Spend your crypto. Earn rewards in your token. Increase your token’s value.
What if you could earn cashback in your DAO’s native token, while increasing the value of that token? What if you could use a single card, built and serviced by a DAO, as an on-ramp and off-ramp between your crypto life and the real world? What if BanklessDAO had a flagship product that integrated with and boosted the usage of existing products within the DAO, such as Bankless Academy and Bounty Board?
BanklessCard aims to do all this and more.
BanklessCard is a debit card for DAO contributors, built by DAO contributors. Unlike cards from Coinbase and Crypto.com, gains from BanklessCard go back to the community. It’s the first step a crypto newbie can take to going Bankless, or the first time a DAO veteran can seamlessly spend their ETH while supporting their favorite DAO. A card that allows DAO contributors to earn their governance token of choice, this powerhouse debit card is the answer to BanklessDAO’s crypto-earning and onboarding woes.
- Increase the value of the BANK token by creating demand pressure.
- Bridge new users to Web3 by providing a seamless onramp for non-Web3 users.
- Increase the number of individuals holding the BANK token.
- Begin building the foundation of a fully decentralized payment system
- Generate excitement around the BANK token and the community around it, opening up a new onboarding funnel for new talent coming into the DAO. Imagine this as a BanklessDAO marketing tool in real life—you pull out your bDAO card at the cashier, with your shiny bDAO logo on it.
- Create another avenue for Bankless contributors to earn BANK, and therefore governance power or a faster track to L1, L3 and beyond.
- Help users ditch their bank and ultimately go bankless by directing fees that normally go to banks to their favorite DAOs.
- Create another avenue of self-sovereignty for individuals getting deeper into the Bankless movement.
Interested? Let us know a bit more about what you’d need out of a DAO-first card by filling out this brief tally form.
This card will be an affinity card, which is a card co-branded by an organization and a credit network (such as VISA). The card will bear the BanklessDAO branding and logo and be usable anywhere VISA is accepted. Thanks to updates in card issuing technology, we can issue this card WITHOUT a traditional bank—instead, we’ll partner with an affinity card banking-as-a-service organization that will take care of issuing and processing, while VISA will handle the network.
The card will provide rewards in the BANK token. Through a sleek mobile app, users will be able to see their BANK earnings, swap fiat for crypto (and vice versa), and pay for real-world goods and services with their card. Eventually, we could introduce the ability to stake and get loans in BANK.
A product progression could look like this:
- Launch a mobile app that allows users to load fiat currency onto a VISA debit and spend like any other card to get crypto rewards.
- In-app crypto and fiat swaps.
- Option to fund the debit card in crypto from your decentralized wallet.
- Staking for BANK, similar to Crypto.com’s CRO staking mechanism.
- Loans in BANK, beginning a partnership with the Bankless Loans team.
- Integrations to help users further embed themselves in the Web3 ecosystem and BanklessDAO, such as with Academy (to educate) Bounty Board (to find freelance work) and Podcast Hatchery (to get plugged into the community and learn through listening).
We can prove the concept at BanklessDAO before offering the product to other DAOs, providing further on-chain revenue for BanklessDAO. Imagine: Friends With Benefits could provide an FWB earning mechanism. All the top DAOs with the most fervent contributors (especially DAOs that don’t have a tokenomics scheme to boost their token price) could benefit from this product. The options for shipping this card to new DAOs and helping their contributors earn their own governance token and drive the price up are as massive as the DAO ecosystem itself. BanklessDAO would essentially white-label our DAO card for other DAOs, turning BanklessCard into a flagship product of BanklessDAO. If you’re bullish on DAOs, you should see the potential market for this product.
With BanklessDAO as a leading social DAO and a poster-child experiment for the DAO ecosystem, we are likely to see this trend continue into other similar DAOs, especially those that pay primarily in their native token. Let’s lead the way with a solution we can launch and test right here at home.
