Since its inception two years ago, NoOnes, a peer-to-peer (P2P) platform, has accomplished significant milestones in a brief period. As an innovative entrepreneur, Ray Youssef, CEO of NoOnes, is steering the course in the dynamic realm of cryptocurrency. Utilizing Bitcoin as a means, Youssef and his team are dedicated to enhancing empowerment in the Global South.
In this exclusive dialogue, Rebecca Campbell, crypto content editor at CoinJournal, engaged with Ray Youssef, co-founder and CEO of NoOnes, to explore NoOnes’ mission and its role, along with Bitcoin, in empowering the Global South. Youssef addresses the challenges they encounter, the financial apartheid in Africa, political influences from the West, the boundless opportunities within the Global South, and the evolving connection between cryptocurrencies and individuals.
Rebecca Campbell (RC): Could you explain NoOnes and the origin of its name?
Ray Youssef (RY): NoOnes is essentially a super app for the Global South. We commenced as a peer-to-peer crypto marketplace, but we always envisioned expanding beyond that. Within a span of less than two years, we’ve introduced a spot exchange and a virtual VISA card, and we are on the verge of unveiling our NoOnes gift card. Additionally, we’re a messaging platform and you can even top up your mobile phone. NoOnes is designed for the people of the Global South, hence avoiding the issues encountered by a US-based business aiming to serve this region.
The story of NoOnes’ name is amusing. When NoOnes was merely a concept, during a series of brainstorming sessions with the team that helped initiate it, I was reminiscing about our family dog who had passed away about 15 years ago. She was named Heidie, but my mother affectionately called her Noons.
I adored that dog, and for reasons unknown, she occupied my mind during that period, leading me to jokingly suggest that we should name the company Noons. I wrote it down and observed it read as NoOnes, which felt just right. It encapsulates the essence of what we aim to achieve with a decentralized marketplace: your finances are no one’s concern. Your data is no one’s concern. Your business is no one’s concern.
RC: What is your vision and objectives with NoOnes?
RY: From the moment I recognized the potency of crypto and peer-to-peer transactions, my vision and goals have remained unchanged. Many in the crypto space are motivated by wealth accumulation, but that has never been my driving force. I consider crypto to be a leveler and an equalizer, with the potential to transform the lives of those consistently marginalized by traditional financial systems due to the color of their money or the type of their passport.
Upon realizing the potential of crypto and peer-to-peer working synergistically to create a system where any form of money can translate into another, I identified it as a means to abolish financial apartheid. I label it financial apartheid because that’s the reality of the international financial system — it discriminates based on identity and origin. With NoOnes, we have the opportunity to alter that narrative because we operate from the Global South, tailoring our products specifically for those who need them most.
My aspiration is to see numerous cities reminiscent of Dubai spread throughout the Global South, where individuals engage in trade freely, accumulate wealth, and enhance their lives as well as their families’ lives.
RC: Can you elaborate on the role of NoOnes and Bitcoin in empowering the Global South?
RY: Primarily, our operations are grounded here. This proximity enables us to engage directly with the users of our marketplace who buy crypto, trade gift cards, make payments, and remittances. Our offerings are not imposed from a Western model but are developed to meet the actual needs of our users.
Take KYC as an instance. While in the US, we often found ourselves compelled to file suspicious activity reports and lock funds of Global South customers if they were flagged. We’d then have to wait for American regulators to authorize their release, which in extreme cases could take years.
During this time, those innocent individuals were left without access to their own funds, forced to seek alternate sources to manage their finances. This process strained them unnecessarily, raising the question: why should our customers suffer like this?
The American influence over Africa is such that it complicates intercontinental trade. This exemplifies the financial apartheid I often discuss. A recent event involving Binance highlights this; when they instituted a new CEO, one of the first actions was to disable peer-to-peer trading across Africa, restricting Kenyans to transact only among themselves and Ghanaians likewise.
This isolates Africa, echoing the practices used by the US to perpetuate poverty in the Global South. We are revolutionizing this approach. I dedicate considerable energy to advocating for Pan-African trade, which I deem essential for fostering wealth within the Global South. Just imagine if an entrepreneur in New York couldn’t trade with someone in New Jersey. Would Americans accept that? Why should Africans?
