Take the first step into the web3 renaissance with the card for tokenized communities
We’re Bankless Card, the first card for tokenized communities and the first step for the future DAO contributors to enter web3. Today, we’re asking BanklessDAO for 4,405,020 BANK to retroactively fund our work, and to proactively fund the next round of tasks.
We’ve been busy since our last post. Since April 1, we’ve…
…created assets to help us secure investment
- Updated our playbook to help align our efforts
- Shipped the first cut of our pitch deck to start relationships with investors (v2 incoming!)
- Shipped a v0.5 of our landing page (v1 incoming!)
- Secured a grant from DAOpunks
- Secured a domain name (banklesscard.xyz)
- Created banklesscard.xyz emails
- Applied for a legal entity in Delaware
…forged relationships with potential partners
- Met with over a dozen card issuers and secured offers for service from 3 of them
- Met with VISA and Mastercard about joining their accelerator programs
- Had DAOs like PoolTogether and Maker DAO express interest in becoming launch partners
…kickstarted our marketing machine
- Launched our Twitter (539 followers) and Mirror properties
- Put together a barebones landing page and collected >600 prelaunch emails
- Made podcast appearances on 1Hive, PoolTogether, DAOPunks, Making Bank, and Bounty Hunter
- Wrote our first foundational article and partnered with Bankless Publishing to release it
- Ran guerilla campaigns in ETH Barcelona and ETH Latam, which included sharing physical business cards of our MVP to generate hype
- Created our Community Strategy
…iterated on our MVP
- Ran a user survey to define our launch features
- Designed and refined our app UI/UX (currently on v4)
- Drafted a product roadmap and the beginnings of a minimum viable product (MVP)
- Started shipping a pre-alpha app using React Native
- Created a user testing framework
- Researched custodial wallet and backend systems
…refined our identity and processes
- Defined our mission, vision, and values
- Workshopped our brand
- Did an analysis of competition and position
- Ideated an organizational structure that links our DAO and legal entity
- Created a decentralized project management flow using Asana
- Released a shared password manager
And most importantly…built our team!
- We now have over 25 contributors from 6 continents (no one from Antarctica…yet). These contributors have experience in design, finance, marketing, product, development, UX, infosec, project management, card launches, writing, and much, MUCH more!
We’re excited about the progress we’ve made, and we hope you are, too! We’re here to request a grant funding, which will:
- Retroactively fund all the efforts above
- Fund Bankless Card development for S5
Bankless Card seeks to bridge the UX gap in crypto by creating an easy onramp into the world of web3. Through a simple UI and empathy for the average non-crypto-native user, we’re building a card that will onboard the next wave of DAO contributors.
We’re also decentralized at our core. To us, it’s important to build this card within a DAO and to be 100% transparent while doing so.
Mission: Bankless Card will build easy-to-use tools to connect users with web3. Bankless Card will serve as a bridge between the IRL world and the crypto world—helping more users go from web3-curious to web3-native.
Vision: The vision of Bankless Card is for web3 to work as seamlessly in your everyday life as swiping a credit card at the cash register.
Values: Bankless Card values transparency, work sustainability, empathy, community, decentralization, and building tools for the long term.
Beyond our mission-alignment, we’ve also explained in our previous post how Bankless Card could increase the value of the BANK token by creating demand pressure on BANK through our rewards mechanism, increase the number of individuals holding BANK, and reduce the barriers for new contributors to enter the DAO.
We’ve been working on Bankless Card in several phases:
- Stealth phase (BanklessDAO Season 3) - the initial team of six worked on this project in stealth, validating whether or not it was even possible.
- Validation and team-building phase (BanklessDAO Season 4) - we built up our team to over 20, made the partnership connections we’ll need to succeed (i.e. with card-issuers and VISA/MC), and gathered the info we need to take this product to launch.
- Fundraising phase (BanklessDAO Season 5) - we’re looking to get the funds we need to launch this product. We believe we’ll need the equivalent of $1M-2M USD to get us to the point where we are self-sovereign (i.e. making enough revenue to support our team).
Our fundraising phase will gear all of our workstreams towards producing assets that will help us raise money. We’re looking at raising from the following sources (in order of priority):
- BanklessDAO Grants
- External web3 grants (i.e. Polygon Grants)
- Private investment (i.e. crowdfund, angels, or VCs)
To maximize our chances of obtaining grants and private investment, we have some work ahead of us. We’ll need to solidify our legal entity, financial plans, sales relationships, and marketing materials, as well as continue to execute on our product. We also hope to launch our own token to facilitate private investment that matches our ethos as a DAO (more on this below).
We are seeking a grant from BanklessDAO to help pay for the efforts of our contributors to acquire other grants and investment. This grant will also give more credibility to our other grant proposals (i.e. it would be difficult to ask Polygon to fund Bankless Card if BanklessDAO has not yet given a grant).
In addition to allowing us to obtain other grants and investment, we believe that a BANK grant could create another value-alignment mechanism via a token swap.
There has been much talk about how projects should give back to BanklessDAO for received grants. Typically people talk about revenue kickbacks and BANK buybacks, but a token swap could create long-term alignment between BanklessDAO and Bankless Card with less ongoing overhead.