In addition to other DAOs, we can use the Bankless brand’s reach to entice non-DAO crypto-curious consumers to adopt our card to dip their toes into the Web3 world, creating a new onramp to pursue our mission of onboarding the masses. The market of DAO-curious people who don’t know how to buy governance tokens but are on the cusp of joining the Bankless movement, or any other DAO’s movement, is massive.
Through a survey we conducted, we found that DAO leaders want to provide easier on-ramps for individuals to hold their token. 100% of respondents said that on-ramps for new contributors are a top concern. Onboarding is paramount to the success of DAOs—whoever gets the best talent wins. Contribution is the currency of DAOs, and there’s a whole wide world of not-yet-crypto-natives ready to start contributing.
But how do those individuals make the first step toward contributing—holding some of our token? Right now, it’s very difficult to buy a small-cap DAO token if you’re not crypto-native.
|Here’s the non-crypto-native journey for buying BANK:||Here’s how that could be simplified with a Bankless credit card:|
|1. Find out what the Bankless mission is. Get interested and decide to jump in to learn about the space.||1. Discover the Bankless mission. Get interested and download the BanklessCard app|
|2. Figure out what a wallet is. Download one.||2. Get the BanklessCard through the easy-to-use app.|
|3. Follow the process of storing your seed phrase and figuring out what a public key is.||3. Put money on the card (again, through the app).|
|4. Try to buy BANK on one of those platforms you saw advertised during the Super Bowl. Turn up empty-handed.||4. Spend that money by using the card. Get BANK rewards.|
|5. Google around until you find out what a DEX is, because BANK isn’t on any centralized exchanges.|
|6. Find that DEX. Try to make a swap, then realize you have to pay money to do so.|
|7. Google around to figure out what gas is.|
|8. Set up an account at a centralized exchange. Put some money in and wait five days for the money to clear.|
|9. Buy some ETH and transfer it to your wallet.|
|10. Go back to the DEX and buy BANK.|
The onboarding friction to join a DAO is insane right now, and we want to open it up to a wider net of talented contributors. BanklessDAO is a common first step into crypto for many people. Let’s make the onramp simpler, faster, and more intuitive than any other DAO out there.
Concepts for the BanklessCard mobile app interface designed by NFThinker and IsraelRex
When you use a credit or debit card, the store you’re buying from (the merchant) pays an interchange fee to the network (VISA, MasterCard, etc). Part of this fee goes to the network, part goes to the card issuer, and part goes to the transaction processor.
By using a banking-as-a-service provider to issue our own card, WE can claim some of those interchange fees – fees normally collected by banks and centralized organizations. We’ve calculated an approximate revenue of $7 USD per user per month based on average transaction volumes.
Our financial projections and bullish outlook are based in part on the following data:
- DAOs are growing in number and influence. The top 196 DAOs now control $8.8B in their treasuries and have 1.8M people involved.
- Crypto credit cards have exploded in availability and reach in the last year. VISA alone reports $2.5B USD in volume for their crypto-linked credit cards during Q1 2022, on pace to triple the volume from 2021.
- The affinity credit card market has proven to be a stable, lucrative business for traditional banks for decades, generating ~$1.8T in 2018 and growing at a steady rate of 2.9% annually.
links#7868: Project champion
A 15-year seasoned development manager, product lead, and startup executive.
0xRene#6523: Project management and operations
An experienced change manager in the finance space; passionate about people, big ideas and technology.
NFThinker🏴#2814: Design, UX, and relationships
Designer, communicator, tech geek. Obsessed with improving the Web3 user experience.
IsraelRex#3613: UI/UX and Interface Designer
A Web3-focused interface and product designer skilled in 3d designs and motion graphics
Samanthaj#8487: Freelance writing
Freelance writer with a background in content strategy, user experience, and branding.
- Make changes to the proposal based on your feedback.
- Share the project specification, which includes seed funding from BanklessDAO.
- Get funding via a project proposal
- Execute and launch within BanklessDAO.
- Bring the credit card program to other DAOs so they can earn rewards in their governance token.
BanklessDAO members, help us shape the product by filling in this form.
- Yes, move forward to the next step: providing budget and specifics.
- No, don’t move to the next step.
- Maybe, comment below.