Coinbase launches a platform for startups in the crypto space - What are opportunities for Vietnamese crypto startups?
If you have a chance to build a startup, what could it be: an electric car company, a digital wallet, etc. All of these types of startups have gradually become a red ocean because the competition is very fierce between companies.
In the next 5 years, many entrepreneurs will yearn to return to 2023 to reopen a crypto startup because this field still has a lot of potential to explore.
An expert in the crypto field and founder of Coinbase, Brian Armstrong, shared in his post on Coinbase the above opinion. Also in this article, he also gave his opinion on 10 outstanding ideas to develop a startup in the crypto industry. Read more full article of Brian Amstrong here.
In this article, FinFan will list out the 3 ideas to build the crypto company that we were most impressed by Brian and then will present our views on how cryptocurrency can exist alongside fiat money in a 5.0 world like today and present an opportunity for Vietnamese startups in the crypto space to develop the local market.
3 projects about crypto that FinFan found impressive in the ideas presented by Brian Armstrong were sent to Coinbase.
First of all, we are impressed with the idea of Applying advertising into Web3.
According to Brian Armstrong, in the web2 market, advertising is the most dominant development and brings the most revenue for technology companies such as Google, Facebook or other social media platforms.
Why don't we set up an advertising company for Web3 with all the CPC, CPM, CTR, etc. indicators and add an important indicator, CPA (cost when someone buys or takes an action onchain with your ads)?
*Imagine if any smart contract could expose some metadata about what it was willing to pay to send users to a function call. That function call could take in a referrer's address and pay out a set commission. Indexing all the smart contracts that support this ad standard would create ad inventory.
Now Wallets and apps with lots of users, can choose which ad or referral links to route requests to, and share in the upside when they deliver to users. A real time auction mechanic will help find optimal prices. There could be other variations of how ads emerge in Web 3, but the above is just one example.*
Second is Onchain Capital Formation where investors and startup companies in the crypto field can find each other.
Until now, the main form of investment of investors in the market is heavily dependent on ICO form which brings some big troubles for investors.
Firstly, it does not solve the situation where some scam projects still appear and are allowed to ICO with unregistered securities.
Second, investment capital in the market is also unevenly distributed, which can create differences in the time and amount of money that startups receive.
According to Brian Armstrong, if you're an entrepreneur living in Budapest or Bangalore, your chances of having access to capital are lower than if you live in Silicon Valley or Cleveland. We'd have way more startups if it were easier to raise money. (Not just startups: real people raising money for an apartment complex, or anything.)
P2P Exchange Fully Onchain is the last one.
P2P exchanging of crypto offers an important on-ramp and off-ramp in emerging and less developed markets. But P2P exchanges are run by centralized entities that can be pressured to shut down, eroding personal freedoms. Is there a way to build a decentralized P2P exchange, run entirely onchain, with escrow, reputation, and mediation?
Why is FinFan impressed with these 3 projects?
As a company that provides API tools to connect with remittance parties and leading banks in Vietnam and has a vision of reaching out to the world with the aim of becoming a NEOBank, FinFan strongly supports these projects. projects as well as ideas related to finance.
Moreover, the crypto market is an emerging market and startups in Vietnam in this industry also expect to receive a lot of investments from investors in the market. The second project that FinFan is a premise for crypto startups in Vietnam has one more direction to access huge investment capital from the crypto market.
In addition, Vietnam's cryptocurrency adoption index has reached the top of the world in 2022, which proves that Vietnam's technology and technical update level is developing rapidly.
Vietnam's technology engineers are also very talented because they are the ones who have created the most-played game series in the GameFi genre, Axie Infinity. This proves that they can create more or contribute to the next big projects in the crypto market.