@utopialabs_
did a round of layoffs given our new direction.
Some of these folks joined at the earliest stage, many were excellent operators, but more so, amazing humans who are down to earth, sincere, and a joy to be with.
If you’re looking to hire A+ crypto
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We probably have one of the best, aggregated, anonymized data sets on token compensation across DAO's + crypto native startups (over $100M+ in volume).
Would ya'll be interested in a mega thread + breakdown with
@utopialabs_
?
Here's a small sample template 👀
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You shouldn't pick one yet, but rather test 3 different messaging positions:
1. "Pay with USDC, get 5% off"
2. "Pay with USDC, get 5% cash back"
3. "Pay with USDC, get rewarded from local merchants"
I made the poster with AI in a few min, but there should be a subheading with
What do you think will drive more customer adoption for these merchants?
(see follow on tweet for more details)
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@Utopialabs_
's 2022 End of Year Reflection.
From a team of 4 co-founders in Jan 2022, to a team of 17 today.
From 0M in transaction volume, to 208M+ volume.
From ~5 private beta customers, to 150+ public beta customers.
From ~1M, to 180M+ worth of assets connected to Utopia.
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What are some products that you, as a crypto native feel comfortable sharing with your friends that aren't in crypto?
I'll start:
- Farcaster
- Tori
- Coinbase
- Zora
Anything else I'm missing???
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Reasons why crypto still excites me:
- It challenges, disputes and questions the current way we think about money and value.
- It is a promising technology that democratizes access to economic resources - which should be a codified human right.
- It is already being used today
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Excited to launch
@utopialabs_
publicly tmrw :)
If you're interested in what we've been working on, join our twitter spaces at 4PM PST tmrw with my cofounders
@jasontheutopian
,
@pryceandstuff
&
@alexanderwu2000
⛩
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Way too easy to be distracted in crypto as a founder - juicy yields, angel investing, alpha etc. Just stay focused and hit that protocol market fit.
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One of the largest pain points of operating a DAO is managing the payments, invoices, expenses etc.
We need this infrastructure to be in place if we want to onboard the next wave of contributors and have DAO's to become "mainstream"
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A harsh reality (that I'm personally comfortable with).
The biggest success of crypto has been democratizing and putting American financial assets onchain for anybody to access.
USDC is an "RWA".
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Playbook that most crypto founders have:
1. Build an "infra" project, get "tier 1" vc's.
2. Ship a testnet/mainnet, get a bunch of airdrop farmers using the product and inflate metrics.
3. Use the "metrics" to bump up valuation for next round, capitalize on hype.
4. Launch
Crypto founders and VCs need to stop valuing early stage, in development, pre-token projects at >$1b until they've earned it
Building something worth 7-9 figures is an incredible achievement, not everything needs to be a unicorn at launch
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Asked a person at a SF party what philosophy he holds deep to his heart.
His answer: I really like Elon Musk
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Utopia's moving from our FiDi office to the Marina! If anybody wants a free conference room desk, or any of these 6 desks, extra chairs, dm me!
Has to be gone by Friday this week.
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Why is
@utopialabs_
working on stablecoins?
One of the reasons are that stablecoins serve as a case study in reducing fees charged by monopolized intermediaries.
Here's an example - Square charges SMB's 2.6% + 10¢ per transaction for POS (point of sale) purchases and 2.9% + 30¢
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Heads up - our acting sucks lol.
We're experimenting with content outside of crypto twitter, and aiming for our next product to hit the mass consumer market.
It's going to be really hard - the only product that's been able to successfully crack mass market are Coinbase and
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This was a really fun project to hack out this weekend.
Interested in not only creating a DAO, but actually incorporating it in Wyoming?
You can get early access here✌️✌️:
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Overwhelmed by the support from investors, customers, founders and twitter today, and so grateful that I'm able to pursue entrepreneurship as a career path.
At the EOD, I recognize the privilege that we have as a team to build the future infrastructure layer for DAO operations.
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Hello CT - quick reminder that
@utopialabs_
is hiring.
If you're interested in helping DAO's scale their contributor payments, accounting, and reporting, you've come to the right place.
Ambitious roadmap, great design partners, and a few primitives brewing.
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Just secured a one year lease in SF! If anybody is leaving hit my DM's so I can snag some furniture off ya'll 😆
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if your first hire is a pm for your startup ngmi. All team members at pre-seed should be "pm's".
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"So have you heard about how simple Tori makes crypto these days? Lemme onboard you rn, you even get a $500 bonus for being an early adopter".
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If you've been laid off recently - consider joining us at
@utopialabs_
.
We're hiring in engineering, talent, + data, and laser focused on the problems around the crypto payments lifecycle - whether it's creating, approving or executing non-custodial blockchain payments.
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For context: Our team (
@KananRengaraju
,
@TheEthanDing
,
@SamuelKronick
,
@ngeloxyz
) built out our MVP this weekend.
1) The first step was building a simple front-end to fill out the typical DAO details:
- Name of DAO
- Token Symbol
- Members
- Ownership %
- Rewarding Voters
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The easiest way to buy any token onchain, soon.
No chains.
No gas.
Mobile first.
Non-custodial wallet.
Passkeys only.
Instant onramps.
🔊 SOUND ON 🔊
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what do you do when ur cofounder pulls up their laptop in front of you mid dinner??
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If I could go back choosing a major in college - it would be cs/philosophy/econ, easily the most applicable to crypto.