There are various ways this could work. We haven’t figured out the best approach yet, but here are some ideas:
- Icedcool has been working with Bankless Brasil on a subDAO tokenomics model which would create an entry liquidity pool of BANK/brBANK, meaning that BANK value would increase for any external investment in brBANK
- Bankless Card could disburse 10% of our initial token emissions to BanklessDAO
- Bankless Card could swap our token for BANK any time we get a grant from BanklessDAO
Whichever way we decide to go, the end result is an alignment of BANK with Bankless Card’s token either via a pairing or by mutual treasury positions. If Bankless Card token appreciates, so does BANK and vice versa.
We break our work down by workstream, and each workstream further executes on projects that help us pursue our mission.
Responsible for building a team that can sustainably pursue our mission.
- Launch a Bankless Card token
- Create a value-aligned method to connect on-chain and off-chain entities
- Attract and retain the talent that helps us execute
Responsible for legal and financial compliance, card partnerships, fiat business creation, and financing.
- Obtain financing (grants/investment) of $1M-2M USDC
- Set up a fiat legal entity and infrastructure that allows us to issue credit cards
- Evaluate and mitigate compliance risks related to launching our card in the US
- Create a roadmap to help us launch in other jurisdictions (EU, APAC, LATAM, etc.)
- Finalize a deal with a card program manager to allow us to issue credit cards
- Deploy internal tooling (i.e. project management, emails, etc.) to help us get the job done
Responsible for sales, marketing, and brand foundation.
- Finalize our brand foundation and create a brand handbook for use across the team
- Deploy a marketing funnel (website, email, lead generation, etc.) which helps us predictably obtain new users. This would include automated, hyper-targeted campaigns to help us scale sustainably without much operational demand.
- Build a content funnel to help explain our ethos and attract users and contributors
- Create assets required for fundraising (i.e. pitch decks, website, illustrations, etc.)
- Create sales funnel for DAO partners and finalize deals with five DAO launch partners
Responsible for building extremely easy-to-use products that our users and partners love.
- Continue to refine our MVP via user-testing and rapid prototyping
- Build out a secure and easily-maintainable backend
- Decide upon initial chain to use and deploy required smart contracts
- Build deployment and Quality Assurance infrastructure
Bankless Card asks for a total of 4,405,020 BANK
- 2,793,020 BANK for Season 5, to help us obtain external funding
- 1,300,000 BANK for retroactive funding for Season 4
- 312,000 BANK for retroactive funding for Season 3
Our team truly believes in the power of the Bankless brand. The trademarked “Bankless” name, DAO logo, and colours will all be used by us to help promote our product as well as the mission of BanklessDAO.
- Amount of external grant/investment received
- # pre launch email signups
Whether or not we receive this grant, the Bankless Card squad will keep working towards our goals outlined above. If funded, we’ll be able to move much faster towards obtaining external funding and launching our initial product to help bridge new users into web3.
Bankless Card has been a massive effort across tons of different BanklessDAO groups. Our contributors include:
- links: Product strategist, technology leader, startup artist. He’s led teams to create award-winning products and seeks to build products that millions of people love. He’s a powerhouse DAO contributor and extremely thoughtful about building sustainable teams.
- Rene: Operations workstream lead. He is an economist, has experience in audit, accounting and many years of driving change in teams through digitization.
- NF Thinker: Biz Dev lead and product / user experience advisor. A leader within BanklessDAO and other Web3 communities. Focused on improving lives through digital ownership and comprehensive user experiences.
- Jasu: Product Coordinator: Product Designer and Business Consultant for LATAM tech innovators companies. With experience in agile design and implementation of business models, leading teams in design, technology, marketing and sales. Currently I advise different companies to scale in a sustainable way.
- Reinis: Communications workstream. Experience in media management and marketing for Musicians, Videographer and day one BDAO contributor and coordinator.
- Rascole: Product workstream. Tech consultant and product manager with experience building new products and designing and executing business strategies.
- Tomtranmer: Tom is an engineer by training and a builder by nature, with a focus on making useful things that do good work and makes lives easier. For over a decade I have been running my own web development and hosting business in small-town Canada, doing full stack web development and specific coding and application building projects, and I’m looking forward to making my entry into Web3.
- Eze: From Argentina, and have been working in fintech (mobile apps for neobanks) for the past 5 years. I am part of global fintech communities around payments and infrastructure.
- Richa: Partnerships & Operations workstream + writer. Experience in building fintech businesses from the ground up, leading large cross-functional teams and scaling growth. Some past roles include Product Management, Business Development, Operations. Past roles at Wealthsimple and Moneyworld.
- Samantha: Comms workstream + writer. Samantha has experience in UX writing, content marketing, and web3-native communication strategy.
- Israel Rex: Product Interface design & Visual design, with experience in designing fintech user interfaces and web2 products, more into web3 now, with a goal of ensuring web3 newbies have the best user experiences.
- ZimTeemo: podcast hatchery liaison, marketing liaison, branding.
- Cisco: Francisco Jr, a West African based Visual Artist, Designer, and Illustrator. Worked on diverse design projects for a variety of projects and startups, currently Full time DAOing it!
- Chameleon: Product and visual designer
- Fiyin: brand and visual design
- BogDrakonov: Security and DevOps
- Bo: Fintech advisor
- Rony: Communication squad
- Andy: Communication squad
- Sticklo: web developer
- Senad: Partnership Workstream. Executive Director of Bankless Research & BanklessDAO coordinator.
- Maybe (I’ll tell you why in the comments)
- No (I’ll tell you why in the comments)