Coinbase Wallet vs Woosh
How we're different
Coinbase has been implementing a lot of ideas I’ve been talking about for the past year. Here’s how we’re different.
Today Coinbase Wallet released a feature I’ve been thinking about called simple mode. I basically simplifies Coinbase Wallet to use it mostly for payments. Great for new users.
I think our approach of doing it in reverse will work out better to onboard more people. Here’s why:
We’re targeting non-crypto users from the get go
The app is positioned as p2p social payments. Those curious enough can turn on Web3 Pro Mode and experience more web3 features in a still very friendly and safe way.
People don’t need to be interested in crypto to want to use our product
It’s payments. It just happens to be built on crypto. By a crypto native. That means your keys your crypto. That means transactions get executed on Ethereum’s L2s. That means we can build more features that our powered by crypto and people won’t have to know its crypto.
Focusing primarily on Mexico as our target audience
In Mexico there’s no payments app. The reason for that is because people rely on bank transfers. Sometimes they’re free, sometimes they work. But very often we run into issues. Either because the other person doesn’t have a bank account, 50% of Mexico still doesn’t have a bank account or because we don’t know where our money is, it takes hours or even days to reach the person we’re sending money to. This can be a big problem when you go out to a store that doesn’t take credit cards, you agree on making a bank transfer, and cool you sent it but the other person hasn’t received it. Now there’s this lack of trust. Some people exploit it to commit fraud and steal shit. It’s time to fix this. We’re making it so that anyone with a phone and internet connection can have access to their money. Payments just work and are super transparent. And for those who receive remittances, you get your money instantly, no fees. Global. Social. Easy. Payments.