Since its founding two years in the past, NoOnes, a peer-to-peer (P2P) platform, has achieved lots in a brief house of time. As a visionary entrepreneur, Ray Youssef, NoOnes CEO, helps paved the way within the evolving world of crypto. Utilizing Bitcoin as a software, Youssef and his staff imagine it’ll deliver empowerment to the International South.
On this unique interview, Rebecca Campbell, crypto content material editor at CoinJournal, spoke with Ray Youssef, co-founder and CEO at NoOnes, to debate NoOnes imaginative and prescient and the way it and Bitcoin are empowering the International South. Youssef dives into the challenges they face, a monetary apartheid in Africa, political pressures from the West, the limitless alternatives for the International South, and the way the connection between crypto and folks is evolving.
Rebecca Campbell (RC): Are you able to inform me about NoOnes and the place the identify got here from?
Ray Youssef (RY): NoOnes is an excellent app for the International South. We began as a peer-to-peer crypto market, however we at all times deliberate on being rather more than that. In lower than two years we’ve added a spot alternate and a digital VISA card, and we’re about to launch our NoOnes reward card. We’re additionally a messenger app and you’ll even top-up your cell phone. NoOnes is constructed for the individuals of the International South, so we don’t have the issues of a US-based enterprise making an attempt to serve individuals within the International South.
The way in which NoOnes bought its identify is a shaggy dog story. When NoOnes was only a dream, a collection of brainstorming classes with the fellows who helped get it began, I’d been having these random ideas about our household canine who had died about 15 years earlier than. Her identify was Heidie, however my mom gave her a nickname – Noons.
I cherished that canine and for some cause, she was continually in my ideas round that point, so sooner or later as a joke I mentioned, “We should call the company Noons.” I wrote it down on a chunk of paper and noticed that it learn like NoOnes, and I believed it was excellent. It captures the reality about what we needed to do with a decentralized market. Your cash is NoOnes enterprise. Your information is NoOnes enterprise. Your small business is NoOnes enterprise.
RC: What are your imaginative and prescient and objectives with NoOnes?
RY: Ever since I spotted the ability of crypto and peer-to-peer, my imaginative and prescient and objectives haven’t modified. There are lots of people in crypto who need to get wealthy, however that’s by no means actually motivated me. I noticed crypto as a leveler, an equalizer. And I noticed the way it may make a distinction to individuals continually left behind by the monetary system as a result of their cash is the incorrect colour or their passport is the incorrect sort.
As quickly as I noticed the potential of crypto and peer-to-peer working collectively to create this eco-system that allows any type of cash to turn out to be one other type of cash, I knew it was a mechanism that might finish monetary apartheid. I name it monetary apartheid as a result of that’s what the worldwide monetary system is – it discriminates in opposition to individuals due to who they’re and the place they arrive from. I’ve identified that for a very long time. With NoOnes, we will change that as a result of we’re primarily based within the International South and tailor our merchandise to swimsuit the individuals who want them most.
My imaginative and prescient is to see a whole lot of cities like Dubai all around the International South, with individuals buying and selling freely, constructing wealth and making their lives and their household’s lives higher.
RC: Are you able to discuss concerning the function NoOnes and Bitcoin will play in empowering the International South?
RY: Initially, we’re primarily based right here. Which means we now have boots on the bottom and might discuss to the individuals who use our market to purchase crypto, commerce reward playing cards, make funds, remittances, no matter. Our merchandise should not primarily based on a Western mannequin after which compelled on individuals as a result of they don’t have any different choice.
Take KYC, for instance. Once I was within the US, we regularly needed to file a suspicious exercise report and lock a International South buyer’s funds when, for no matter cause, they have been flagged on the system. Then we needed to wait till the American regulators bought again to us to say, “Ok, you can let these guys go.” Typically, we needed to wait years till we may launch a buyer’s funds.
In the meantime, these individuals, who did nothing incorrect, needed to wait till the regulator mentioned they might entry their very own cash. Within the meantime, they needed to discover cash from some other place to cowl what the regulators locked away. Even the banks can’t do this, however Uncle Sam can. It was loopy. Why ought to we put our prospects by means of that type of ache?
The US nonetheless controls Africa to such an extent that it’s tough for nations to commerce with one another. That’s a part of the monetary apartheid I discuss. Look what occurred just lately with Binance. A brand new CEO is available in and the very first thing they do is disable Pan-African commerce on Binance peer-to-peer. Kenyans can solely commerce with Kenyans and Ghanaians can solely commerce with Ghanaians.
That’s the precise coverage the US has been utilizing to maintain Africa and the remainder of the International South poor. We’re altering that. I spend plenty of my time advocating for Pan-African commerce. It’s an important a part of making the International South rich. Think about if some man working a enterprise in New York couldn’t commerce with a enterprise in New Jersey. Would any American put up with that? Why ought to Africans?
RC: What are the challenges and alternatives you face in attaining this for Bitcoin to succeed in its full potential within the International South?
