2. Market

Web3 shows great promise but is a fragmented industry. Total TVL in DeFi could be close to $50 billion, with 5 million regular users, yet the transaction cost for most Layer 1 blockchains can exceed that of traditional finance due to a lack of scalability. Few solutions balance between privacy, decentralisation and compliance. Moreover, given the number of chains and protocols, while centralised platforms offer convenience for users when it comes to compatibility in swapping and moving assets across chains, decentralised solutions are still insecure and regularly compromised— with $19 billion lost to bridge hacks. Self-custody wallets, especially mobile wallets, are the entry point to making any transaction on a blockchain. With over 300 wallet providers, even the most popular apps face hurdles to mass adoption such as poor user experience, EVM-only support, a lack of interoperability or security vulnerabilities. No app has yet managed to bring crypto and blockchain to everyday life. Smartphone adoption continues to grow worldwide (with nearly half of new devices 5G ready), outpacing the number of people with a bank account. Given that 9 in 10 crypto users say they’d use a mobile app for daily payments if it were easy, this presents an ideal opportunity to onboard new users to secure their financial freedom.