Around the World in 40 Minutes — Digital Dollars in Action

This week on the Money Movement we are getting hands-on with, well, moving money. Stablecoins and digital dollars are a breakthrough for how money can move around the world, enabling faster, more secure and less expensive payments and commerce, and connecting people on every continent in an open financial system.

While lots of projects talk in the abstract about making money work more like how we share text, content or email messages, we are delivering that in the real-world today.

USDC adoption has grown significantly around the world, and so this week we’re going to literally take a trip around the world in 40 minutes, showcasing in the process the incredible power of digital currency, public blockchains, and the benefits of open and interoperable standards for digital money on the internet.

In this episode, we’ll be joined by Itamar Lesuisse, Founder and CEO of Argent, the new super sweet mobile digital wallet, based in London, by Ronald Chan, CEO of ProBit, a fast-growing Asian exchange with connectivity in Korea, Sebastian Serrano, Founder and CEO of Ripio, a leading wallet and exchange in Latin America, Joao Reginatto, Head of Product at Circle, based in Boston, and Sumit Gupta, Co-Founder and CEO of CoinDCX, one of the top exchanges and wallets in India.

In real-time, we’ll see stablecoin payments fly from business to contractor, from person to person, between non-custodial and custodial wallets, with pit stops and conversions into local currencies on the way, and we’ll take a look at a marketplace built on USDC. And a bit of DeFi in the mix to boot. And we’re going to be doing this live.

For those who haven’t experienced hands-on the power of digital currency, this episode is designed to blow your mind and see how rapidly the global financial system is poised to change, building on stablecoins and public chains.

This hands-on and highly practical episode is a good build-up to next week's show, on June 25th, where Jeremy will be having an in-depth 1:1 fireside chat with Lawrence H. Summers, who is the Charles W. Eliot University Professor and President Emeritus at Harvard University. He served as the 71st Secretary of the Treasury for President Clinton and the Director of the National Economic Council for President Obama. Jeremy and Mr. Summers will be discussing global macro issues and the role of digital currency in the future of the global financial system.

Huge swaths of the global population have mobile devices, but don't participate in the financial system. Stablecoins and the proliferation of digital currencies present an exciting new opportunity for people to connect to a more open and inclusive financial system, creating new economic opportunities for those who have been excluded from the banking sector.

[00:00:09] Good morning, good afternoon, good evening and welcome to The Money Movement, a show where we explore the issues and ideas driving this brave new world of digital currency and blockchains. [00:00:21][11.9]

[00:00:23] Today, we're going to have, I think, a very special episode. We're going to have a live demo that really tries to show the real power of global digital currency. A lot of times when I talk to people who are not familiar with the space or you talk about things like digital currency and people are trying to say, well, how is this different than how I can do things today? That really reminds me significantly of the early days of the Internet where when when people first had email addresses and talked about the ability to send or receive an email. And so people often say, what's so special, what's so powerful about digital currency? And I think once you experience it, once you see it, once you see the speed of it and how it functions, it really is mind opening. And so that's what we're really trying to do today, is it is open people's minds to see the power of this on a global basis. And really, more fundamentally, we want to demonstrate how we are evolving our financial system, evolving from a financial system that is closed off to billions of people, a financial system that's expensive, a financial system that's slow, that's full of barriers and walls. We're moving to a financial system that is more open, global, efficient, inclusive. And that's really the vision that we have with digital currency. So it all starts with how we move money, which is the building block really to every other form of economic arrangement. So today in The Money Movement, we're going to move money. We're going to have an experience of moving Stablecoins, USDC around the world. These digital dollars are going to move from a business in Boston to a contractor in London to a friend in Seoul, South Korea, to another freelance developer in Buenos Aires through a marketplace, an e-commerce marketplace that's run out of Indonesia and ultimately to a supplier of goods into that marketplace in India. We're going to watch as these funds move seamlessly across different digital wallets, different digital services with convertibility into different fiat currencies. It's going to be really powerful. And joining us obviously today are a tremendous group of people, entrepreneurs building great products, great wallet services, great exchange experiences that really make all of this completely possible. That's what we're going to do today. So I want to get started moving some money. So what I want to do is actually just start with what we call a. Circle business account. So what we have here, this is Circle Dotcom. Earlier this year, we launched something called Circle Business Accounts. The idea is that really any business in one hundred and fifty countries should be able to open up a financial account and use it to make payments, receive payments automated and lots of different ways. So Circle business account is sort of like a starting point for a business that wants to use Stablecoins and USDC as a as a way to make payments, whether their to their employees to to partners, suppliers, to really anyone that's out there. So I'm actually, you know, logged in here into my Circle business account and I'm going to be making a B2B payment. And actually I'd like to invite on that to join here Itamar from Argent, who is in London. Hey, Jeremy, a nice to see you. Pleasure. Thanks for having me here. Yeah, absolutely. So, you know, in this example here, I'm in my business account and I'm pretending that you're a consultant that helps look at policy issues in the crypto space. And so we had a Smart contract review to document Nilu. Three hundred three hundred dollars. So I'm going to pay you an USDC. So I do. Here is go to transfer funds. I've got you in my wallet and I'm just going to put in three hundred USDC. I'll put in 10 cents for the the kind of fee that is paid to process that transaction. So very inexpensive. And I'm just going to go ahead and conduct that transfer. [00:05:10][287.5]

[00:05:11] I just have to put in my my Two-Factor code here and that will be off to the races. [00:05:21][10.4]

