Company Name: Yopaki
Founders: Francisco Chavarria CEO (chief executive officer) Carlos Chida (CTO)
Date Founded: March 2023
Location You can also find out more about the following: Headquarters: AustinTX
Number You can also find out more about the following: Employees: Four One full-time employee; two part-time employees
Website: https://www.yopaki.com/
Public The following are some examples of how to use Private? Private
In 2021, Francisco Chavarria Standing in the audience Bitcoin Watch 2021 as you Strike The CEO of Jack Mallers He delivered his famous and now legendary keynote speech in which he disclosed that El Salvador Bitcoin will be legalized as a form of currency.
That Moments that triggered something in you Chavarria.
“It was unlike anything I’d experienced in my professional career,” Chavarria You can tell them by clicking on the link Bitcoin Magazine.
“I knew I had to do something in the Bitcoin After that, there is space. It was the seed,” he added.
FirstTwo years ahead, and Chavarria He put his career first. Software As a Service Consultant (SaaS), on hold, to draft the blueprints of YopakiApp, the neobank & investment app. BitcoinThe focus of the person is to serve his native country. Mexico. (Users Outside of Mexico Can also be used Yopaki’s non-custodial Lighting wallet.)
Since Then, both he and co-founder Carlos ChidaWe have worked hard to bring you this. Yopaki Participating in life Wolf’s Bitcoin Accelerator Program in effort to Make Yopaki As dynamic and cutting-edge as possible
But before getting to that part of the story, let’s start with the cultural origin of the platform’s name.
What’s In The following are some of the ways to get in touch with each other Name?
“The Name Yopaki It is derived from an ancient language NahuatlThe official language of the Aztecs,” explained Chavarria.
“The Aztecs In the middle of today’s central region, people lived Mexico, and they're the ones responsible for some of the biggest pyramids in all of Latin America. The This historical center is known as Teotihuacán, ‘the place of the gods,’” he added.
“The If I had to translate the name into English, most closely means “the pursuit of happiness.’”
Judging by the name alone, it’s clear that Chavarria You can view the full article here Yopaki as more than just another business endeavor — he wants it to have a profound impact on those who use it.
And he’ll need the app to have such an impact if he and his team are to succeed in their mission: to turn every Mexican into a Bitcoiner.
Bitcoin In The Mexican Context
When Bitcoin The context in which Latin America and other developing regions, it’s often referenced as a tool to “bank the unbanked.”
However, Mexico’s banking system is “quite advanced,” according to Chavarria.
“The infrastructure has been built for people to have access to banking,” he explained.
“It It may not be exactly the same as the banking system in the U.S. Chavarria The current residence is not the same as where you currently reside, however, Mexico, there are stores like 7/11s called OXXOs, and they’re everywhere. Any A person with a valid ID can enter an OXXO and walk out in 20 minutes with a Visa card and an app,” he added.
“It’s not exactly a bank, but it provides access to payment rails,” he added.
Chavarria I went on to say that these Visa Card fees are high.
“They’re very predatory in that sense,” he said.
So, Yopaki It provides for its Mexican Three different accounts are available to users: Mexican A peso-based account, an account in U.S. Dollars and (non custodial bitcoin) Lightning wallet. Each The accounts let their users make transactions at lower rates. Visa cards. (In 2025, Yopaki It will be able to enable its Mexican Users can also buy ETFs, stocks and other securities.
By Offering a Bitcoin wallet along with accounts for other currencies. Chavarria Hopes to legitimize Bitcoin in the eyes its users. HoweverHe also feels that Yopaki Helping others is a challenge. Mexicans He and his team want to help people feel comfortable with bitcoin.
Making Bitcoin Fun With Lotería
Lotería is a favorite pastime of the Mexican people. It’s comparable to Bingo but with images instead of numbers.
Chavarria and the Yopaki team included it into the app with a Bitcoin slant — concepts and characters like the Lightning Network and Max Keiser appear in the Yopaki version of the game.