RY: There are many challenges going through us, however the greatest one is coping with the political strain from the West. Anybody who goes in opposition to the West and their central bankers goes to be resisted. The governments and elites who run the worldwide monetary system are robust as a result of they’ve a collection of sliders, a bunch of levers they’ll push and pull to regulate the whole lot.
They’ll pull a technique and say, “Oh, Nigeria, you haven’t been listening to us, so we’re going to take your slider all the way down to zero.” They’ll transfer these levers at any time, in order that they have large energy, and so they can management the economies of the world. They’ll punish or reward a market, even entire economies, and we have to offset this.
Crypto and peer-to-peer are the offsets, and that’s why the West has such an issue with crypto. It’s why they put individuals who don’t comply with their mannequin in jail.
The alternatives within the International South are limitless. Africa has the fastest-growing inhabitants of any continent. It has 1.5 billion individuals, and the following 25 years will add virtually one other billion. There’s a youth unemployment downside proper now, however I see that as a possibility. I’ve met so many younger Africans who’re savvy and dynamic and so they all need to succeed. I’ve seen a lot of them use our market to become profitable, to start out companies, and to alter their lives.
India additionally has superb alternatives, as does Latin America. There are such a lot of alternatives in all of those locations for individuals to create companies by piggybacking on our platform – that’s one of many biggest successes of NoOnes, I feel. We are able to’t have success until we assist others have success, and the ethics of that’s largely lacking within the company world right this moment.
Which firms are giving again 50% of their earnings to the individuals who use their merchandise? We’re doing that at NoOnes. We’ve got bonuses, incentives, and a Associate Program that rewards the individuals who assist us develop as a result of we wish individuals to assist us unfold the phrase concerning the energy of crypto and peer-to-peer. We want the International South to know that it doesn’t need to accept a Western mannequin that doesn’t swimsuit its wants.
If we add up all of these issues – dynamic, savvy younger people who find themselves hardworking and able to grasp alternatives, a common container for cash that can be a retailer of wealth, and the NoOnes market that offers the International South entry to finance and free commerce – we’ll attain the total potential of the International South, and I feel it might probably occur rapidly. Most individuals within the West will probably be astonished by it.
RC: How is NoOnes completely different from what you probably did at Paxful?
RY: Paxful had a serious drawback – it was primarily based within the US. I’ve already talked about KYC and all the issues we encountered making an attempt to assist individuals within the International South as a US firm. You may’t do it – and it’s getting worse. Have a look at what occurred to Changpeng “CZ” Zhao, [the former CEO of Binance]. He went to jail. Have a look at what occurred to Pavel Durov, the Telegram CEO – he went to jail the minute his airplane landed in France.
I had the identical imaginative and prescient at Paxful that I’ve now, and possibly it took me too lengthy to understand that I couldn’t obtain my mission of working a US firm. However now the shackles are off. Nothing is holding us again now that we’re primarily based within the International South.
I discovered years in the past that my precedence needs to be to serve my customers, my prospects. They’ll hearth the CEO. I discovered that serving to my mother and father run a newsstand on Columbus Circle in New York Metropolis after I was a child.
Within the US, the primary precedence for many firms is to serve the federal government, then, in the event that they’re completely happy, you’ll be able to assist your prospects. That’s not proper. And I gained’t do this. We noticed what occurred with Binance. They gave up their person information to the [Israeli Defense Forces] IDF and a whole lot of individuals misplaced thousands and thousands of {dollars} – and a few of them have been killed. Examine the NoOnes privateness coverage to the Binance privateness coverage. We gained’t give up our person information. I couldn’t say that after I was CEO of Paxful.
RC: How do you see NoOnes evolving within the subsequent 5-10 years?
RY: NoOnes goes to get larger, that’s for certain. Typically I’ve to remind myself that we didn’t exist two years in the past as a result of we’ve come thus far in such a short while, however that is solely the beginning. Folks would possibly consider us as a crypto peer-to-peer market, however we’re at all times including new merchandise, making present ones higher, and we hearken to our customers so we may give them what they want.
I discuss our enterprise as an ecosystem as a result of that’s one of the simplest ways to explain how we’re evolving. We created a market for crypto and reward playing cards, we added a spot alternate and different merchandise, and we feed earnings again into that ecosystem. Individuals are constructing their companies on high of our platform.
Expats working abroad ship cash house and understand our platform is a greater, sooner, and cheaper method of doing it than utilizing a conventional cash changer – so they begin doing it for his or her buddies and create a aspect hustle. Somebody must make a cost abroad, however they don’t have a checking account, in order that they use our platform – they see how easy it’s, so they begin a enterprise doing the identical for different individuals. And all of it feeds again into the ecosystem.
Think about all these companies taking the place of the normal banks and cash changers – the wealth stays within the International South as a substitute of lining the pockets of all of the executives working for banks and monetary establishments within the West. That’s a part of the explanation they don’t like what we do.