[00:05:23] So, you know, what we have going on here is basically using a business account. I was able to, as a business convert from any bank account really in most of the world. And I was able to convert, you know, hundreds of dollars or it can be thousands or tens of thousands, or if you're a major business, moving millions of dollars, you can convert those funds. And generally you can do that the same day. We actually have an ability to do it. Twenty four, seven, three sixty five with certain set ups. But generally those funds get there and they're converted into digital currency, in this case into USDC. And and then in that case I just punched in the wallet address which I had saved for, for, for Itamar. And, and now we're the transactions on the way. And I want to just start maybe just talking a little bit with you, Itamar. So the transaction is going to a product that you created, which is are you and your team obviously helped create, which is the Argent wallet, which is a super super fly mobile mobile wallet. Maybe just talk a little bit about Argin, the product, your vision. [00:06:32][68.9]

[00:06:34] Sure, yes. By the way, the funds arrived, thanks, thanks for that. And our goal at Arjun is really to enable anyone to control and prosper from their digital assets. And that means creating a non-custodial wallet where people are in better control. But this is the secure to use then to the current banking system. So people shouldn't have to worry and think about them. The Blockchains complexity. [00:06:58][24.4]

[00:07:00] Sorry to interrupt. Like, I think for a lot of people who are new to this space, this idea of a Custodio wallet versus non-custodial, there's sort of this philosophy of you can keep your money in a financial institution like a bank or someone who's hosting the funds for you and and so on. But also, it's really powerful to be able to control the funds yourself like money in your wallet. And so mobile makes it possible for people to download the software application. And because the these technologies are sort of open and available to everyone, you can build a user experience where the users in total control of the funds, not trusting some third party with it. And that's what you've really been trying to solve and solve that with an excellent user experience. [00:07:43][42.5]

[00:07:44] Exactly. And what we've built online is really picture you'll recognize from your bank. You can recover your money if you lost your phone without relying on writing up some citified on paper. We haven't trained for monitoring. So someone tried to drain your account, things would be delayed, TRISTANT address, etc. So really building the same feature, all the same experience, the same mental model than what I used to. But it gets interesting. You can plug to an entire world of the finance that they want me to maybe of this available globally, basically in so so anyone with a phone in the wallet can plug into the same financial system. That's really what's so exciting about that. You don't know the app and suddenly you have access to that same Gorbals Transparent financial system and a business that wants to pay you. [00:08:32][48.3]

[00:08:33] You can just receive those funds instantly, basically like we just saw. [00:08:35][2.9]

[00:08:36] Exactly. Then you can decide to you want to earn interest on them, then you can use that to put them in some lending protocol, which would feel almost like a savings account, and that would stop an earning interest on your on your. [00:08:49][12.5]

[00:08:49] See, let's do that. So you got three hundred bucks. Maybe you want to save some. [00:08:53][3.3]

[00:08:54] Yeah. So that's the Argin let's finance marketplace. We have all these protocols. A compound is one that allows you to land and earn interest. So we'll pick USDC. I will put, let's say, 30 USDC in there and that's it. That's all I do. I literally put thirty push on one button. The transaction will go to the blockchains will go through and I will basically start earning interest. [00:09:19][25.4]

[00:09:19] So here at some point when it's finalized I will see my thirty OCC and I will start accruing interest that always for most people when they think about, you know, earning interest, they think of, oh, I have to like I essentially have to lend my money to a bank and the bank is going to go do something with that and they might pay me some interest. What's what's happening here is with something like compound that's actually there's no company. You're not it's not like you're giving your money to some company and trusting them with it. You're actually you're actually lending your money to a marketplace on the Internet that's just run and enforced by code. It's a decentralized credit market. We had Robert on the show earlier and talked about it, but really it's a breakthrough. And so, in a sense, like anyone with this mobile wallet who receives these funds can start saving and generating interest and participating in financial services capabilities that just are generally just not available to them at all. [00:10:17][57.1]

[00:10:18] Yeah, exactly, I think the beauty is not anyone can access the service, but the services and anyone can build a new one on top of existing, it's really totally open. And as you say, you don't need to put trust into a company to suspend service. It's rule by code. And you can in this case, a company can pull out your funds at any time. So it's extremely flexible and simple to use. [00:10:43][24.4]

[00:10:43] It's so, so cool. So. All right. We've moved some funds. We're getting some yield. I heard you were going to have a friend fly over to London, but it got canceled because of covid. So maybe maybe you need to pay that friend back for that for that trip. And they were from Korea. So why don't we invite on your friend Ronald Ronno? Can you join us here on a product? Excellent. Welcome. Cool. All right. So Itamar owes you owes you some money. [00:11:13][30.0]

[00:11:15] How much does he owe you? It does. I believe it's two hundred and twenty two hundred and twenty two hundred twenty dollars. [00:11:21][6.3]

[00:11:22] All right. So we're going to beam that USDC over to that then. [00:11:26][4.6]

[00:11:27] Yeah. Another great feature of our job is to pay for your gas, these transaction fees. So it's really easy. I think. Ronald, you said to Tony that that's like you have like similar to like email or whatever, and you're exactly what it feels the same. I'm sending money to us for Venmo. I've just picked one out in my address book. Sorry, I went a bit fast, but I literally said this address and now I picked twenty USDC and that's it. I come from my transaction. As you can see, there is no no fee, it's just three percent and that's it. I would say ten, fifteen seconds and runout should have the USDC in his account. [00:12:04][37.5]

[00:12:05] So that's pretty awesome. So one of the themes that that we talk about a lot is interoperability and and open networks and people generally, like when you talk to the average person, I don't know what the hell that means, but the benefit here is you're not like locked into a single app like Circle business account is a service. You have a wallet that any user can use. Ronald has a wallet service that he runs in Korea, and these all can speak to each other just like our email systems and message systems can speak to each other. So so so it's it's it's it's super cool. Well, thanks for joining for this, Itamar. This has been incredibly illustrative and obviously love what you're doing. And thanks for sending along the money. [00:12:52][46.6]

