{"title": "Yap Bay: P2P Stablecoin Remittances for the Global South", "logoImg": "bafkreiehbsrq7dmunwl7kq42llyiodk6ylia4vxuliaekmqkgjnitgo7v4", "website": "https://yapbay.com", "bannerImg": "bafkreif5feiijwj7gj2ciprmn4uxtvfia6j3quref5ncuwtlvxe577mt6m", "createdAt": 1713286231949, "userGithub": "georgedonnelly", "credentials": {"github": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..rFN_yOFhSLyvvbgAgdmOO2ZoVFR-zPxdZsMdNoDmPJy4yAZw_I1-4DiDqjK3s4a5RpcK1H3jKDc1ofbNppX6BA", "type": "Ed25519Signature2018", "created": "2024-04-16T16:50:19.097Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-16T16:50:19.097Z", "expirationDate": "2024-07-15T16:50:19.097Z", "credentialSubject": {"id": "did:pkh:eip155:1:0xDD304336Cf878dF7d2647435D5f57C2345B140C1", "hash": "v0.0.0:FFdlAv9Y7rgCg9+N3HfnNX5sG6HtefjaMYgm41wdudk=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextGithubOrg#Panmoni#1970143"}}, "twitter": {"type": ["VerifiableCredential"], "proof": {"jws": "eyJhbGciOiJFZERTQSIsImNyaXQiOlsiYjY0Il0sImI2NCI6ZmFsc2V9..uG-1cHcfp2oNfF_KA3zcos_-4oKCBsfFzuSxnTflZBqZyrQ4zuqctyhY2cVkzAj8Row_3u8Y_Cc4rt2r-2T5Dw", "type": "Ed25519Signature2018", "created": "2024-04-16T16:50:09.418Z", "proofPurpose": "assertionMethod", "verificationMethod": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC#z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC"}, "issuer": "did:key:z6MkghvGHLobLEdj1bgRLhS4LPGJAvbMA1tn2zcRyqmYU5LC", "@context": ["https://www.w3.org/2018/credentials/v1"], "issuanceDate": "2024-04-16T16:50:09.417Z", "expirationDate": "2024-07-15T16:50:09.417Z", "credentialSubject": {"id": "did:pkh:eip155:1:0xDD304336Cf878dF7d2647435D5f57C2345B140C1", "hash": "v0.0.0:7RigtbTKp6nbTOGzGxpqNaQMGiK4TzxoXfcuHpIxQSQ=", "@context": [{"hash": "https://schema.org/Text", "provider": "https://schema.org/Text"}], "provider": "ClearTextTwitter#YapBay_"}}}, "description": "YapBay is a Web3 P2P remittance dapp that chains together P2P crypto offers over stablecoin rails using an innovative sequential escrow to permit fiat-in fiat-out remittances that are cheaper, faster and more accessible than TradFi options.\n\n\n## Problem\nSub-$200 remittances often face disproportionately high fixed fees, making them costly for many corridors ending in Africa, Southeast Asia and Latin America. Such expenses hinder senders from supporting their families, block participation in the global economy and prevent capital accumulation in these regions. With remittance fees averaging 6.2% in 2023, the globally-identified need to reach the 3% target set for 2030 remains unmet.\n\n## Solution\nYapBay provides a Web3 P2P remittance network that enables seamless fiat-to-fiat transfers via chained crypto trades. By employing a stablecoin transport layer and excluding protocol-level KYC, YapBay offers an accessible, cost-effective and censorship-resistant option for remittance senders. The platform's combo remittance feature will allow users to purchase necessities directly for recipients, all without the requirement for technical knowledge or crypto exposure.\n\n\n## Scenario: Crisis Management During Forced Migration\nDuring a political crisis, SafeHaven, an NGO in Italy, wants to support refugees with financial aid but finds traditional banking routes inefficient or blocked. Using YapBay, they initiate two chained offers: Carlo in Italy receives their fund in Euros and provides SafeHaven with EURC escrow. Mustafa, operational in the crisis region, trades this EURC with a local trader to distribute local currency or goods to those in need. YapBay thus ensures essential funds reach their destination quickly and securely, even when local infrastructures fail.\n\n## Why It Matters\n- 2 billion unbanked/underbanked people need better remittance options\n- Average remittance fees remain high at 6.2% (2023)\nSub-$200 remittances are disproportionately expensive\n- Traditional providers exclude many users due to KYC requirements or lack of formal ID\n\n## Who Am I (George Donnelly)\n- Leadership & Experience: Led $5.5M in crypto initiatives, successfully managing 80+ person teams across Latin America and Africa.\n- Technical Expertise: Full-stack Web3 developer with skills in Solidity, Rust, Next.js, etc.\n- Market Insight: Over a decade in crypto, including running a successful remittance pilot in Latin America.\n- Visionary Approach: Advocate for censorship-resistant, fully-inclusive, KYC-free, Web3 financial systems focused on inclusion and empowerment in the developing world.\n- Strategic Network: Built and am leveraging a strong network of local experts, community and merchants in the developing world.\n\n### Links:\n\n- https://georgedonnelly.com\n- https://www.linkedin.com/in/georgedonnelly\n- https://github.com/georgedonnelly\n\n## Geographical Focus\nInitially targeting high-cost corridors in Latin America and Africa.\n\n## How It Works\n- Users chain together local P2P trades for fiat-in and fiat-out\n- Stablecoins serve as the transport layer\n- Almost no crypto knowledge required for end users\n- \"Combo remittances\" enable direct purchase of necessities for recipients\n\n## When & Progress\n- MVP in development\n- 10,000+ potential users from previous fieldwork\n- Building community in Nigeria and Venezuela\n- Successful pilot between Madrid-Caracas (2019)\n\n\n## Key Differentiators\n- Focus on sub-$200 remittances\n- Unique sequential escrow mechanism\n- Innovative combo remittances feature\n- Extensive local communities\n\nSee the YapBay deck for more information: https://static.panmoni.com/yb/yapbay-deck.pdf\n\nSee the new website at: https://YapBay.com", "logoImgData": {}, "bannerImgData": {}, "projectGithub": "Panmoni", "projectTwitter": "YapBay_"}