Unlimit 🛠 Bridging Fiat and Crypto Economies

[Music] my name is Daniel I am the uh head of Integrations here at unlimit crypto and I'm giving this presentation right now it's pleasure to have you guys so unlimit what is unlimit so unlimit decom started in' 09 started as a payments company so we're actually a team of 500 people so we're actually one of the few Enterprise size companies really add any of these hackathons so started in ' 09 is a payments company they got into banking as a service they a lot of the main business actually comes from working with you know different Ecom websites like you have like telegram like IND driver which is like the second biggest uh app behind Uber and like latam so our parent company Powers a a lot of these traditional payments companies or it's a traditional payments company that powers a lot of different companies around the world so we have you know what we have thousands of payment methods that can be used we have multi-currency iban accounts facilitating International transfers card transfers we have um card issuing so we can actually issue cards uh we have a bass so banking is a service suite and I am part of the unlimited crypto team which started around last year and our team consists of like 25 30 people so unlimit right so we are an on and offramp so unlimit crypto we have an on and offramp widget that users can use various payment methods that we have already established from the parent company and you can essentially onramp into crypto right so the question is why like why do we need another on and off ramp right we have a bunch a few died last cycle but we still have a decent number um so the question is why right so I have to take in order for this to make sense I'm going to take you through the progression of historically what on or off ramps were right so from the beginning you had different companies right you had exchanges that's really was the first way you could really on onramp was so you have you like your coin bases your Krakens your bit stamps they they were the one of the first people to allow you to ramp and then from there you had the introduction of various third-party Integrations which is the likes of moonay transac Simplex I actually worked at a company before this called wire which was like the biggest onoff ramp in the game at the time and this progression it was essentially a third a website which was the exchanges and then years later now using these widgets any company can integrate on or off ramps into their own app creating a better user experience but then the question is how are they different right really the only way to differentiate between any of these on andof ramps up until now up until un limit came about was this on-ramp has you know more cryptocurrencies you can choose from this one has different payment methods you can choose from fees right so it's hard to differentiate in this game there's only a few limited things that allow you to really differentiated so on the same note differentiation in order to understand how we're different and why in my opinion we're the superior on and off ramp in the game at the present moment you have to understand how payments work when you swipe your card at a store or in this case in our onramp payment Gateway what happens with your money where does it get routed to where do the fees come from why does any of this happen how does any of this happen so let's start off right you as the card holder use a card given by your bank which is known as the issuer and the issuers are often times called principal members but I'll get into that later so then you use your card the store accepts your card payment through a point of s system but in the case of us it's going to be a paintman Gateway but it's the same concept and the store has a bank relationship with an acquirer and the acquire insurers they can accept card payments right the point of sales system or the payment Gateway connects to a processor you have different players like FIS or Square and the processor's role remains as the mediator to ensure a smooth conversation between the store the network and your bank from there the processor informs the acquir about the transaction details the acquir at that point facilitates the transaction by connecting with the network for example Visa or Mastercard and asks that the card is valid and has enough funds Visa then speaks to the bank that issued your card which is the issuer and then the issuer checks if there's enough money and sends back a message either approving or declining the transaction the processor transmits this message back to the store system if it's approved the money eventually transferred from your bank to the stores Bank as you see it's kind of complex there's a lot of players in the game you know you have multiple companies from the point you swipe to the point the actual transaction is finalized they're multiple companies touching your funds and moving money around communicating with different networks and that's that's traditionally how it works so then the question is okay how are we different so that leads me to my next point which is what I stated earlier unlimit started as a payments company we are a banking as a service we have an Emi which is an electronic money Institution we we are able to issue cards we're a as I talked about earlier we're a principal member of visa and Master Card meaning we have the ability to issue cards the other people who are principal members are the likes of like JP Morgan major Banks so a lot of the major banks have the same ability as we do so what does this mean so your traditional onramps all they are is just they're just gluing together a bunch of apis They Don't Really own any part of the stack so what that means is they're just gluing together a bunch of third parties their fees along the way every step of the way not only fees but you're exposed to FX spreads so essentially because of all these things you're not getting the best rates that's why if you use like a traditional widget you put in a $100 order it says okay here's $91 so it's you're getting T you're getting the fee is insane you're getting it's like a 10% fee right now which is kind of absurd so how