[00:12:53] Thanks, Jeremy, appear on Allaire, yep, that's not Itamar excellent, welcome. [00:12:59][6.1]

[00:13:00] So happy to have you on the program and excited. Excited to do this with you. [00:13:06][5.5]

[00:13:06] Hi, Jeremy. It's really nice to see you again. [00:13:09][2.3]

[00:13:09] And I should share my screen because I have. Yeah, go ahead. [00:13:14][4.4]

[00:13:15] I was going to just maybe start, you know, just a little bit so that you guys you guys operate a wallet service and you operate an exchange. And it provides this great experience for people who are both trading, but also sending and receiving payments and moving funds from, say, like a Stablecoin USDC into CREON one. [00:13:34][18.5]

[00:13:35] Yes, exactly. So like to improve it, which is based out and started in Korea, we have created a feel to crypto exchange, which means that anybody that wants to trade between crypto to fiat crypto to create one in this case or from Korean born into crypto or crypto to crypto, will be able to do so very easily on private exchange. So you can see here, if anybody is interested or you have to do is sign up, takes 10 seconds, but only needs an email address. And then you would be able to participate in all the trading functions that we offer on Twitter for people in Korea, obviously, because you can connect like the Korean Korean banking. [00:14:20][45.3]

[00:14:21] Right. This is a really powerful way if you're moving value to to to do that. And obviously there's the sort of trading side of this and then there's a wallet side of this which is connected to these same open protocols connected to the through the Ethereum network, to protocols like USDC to be able to send and receive these these digital dollars as well. [00:14:42][20.7]

[00:14:42] Exactly. So Itamar he mentioned just now that it's going to take me five seconds to receive the USDC and it actually has. So if I were to go and check it out in my wallet. Right. For the USDC. I would be able to see. [00:15:01][18.5]

[00:15:03] In confirming right now. [00:15:04][1.3]

[00:15:06] Excellent. So for for for a lot of people who are maybe new to these digital currency transactions, I mean, basically there isn't like some company that's processing these transactions when when a digital wallet like Argent sends that transaction is sort of broadcasting that transaction to this global network of computers that are not in control of any individual or any company, it's sort of this decentralized network of computers that are verifying all these transactions. And, you know, the power of that is that there's no there's no there's no centralized, you know, intermediary. It's peer to peer. It works over the Internet. And it also has these security capabilities, which is that this is like a tamper resistant, tamper proof transaction system that's open and global available for anyone to plug into. Now, the these transactions on Ethereum, the initial confirmation of it usually happens. And I guess you would show it in your screen, someone to see like an incoming or receiving transaction in and literally seconds like it gets broadcast. That first transaction gets picked up by the network. It usually is something like 15 seconds, 20 seconds, and then you know that you're getting it. And now obviously then you're exchange, you're waiting for a few extra confirmations before you're ready to let someone use that as a as a as a currency. [00:16:36][89.7]

[00:16:37] And Jeremy Allaire would not have been able to explain it better myself. [00:16:40][3.8]

[00:16:42] That was amazing. So you've got some time. [00:16:45][2.6]

[00:16:45] I've got somebody in Boston to London, to Korea, really. And with basically no cost or just like 10 cents so far. [00:16:55][9.3]

[00:16:55] So it's yeah, it's really cheap. Right. So now you can see that I've been credited with this two hundred and twenty USDC in the middle of the screen. And I have two items I would like to get done. First of all, I would like to show you how you can withdraw it into part of the traditional Korean banking system. Right. [00:17:16][20.5]

[00:17:16] And so you can follow me here on the screen. I would go over to the exchange, but I would need more or less one hundred USDC right to the exchanged is for for the average person. [00:17:29][12.4]

[00:17:29] Right. There's currency exchange. Sometimes you do it at the airport, sometimes you do it online. You have to be really sophisticated system where people can like make make large trades, et cetera. And so like someone who who is even like a day trader of dollars. And one could do that. But but even like a simple transaction, like taking a couple hundred USDC and converting it to one, you can do that in a couple of clicks. [00:17:56][26.7]

[00:17:57] Yeah, exactly right. So in the most simplest form, this is a moneychanger not changing between capital to Fiat, no changing between US dollars to something that represents one. Right. So the two ways I can go about doing it, I can. The simplest way would be to find a place that I want to. All right, and I need 100 USDC, so if you look at the bottom right hand corner, I've decided that I want to sell 100 USDC at this covid one weight, one thousand one hundred ninety nine point five, which, by the way, is a very good weight. [00:18:35][38.3]

[00:18:36] And so it's much, much, much cheaper than like that. The three percent, four percent, you know, all these crazy fees that banks. I mean, it is totally insane. And you're like, we're doing this super fast, super cheap. So that's awesome. So you're going to convert to one. I mean, you mentioned the airport, right? [00:18:56][19.2]

[00:18:56] So if you were to transfer or to change that airport closer, even more with the commissions and stuff, and this this one is really fast free. [00:19:02][6.4]

[00:19:03] So I would go continue by selling. Yeah. And take a note of how much covid one balance I have now. I have some small change, but this is not even anything. And then. Once I click it, you know, I have a certain amount of going on here, right? All right. And you can see that my USDC balance has decreased by one hundred. I mean, exactly what I said. Hmm. The ones I've got the Korean one, right, the Korean War veteran here, I can choose to withdraw it into the Korean traditional banking system. [00:19:43][39.5]

[00:19:44] So this is the amount that I have in my wallet. Yeah. And, well, this is I change the bank account number so so that my private information is not out there. But it would look like this. Yeah, right. And all I need to do is choose an amount that I would like to withdraw. So this is more or less one hundred and fifty US dollars. Yeah. But well I have to do is withdraw this. Yeah. Click this and. Well right now it's nine, 20 p.m. where I am. So the banks are not going to process it yet. [00:20:19][34.9]

