Today's Agenda...
- Lessons from the trenches: how Pierrick Torasso built a Web3 startup from the ground up 🚀💡
- Crypto regulation deep dive: revisiting 7 key jurisdictions 🌍⚖️
- 4 reasons Web3 startups always underestimate their tax obligations 💰📉
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Building a web3 startup : lessons from Pierrick Torasso 🚀
In the latest episode of Behind The Chain, I sat down with Pierrick Torasso, co-founder of Metabank France and LiFiSe, to discuss his journey as a Web3 entrepreneur. He shared hard-earned lessons on product development, fundraising, and team building. Here are the key takeaways:
🔹 1. Don’t prioritize tech—prioritize usability
Many Web3 founders fall into the trap of building tech for tech’s sake. Pierrick warns against this:
“Tech is expensive. If you build without a clear user-centric vision, you’ll burn through your budget fast.”
His team designed their wallet experience so users can sign up with just an email—no need to understand MetaMask or blockchain intricacies. The focus? Seamless UX over unnecessary complexity.
🔹 2. Web3 is a marathon, not a sprint 🏃
Since launching in 2019, Metabank has operated entirely on self-funding.
“If we hadn't tightly controlled our budget, the project would be dead by now.”
Instead of short-term revenue goals, their strategy is long-term:What’s the valuation of a web3 bank with 500,000 users in five years?
🔹 3. Build a strong team & network relentlessly
Pierrick didn’t come from a tech background—he came from marketing & commercial strategy. His co-founders? A mix of investors, industry veterans, and blockchain experts.
“Never stay in your corner. Meet people. Keep moving.”
Their networking efforts led them to institutional investors, French Tech grants, and even a crypto expert who validated their vision—boosting credibility in the Web3 space.
🔹 4. Fundraising is about trust & strategic investors
Their early backers ranged from poker industry veterans to former industrialists, all drawn in by a clear long-term vision.Now? They’re closing a major investment round in the hundreds of thousands of euros—set to be announced soon.
🚀 Final takeaway: Utility is king in Web3
Pierrick’s journey highlights a key principle:A Web3 project’s success isn’t about hype—it’s about real user value.
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Crypto regulation deep dive : revisiting 7 key jurisdictions 🌍
In 2024, Chain Reaction partnered with BlockReg Advisors to provide in-depth analyses of crypto regulations across seven countries: Ireland 🇮🇪, Poland 🇵🇱, Lithuania 🇱🇹, the Netherlands 🇳🇱, the British Virgin Islands 🇻🇬, Malta 🇲🇹 and Romania 🇷🇴.
Please note that regulatory landscapes are dynamic, and the information provided in these articles may have evolved since their publication.
Ireland 🇮🇪
Link to article (published on Sept. 11, 24)
Poland 🇵🇱
Link to article (published on March 06, 24)
Lithuania 🇱🇹
Link to article (published on April 03, 24)
Netherlands 🇳🇱
Link to article (published on October 09, 24)
British Virgin Islands 🇻🇬
Link to article (published on May 22, 24)
Malta 🇲🇹
Link to article (published on June 26, 24)
Romania 🇷🇴
Link to article (published on December 04, 24)
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⚡️ Flash topic : 4 reasons web3 startups always underestimate their tax obligations
1. Complexity of digital assets : cryptocurrencies and tokens have unique characteristics that make tax classification challenging. For example, utility tokens can be considered digital assets or intangible goods, depending on their use and the rights they confer. This ambiguity makes it difficult to determine the applicable tax regime.
2. Constantly changing regulations : the regulatory framework for crypto assets is constantly evolving. For instance, a new international standard called the Crypto-Asset Reporting Framework (CARF) has been developed to improve tax transparency. Startups often struggle to keep up with these changes and adjust their practices accordingly.
3. Lack of internal expertise : web3 startup founders are often tech-savvy but may lack tax knowledge. Without a solid understanding of tax obligations, they risk overlooking crucial aspects such as reporting crypto transactions or complying with international regulations.
4. Misconceptions about decentralization : the decentralized nature of Web3 can create the illusion that tax obligations are less strict or even nonexistent. However, tax authorities worldwide are increasing their scrutiny of crypto transactions to combat tax evasion, making compliance essential.
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Disclaimer : The goal of this newsletter is to inform and produce content related to management in the world of Web3. It is not investment advice. Investments in crypto-assets and NFTs are risky and can result in the loss of your entire capital. Always conduct your own research and exercise caution.
