In a current BeInCrypto podcast, we chatted with Pavel Matveev, co-founder of COCA, about their newly launched COCA 2.0. This app units out to make stablecoin funds as simple as utilizing your favourite banking app.
We explored what makes COCA tick, why stablecoins are gaining floor, and the way this might deliver crypto to a wider crowd.
Stablecoins Are Constructed for Actual-World Spending
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Matveev kicked off the dialogue by highlighting the rising momentum round stablecoin funds.
In accordance with him, in contrast to the speculative focus of a lot of the crypto trade, stablecoins supply grounded utility with quick, accessible, and cost-effective transactions.
Whereas stablecoins aren’t new improvements within the trade, he particularly identified that 2025 is a turning level for this phase.
“This 12 months we see a rise within the variety of use circumstances, we see extra focus or extra hype about stablecoin funds,” he advised BeInCrypto.
Up to now, he famous, many firms and ecosystems tried to construct fee options with little adoption.
In accordance with Matveev, what makes 2025 totally different is that regulatory readability and stronger blockchain infrastructure now make it doable to ship a Web2-like fee expertise powered by stablecoins.
Having spent years in funds and banking, Matveev sees stablecoins as the important thing to crypto’s subsequent chapter.
He in contrast it to the rise of apps like Revolut a decade in the past, when folks scoffed at challenger banks taking over the large names. Now, a few of these startups are value greater than conventional banks.
For him, stablecoin banking represents an analogous second, solely on a bigger scale.
“Stablecoin in the meanwhile for stablecoin funds and for stablecoin banking, it is a comparable second, however really end result and influence can be 10 instances extra as a result of stablecoin is not only overlaying the banking expertise, however it’s overlaying [a] broader vary of fee use circumstances,” Matveev defined.
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Skepticism, he added, is not any deterrent. “Being within the trade for an extended, very long time, we are going to develop for this second, and the end result can be 10 instances greater,” he affirmed.
Rebuilding COCA from Scratch to Catch the Stablecoin Wave
This imaginative and prescient of stablecoins as the brand new monetary infrastructure is exactly what prompted COCA to make the daring resolution to rebuild its app from scratch.
Whereas the preliminary model of COCA was a self-custody MPC pockets geared towards a crypto-native viewers, the group realized a basic shift was wanted to serve a broader market.
Matveev defined, “However sooner or later we realized… when you may have a pockets or trade and also you add a card or crypto card to it, it’s probably not turning into like your banking app.”
As a substitute of bolting on options, the group shifted course. “We need to create a banking expertise from the bottom up powered by stablecoins,” he mentioned.
That meant shifting the standard banking flows to the entrance of the app and pushing the crypto-native mechanics into the background.
To realize this seamless Web2-like expertise, COCA has instantly addressed three historic friction factors which have hindered mainstream crypto adoption.
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The primary is the complexity of personal keys and seed phrases, a serious barrier for the typical person.
COCA solved this through the use of Multi-Occasion Computation (MPC) expertise and biometric encryption, eliminating the necessity for customers to handle a posh seed phrase.
The second is the ache of fuel charges for on-chain transactions. With COCA, these are sponsored fully by the platform.
Matveev defined the mechanics, stating, “For customers, once more, they don’t see it, however a transaction really occurs on the blockchain… so funds are debited from account abstraction, this transaction goes on the chain and the fuel is sponsored by COCA,” he elaborated.
Lastly, the issue of liquidity fragmentation throughout totally different chains is solved by COCA’s help for a number of networks, which abstracts away the complexity of managing totally different stablecoin variations.
Belief Via Service and Rewards
For Matveev, constructing belief is as important as constructing expertise. “In relation to coping with folks’s cash, belief is essential,” he mentioned. “With retail functions, it’s extraordinarily necessary as a result of you may have just one probability to make a primary impression.”
To ship that dependability, COCA invested in 24/7 help for its international person base, making certain nobody is left ready.
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Belief additionally extends to how folks select their major card. “You want to develop an excellent loyalty or incentives program. So really prospects have some incentives to make use of your card and never the opposite card,” Matveev defined.
That’s the reason COCA 2.0 presents cashback on purchases, resort reductions, and as much as 50% off subscriptions to chose platforms.
The strategy has already formed who makes use of the app. “We’ve got excessive internet value people who spend massive cash on shopping for issues like airplane tickets or journey. We’ve got folks shopping for vehicles as nicely,” Matveev mentioned.
“We even have a phase of our prospects who’re like freelancers. They’re receiving a wage in stablecoins after which they only use it… pay for items and providers.”
Mass-market customers are becoming a member of too, typically drawn by cashback perks. The common COCA person is 32, and 80% are male.
Matveev highlighted that the COCA card can now be used for on a regular basis purchases due to its integration with Visa.
Customers can spend their stablecoins at each on-line and offline shops throughout 80 million retailers worldwide, overlaying every thing from groceries and eating places to journey, together with on a regular basis spots like McDonald’s.
COCA 2.0 is stay on iOS and Android, able to make crypto as simple as your financial institution app. Curious? Take a look at coca.xyz for extra particulars.
Catch the complete podcast episode for all of Pavel Matveev’s insights, and subscribe to BeInCrypto’s podcast for extra talks with crypto’s main voices.