[00:20:19] So the legacy banking system is slow. They let us down today and you know, we can move money on the Internet at the speed of the Internet and and radically cheaper and much more easily for people and businesses. But at this point, this is great, though. But the important thing here is, like anyone in the world has got USDC can go to Korea with it, gets get it to someone in Korea. They can very cheaply get it in one and get it into the bank. You know, much, much easier than in a lot of other ways. So. Exactly. That's awesome. Cool. Now, I, I, I understand that you you work with a freelance software developer in Argentina, that there's a team there and there was like a small project to work on. Maybe we can invite Sebastian in from Argentina to to join us here for the next leg of the transaction. [00:21:15][55.8]

[00:21:16] Yeah, I work with Sebastian and he's really cool and I will be I will be giving him what I owe him often, which is about one hundred and twenty USDC. All right. [00:21:30][14.2]

[00:21:30] I mean, him being in Argentina at all is OK, hey, I want a German. Hey, welcome. How's it in Buenos Aires? [00:21:41][10.7]

[00:21:43] I'm today. I'm actually in Sao Paulo. Oh, Zappala OK, but yes. [00:21:49][5.7]

[00:21:49] So Repo is the wallet we started in 2013. I mean, before in the Jova Refreshing, we have we provide similar services, but it actually I'm going to have you I'm going to I want to have you talk about that in a moment. [00:22:07][18.0]

[00:22:07] I want to I want to let's do that. Let's do the transfer. We're going to get this transfer. So there's one hundred and twenty USDC left. He got some into Korean one. And now he's going to pay you back, I guess. [00:22:17][9.9]

[00:22:19] Yes, exactly. So right now, let me tell you first and then. [00:22:25][6.5]

[00:22:28] So I'm going to withdraw it. It's like you said, it's going to take as much time as the Internet does right after filling in my coats. Yeah. [00:22:36][8.3]

[00:22:38] It's pretty, pretty typical because this is like digital money, you know, you know, and once, you know, one of the things about digital currency is it's a little bit like cash, right? If I give you a hundred dollar bill like you have it, you like it, you can go with it. And digital currency similar. It's an irreversible transaction. And so it's really important that, you know, wallets and services that that people use have good security controls. So things like these two step verification codes and even double security like, you know, confirm it through an email. That's very yeah. That's another confirmation, you know, with with an authentication code on it, on a mobile device. So these security features are really key when you're when you're using digital money and you're using it on the Internet. So awesome. [00:23:32][53.7]

[00:23:33] But but they also make it cheaper. This also means that, for example, there are no Czernowitz. Credit cards have a lot of those with them because the transactions are reversible. Yeah. So that puts a lot of pressure on merchants into having to have extra security, extra controls. Absolutely. [00:23:53][20.1]

[00:23:54] That this is not necessary, but much better for for for for for people and businesses who want to know, like when you're when you get when you send that money, it's good. And it's a final transaction and and it's secure. So so those are those are definitely big, big benefits of digital currency. Awesome. Well, Ronald, thank you so much for for joining us in this in this journey around the world with digital currency and USDC. [00:24:23][28.5]

[00:24:24] Thank you. And the USDC was really happy in its time in Korea today, I'm sure. Awesome. [00:24:30][6.3]

[00:24:32] Cool. Well, thanks. Well, excellent. So, Sebastian, it's it's nice to see you again. And, you know, maybe as you were starting, I think it'd be great if you want to talk a little bit about Rippetoe and a little bit about the importance of digital currency in Latin America and Argentina and Stablecoins as well. [00:24:53][21.0]

[00:24:54] Totally, and I think this is not only relevant all in all ways, but also in this in this particular time is very, very important. And we are seeing a lot of developments around of it. So I was, as I was saying, maybe his wallet in South America or many countries that are in Brazil. That's why I'm in Brazil right now. We have over 450000 users across the region. And we we started the business with the mission to provide access into digital assets and into bitcoin and crypto currencies. [00:25:29][35.0]

[00:25:30] We allow people to buy and sell Bitcoin and online stablecoins across the region with their bank accounts. We also have in donations and partnerships with networks that have Sempo convenience stores where you can go with the cash and load your wallet and convert physical cash into digital money, which basically is to enable people to access the online economy. Across Latin America, more than half of the population doesn't have access to financial services, traditional format semiformal. And this is a completely new system like we saw earlier with Itamar like you can like just little digital money and VEAC and access to shield and access to lending, which is things the big percent of the population around the world are doing, literally don't have access. [00:26:31][60.9]

[00:26:32] So this is also really empowering for people in South America and many, many participating in the global financial system, making their own use of their own money safer, more secure, more efficient. And Ripia plays a really critical role because you're providing this wallet service, but you're also providing this connection with the existing money systems in some of these markets. [00:26:56][24.2]

[00:26:58] Yes, and not only that, also currently in emerging markets, there is we have very high inflation and India, for example, is having three or four percent inflation monthly like we had like last year, 40 percent inflation. The currency this year alone has dropped more than 50 percent. And this is typical. An exchange in exchange rates are biting depending on how you're throwing money. And that puts a lot of pressure on having access to Stablecoins is a very good way to save now with less volatility and a great deal, I will say, long term. [00:27:45][46.6]

[00:27:46] We've been talking a lot on the show here about, you know, in the current global macro environment with all the economic stresses in so many countries, you know, these these intense interventions by governments. Right. It's going to create these challenging situations with currencies and digital currency is is definitely a little bit of an escape valve. And it's a way for people to to to kind of leapfrog into this this new Internet based digital economy. So maybe if you want to bring up bring up radio and show the world experience and we had some USDC sent your way. [00:28:23][36.8]