Think about when all of the individuals within the International South understand how simple it’s to make these adjustments. How simple it’s to cease the drain on the assets of the International South – it’s been taking place for hundreds of years and it has to cease, and it’ll. In 5 years, possibly much less, NoOnes will probably be main that drive and the International South will probably be on the way in which to turning into a superpower.
RC: How do you see the connection between crypto and the broader inhabitants evolving?
RY: That’s an ideal query as a result of it’s the entrance line within the battle happening in the meanwhile. Earlier than I understood crypto I believed it was simply “Internet funny money.” Most individuals nonetheless suppose that method now as a result of they don’t perceive it. I’m unsure governments perceive it that nicely, however they understand it’s a menace to the established order. That’s why they tried to cease it, and that’s why they’re making an attempt to regulate it now.
The true energy on the earth is the one which controls the cash system. The individuals in energy have levers they use to maintain us in our place, and the style during which we reverse engineer it should be defined very clearly and logically for individuals if we’re to achieve getting them to assist us repair the present state of humanity.
In easy phrases, I’m speaking a few forex conflict, and after I say forex I imply something that may be a retailer of worth and might be traded. Ultimately, the individuals will probably be gained over to crypto as a result of its energy can’t be denied – even governments acknowledge this now. Some nations banned it, then they realized its utility, and now they’re making an attempt to manage it. Crypto isn’t going away.
The true query is whether or not the essence of it will get destroyed within the means of being accepted by the broader inhabitants. Crypto was designed to be trustless and permissionless – which means we don’t need to belief some authorities or company to think about its worth.
RC: What’s NoOnes specializing in in the meanwhile?
RY: Our focus is on our three core values – everybody eats, bullish schooling, and revolutionary transparency.
I’ve already talked about giving again 50% of our earnings and our accomplice program, and that’s a part of what we imply by “everyone eats.” I don’t need to get wealthy on the expense of the individuals who use our merchandise. Some individuals chortle at me after I say I’m on a mission, however I’ve been saying it for greater than a decade as a result of it’s true. We gained’t be completely happy if we’re profitable and others round us should not, in order that’s why everybody eats is vital.
One other precept is revolutionary transparency. Numerous companies discuss being clear, however most of them don’t comply with by means of. That is why we get issues like we noticed with FTX. NoOnes is completely different. Anybody who needs to see the enterprise information I see about NoOnes can see it by trying on the CEO Dashboard on our app.
Proper now, our greatest focus is on schooling. I’ve talked concerning the alternatives within the International South, however these alternatives gained’t imply something if individuals don’t find out about them and turn out to be educated about how crypto may help them clear up issues. We created the NoOnes Academy so individuals can study not solely how to commerce profitably, but in addition how they’ll do it safely.
Some individuals would possibly need to make a cost or ship cash house, however they’re afraid of crypto as a result of they’ve heard nasty tales within the media. We need to educate them in order that they perceive how simple it really works and the way a lot utility it has. Some individuals would possibly simply use it in a small method – serving to them pay for one thing as a result of they don’t have a VISA card or a checking account. Others could be expert and savvy, however they’re unemployed and so they’re seeking to earn cash to pay the payments or to start out a enterprise – they may study how to commerce reward playing cards or crypto by means of the NoOnes Academy.
If sufficient individuals turn out to be educated about how our tremendous app works, the International South will change dramatically.
RC: What are your plans for NoOnes when it comes to development and growth?
RY: I’ve already talked about Dubai, nevertheless it’s an ideal instance of the way forward for the International South. Lots of people suppose Dubai has had large development due to oil, however that’s simply not true. Sheikh Mohammed made commerce simple and the atmosphere business-friendly, and fairly quickly the cash flowed into Dubai like a river. The cash that got here in was then fed again into growth and we will see the end result right this moment.
My imaginative and prescient is to see cities like Dubai throughout the International South, with NoOnes main the way in which. We’ll present the infrastructure, the schooling and the alternatives, and which means being on the bottom, listening to individuals so we may give them what they should assist them develop. We’ve finished it with our peer-to-peer market, our spot alternate, a digital VISA card, and reward playing cards – and new merchandise are coming.
We’re a peer-review credit score rating so customers will get a ranking that can be utilized to supply financing for start-ups and enterprise homeowners. We need to fine-tune our messaging operate as a result of that’s a good way to draw individuals we will educate on the advantages of crypto.
We want extra individuals to assist us develop, so we’ll be hiring individuals on the bottom wherever we do enterprise. Already our customers are serving to us by making content material to assist educate their fellow residents. Our development and growth at all times revolve round work. Free commerce permits the cash to movement and that places individuals to work to allow them to create their wealth. I really imagine in common wealth, however that solely occurs when the roadblocks to development are eliminated. To do this we will need to have the individuals behind us, and that’s why schooling is so vital.
Our objective was for NoOnes to have a billion customers inside seven years, and if we do that we’ll deliver the International South nearer to the wealth it’s been denied for thus lengthy.