Since its founding two years in the past, NoOnes, a peer-to-peer (P2P) platform, has achieved quite a bit in a brief house of time. As a visionary entrepreneur, Ray Youssef, NoOnes CEO, helps cleared the path within the evolving world of crypto. Utilizing Bitcoin as a software, Youssef and his staff imagine it’ll carry 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 a brilliant app for the International South. We began as a peer-to-peer crypto market, however we all the time deliberate on being way more than that. In lower than two years we’ve added a spot trade and a digital VISA card, and we’re about to launch our NoOnes present card. We’re additionally a messenger app and you’ll even top-up your cell phone. NoOnes is constructed for the folks of the International South, so we don’t have the issues of a US-based enterprise attempting to serve folks 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 motive, she was always in my ideas round that point, so in the future as a joke I stated, “We should call the company Noons.” I wrote it down on a bit of paper and noticed that it learn like NoOnes, and I assumed it was excellent. It captures the reality about what we needed to do with a decentralized market. Your cash is NoOnes enterprise. Your knowledge is NoOnes enterprise. What you are promoting is NoOnes enterprise.
RC: What are your imaginative and prescient and objectives with NoOnes?
RY: Ever since I noticed the facility of crypto and peer-to-peer, my imaginative and prescient and objectives haven’t modified. There are lots of people in crypto who wish 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 might make a distinction to folks always left behind by the monetary system as a result of their cash is the flawed coloration or their passport is the flawed kind.
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 grow 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 folks 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 based mostly within the International South and tailor our merchandise to go well with the individuals who want them most.
My imaginative and prescient is to see tons of of cities like Dubai everywhere in the International South, with folks buying and selling freely, constructing wealth and making their lives and their household’s lives higher.
RC: Are you able to speak concerning the function NoOnes and Bitcoin will play in empowering the International South?
RY: To begin with, we’re based mostly right here. Meaning we now have boots on the bottom and may speak to the individuals who use our market to purchase crypto, commerce present playing cards, make funds, remittances, no matter. Our merchandise aren’t based mostly on a Western mannequin after which pressured on folks as a result of they haven’t any different possibility.
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 motive, 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.” Generally, we needed to wait years till we might launch a buyer’s funds.
In the meantime, these folks, who did nothing flawed, needed to wait till the regulator stated 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 that sort of ache?
The US nonetheless controls Africa to such an extent that it’s tough for international locations to commerce with one another. That’s a part of the monetary apartheid I speak about. Look what occurred not too long ago 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 numerous my time advocating for Pan-African commerce. It’s a vital a part of making the International South rich. Think about if some man operating 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 reaching this for Bitcoin to succeed in its full potential within the International South?
RY: There are many challenges going through us, however the largest 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 method 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 observe 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 folks, and the following 25 years will add nearly one other billion. There’s a youth unemployment drawback proper now, however I see that as a chance. I’ve met so many younger Africans who’re savvy and dynamic and so they all wish to succeed. I’ve seen a lot of them use our market to earn cash, to begin companies, and to alter their lives.
India additionally has wonderful alternatives, as does Latin America. There are such a lot of alternatives in all of those locations for folks 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 except we assist others have success, and the ethics of that’s principally lacking within the company world right this moment.
Which firms are giving again 50% of their income to the individuals who use their merchandise? We’re doing that at NoOnes. We’ve bonuses, incentives, and a Associate Program that rewards the individuals who assist us develop as a result of we wish folks 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 go well with 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 also be a retailer of wealth, and the NoOnes market that provides the International South entry to finance and free commerce – we are going to attain the total potential of the International South, and I feel it could actually occur rapidly. Most individuals within the West might be astonished by it.
RC: How is NoOnes totally different from what you probably did at Paxful?
RY: Paxful had a significant drawback – it was based mostly within the US. I’ve already talked about KYC and all the issues we encountered attempting to assist folks within the International South as a US firm. You possibly can’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 perhaps it took me too lengthy to comprehend that I couldn’t obtain my mission of operating a US firm. However now the shackles are off. Nothing is holding us again now that we’re based mostly within the International South.
I realized years in the past that my precedence must be to serve my customers, my prospects. They’ll fireplace the CEO. I realized 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 glad, you may assist your prospects. That’s not proper. And I received’t do this. We noticed what occurred with Binance. They gave up their person knowledge to the [Israeli Defense Forces] IDF and tons of of individuals misplaced hundreds of thousands of {dollars} – and a few of them have been killed. Evaluate the NoOnes privateness coverage to the Binance privateness coverage. We received’t surrender our person knowledge. 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 greater, that’s for positive. Generally 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 all the time including new merchandise, making present ones higher, and we take heed to our customers so we can provide them what they want.
