Description-The volume of global cryptocurrency transactions was estimated at US$ 15.8 trillion in 2021 up 567% from 2020 according to Jan 6, 2022, Wall Street Journal (http:/shorturl.at/duDP8). With a compound annual growth rate of 58.4 percent from 2022 to 2027, the market is expected to reach US$ 32 trillion by 2027. Digital transformation and Web 3.0 penetration across sectors are major drivers of cryptocurrency’s rise. However, most of these transactions are out of reach of 90% of world population including GCC and MENA. This major pain point will be addressed by developing and deploying Cryptocurrency Pre-Paid Cards that can be used via an App and an associated platform.
Features-With the Walleti Cryptocurrency Pre-Paid Cards lay users will be able to redeem Bitcoin and trade their fiat currency for Bitcoin and other cryptocurrencies (e.g., Ethereum) using the Walleti App. The App's simple-to-use user-interface and user experience (UI/UX) will be one of its key advantages to transact and hold crypto currency. In addition, the platform will later offer simple TikTok-like explainers and other simple to use content allowing novices to grasp the notion of cryptocurrency trading and master the tools needed to become a savvy user of cryptocurrency.
Key Feature: Assembling existing technology pieces for greater inclusion in financial Cryptocurrency transactions.
The technology and business model of pre-paid cards have brought both convenience and inclusion to a large number unbanked and underserved population to be able to shop online and otherwise access previously inaccessible services.
Using this technology, developing an App, and an associated Platform to incorporate the process of connecting to various crypto exchanges, performing transactions, filling up crypto cards, and then allocating them to specific individuals (blockchain Proof of Authority, public/private keys, #hash codes) in a transparent and user friendly UI/UX constitute the core innovations of Walleti product.
Walleti intends on becoming a convenient method of foreign remittance owing to the large population of foreign workers/expats in the UAE and other GCC countries and will be marketing it as one of its main selling points.
Industrial Partner: Walleti is a startup founded and being developed by an AUB graduate Mr Rafic Farra, as a part of his capstone project. It is an extension of his experience with a crypto firm Coinsultancy that he setup and is running from September 2020. More details of the background Rafic Farra are provided in the Resume/Background of Key Individuals in the Walleti project.
Faculty Supervisor: Dr Bijan Azad will be using, his expertise and adapted course materials, employed in accelerating startups through the Lean Startup method, via his course BUSS 350 D – Venture Acceleration Practicum. The following deliverables will be developed as stepping stones toward startup launch: (I) a detailed feasibility/analysis/business plan, (II) a details business model canvas, and (III) a software/platform functional requirements document/design. The startup is expected to be launched on or before September 2023.
Key Deliverables:
a) Identifying the problem of ordinary citizen access to cryptocurrency transactions;
b) Identifying the pre-paid card solutions of ordinary citizen access to cryptocurrency transactions
c) Performing problem-solution fit/validation
d) Developing a value proposition based on customer jobs of ordinary citizens.
e) Development of high-level pre-paid card and platform design using blockchain/data analytics technologies;
f) Development of a complete “use case” A-to-Z for ordinary citizen crypto transaction process;
g) Problem-solution validation of the use case;
h) Customer market segment identification (personas of customers and associated value proposition based on primary market research);
i) Market sizing of the business opportunity;
j) Customer-relationship and go to-market strategy (get-keep-grow)
k) Pricing and revenue model development;
l) Costs/resources/partnership model;
m) Minimum Viable Product design including testing and adoption specification;
n) Investor pitch deck development