[00:28:25] OK, so this is my my account and I have a few bezels here and then basically and suddenly this is my personal Destin account and I have one hundred forty one vessels that I keep switching between pestles unrealistic. [00:28:43][18.2]

[00:28:44] Brazilia, I have this this symbol is real bad, but I'm actually having the account in Bess's right now. [00:28:52][7.8]

[00:28:53] OK, I have a few Bessus and if you go in, if I go into the wallet then for some reason I haven't yet received the transaction vexingly. I have some bitcoins, some USDC. Yeah. And then here I can buy or sell USDC let's say like I want to sell fifty fifty dollars off of USDC. I just can go here and say, you know like 30. [00:29:23][30.6]

[00:29:25] Yeah, like I can just convert very easily, similar to what we saw with with with Tether, you got a really simple interface where you receive this the and you can just instantly convert it to totally. Yeah. [00:29:43][17.7]

[00:29:44] And an area here is like we have a much simpler wallet, as you see, compared with private, because we are trying to aim into like large audiences. We want to be a very simple wallet that anybody can use because we are aiming at the mainstream. And there is not that this is the interface has much less tools and buttons to press and get right wrong. But for example, if I was changing, if I was getting ten dollars and selling it through the traditional system, I was being paid as a freelancer across the world. And we're using like banks rather than having like almost twelve hundred pesos, I would be getting seven hundred. That's how much the difference there is. [00:30:36][52.1]

[00:30:36] What I'm using a stablecoins and and and and the traditional banking system. [00:30:45][8.2]

[00:30:45] That's that's incredible. So, so obviously for the person receiving that, that's a radically better like change your life better and the ability for it for for a business that's paying someone remotely. Right. They want them to get as much as possible. And obviously in the banking system, it doesn't happen at the speed of the Internet. It happens just know to that really painfully and slowly. [00:31:04][19.0]

[00:31:05] OK, so you just you just sell some some USDC to Bessus. And so now I have more business in my account. If I want to withdraw, I we have two options which we don't like. We'll do a withdrawal to a bank account like a very traditional thing to do. Hopefully we we are in the morning and so to make a so this will get process and it will be in the same day and we know, we know fees, but we also expect the local banking same day, no fees. [00:31:44][39.0]

[00:31:44] OK, we get that. But tell us about Mercata Pargo. [00:31:47][3.0]

[00:31:48] So Merkabah is we have any duration. We want to call Apollo, which is basically the wallet of medical Olivant, which is kind of like the Amazon of South America. You can buy literally anything online. And we have a direct integration within the region. So I could buy anything they you see, I need a new bicycle. I will be being able to buy this. This will go instantly. Twenty four, seven instant. [00:32:19][30.5]

[00:32:19] Twenty five. OK, we like that. And it's an entry fee. [00:32:23][4.1]

[00:32:24] Yeah. But it will be like freelancing, getting paid in a stablecoins and then being able to literally buy anything online with this money and become kind of like a digital citizen that is joins an economy that is global. [00:32:43][19.0]

[00:32:44] So what's incredible about is like people can they can store value in dollars. So they're they're hedging on that inflation rate. They can try that. And then when they need to buy something on or Libra or they need to pay their utility bill in the local currency, like, you can just you can convert and transfer out and take care of that. And and obviously Mercato Libra has it's sort of almost all the things that you might need locally. Yeah. Well, so very cool. So, yeah. [00:33:15][31.3]

[00:33:15] Let me take one thing up there. You got the USDC so just the USDC from from Donelle. So yeah. So basically this is like we are doing this in just minutes and it's going across the world and it's extremely powerful. It's going to change the word incredible. [00:33:38][22.8]

[00:33:39] So we've gone from a business in Boston to a contractor in London who could have been anywhere in the world with his wallet to a friend in Korea into the back, Korean won in banking system and then over to Latin America. You've got funds. You can store those securely. You're able to instantly get them into your marketplace to buy goods and services that you need. But you can protect your value with with dollar value as well. And this is all in. I think less than 30 minutes so far, so that's pretty good. Very cool. So, you know, I think, of course, like as as someone who's, you know, you're working from home, we're all working from home, or many of us are working from home. You know, you also need to be able to participate in the broader digital economy outside of your regional marketplace, like Makhado, Libra. And and so I think one of the things that we want to highlight is how things like USDC and and Circle APIs and what we're doing can empower commerce marketplaces and all kinds of marketplaces around the world to participate in the benefits of this. And so, you know, I'd like to actually invite Jwoww from Circle, who's had a product that Circle to join us here. And we'll come back to your screen in a little bit. And but you can stay on if you want. Actually, no, I'll have to. I'll come over and then we'll have you come back in a few minutes. [00:35:06][86.9]

[00:35:06] Sebastian Lizer. Jeremy. Hey, man, welcome. Thanks for having me. [00:35:14][7.9]

[00:35:15] Yeah, cool. So Jwoww is head of product here at Circle. [00:35:19][4.6]

[00:35:20] And before we maybe dove into the next piece of this demo, I think one of the things that I want to emphasize, and it really connects very much to what we were just talking about with Sebastian, is, you know, we have this vision of of a new way that Internet commerce can take place, a way that is built on on digital currency, built on stablecoins, things like USDC. And we believe that Internet businesses everywhere are going to want to plug into this because of the benefits, the efficiency, the speed. And in particular, we think like commerce marketplaces are going to be a really interesting kind of business. And so we actually just in the past quarter launched a whole set of APIs. These APIs are for developers, but it's for businesses that want to connect the power of these open networks and connect the power of things like USDC into how they settle payments not just from people who are paying them, but also increasingly these marketplaces have suppliers and sellers and creators from all around the world and creating a really seen this way to pay out on a mass basis to all these different types of businesses. So maybe you can bring us into into an actual marketplace example that that we're using here in this demo. [00:36:40][79.9]

