BanklessCard is Shipping! | DAO launch partners and more with Links (Al Mithani) and NFThinker (Chris Biele) - Making Bank: A Black Flag DAO Podcast (formerly Bankless DAO) Recap

Podcast: Making Bank: A Black Flag DAO Podcast (formerly Bankless DAO)

Published: 2024-01-18

Duration: 33 min

Summary

In this episode, hosts Drost, Al Mithani, and Chris Biele discuss the imminent launch of the Bankless Card, highlighting its legal framework and initial feature set. They emphasize the importance of bridging the UX gap between Web3 and traditional banking as they prepare to roll out their proof of concept.

What Happened

Drost welcomes Al Mithani and Chris Biele to the podcast, who are excited to share updates on the Bankless Card, a core project at BanklessDAO. After previously discussing the challenges of establishing a legal structure back in June, they reveal that all necessary legal pieces are now in place, allowing them to maintain the DAO ethos while ensuring compliance. With a target launch set for early December, they express optimism about their progress despite encountering hurdles along the way.

The Bankless Card aims to provide a modest feature set at launch, allowing users to download an app, complete a KYC process, load money onto the card, and earn DAO tokens as rewards. While they acknowledge that the initial offering will be limited, the team believes that getting the card into users' hands is a priority. They also clarify that while they are partnering with a bank to issue the cards, this decision is crucial for enhancing blockchain adoption and exposing users to the benefits of Web3, even if it seems contradictory to the notion of being 'bankless'.

Key Insights

Key Questions Answered

What is the current status of the Bankless Card?

The Bankless Card is on track to launch in early December, with all legal structures now established. Al Mithani mentioned that despite challenges, they have successfully navigated issues that could have derailed their timeline, stating, 'everything that can go wrong has gone right'. They are eager to introduce the card to users and believe they are ready to ship.

What features will the Bankless Card offer at launch?

At launch, the Bankless Card will allow users to download an app, complete a KYC process, load funds onto the card, and earn DAO tokens as rewards. The team acknowledges that while they had aspirations for a more robust feature set, they opted to prioritize getting the card into users' hands first, stating, 'it's really important for us to get something out and hopefully be able to build on that over time.'

Why is the Bankless Card partnering with banks?

The decision to partner with banks for the Bankless Card is aimed at facilitating broader blockchain adoption. As Chris Biele pointed out, credit cards are widely used, and working with banks allows them to integrate traditional finance with blockchain technology, making it easier for non-Web3 users to access DAO tokens and the benefits of blockchain.

What are the UX challenges associated with the Bankless Card?

One of the main UX challenges discussed is the requirement for users to send ACH transfers instead of easily linking their bank accounts, which is common in many financial apps. Al Mithani noted that while they wanted a smoother user experience, they felt it was more important to launch the card and address these issues over time, highlighting that 'the devil's in the details.'

How does the Bankless Card align with the DAO ethos?

The Bankless Card project aims to maintain the DAO ethos by focusing on community engagement and providing a tool that encourages blockchain adoption. Al Mithani emphasized that by getting the card into the hands of users, they are not only supporting the work of the DAO but also exposing a broader audience to the advantages of Web3, which aligns with their mission to promote decentralized finance.