RC: What hurdles and prospects do you encounter in realizing Bitcoin’s full potential in the Global South?
RY: We face numerous challenges, with political pressure from the West being the most significant. Anyone opposing Western interests or their central banks will face strong resistance. The powers that govern the global financial framework possess substantial leverage, allowing them to manipulate economies at will.
They can impose penalties or rewards based on compliance and can control entire economic systems, which requires us to find ways to counter this influence.
Cryptocurrency and peer-to-peer transactions serve as counterbalances, which is precisely why Western authorities are apprehensive about crypto adoption; they tend to penalize those who deviate from their prescribed models.
The opportunities in the Global South are boundless. Africa boasts the fastest-growing population, currently at 1.5 billion, projected to increase by nearly one billion over the next 25 years. While youth unemployment is a pressing concern, I view it as a golden opportunity. I’ve encountered numerous ambitious young Africans eager to succeed. Many are leveraging our marketplace to generate income, start businesses, and transform their lives.
India presents tremendous prospects as well, alongside Latin America. Various individuals in these regions can capitalize on our platform to forge their own business paths — a key success story of NoOnes. Our triumph is intrinsically linked to the success of others, a principle largely absent in modern corporate practices.
Which companies redistribute 50% of their profits to the very users of their products? At NoOnes, we are committed to doing just that. Through bonuses, incentives, and a Partner Program, we reward those aiding our growth, motivated by the need to spread awareness regarding the power of crypto and peer-to-peer transactions. We want the Global South to recognize that they deserve a customized solution, not an imposed Western model.
If we combine all these elements – energized, savvy, industrious youth eager for change, a universal conduit for currency that preserves wealth, along with the NoOnes marketplace opening doors to finance and free trade – we can unlock the full potential of the Global South quickly, potentially astonishing many in the West.
RC: How does NoOnes differ from your previous endeavors at Paxful?
RY: Paxful faced a fundamental limitation due to its US base. In our discussions around KYC, I’ve outlined the considerable obstacles we experienced when trying to serve the Global South as a US company. This approach is flawed and growing increasingly problematic. Look at recent events surrounding Changpeng “CZ” Zhao, the former Binance CEO, and Pavel Durov, Telegram’s CEO, both of whom faced severe repercussions for their business activities.
While I harbored the same vision at Paxful that I hold today, it took me a considerable time to realize that achieving my goals through a US company would be impossible. Now, with the constraints lifted, my focus can entirely shift to supporting our users without interference.
I learned ages ago that my foremost obligation is to my users and customers, acknowledging that the CEO ultimately serves them. My experiences assisting my parents with their newsstand in New York shaped this ethos.
For many companies in the US, the priority is to cater to governmental expectations, followed by customer service. This is not the right approach, and I refuse to conform. We witnessed the fallout with Binance, which compromised user data at great cost to its clientele. NoOnes stands in stark contrast; our privacy policy is designed to protect user data, something I could not assure while I was with Paxful.
RC: How do you envision NoOnes evolving in the next 5-10 years?
RY: NoOnes is poised to grow significantly. Sometimes, I need to remind myself that we were nonexistent two years ago, considering how far we’ve come in such a short time, yet this is merely the inception. While people may pigeonhole us as a crypto peer-to-peer marketplace, we continuously enhance existing offerings and introduce new products, always listening to our users’ needs.
I describe our enterprise as an ecosystem, capturing our evolution accurately. We’ve established a marketplace for cryptocurrencies and gift cards, implemented a spot exchange and other offerings, and reinvest profits back into this thriving ecosystem. Individuals are constructing businesses atop our platform.
Individuals working abroad recognize our platform as an efficient, economical way to send money home compared to traditional money exchangers, leading them to initiate side businesses for their friends. Others leverage our services for cross-border payments, discovering simplicity inspires entrepreneurial ventures – all feeding our ecosystem.
Visualize numerous businesses replacing traditional banks and money changers, ensuring wealth remains within the Global South rather than enriching financial executives in the West. Such progress is precisely what alarms them.