[00:36:41] Yeah, absolutely. Let's talk about that. What we're talking about working from home, so. Why don't we give Sebastian some better gear for working from home, right? Can you guys see my screen? So this is a marketplace that we have built just to explain a Sempo situation of our own, how a marketplace operator, as Jeremy said, can leverage Circle APIs and USDC to to effectively cover a much broader part of the world in a much easier and faster way. So, Sebastian, I'm going to go ahead and this is as if I'm noticing this correctly. [00:37:17][35.9]

[00:37:18] This is like a furniture marketplace out of Indonesia. It's out of Indonesia. [00:37:23][5.4]

[00:37:24] Yeah, exactly. So you see some prices in Indonesian rupees. So I'll select this chair for you, Sebastian, and I hope you like it added to my cart. I'll continue to look at clouds. So. So this is just as any other marketplace people would be familiar with on the Internet. Right. So let's let's say at this point I have filled out my delivery information, so I'll continue to the payment method and here I will choose to pay with USDC. Awesome. And and then maybe stop sharing and actually make up sharing. [00:37:59][35.2]

[00:37:59] So basically, in this case, this marketplace using Circle wallet APIs is like easy, like generating one time payment addresses in four USDC payments that are that are coming into the marketplace. And now that this is here, someone say in Argentina, Brazil or ever who has USDC can now make that payments. Maybe if you stop sharing, we can we can go back over to Sebastian. Who can who can pay you that? Fifty nine USDC. [00:38:24][25.2]

[00:38:27] All right, all right, let's do it. So I'm going to share back my screen. So basically like going to doing before you're going to say 50 now, we say USDC going to be high commissioner and then that was the other issue that was on the Gilgo that I copy. And then when you send. [00:38:50][23.2]

[00:38:54] Awesome, and does it something to show that you were like we've all had we have been mentioned is that this is an open network and there is these transactions that are going across across the world. But there is like we can all see the transaction going right. That was the hash and that is the transaction going into this netherworld of computers. This is an explorer of the Blockchains. And this is like something that everybody, all of us, we get the whole world can see. [00:39:24][30.1]

[00:39:25] Every transaction has happened. They don't know who's sending it or what or where it's from. They just you can see these transactions. [00:39:31][5.6]

[00:39:31] There's a record of of the transactions that are out, out on out on the Internet that are happening in real time. [00:39:41][9.8]

[00:39:42] And that's that's super cool. We're going to stop sharing. So that's going to go back to we'll go back to Joe. So, Joe, just maybe maybe we could just talk for a moment about, you know, what it is that this marketplace is actually what they're using, how they're building that and how it integrate in. [00:40:04][22.3]

[00:40:06] Yeah, absolutely. And then I'll share my screen in a second just to show that last payment screen to illustrate what we are talking about. But basically what we are facilitating for these businesses and commerce businesses and marketplace businesses around the world is the ability to now move into into this tech stack that involves stablecoin and public blockchains in a much easier way that I think was not quite possible up until now. So we have two main APIs that we offer for businesses. One is called the payments API. Another one is called the Wallet API. And you can sort of use it to to really provide your end users with the ability to collect payments in multiple ways. So I don't know if you guys remember, but on the payment screen, that was there were two payment options, one to pay with credit cards and one to pay with USDC. Those two payment options are basically leveraging either the payments API, where we collect payments from traditional methods and settle in USAC with a merchant, or the wallet's API in which you can collect payments in an actual USDC, such as providing an address as we did with with Sebastien and and then and then have. The beauty of those two APIs is that they can have common settlement in us for the merchants or the merchant really now with our API. So they are able to only look at USC coming from from all of these different payment channels, whether they are more traditional or raw USDC. [00:41:28][82.4]

[00:41:30] And then since they have USDC, obviously settlement is much faster and they can do is Jeremy Allaire. They can do mass payouts to the other side of these marketplaces. Right. The supplier, the manufacturer of that chair, they can do these mass payouts in a much, much easier way. And we can we can have a look at that as well. [00:41:45][15.3]

[00:41:46] We also like in there with the payments API, right. You can also take traditional credit card payments, like if you're a marketplace and people want to pay you with the Visa or MasterCard from hundreds of countries as well, you can get those card payments, but also get that in USDC and receive that in USDC. So people are paying you with cards, but you as the as the marketplace are actually getting it in a stablecoin, which has that that incredible power and reach of the Internet. [00:42:15][28.7]

[00:42:17] That's right, so I'm sharing my screen here. You guys didn't see, but basically, you know, at some point the marketplace was checking for that address and saw obviously a few confirmations and it turned into this dysphagia. So, you know, it's basically thanking me for the order because it has it has observed the the initial payment of those fifty nine OCC. So what I'm going to do now is I'm going to flick to another perspective, which would be so effective. [00:42:44][27.0]

[00:42:45] Yeah, I was just going to say here your we've got a supplier or a seller and I want to invite Sumit on to join us for for this part of part of the demo. Go ahead. You can start talking about what's gone. [00:43:00][14.7]

[00:43:01] Yeah, so so imagine imagine as as with other as with every marketplace you need, you need some sort of capability for the suppliers in the marketplace to get paid. Right. So this is a this is a Sempo screen where the manufacturer of that chair, you know, they would have logged in on their account and they would see, oh, great, I got paid for something that I pay for some of my products or goods that I sold on the marketplace. In this case, they got paid fifty seven fifty because obviously the marketplace has to has to make a living. So there was a fee taken here. And let's say that I'm going to assume it is going to is going to be the supplier in this case. So what I'm going to do is I'm going to withdraw this balance of USDC that the supplier got on the marketplace. [00:43:44][43.5]