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Obligatory "we're hiring" post: We're hiring senior software engineers here at
@utopialabs_
⛩
- SR Front End Engineers:
- SR Back End Engineers:
Shoot me a dm if you're interested! Here's a few 📸's from our last team retreat ❤️
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Been compiling a nice suite of crypto analytics tools:
-
@Glassnode
-
@Skewdotcom
-
@DuneAnalytics
-
@Delphi_Digital
-
@MessariCrypto
-
@IntoTheBlock
-
@Simetri_Insight
-
@SantimentFeed
-
@TokenTerminal
-
@woonomic
charts
-
@ClarkMoody
dashboards
-
@cryptoquant_com
-
@nansen_ai
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Any suggestions for making our office look less boomer/corporate?
So far I've gotten two beanbag chairs and like 4 plants 😂
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We're hiring for 9 roles across eng, design + community - a breakdown on the impact that you can have at
@Utopialabs_
for each of these roles 👇
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We're live in public beta, and you're now able to use Utopia Core to scale payroll + payments for your DAO 🙌
Seen a ton of awesome use cases with the DAO's that we've worked with over the past few months👇
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We tell everybody to join a DAO - but where are the basic benefits at?
- Taxes
- Health
- Retirement
- Savings
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take a shot every time you see "DAO tooling" on your timeline
take a shot every time you see “music NFTs” on your timeline
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An inside look:
Offramps.eth, (a fun
@utopialabs_
drop) has done $3M+ in volume and does ~$500k in monthly volume :)
All of this is done purely with individuals (not B2B volume).
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2 months since starting
@utopialabs_
and we're already on main-net.
Got a really long way to go, but we'll keep shipping :)
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Hear me out - an L1 blockchain that has the security of ETH, transaction finality of Avalanche, cost of Solana, and interoperability of Cosmos.
Who's building this?
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The web 3 mobile experience is terrible. Here’s a screen recording of me opening a link from Twitter, trying to use MM to connect wallet (deep link not working), opening it in safari, then giving up and copy pasting the link into MM browser for it to eventually work. 2 min++
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Funny story - we used this tweet as our motivation internally to ship this at the frontier of speed, urgency, and quality. I'll share a video more on this next week!
Quick recap, you can send USDC to any US bank account & USD account. Here's the 3 simple steps on how you can get
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🫡 Haven't tweeted anything of substance in a while as we've been heads down here, but excited for the launch of our custom metadata feature - where every single payment for your DAO can now be contextualized, and customize-able.
What does this mean, & where does this lead 👇
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"The team literally founded the company earlier in September — yes, the month that we are at the end of currently. They saw the opportunity to build out in this space that has energized the web3 space and dove in."
Will post a bit more about my crypto journey later today :)
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Told Uber driver I’m Canadian and mans blasted some Justin Bieber, 5 star rating no question.
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💥 Upcoming co-living house in SF under
@togethercasa
.
Details:
🗓 Sept 3 - Dec 18th
📌 San Francisco (Mission St)
🏠 For builders in any space.
A few spots left - comment and shoot me or
@alexanderwu2000
a dm ✌️.
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I would use a browser where my wallet is embedded into the browser itself, removing the need for wallet extensions in the first place - the popups are distracting + terrible UX as a whole.
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Fun fact: The entire Utopia team in SF are all from Canada. 🇨🇦
Thank you America for taking a chance on us Canadians!! 🇺🇸
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Vlog
#2
: Behind the scenes on
@utopialabs_
's Tori's launch, where we see Tori in the future, the challenges with Tori, and a bit of 🏀🏀🏀.
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Before now, there wasn’t a product offering for W-2 payroll where full + part-time contributors could be paid in crypto (including native tokens), which meant no healthcare.
We’re developing an architecture with
@fwbtweets
for DAO contributors to get health benefits 🌱✨
FWB Season 6: Collective Growth 🌱
Web3 has exploded. It can feel intense.
So let's remember why we’re here:
~ to experiment with emergent possibilities
& grow with each other in the process ~
Read more →
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See you all soon :)
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Any Canadians who work in the US that transfer money between their US <> CAD bank accounts frequently? If so, would love to chat :)
We built a pretty fast way (~30 minutes) to transfer funds between your bank accounts!
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Utopia Payments
Utopia Payroll
Utopia Taxes
Utopia Credit
Utopia Bridge
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Telegram is the first mass scale social app that has integrated crypto natively within their product.
You're able to send stables from your TG account to literally anybody else who has a TG account (outside of America)
Why isn't anybody talking about this?
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Using crypto > "researching" crypto for beginners.
Step 0: Buy some ETH on Coinbase
Step 1: Create a Metamask Account:
Step 2: Send ETH from Coinbase --> Metamask Account
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4) We use a simple PDF filler to automate the paperwork that comes with filing a Wyoming DAO () atm.
The PDF then gets sent straight to your email.
Ideally, there's a corporate registry API that makes it really easy to automate this in the future.
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For crypto founders: To disrupt a legacy industry like payments, focus on business model innovation, not just UX.
Assume take rates drop to zero and transactions become instant. Stablecoins could achieve this.
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Who wants an invite? Limiting it to 20 people this week.
Just got a demo from
@0xkaito
for their new web3 app built by
@utopialabs_
Honestly I was super impressed by the product they’ve built and I’m more bullish than ever on accessible web3 financial infrastructure 🔥
Couldn’t even tell it was a web3 app! Felt just like familiar
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At
@utopialabs_
, we're able to learn from DAO's that are shaping the future of compensation, compliance, and coordination every day.
The most common question that I get is on compliance, and I have few thoughts around this topic - our thesis is that compliance is a spectrum 👇
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I'm no longer a vlogger or streamer, confirming that this profession is not for me 💀
I am now a vlogger/streamer.
On more serious terms - I see Utopia replacing the modern day business bank account by completely removing the need for it as a whole.
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