With the recent rise of Bitcoin and multi-billion-dollar purchases of digital assets by notables like Elon Musk, consumer blockchain may be hitting its mass adoption moment.
The race to package that for over seven billion smartphones is on and one early-stage tech startup, HUMBL, is capturing plenty of attention in the race to do so.
HUMBL CEO Brian Foote is leading the charge, and here’s what he had to say about what’s to come:
How was HUMBL able to make such a big splash in a relatively short period of time?
I think the global markets are ready for Web 3. Our future Millennial and Gen Z customers have an average eight-second attention span, and they expect products and services that can do more in fewer clicks, from their smartphones, which is what we’re working to build on the HUMBL platform.
What is a case study you look at for HUMBL?
We love how AliPay quickly connected customers and merchants to the digital economy in China – along with a marketplace and financial services on the backside of that. We think that business model will work in markets outside of China.
What are your thoughts on the emerging markets?
We think the migration from cash to digital tools in the emerging markets is where true growth lies in the decade ahead.
We’re building HUMBL to serve as a platform for digital payments, financial services, and tokenized blockchain assets to connect markets around the world in commerce.
We think this will deliver new means of project development, cross-border investment, and capital formation, along with easier ways to title, send, and settle.
Which markets will you focus on first?
We’ve been really welcomed around the world by distribution partners that are keen for an alternative to traditional finance and legacy banks, just because of decades of high costs, long lines, and limited disruption.
You walk across the street from the US to our Mexico offices and the cash economy in countries like that is primed for digital migration, particularly at the merchant level. Peer-to-peer cash is useless if you don’t first have a place to spend it or invest it.
So, we’ll focus first on Latin America, Africa, Oceania, and Asia Pacific, where you will see open banking networks and API plug-in partners that will mirror the same way wireless networks proliferated in previous cycles. This will drive new peer-to-peer and economic activity on the blockchain.
What makes HUMBL special in such a fast-growing industry with a variety of competitors?
That HUMBL is coming in “over the top” as a global brand. There are literally thousands of financial technology companies out there doing things, in one region, by service vertical; very similar to the singular Pets.com channels of the 1990s.
Inevitably, what we heard from global customers was, “I’m tired of 60-90 apps in my phone when it comes to digital utilities,” so we’re coming in as a sum of parts brand to help package decentralized innovation in one place.
So, new technology cycle but a similar pattern?
Yes. Our bet is that this will consolidate into a couple of “winner takes all” Web 3 platforms that will enable customers to send money, get a loan, list an asset, or invest in a product in one click on the blockchain—and that’s the vision we’re working on at HUMBL.
In your opinion, what’s the driving force behind the migration to digital technology?
It’s an evolve or die situation for a lot of legacy companies, seen most recently with “The Amazon Effect” on brick and mortar stores.
The reason the FAANGman stocks take up such a disproportionate amount of the S+P 500 is because they moved faster to digital than other thematic sectors, who watched their own death in slow motion at the corporate level.
Our goal is to provide simple tools for customers, merchants, and governments to move much faster into the digital realm in the years ahead to make this blockchain cycle a more inclusive one than web and cloud.