Money in Crypto, Life in Fiat | Francis Codex @Web3LagosCon

Good day, everyone. Uh I guess we're having a great time here. Name is Fancix, and I built a wallet, Passkey Wallet, basically. And this Passkey Wallet is something that has taken most of my year. So, today I'm here to share with you what really happened before I built the Passkey Wallet, because I think everything has to start from a problem first.

Oh, let's say today's Friday, and you get paid. Let's say you get paid 2,000 USDC by your employer or by a project you did. And then, you have money. You are rich now, basically. You can do stuff, yeah?

And then, you want to spend money. You want to do stuff. She does not take USDC. She doesn't even know what crypto is. I feel like your landlord who does not take that.

The boats you enter towards here does not take that. And you now have to convert it. This is where the problem comes in. So, let me take you to the past, where it all started. So, I think if you are very, very, very familiar with like uh like off-ramping and on-ramping, you know that uh some of us did not start from Bybit or Binance.

Some of us started from messaging someone. Okay, uh boss, I have like uh 1,000 USDC. Please, can I get Naira? What's your rate basically? Then uh there was an improvement, basically.

There was an improvement. So, we started P2P DEX. We started uh Bybit. Uh we started Binance, and that was good. It was like very, very controlled.

But then, scams started entry, and a lot of things, a lot of policies. And then, there were also ones that came in. They were like uh some other products. I used them myself, basically. And then, uh I feel like it could be better if we really wanted it to be better.

So, these apps now, they initially have you to send money to platform or use their platform without some form of trust basically. So, you What I'm trying to tell you now, we can have a a next slide. We can have like a a situation whereby we don't have to do all these things. So, a little market research Uh I want to tell we as Nigerians are actually trying a lot. I'm never going to lie to you.

We're actually doing a lot. When it comes to like crypto adoption and crypto usage, 60% of stable coin inflows comes from Nigeria. So, you can see that, okay, we are not a small market anymore like the way they used to tell us. Moving on. So, and the wallets that we have right now, they are built not for you.

Don't get me wrong. We use them. It's fine. It's working. But, they aren't built with the market of ourselves in mind basically.

So, what you see, you see some wallets they have perpetual tradings, they have a lot of things, a lot of complications that you may never need because all you wanted to do was to receive your money, you want to hold it, and you just want to spend money. Basically, you don't want to do any of that. You just want to get this crypto and spend it. Next slide. So, crypto did a lot.

Crypto helped us. Getting it was solved, but I think and I feel getting it out is not fully solved. Yeah? So, next slide. This is where I talked about the last mile that I'm trying to close basically or we are trying to close.

So, imagine uh your regular OP and now I mean like imagine your regular wallet app basically. Now, imagine there is no distinction between these two apps. Like you your wallet app and OP in the same place, basically. And you do one KYC, you see the way it's like self-custody is something that a lot of wallets claim they have but they don't. So, moving on, I'm just going to not yet to talk about but I'm just going to tell you it's basically a passkey wallets and you never have to worry about your seed phrase and keeping going like the idea is that I I'm planning on making or we're planning on making it stupidly easy to actually spend your money because it's your money, you own it.

Moving on. So, okay, yeah, we pre-launch. That's like we're in the beta phase and so there has been no cash out yet but I feel like it's going to be a great feature coming for us and you should probably see me after this talk. So, I think that that should be the last slide. Moving on.

Okay, yeah. So, moving crypto solved moving money and okay, crypto solved moving money and it has not solved our lives in basically. So, at the end of the day, well, what I'm trying to say here is that most of these wallets and most of these infrastructures aren't built for our type of markets and if we don't start trying to make innovations and building things that particularly fit us, it's going to be a problem. Thank you so much.