[00:43:45] And I'm going to be sending this to to submit some its wallet and and hopefully we'll see that there in a few minutes. So in this case. [00:43:55][10.3]

[00:43:58] The the payment method of the supplier is like they can they can receive payment from the marketplace in in a stablecoin. Exactly, exactly. And so they just have like essentially like an address on file where they're where they're receiving those funds. [00:44:16][18.2]

[00:44:17] Right, right. And there's a there's a lot of possibilities that we can imagine for that last mile ride. That's typically a huge pain point for marketplaces, is how do you actually pay individuals and companies in all of these places around the world? Obviously, USDC can reach anywhere where the Internet is. But we also we Circle also has APIs to facilitate payouts in bank accounts. And but I think there's a lot of innovation that can be thought about how you can how you can have these USAC wallets for anyone around the world and how you can associate traditional payment instruments that can be backed by those wallets. So those would be ways that people can actually participate in the economy in in ways that they can't really today. [00:44:58][40.6]

[00:44:59] Very, very cool. Sumita, are you with us? All right. Awesome. Welcome. [00:45:04][5.0]

[00:45:05] Now, thanks, Jeremy, for having me on the show. [00:45:07][1.6]

[00:45:07] Yeah, absolutely. Andrew, thank you so much for for pulling together the marketplace in Indonesia and having those funds flow through. And I guess they're on their way to India now, thanks to our no problem. [00:45:18][10.7]

[00:45:20] Cool to me, great to see you again and and welcome. So you're in India and Coinbase is a company you have found and our CEO, and you're kind of connecting India to this greater world of global digital currency. We just just talk to us for a minute about what you're up to and the mission you have and and sort of how it connects here. [00:45:44][24.3]

[00:45:46] Sha sha Jeremy, so we have been running Coinbase six far more than two years now. We are currently the largest exchange and at Coinbase six Indians can buy or sell three hundred plus crypto assets with Indian rupees. They can do modern trading, they can do spot trading, futures lending. So we have built the sort of products that Indian people can get access to Coinbase. I mean, in terms of what we are doing is we are also planning to build to bring 50 million Indians. So we have. [00:46:22][36.0]

[00:46:24] All right, we lost you. You're back. [00:46:27][2.7]

[00:46:29] Yeah. All right. That's OK. [00:46:31][2.3]

[00:46:32] Cool. Yeah, 50 million people. [00:46:35][2.4]

[00:46:36] Yes, 50 million people into crypto and the whole platform was designed in a very simple way where any any individual can very seamlessly buy or sell any cryptocurrency with Indian rupees. [00:46:47][11.3]

[00:46:48] Right. And so you're now you're also connected to USDC. And so these these these sort of this sort of protocol for moving digital dollars around, it connects them to India. And so if I'm if I'm a business that is a supplier in India, I could get I could get these digital dollars and then get them into rupia. If I'm a freelancer or a contractor or some other individual in India, I can also receive funds instantly, cheaply as well. Maybe maybe you can take us through and kind of give us a view of actually how that works for folks. [00:47:21][33.0]

[00:47:23] Shashank, let me just share my screen with you, Jeremy, so can you see my screen now? Absolutely. OK, OK, so this is how the platform looks like, and here on the platform, people can buy USDC with Indian rupees. So I this stuff for everyone. The difference, I just try buying USDC worth hundreds of these. So I'll I'll click on this by order of. [00:47:49][26.0]

[00:47:51] And then confirm. [00:47:51][0.5]

[00:47:53] And then done so I got one point to it, USDC in my wallet. Similarly, I just saw that I received around 50 USDC on my wallet. So let me just see whether I received it. So, yes, I got yeah. Sempo. Yeah, seven point five pending two confirmations. So I've got USDC in my Coinbase wallet. [00:48:19][26.3]

[00:48:20] While that is pretty similar to to, to the others like that, that transaction that came from that marketplace, you kind of as a supplier you cashed out and now in twenty six you see it, it's incoming and within minutes it's going to be available for, for trading into things and actually even converting into into Indian rupee. [00:48:42][21.7]

[00:48:43] Yes, correct. [00:48:44][0.4]

[00:48:45] So while we are receiving that, I'll also tell you what other things the Indians can do on the platform so they can do more trading with other markets, they can do margin trading futures, they can also this is our flagship product so people can convert their crypto, liquidate their crypto to iron. So let me then also recent update in Indian market. This banking, Ben, just got lifted three months ago and we've already seen demonstrable impact on individuals who are using Capernaum is one such example we can see is is an Indian KYC verified twenty six user who also happens to be a freelancer. Right. And expecting some payment in this case, it's fifty seven point five dollars. Right. So rather than waiting for bank to release this payment, which typically takes place and then charges exorbitant rate in commissions, it chooses to use Coinbase and liquidities crypto USDC to INR. [00:49:43][57.7]

[00:49:44] So let me let me just give you an example here. So here in the balance, you can see two hundred forty thousand rupees. I'll just sell fifty seven point five USDC and convert that into ayata. So here you can see I will get the freelancer will get four thousand four hundred twenty two rupees in his wallet. Right. So let me just try to put that. [00:50:04][20.2]

[00:50:04] How does that compare to the fees that, like a bank, would charge for receiving and converting dollars and so on? Obviously, this is happening at the speed of the Internet in minutes and moving of it over the Internet, effectively close to free. How is that compare in terms of the the amount that a bank might charge? [00:50:27][22.6]

