USA Wallet LLC | Application Preview
USA Wallet LLC is seeking government grants to support its operations and complete its beta product. They aim to hire a full-time developer at $75/hour to finalize their almost completed desktop application, as well as a customer service representative at $20/hour to enhance their service, which they believe is lacking in the blockchain space. The funding will also cover marketing efforts, estimated at $10,000, and annual expenses of $2,000, totaling $200,000 for the next 12 months.
The company plans to launch a fully functional desktop app within 3-12 months, focusing on educating users about financial management and digital assets. USA Wallet's platform will be designed to make trading easier and more accessible, especially for newcomers to the digital asset world. Their strategy includes developing a mobile application and creating a proprietary digital asset wallet by 2026, while maintaining a commitment to user education and customer service.
USA Wallet's founders have extensive experience; they plan to differentiate themselves from competitors like Coinbase, Gemini, and Metamask by offering comprehensive educational resources and a simplified user experience. They aim to provide an array of tools and guides to help users navigate the platform and make informed investment decisions.
In summary, USA Wallet seeks funding to enhance its product development, marketing, and customer support, positioning itself as a unique player in the growing digital asset industry while ensuring compliance with necessary regulations.
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General Information
Business Registration Number: 87-2591712
Location: Colorado Springs, CO, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: NO
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Funding Usage
The main constraint on USA Wallet's progress is having a full-time developer. USA Wallet has an almost completed beta product. The initial product/service for USA Wallet is 80%+ complete. A decent full-stack developer would cost at least $75/hr. It will take 2-3 months to finish USA Wallet's beta product/service. Then a customer service representative would be needed to answer customer calls and emails. Customer service is lacking in the blockchain and digital asset industries. USA Wallet prides itself on its service and estimates this will be a great way to diversify itself from the competition. A customer service rep will cost $20/hr. USA Wallet will also need money for marketing to bring consistent users to the platform. An initial marketing push will require $10,000. USA Wallet also has annual expenses of $2,000. USA Wallet is requesting funding for the next 12 months which will cost $200,000. A breakdown of costs is below. Full-stack Developer: $75/hr for 12 months = $156,000 Customer Service Representative: $20/hr for 9 months = $32,000 Marketing: $10,000 Annual Server/Hosting/Website/Application Expenses: $2,000 Total: $200,000
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Business Plan
USA Wallet plans to have a fully functional desktop application within 3-12 months. The application on desktop is 80% complete. The revenue model for the business is providing a financial educational service to users to help them learn about investing and hopefully make profits. All the content provided is for educational purposes. Nothing is advice or a recommendation. The main service provided is the easiest to use decentralized exchange. USA Wallet's focus is digital assets. However, all of the education provided by USA Wallet is about finances as a whole. It covers traditional markets, budgets, planning, spending, history, technical trading, strategies, in depth analysis of projects/companies, sell/buy/hold alerts, and more! In 2023 the focus will be bringing users to the desktop app. Once growth is stabilized and subscription prices have been tested, USA Wallet will expand into adding a mobile application as well. This process will include creating a white label wallet solution. By Q2 of 2024, USA Wallet plans to have a mobile application as well. A mobile app will help with marketing and undoubtably increase our users. While USA Wallet adds users, an appropriate number of developers, customers service reps, and content creators will need to be added as well. From Q2 of 2024 to Q4 of 2025, the focus will be consistent user growth, supporting the current products/services, and scaling at the correct rate. While doing so, USA Wallet will be developing their own digital asset wallet like Metamask or Phantom. USA Wallet hopes to launch their wallet in Q1 2026. Having their own wallet will allow for additional revenue, increased control and accessibility of the application to increase development speed and the user experience. The key to sustainable user growth is to be the go-to decentralized exchange in the digital asset space for new users. This is accomplished by constantly pushing out content to teach and protect our users. Another way this is supported is by a secure application that is easy to use. From 2026 to 2028 USA Wallet's focus will be polishing their own wallet and focusing on customer retention. There have been many fallouts in the digital asset industry in 2022. It is USA Wallet's belief that proper planning, budgeting, and financial projections are just as important as growth. Once the initial education and decentralized exchange products/services are stable and USA Wallet is bringing in enough profits to expand, there are plenty of needs our technology can satisfy. USA Wallet estimates to have stability by 2028. From 2028 to 2030, USA Wallet will leverage the technology of NFTs in the automotive and real estate industries. There are also plans to move into payroll and credit card processing before 2030 as well. USA Wallet will never be a lender and will never leverage the business' profits. The digital