I speak about 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 present playing cards, we added a spot trade and different merchandise, and we feed income again into that ecosystem. Individuals are constructing their companies on high of our platform.
Expats working abroad ship cash residence and notice our platform is a greater, sooner, and cheaper means of doing it than utilizing a standard cash changer – so they begin doing it for his or her associates and create a facet hustle. Somebody must make a cost in a foreign country, 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 folks. And all of it feeds again into the ecosystem.
Think about all these companies taking the place of the standard banks and cash changers – the wealth stays within the International South as an alternative 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 folks within the International South notice how simple it’s to make these modifications. How simple it’s to cease the drain on the sources of the International South – it’s been taking place for hundreds of years and it has to cease, and it’ll. In 5 years, perhaps much less, NoOnes might be main that drive and the International South might 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 incredible query as a result of it’s the entrance line within the battle happening in the meanwhile. Earlier than I understood crypto I assumed it was simply “Internet funny money.” Most individuals nonetheless suppose that means now as a result of they don’t perceive it. I’m undecided governments perceive it that effectively, however they comprehend it’s a risk to the established order. That’s why they tried to cease it, and that’s why they’re attempting to regulate it now.
The actual energy on this planet is the one which controls the cash system. The folks in energy have levers they use to maintain us in our place, and the way during which we reverse engineer it should be defined very clearly and logically for folks if we’re to reach getting them to assist us repair the present state of humanity.
In easy phrases, I’m speaking a couple of forex conflict, and after I say forex I imply something that may be a retailer of worth and might be traded. Finally, the folks might be received over to crypto as a result of its energy can’t be denied – even governments acknowledge this now. Some international locations banned it, then they realized its utility, and now they’re attempting to control it. Crypto isn’t going away.
The actual query is whether or not the essence of it will get destroyed within the strategy 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 income and our companion program, and that’s a part of what we imply by “everyone eats.” I don’t wish to get wealthy on the expense of the individuals who use our merchandise. Some folks snort 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 received’t be glad if we’re profitable and others round us aren’t, in order that’s why everybody eats is vital.
One other precept is revolutionary transparency. A lot of companies speak about being clear, however most of them don’t observe by. That is why we get issues like we noticed with FTX. NoOnes is totally different. Anybody who desires to see the enterprise knowledge I see about NoOnes can see it by wanting on the CEO Dashboard on our app.
Proper now, our largest focus is on schooling. I’ve talked concerning the alternatives within the International South, however these alternatives received’t imply something if folks don’t learn about them and grow to be educated about how crypto might help them resolve issues. We created the NoOnes Academy so folks can be taught not solely learn how to commerce profitably, but additionally how they’ll do it safely.
Some folks would possibly wish to make a cost or ship cash residence, however they’re terrified of crypto as a result of they’ve heard nasty tales within the media. We wish to educate them in order that they perceive how simple it really works and the way a lot utility it has. Some folks would possibly simply use it in a small means – serving to them pay for one thing as a result of they don’t have a VISA card or a checking account. Others is likely to be expert and savvy, however they’re unemployed and so they’re trying to earn cash to pay the payments or to begin a enterprise – they could discover ways to commerce present playing cards or crypto by the NoOnes Academy.
If sufficient folks grow to be educated about how our tremendous app works, the International South will change dramatically.
RC: What are your plans for NoOnes by way of development and growth?
RY: I’ve already talked about Dubai, nevertheless it’s an incredible instance of the way forward for the International South. Lots of people suppose Dubai has had huge 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 are going to present the infrastructure, the schooling and the alternatives, and which means being on the bottom, listening to folks so we can provide them what they should assist them develop. We’ve executed it with our peer-to-peer market, our spot trade, a digital VISA card, and present playing cards – and new merchandise are coming.
We’re taking a look at a peer-review credit score rating so customers will get a ranking that can be utilized to offer financing for start-ups and enterprise house owners. We wish to fine-tune our messaging perform as a result of that’s an effective way to draw folks we will educate on the advantages of crypto.
We want extra folks to assist us develop, so we’ll be hiring folks 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 all the time revolve round work. Free commerce permits the cash to circulation and that places folks to work to allow them to create their wealth. I actually imagine in common wealth, however that solely occurs when the roadblocks to development are eliminated. To do this we will need to have the folks 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 are going to carry the International South nearer to the wealth it’s been denied for therefore lengthy.