“When it comes to Mexico, people think tequila, tacos, marIachi, and Lotería,” said Chavarria.
“There’s no negative connotation to the game. Because of this, the feedback we've received over the last couple of months has been, ‘Man, I didn't realize that Bitcoin was fun,’” he added.
Users earn sats as they play Lotería within the app. When they’ve earned 1,000 sats or more, they can learn through the app how to transfer those sats from Yopaki’s custody into their own, all within the Yopaki app.
Yopaki teamed up with Breez to bring its users a non-custodial Lightning wallet that doesn’t require its users to to deal with the hassle of Lightning channel management.
Yopaki + Breez
“One of the main reasons we decided to go with Breez is that we knew about their implementation of the Nodeless SDK through Liquid before it was public,” said Chavarria.
“We know channel management is a fundamental roadblock for a lot of people in using an application like this. The second you introduce roadblocks the experience becomes scary. It’s just too much,” he added.
“So, in offering a product in which users can do an immediate transaction, that magic that we've all had as Bitcoiners can be brought to the masses.”
Chavarria went on to share that Yopaki’s Lightning wallet is so easy to use that even his mother-in-law is now using (and enjoying) the product.
He’s excited to bring such a product to the Mexican market, because, as he put it, Mexicans “have been rugged” by custodial solutions in the past.
“It’s important that we let users know that we don’t hold their funds,” said Chavarria.
Prioritizing Bitcoin Education
Not only does the Yopaki team encourage and prioritize self-sovereignty, but it also educates its users about Bitcoin, as it doesn’t underestimate their curiosity and ability to learn.
“We have curated content including lessons on broad topics like ‘What is money?’ — not just Bitcoin, but money,” explained Chavarria.
“They're micro lessons that take anywhere from one to two minutes to complete. At the end of the day, it's about creating a curiosity that I feel and I think a lot of us feel the legacy system has not really cared about,” he added.
The educational component within the app also sets it apart from its competitors in the region.
“Bitso is the largest player not just in Mexico but all of Latin America, and we have a lot of respect for what they've done, but they have turned into a casino with tokens and NFTs and all of that,” shared Chavarria. “We believe they have really underestimated the curiosity of their users and just triggered the degenerate gambling addiction side of things instead.”
Guidance From Wolf
Given how cool, calm and collected Chavarria was when I spoke with him, I got the impression that the now fleshed out vision for Yopaki came to him with relative ease, maybe even in a flash of light.
But he told me otherwise.
Apparently, he and Chida’s experience at Wolf’s Bitcoin startup incubator pushed them out of their comfort zone and into a state of mind that helped them to make Yopaki as unique as it is.
“It was one of the most important and meaningful experiences we could have gone through,” said Chavarria of his time at Wolf. “The type of feedback we received You can also read about the type of strategy sessions we had were, to say it nicely, brutal in a good way.”
Chavarria explained how he The following are some examples of how to get started: Chida Did you enter the Wolf program thinking they’d already crafted a solid vision for YopakiThey say that it was the advice they got in the program that pushed them into creating many of these features which set the app apart from others.
“Having Some people enjoy Kelly Brewster (Wolf’s CEO), who has years of experience at Goldman SachsThen, Ross Stevens (Wolf’s founder) really sit down and ask the tough questions and push you to the limit was powerful,” said Chavarria. “They made us really consider ‘Do you understand that what you're doing is difficult?’ and made us articulate how we were going to execute our plan.”
The Year Ahead
As mentioned, Yopaki The ability to do so is a key feature of the program. Mexican Users will be able to invest in traditional assets next year. Next month they’ll also have access to a Bitcoin exchange.
What It will also issue debit cards to its customers that can be used for spending their dollars, pesos or bitcoin. And Chavarria It plans to reward users with sats when they purchase traditional assets via its app or Bitcoin.
With So much is coming up. Chavarria I am in a great mood.
“I'm just grateful that we're doing this,” he said.
“It's been really fun to build in the bear — now the good times are coming.”
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