asset space is the one of the leaders in growth for both finance and technology industries. There is currently no platform which encompasses all the services, products, and features of USA Wallet. USA Wallet will always require KYC and comply with all tax and SEC laws/regulations. A great example of how to operate the business has been set by Coinbase. However, USA Wallet's platform will be much more focused on education around digital assets, traditional markets, and finances as a whole rather than purely trading digital assets. USA Wallet's three founders have extensive experience in their fields. Lance Kohl is a veteran who owns a marketing business that does $2M+ in revenue each year. Lance is a successful business owner and entrepreneur who has proven himself time and time again. Joseph Hammer is a financial adviser who has built a successful book of business and gained great knowledge of the financial industry. Joseph is also a successful business owner who has worked with many families and individuals which has given him a good pulse on the financial wants/needs of consumers. Bob Clark is an experienced developer who has over 30 years of development experience. Bob is an ex-rocket scientist who now teaches and provides education to students in need. All three founders have applicable experience and fit well together to form a strong base for USA Wallet. USA Wallet has already raised $210K from 8 investors. Unfortunately, the initial money raised was not enough to complete everything that was needed to successfully launch the beta product/service. The beta version of the USA Wallet's products and services was launched twice already and needed to be taken down for bug fixes and improvements. The beta is 80% or more complete already and can easily be finished with the next round of funding achieved.
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Self Identified Competition
USA Wallet's top three competitors are Coinbase, Gemini, and Metamask. Coinbase is an easy-to-use trading platform for digital assets that is centralized. Coinbase was founded in May of 2012 and has been improving their platform even since. Gemini is also an easy-to-use trading platform for digital assets that is also centralized. Gemini was founded in 2014 but did not gain mass adoption until 2020. Metamask is the best know decentralized digital asset wallet. Metamask was released in 2016 but did also not gain mass adoption until 2020. Coinbase does not offer thorough education. Coinbase offers some articles for news and a brief explanation of the digital assets they offer. However, there is no in-depth analysis of companies, projects, or assets. Coinbase is simple, but many users we interviewed said it was still confusing and hard to use. Gemini offers even less educational resources and explanations than Coinbase. Gemini was even harder to understand/use from the user feedback received. There are many options of digital assets to buy on Coinbase and Gemini. These options often overwhelmed users. Metamask is extremely complicated to use. There is no limit or oversight on what digital assets a user can buy. There are over 10,000 options for users. Unfortunately, many of these options are scams. With digital assets being so volatile, it is also very hard for users to make profits. From user testing/feedback, most users could only get an account set up with Metamask and that was extremely difficult for them. Using Metamask to put fiat into and then using it to buy digital assets was almost impossible for all of our test users. USA Wallet is different from all of their competitors by being a decentralized exchange that is easy to use. USA Wallet will have inline frames, freeze frames, and video walkthroughs to help users during the onboarding, fiat in/out gateway, and buying/selling processes. There is no platform in existence that will have the guides and dedicated features to help customers use the platform easily. Beyond these features, USA Wallet will also have alerts of when to buy, sell, or hold a certain digital asset. All information provided to USA Wallet customers is for educational purposes only. Nothing on USA Wallets platform will be advice or a recommendation. USA Wallet will provide in-depth explanations of each digital asset offered on the platform. To protect users and not overwhelm them, USA Wallet will only allow select digital assets to be traded. These digital assets have been vetted by the team, researched heavily, and are seen to have great potential in the blockchain and digital asset industries. Even with all the information about each asset, USA Wallet will post model portfolios for users to follow along. There will also be articles that center around traditional finance, digital assets, and tying them both together. USA Wallet will also publish YouTube videos about each digital asset listed on the platform. There will also be videos about trading, risk management, IT infrastructure, and current market conditions. USA Wallet will be the one stop shop for all new users of digital assets. Our affordable subscription model will give users all the tools and education needed to be successful. The subscription model for USA Wallet's products/services will also provide a predictable financial model. Thus, USA Wallet will be able to scale, expand, and plan more efficiently. Furthermore, customer service is lacking in the digital asset space. USA Wallet has recognized this need and it will be addressed. USA Wallet will have one of the only call centers in the digital asset industry. This commitment to customer service will give USA Wallet an edge verses all other competitors. Having adequate customer service was a huge need when doing product testing. USA Wallet prides itself on customer service and it will be a cornerstone of the business that aligns very well with the educational focus.
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