What are you building?:
PayTrie is a stablecoin on/off ramp serving users in Canada. We provide the quickest, easiest and cheapest way to buy/sell stablecoins. We currently support stablecoins on ERC-20, BEP-20, Polygon, Arbitrum and SportX networks. This is the first time that users can buy stablecoins in Canada directly on the network of their choice, without having to jump through hoops/bridging etc. We are looking to make on/off ramping stablecoins onto Optimism just as easy for Canadian users.
Why do you believe what you are building is going to succeed?:
PayTrie has successfully been operating in Canada over the past 3 years with the current business model. It is clear from the demand that we’re seeing on other stablecoins and networks, that users want an option to directly on-chain without having to jump through hoops. We are also the only option in Canada that does not custody users’ funds. We receive fiat and send out the stablecoins right away. We believe that this is the way that crypto should be bought and sold and we attract users who understand the importance of this.
How many users does your project have currently? Please include how you arrived at this estimate:
We are in the 5-figure range of users
How will receiving a grant enable you to further the mission of maximizing the number of users interacting with Optimism? Please include a step-by-step flow of how you imagine this grant can lead to a greater number of user interactions with Optimism:
An ecosystem is only as healthy as the on/off ramp solutions. This will allow Canadians to directly on-ramp onto Optimism and provide net-new liquidity to the network. This will also allow Optimism Developers to attract more Canadians, since devs will now have an easy solution for Canadians to on-ramp directly onto the Optimism L2. More devs = more users = more devs = more users, and the flywheel continues.
Tell us about the users you plan to target with this grant. Include any defining characteristics that will help you identify and target them.:
Our user base is more sophisticated and are more crypto-savvy types of users. We are not like other exchanges in Canada. We do not custody user’s funds. As such, the type of users end up being more crypto-savvy and care to understand the real use cases for crypto. This lends well to users who are looking for L2 solutions that solve real-world problems (versus users who are just buying and selling on an exchange).
How would these users interact with Optimism? For how long?:
Once they are on-ramped, they will continue to interact with Optimism for the foreseeable future. The toughest part is going from 0 to 1 (getting them in the ecosystem). We take care of that part, and the different apps and products on Optimism will take care of the rest. WIthout an on-ramp, apps on Optimism would not be able to exist.