In the bustling landscape of cryptocurrency ventures, it takes a touch of daringness to make an impact. Enter RampMeDaddy, a title that mirrors the audacious branding of domain registrar GoDaddy, but with an entirely unique proposition: effortless crypto transactions made possible through Telegram.
Originally developed as a hackathon project during Consensus 2024, this innovative creation has since grown into the first cryptocurrency wallet designed specifically for use on Telegram. Its ultimate goal is to streamline cryptocurrency transactions to the point where they become as easy as sending a text message. If you’re interested in joining the EasyA Hackathon at Consensus Hong Kong 2025, you can find more information here.
Andrey Chabanov and Trevor Hoffman, two founding members, are not beginners in the digital assets field. They previously held executive positions at iTrust Capital, a company that provides crypto IRAs which they helped grow into a $1.3 billion enterprise. With RampMeDaddy, though, there’s a significant change in the target audience. Transitioning from careful retirement investors to the unpredictable memecoin traders might challenge their skills in risk management and user security.
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This solution makes use of Telegram’s enormous global user base of over one billion, a significant portion of whom are knowledgeable about cryptocurrencies. As stated by Hoffman, around 84% of crypto users have active accounts on Telegram, making it an excellent platform for launching their peer-to-peer payment solution. The wallet provided allows users to purchase, sell, and exchange memecoins, as well as conduct cross-border transactions using USDC on the Stellar blockchain.
According to Chabanov, when you depart the U.S., transactions can get quite intricate. However, by using Stellar anchors, we can simplify both entering (on-ramping) and exiting (off-ramping) in more than 100 countries, creating a borderless payment system. The team opted for Stellar because of its rapid speed, minimal transaction fees, and extensive anchor network, which aligns perfectly with their goal to make finance accessible to all.
The importance of security is never compromised in this wallet design, as it features biometric authentication and local storage of keys. Users can easily access their funds through facial recognition via Face ID or fingerprint scanning, thereby eliminating the hassle of managing seed phrases. In case of a lost device, a recovery process similar to traditional web platforms (Web2) allows for wallet restoration by verifying the user’s email address.
After triumphing at the hackathon, RampMeDaddy has since established partnerships with both the Stellar Foundation and Draper U Ventures, broadening their original crypto on-ramping concept. The team of seven, which includes a former executive from BNY Mellon’s compliance department, is gearing up for a wallet launch in January. To increase user recognition, they will also be introducing a mini-game within Telegram around the same time.
In the foreseeable future, Chabanov and Hoffman anticipate that RampMeDaddy will emerge as the dominant digital wallet for international, boundaryless payments. Essentially, they aspire to offer a comprehensive platform encompassing both digital identity management and payment solutions, not just within Telegram but also across other platforms. The team further intends to broaden their reach by collaborating with numerous blockchains and decentralized exchanges (DEXs). This integration would provide users with the advantage of early access to memecoins while keeping their primary focus on streamlining peer-to-peer transactions.
In unfamiliar territories, cash remains essential. However, Chabanov proposes a more modern method of payment in our globalized world. With Telegram’s massive user base and cryptocurrency’s borderless potential, RampMeDaddy’s unconventional fintech strategy could be so revolutionary that it might actually succeed.
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2025-01-16 19:44