[00:50:28] Yeah, so bank is quite a lot. I mean, it varies from three percent to five percent or even higher, depending upon bank to bank. And the forex rate that we get is also the three lines that lose out a lot. So that's approximately five percent difference that the people lose out on such transactions if they are using a traditional gateway. But with with Coinbase, FX, if you have if you want to just start on Coinbase, you can immediately liquidate your capital in this case. And it is completely free, of course. So you will get the best price. You will get four thousand four point twenty two rupees in your wallet. So let me just confirm the transaction. And in a matter of seconds, so I got four thousand four hundred twenty two rupees in my wallet. So here you can see the wallet balance increased Amex. Yeah. And now the freelancer. Now what? The freelancer one says he wanted this money in this bank account. So what I'll do here is I will try place of a request of four thousand four hundred twenty two rupees and it will come to the verified bank account. So I'm just going from the transaction. Yeah. So while I'm doing that, typically it takes you know, the transaction happens within seconds, right? So within a few seconds, the you know, the person gets money in the bank account. So here the request is completed. Now, what happens next is automatically the money gets credited to the type of bank account of the freelancer. [00:51:56][87.6]

[00:51:56] Yeah, amazing. So from from Argentina to a mark to markets in Indonesia to your digital wallet into rupee at a virtually zero cost and into a Indian bank account in seconds, which is pretty freaking sweet here. [00:52:16][19.6]

[00:52:18] Yeah, here you can see I just got four thousand four hundred twenty two rupees exactly without any cost, right. So discredited already to my bank account. [00:52:25][6.8]

[00:52:25] That is super cool. Cool. I want to I'm going to I'm going to have us wrap up if you can stop sharing your screen and then everyone else, all the guests, if you guys can. I'll just pop back on here for a minute. That would be that'd be awesome. Excellent, Ronald Sebastian. All right, awesome. All right, that's good. I can't believe that worked. So I just I think it's so cool and and it's so cool to have obviously, like entrepreneurs from all around the world innovating in in regional markets, in in in global markets, creating these, you know, tools that every person with a mobile phone can use that eventually, I think really in the next year. I think very certainly in the next couple of years, hundreds of millions of people can start to use. And the benefits, I think hopefully from this are going to be really clear to folks. But any any any any final thought from any of you guys on on what we just did today? [00:53:31][66.0]

[00:53:34] We're way ahead of schedule, right? I mean, so fast, it's really cool. [00:53:40][6.1]

[00:53:42] It also shows how easy it will be to integrate the economy globally. Compare this to doing it with scythe through banks, just not not only different than what is happening to the user, which is like days of weight on international wires, is also on the back end that he so much trust and accounting for every transaction, so much waste into fraud prevention. And this is this just works seamlessly native to the Internet and it has all benefits. And we dated like in less than an hour and at least my transaction costs 50 cents and it could have been for millions of dollars. And these things are incredibly powerful. [00:54:27][44.4]

[00:54:28] And I think, Jaime, your point, I mean, we are all from different companies. Our has never been in touch with any of these companies. And our products are fully compatible and interpret open standards. [00:54:39][11.5]

[00:54:40] Amazing ability like this is how the Internet grew so big and this is how we're going to take over the global digital economy. [00:54:47][6.8]

[00:54:47] And we never had to integrate anything with each other. Like this isn't just work because it's like sending emails. Right. [00:54:54][7.0]

[00:54:55] And is never proof secure and cheap as well, which is pretty, pretty cool. Now I know like all of us, there's a lot of heavy lifting in what and what we're creating to make this all possible on different parts is creating awesome consumer experiences. There's, you know, in each of those markets, whether it's Korea or Latin America or the US or India, like making sure we're working with regulators, making sure we're doing things compliantly, we're handling, knowing our customers and all these kinds of things. But it's you know, everybody's making it possible. [00:55:27][32.4]

[00:55:29] Yeah, it also being this open it allow us to be different people, they are working on a common goal and focusing and we divide the problem that we we don't have to care about how compliance works. Yeah, we just work in Latin America. We love with global regulators. We do all the needs to be done to make it possible. Akia and everybody's working. And this, you know, below the scale with no coordination. [00:55:55][26.4]

[00:55:57] Yeah, that's pretty awesome. Well, I want to thank everyone, thank all you guys for helping make this happen. We pulled this together pretty fast. And I hope my greatest hope is that people who have heard about digital currency, who've heard about things like Stablecoins, you've heard about crypto but don't really get it, like get the power of this and what it's going to do for the world economy and for people and their needs and how they're going to participate in the economic system. I hope this helps really shed some more light on that for for everyone. So thank you all for joining today. And we will see you online very soon. [00:56:36][39.1]

[00:56:38] Jeremy, everyone, thanks, you guys. Thank you, Jeremy. [00:56:40][2.4]

[00:56:44] So I am really happy with how that all came together. Really incredible to see this global economic system developing in front of us. Tremendous work from amazing entrepreneurs making things possible that have never been possible before. So really, really grateful. Next week, we have a very special guest for an extended one on one fireside chat or conversation with Lawrence Lawrence Summers, former US secretary of Treasury, a major player in the global economic system and world, a great thinker. And he's going to be joining me to discuss global macro economic issues in the context of the global financial crisis that is continuing to unfold. And really exploring the role of digital currency in the future of the international monetary system, taking things like we saw happening today, how do we actually take that to the next level and really make that more core to the international monetary system? It'll be a really excellent discussion, I'm sure. So until next week, stay well, stay safe and stay informed. [00:57:52][68.3]

[00:58:05] Paul. [00:58:05][0.0]


Jeremy Allaire
Co-founder, CEO, Circle
Sebastian Serrano
Founder and CEO, Ripio
Itamar Lesuisse
Founder and CEO, Argent
Sumit Gupta
Ronald Chan
CEO, Probit
Joao Reginatto
Head of Product, Circle