X Faces New Competition From Suku on Crypto Payment Adoption Plans

Co-founder Lucas Henning of Suu. How are you doing Lucas? How are things? Thanks for having me. I really appreciate it. Uh Wendy will great to meet you all. Yeah. So uh thank you for being here. You guys recently teamed up with Polygon to issue NFTS directly to users of the website now known as X, formerly known, lovingly as Twitter dot com. Talk to me about this sort of uh easy onboarding experiment and some of the numbers that you guys uh saw after doing this. Yeah, 100%. No, it's been really some really exciting weeks for us actually. So we launched this Polygon N FT drop for the release of Polygon 2.0 that we're really excited about from a tech perspective and our mission is really to make we more accessible. So what we're doing is we're creating NFT drops that are just directly dropped to a Twitter handle. And we did this for Polygon. We got over 50,000 NFTS minted in the 1st 48 hours actually, which was overwhelming for us. It was really cool to see that. And uh the beauty of this is not only did we get those entities minted. We also got all those users onboard to our wallet. So the cool thing about our wallet is you don't really need to have a wallet in the first place we're onboarding anyone with a social media account. So in this case, the Twitter handle can be converted into any sort of uh evm compatible key. So of course, poly gone um works um like that and uh basically what we're doing is we're using the Twitter handle to create a wallet completely non dys Tod on behalf of the user. I've got a question. So first and foremost, I am invested in Polygon Matic full disclosure. Um Is this the, do you guys see yourself doing something similar to like what Reddit did with um their digital collectibles? And maybe this being like the official brand that does digital collectables for X possi possibly because that sale or that that whole execution went super super well. Like people I know that don't like crypto that don't care about NFTS. They, they were able to get those digital collectibles. They made a lot of money and they were happy. So do you guys see yourself doing something like this in the future, potentially or is there something in the world? You can't tell us? Yeah, 100%. I mean, we're doing a lot of stuff in the NFT space and honestly this um our, our product, our protocol, I don't call it a wallet right now. I call it a protocol. It's so much bigger than just digital collectibles and entities. It's one use case that you can certainly execute using our protocol. But at the same time, and when you think about the possibilities that this enables, it's so much bigger than that, so we can enable uh social media cross platform payments by converting any sort of social media handle into Ethereum uh key pair. And when you think about it, we're uh kind of like 14 years after, after Bitcoin was introduced. And now, you know, the the Blockchain has been running for a while and we're still using addresses that don't really work well um for people, right? So you can enter the wrong address, you can enter, you can copy, paste the wrong address or something like that. And there is a naming system out there. Um that works really well, which is social media handles, everyone has them, everyone uses them, everyone knows how they work. And if you combine those two, you are able to onboard a lot of users that haven't been introduced to the crypto space previously. And this is really powerful and you can see it with the polygon drop. We got 22 million impressions uh in a period of three days, which is uh sort of incredible. And uh I think there is no other wallet out there that has reached a conversion rate of 92%. So 92% of those and that uh were dropped uh actually converted to users. So we actually got real logins because the loin is so easy. So basically, you just need to go to our website and log in with Twitter and you get access to a wallet and you can add more signers uh as you kind of like graduate through our onboarding process. So essentially you add more social media accounts. There's no see tras no complicated stuff. It's so easy, your gramma could do it. So, yeah, so has been around for a while now and I know you guys started off. You're, I guess you're formerly of Deloitte uh sort of the, the, the the, the stayed world of enterprise Blockchain from 2018, 2019. You guys left to do your own thing, did the supply chain stuff for a while, talk to me about landing on uh NFTS specifically in the social space and some of the efforts to more easily onboard users. What from the previous I guess iteration of SUU informed the decision to go more in this uh area, right? Yeah, Zach, you're touching on a very uh interesting topic actually because it's always kind of like been our mission to make web three more accessible. And that used to be the case back at Deloitte. It's uh it's been the case with the CC since 2018 when we uh found the company, we have been trying to turn us that haven't really touched web three in the past into crypto users. And I, I think uh it's, there's still a huge demand for that out there. So we did that in the supply chain space very successfully. We um did that um by creating transparency on Blockchain and making that accessible in the form of apps and things that people can use. And now we're doing it in the social media space but also in uh in the payment space. Um And the interesting thing about this is that yes, we're building web three, but at the same time, users are not even going to realize that this is Web three. We're just using the benefits of we three. Our entire team is a team of crypto natives. We strongly believe in the future decentralization and we want to make all of that accessible to the average Joe. And I think that's something that hasn't really been done because when you look at onboarding processes of wallets right now, then people still need to kind of like onboard to generate their address. You know, if, if you want to send crypto to someone, first of all, you need to like ask them for their address, right? And that's something that we want to remove. And I think um there's a huge potential out there and not just for entities but uh for, for payments at the same time, really interesting stuff. Thank you so much for that, definitely bullish on the idea. Of making the onboarding process easier. And as Unsoft founder, Hayden Adams recently said vampire attacking web two models so interesting to see this and some pretty positive results. Thank you so much for joining us. That was co-founder and CTO of SU of SUU, which is a Lucas Henning. Thank you so much for being here. Thanks so much for having me.