Consider the potential if the Global South collectively grasps how achievable these changes are. After centuries of resource depletion, it’s imperative that the trend ceases, and I’m confident it will. Within five years or perhaps sooner, NoOnes will be at the forefront of this momentum, propelling the Global South towards superpower status.
RC: How do you perceive the evolving relationship between cryptocurrencies and mainstream society?
RY: This inquiry is pivotal as it highlights the current frontline struggle. Initially, I viewed crypto as mere “digital fun money.” A substantial portion of the population maintains that misconception due to a lack of understanding. I question whether governments themselves fully comprehend it, yet they recognize its implications against the traditional order. Consequently, they have attempted to suppress it and are now striving to regulate it.
True power resides with those governing the monetary system, wielding tools to maintain societal control, and how we dissect these mechanisms must be clearly articulated if we are to rally public support for rectifying current injustices.
Put simply, we are in the midst of a monetary war, where money itself signifies any asset of value capable of trade. Over time, I’m confident people will embrace cryptocurrency as they discern its undeniable capabilities – even governments acknowledge this reality now. Some nations might initially ban it, only to realize its significance and commence regulation efforts. Crypto is not a passing trend.
The central question remains whether its core principles will endure as it gains broader acceptance. Crypto was engineered to be trustless and permissionless, alleviating the need to rely on governments or corporations for value assurance.
RC: What is the current focus of NoOnes?
RY: Our concentration is anchored on three fundamental values – universal benefit, educational empowerment, and revolutionary transparency.
I’ve previously addressed our initiative to reallocate 50% of our earnings back to our users through our partner program, reflecting our commitment to universal benefit. I refuse to prosper at the expense of our users. While some may mock my commitment to purpose, it remains steadfast, having articulated this mission for over a decade. Our success is tied to our surrounding community’s welfare.
Then there’s our commitment to revolutionary transparency. Many organizations claim transparency, yet fail to practice it effectively, leading to issues like those observed with FTX. NoOnes distinguishes itself; anyone interested in our business metrics can explore them in the CEO Dashboard available on our app.
Education is currently our top priority. Though I’ve discussed the remarkable opportunities in the Global South, those advantages will only bear fruit if individuals comprehend them and become educated about crypto’s capabilities in addressing their challenges. We’ve established the NoOnes Academy to equip individuals with the knowledge not only to trade successfully but also to do so securely.
While some may seek merely to make payments or transfer money home, apprehensive due to negative media portrayals of crypto, we aim to educate them on its straightforward functionality and vast utility. Others may possess skills and expertise yet face unemployment; through NoOnes Academy, they can learn how to trade gift cards or cryptocurrencies.
As more individuals become versed in our super app’s functioning, we anticipate transformative change across the Global South.
RC: What growth and development strategies do you have for NoOnes?
RY: Having referenced Dubai, it serves as an exemplary model for the future of the Global South. Common misconceptions attribute Dubai’s remarkable growth solely to oil, which is misleading. Sheikh Mohammed prioritized easy trade and fostered a favorable business environment, ultimately leading to a robust inflow of capital, which was subsequently reinvested in development, yielding present-day results.
My vision encompasses the establishment of Dubai-like cities throughout the Global South, with NoOnes spearheading this evolution. We aim to provide the requisite infrastructure, education, and opportunities, all necessitating active engagement and feedback from the community to tailor offerings that promote growth. We’ve realized this through our peer-to-peer marketplace, spot exchange, virtual VISA card, gift cards, and will continue rolling out innovative products.
We aim to implement a peer-review credit scoring system that would furnish users with ratings supporting startup financing and business growth. Furthermore, we aspire to refine our messaging capabilities, recognizing their potential to attract individuals for educational outreach about cryptocurrency benefits.
Expanding our workforce on the ground wherever we operate is crucial for our growth. Our users already contribute by creating content aimed at educating their local communities. Our growth strategies pivot around labor and fostering free trade, facilitating monetary circulation, and, in turn, empowering individuals to cultivate their own wealth. I firmly advocate for universal wealth realization, achievable only by dismantling barriers to progress. Educating our constituents is paramount to this mission.
Our goal for NoOnes is to achieve a billion users within seven years, a milestone that, if realized, would significantly elevate the Global South towards the wealth it has long been deprived.
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