are we different unlimit is the acquirer we are the processor we essentially own the entire payment stack meaning the likes of moonay transact right ramp all these other players when you make that purchase they're routing your order to the likes of checkout.com who's an acquire worldpay who's an acquire different processors so they don't own the stack they're letting other people do it which means everyone's taking fees along the way so by the time the the transaction is finalized boom 10% is gone with us on the other hand we own the full stack therefore we can essentially minimize the costs more than anyone else by a significant amount so for example go to on ramp.com they're an on-ramp aggregator really 90% of the quotes we're winning right now because of this reason because we own the staff um so then the next slide so yeah so essentially we are we're a global company uh so we're based in actually London and Cyprus and when this company started in 09 as I said earlier it was based in Europe so we're very specialized in Europe latm and APAC and traditionally you you know the likes of like the major on-ramps they're really focused there a lot of them are based in the US and while they do have you know various payment methods globally like sepa or like spay um they don't have localized very localized payment methods right so in the on-ramp game right now you can use either the major ones or you can use other on-ramp providers that are smaller but they provide you with like very localized payment method so for example in Mexico bodegas are actually huge so so in Mexico we can actually allow the users to go to a Walmart pay with cash and we give them crypto that only exists with there's a few very small on-ramps that have this have these localized payment methods but they don't have anything else so there's no on-ramp currently except us that allows users to have all the major payment methods also as well as the very local payment methods um in w was one example but in Mexico or Brazil or in Asia really it's you know we have hundreds of different localized ways you can go about to stores do cash vouchers there's a bunch of ways you could um essentially onramp into crypto which didn't exist before and this all came about because this company made an9 took their stack they realized hey we have this in Crazy stack no one else has let's actually integrate crypto into it so unlike everyone every other company that's in this on-ramp off-ramp game they all started as crypto companies we started as a payment Banking Company and realized hey we can out compete everyone here because we were essentially didn't start as a crypto company so with that being said this essentially leads me everything I just said leads to this slide right so what is the next generation of on andof ramps right as I said before I actually worked at wire um they unfortunately went out of business but each of them came in with very something very incremental improvements very small incremental improvements right so for example you had Simplex they were actually like one of the first they were the first on-ramp widget essentially that could integrate into other people's software and they came about and they're really good at cracking down and making sure like hey like fraudulent orders we're going to crack down on that right then you had the likes of wire come in right they realized hey Simplex has this widget we can do that too but let's actually create a white label apis let's actually take all the functionality within this widget and create apis so any developer can make anything with it and unfortunately up to today wire was the only one who had that no one else has that um even we don't have the apisi yet but you had other people like Prime trust right they actually went out of business moonay actually focused purely on the widget and made incremental improvements sardine was the one they actually were a fraud company so they actually were really good at taking the data they had from all of these orders that were getting blocked and they cre had a really good fraud engine and they realized hey we could take this engine plugging into crypto so essentially very very small improvements to the user experience but for us we essentially own the hardest part essentially this on and off ramp game is not a technology game right it's purely regulation who owns licenses who has connections who can work in this country who can work in that country that's really the blocker it's not the technology the technology anyone here can really make it's it's essentially shaking hands and getting regulated and getting the stamp that okay I can operate here I can have this payment method I can do this that's the hard part and that essentially is what creates the fee that's essentially the end user who gets the most crypto that's that's what it's relying upon but none no one no other other players in the game own the stack right as I said earlier so gen two was incremental improvements in my opinion gen 3 which is unlimited crypto we own the stack your fees are lower you're exposed to less uh third party risk you can work with us directly right so for example any of these likeu for example right because we didn't own the stack when you got someone end user didn't get their crypto or something went wrong in the payment and we didn't own it so I we had to reach out to you know checkout.com or worldpay or this person and it took them a week to give us an answer that's not cool but for us since we own the stack I just go directly to my team we figure it out in 10 seconds so the entire experience is just significantly better because we own the full stack of the payment uh layer so what does this mean right so I explain to you why this matters and I think explaining to you why this matters is very important because there's all these onramps but like what's the difference fundamentally this is the difference so for the sake of this hackathon we are going to be using a cter abstraction with our on-ramps so you as the developer figure out interesting ways to take ERC 4337 and account abstraction combine that with our on-ramp and create some novel experiences that don't exist currently um this picture