Are We Ready for a Social Crypto Wallet? Ryder's Filipino Co-Founder Makes the Case
For the past few years, Filipinos have consistently ranked as some of the top cryptocurrency and non-fungible token (NFT) consumers around the world.
In terms of crypto adoption indices, the country ranks 15th out of 157 countries as of a recent report by Global Crypto Adoption Index by blockchain data analytics firm Chainalysis. Filipinos also bested 20 other countries in NFT ownership, according to independent fintech platform Finder.
With these in mind, cryptocurrency's logical next step is to incorporate itself into real-life social spheres for smoother everyday transactions. That's why companies like Primitives or Torum have created platforms that merge social networks and cryptocurrency.
Then there's Ryder, led by Filipino entrepreneur Louise Ivan Payawal. The brand explores the possibility of a social crypto wallet on the go.
“The next wave of crypto users is changing and we can see it. They are using NFTS as an access pass, a status symbol in real life, and even integrating it into their healthy lifestyle but there’s a major challenge, none of the wallets today are designed for these use cases,” Ryder's Filipino co-founder explains.
Ryder's crypto wallet device should store and access crypto with ease. Payawal, who is a double master's degree in information technology holder in the Netherlands, says that their product is designed to "merge the physical and digital world together."
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Ryder raised $1 million (roughly P59 million) from SBX Capital, DeSpread, Trust Machines, and more. "This proves, that now is the time to focus on the user level in order to bring crypto adoption to the next billion users," notes Payawal.
The next-generation crypto wallet is a social one. By merging web3 technology and embedding decentralized identities, Ryder users may use on-chain assets in physical spaces with a simple tap.
This would allow them to use their identity as an access pass to web3 applications or events, as well as for sending fast and secure transactions. As an added security measure, users may also split their master keys across trusted Ryder accounts, in the event that they need to retrieve their assets after an unfortunate loss.
“If we look at the technological paradigm, we can see that it is always a combination of hardware and software. web1, the information age, was catapulted by the PCs; web2, the user-generated content, was fore fronted by smartphones,” says Payawal. “The question is what is it for Web3? That’s Ryder.”
Ryder is now accepting sign-ups for their pre-sale through its website.