Crypto is the most festive type of money • CEO Letter #75

Taylor Culbertson -

Do I hear jingle bells? Nope, that's just my phone alarm. Hi, this is Taylor, CEO of Hedgehog, the crypto portfolio manager designed to make your life simpler. Instead of more complicated. I dunno about you, but if my life got more complicated, I would be at risk of explosion.

I mentioned last week:

Hedgehog has started bringing on users to test the mobile app! Yay! If you're interested in doing a 20-minute walkthrough with Jon, please reply to this email and we'll get you set up 🙏

That offer still stands. The team is currently squashing bugs, polishing UI text, and tinkering with design to make sure each new feature is easy to understand. Your help would be much appreciated!

Sneak peek: Hedgehog's new-and-improved Stacks investment feature and rebalancing with one swipe 👀

Also, don't forget the weekly giveaway at the end of the newsletter. It's cozy season and maybe I'm biased, but I think Hedgehog hoodies are the coziest garments out there.

Crypto Commerce

Payment-processing giant Stripe launched "​​a fiat-to-crypto onramp for Web3 developers."

Today, it’s extremely difficult to get end users "on chain" — that is, to fund their wallets with the crypto required to interface with Web3 applications. Developers have to wrestle with rampant fraud; navigate complex KYC requirements; and somehow still offer a seamless, high-conversion payments experience so that their users can actually use their Web3 applications.

We built our fiat-to-crypto onramp to remove this complexity. The onramp is a customizable widget that developers can embed directly into their DEX, NFT platform, wallet, or dApp. Stripe handles all the KYC, payments, fraud, and compliance, removing the need to integrate multiple third-party services.

Great to see more tools that allow crypto devs to focus on, well, crypto, instead of begging traditional financial institutions to support them. Stripe lists 16 partners already. It sounds like this web3 widget will operate similarly to MoonPay's onramp, which has been the go-to solution for dApps that want to offer users a quick method for purchasing crypto.

But without MoonPay's consumer-facing angle — TIL that MoonPay is creating a web3 passport? The product is described as a "next generation loyalty & rewards program powered by blockchain technology" and "a first-of-its-kind, non-transferable, soulbound NFT." (Soulbound NFTs are a concept dreamed up by Vitalik, like about half of the crypto industry.)

Advertised benefits of the MoonPay Passport: "As an owner, you are guaranteed access to exclusive experiences and products from the world's leading brands and creators." Could be interesting.

Anyway, leaving MoonPay aside, the Stripe launch comes on the heels of popular WordPress solution WooCommerce officially partnering with Coinbase. The pitch: "Reach new customers, accelerate international growth, and enjoy lower transaction fees when you accept crypto payments with WooCommerce."

These launches are heartening to see. The more easily accessible functionality is available for business-owners, the more crypto can flourish!

Tldr: Is this… good news in crypto? I almost forgot how that feels. Also… should Hedgehog use this? Maybe!

Quick Hits

Now for some depressing stuff:

Tldr: It's still so wild to me that banks can decide how you're allowed to spend your own money. Like… this is a big reason why crypto exists, you doofuses.

Tldr: Coinbase says that Apple wants a cut of gas fees. Um, that's not how it works. Buttt this was specifically about using Apple Pay / Apple's payment rails, so I'm relatively confident we're looking at a molehill disguised as a mountain.

Tldr: Forgive me for stating the obvious, but that's almost $1 billion 😬 "Gemini is attempting to recover the funds, according to people familiar with the matter cited by the report, which added that the exchange is also forming a creditors' committee to try to recoup the assets."

Tldr: People were worried that Nexo would meet the same sad fate as Genesis, so maybe this one can be spun as good news? (That's a grim joke.) "In particular, the firm noted a recent scramble from state regulators and the federal Consumer Financial Protection Bureau to investigate Nexo's 'Earn' offering."

I dunno how to feel about this. On the one hand, regulation and compliance can definitely be cumbersome and slow down innovation. On the other hand, you don't just get to operate a financial services business completely without government scrutiny. Like… we live in a society.

Giveaway question of the week: Let's get controversial. Eggnog, apple cider, or mulled wine?

Reply to this email with your answer for a chance to win. The lucky winner gets to choose three prizes from this list:

  • cozy Hedgehog hoodie
  • comfy Hedgehog baseball tee
  • snazzy Hedgehog socks
  • insulated stainless steel water bottle with Hedgehog logo
  • official Hedgehog team baseball cap

Jingle all the way baby!
— T

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