is showing a bunch of cowboys looking at this chest because no one really has made the killer dap that doesn't exist yet right everyone's building it right now and this the race to build the killer dap that you know wins the market so we have the infrastructure but there's no really good at all consumer apps that take a full advantage of all the functionalities that AA offers so what is account abstraction so is account abstraction let me get to this um slide real quick so conventionally your metamask or you're really the crypto wallets you've had before up to this point they're called externally owned accounts and they have their own validation logic hardcoded into the blockchain protocol itself for example you know ethereum has specific rules like the gas fees must be paid in E nones must be sequential very specific rules that can't be changed and and in contrast account abstraction wallets right like account abstraction is not a Brand New Concept it's been around for years now um in theory but ERC 4337 creating a standard standardized version of it that's the really new thing but the actual functionalities has always been around is smart contract wallets right smart contract wallets can program their own custom validation logic via Smart contracts so for example you could have rules like require two- Factor authentication in standard transactions backat your transactions pay gas in whatever coin or token you want and if developers publish a new SM standard for the smart contract users can update the logic for their smart contract wallets by pointing out the contract so essentially super customizable and not only that but it's a smart contract in theory your wallet now can become a Dap no longer do you need to go to Unis swap to you know like uh some nft Marketplace you can essentially just code that within the wallet itself so to the point where you open your wallet you have un swap you have everything within there so that's a uh thing right there and um yeah so I said that so here's some like interesting features from counter abstraction you have the ability to sponsor gas the ability to batch transactions the ability to have session Keys users can authorize keys with specific permissions to do x x function that is predefined um you have social recovery so you know if you lose your keys you can actually have a recovery a guardian as it's as it's name to help you recover the wallet as I said upgradeable validation rules you can pay in gas and other tokens and coins and in my opinion the most interesting thing is the ability to add plugins and these plugins are essentially code with in your wallet that allows the user to do really anything now I mean any literally smart contract code can be plugged into to your wallet to allow for XYZ features that couldn't have been possible before so here are some Concepts that are now possible with account abstraction um so you can schedule future transactions like subscriptions you know use it where you know if if you're trading if you know you you're you're about to be liquidated you create a rulle saying hey if my if the price hits X Point send crypto to this wallet to fund the account um when games release nfts you can be your wallet can be programmed to automatically purchase it so essentially creating automation right like for end users who heard about staking but you know they just heard about crypto they want to go to curve they want a stake it's kind of insane it's like really hard to do for for a new user to be to go through all that theoretically now with this you can essentially allow an end user to on-ramp into a wallet once the crypto lands in this wallet your logic and smart contracts can say hey take the crypto go to curve do X Y and Z stake when after a week or two or whatever time frame send it on stake send it back essentially that could be written in the wallet itself now so users don't even need to know what curve or any of these websites are they can just on-ramp into a wallet that's abstracted away they don't worry about it and they get the benefits from essentially doing this so what does this mean question I mean let's go back so what does this mean I mean essentially end users who are new right I'm sure a lot of you guys are crypto native and you know you've been playing in the game going here going to this dab experimenting around it's hard right for a new user who has no idea what crypto is they're not going to do that they can't do that they barely know how to use a wallet so how do you expect them to stake how do you expect them to do X Y and Z they can't it's like on it's not it's not a real expectation you could have for them so now all of the functions and features and things crypto natives have been doing that are amazing and make crypto fun and cool and everything and solve all the problems that crypto is trying to solve and users who have never touched Krypto can now do that you guys can create the experience that simplifies it to the point where they don't even need to know anything happening they can just on-ramp and boom they have exactly what they want um I'll get i'll get to the questions at the end at the very end so oh one minute oh I'm sorry I thought in that's good okay so after this I have we have a telegram Channel we have a table over there you can come come Byer table um I have this demo which actually use zero Dev but you guys can use any account abstraction um part uh integration you want and this is a full dap that actually works so if I go here this is what our dap looks like right so it has actually the wallet it has everything integrated you can clone this and you can make whatever you want out of it here is our uh widget it's in Spanish right now because it's a Pam so we have different variations how you can go about it we have apis so the idea is use our on- Ram combine it with an account of extraction wallet and essentially do something novel within the web 3 space that has been conventionally easy to do for Crypton natives but very difficult for people who have no idea what any of the stuff is um so with that being said um we have our API docs here's my telegram reach out to me come join our hackathon let's have a good time done nice cool