Yopaki: Revolutionizing Banking in Mexico with a Bitcoin Focus
In March 2023, Yopaki was founded by Francisco Chavarria and Carlos Chida in Austin, TX, with the aim of creating a neobank and investment app with a strong focus on Bitcoin. Inspired by the announcement of El Salvador making Bitcoin legal tender at Bitcoin 2021, Chavarria was determined to make a significant impact in the Bitcoin space.
The name “Yopaki” is derived from the ancient language Nahuatl, spoken by the Aztecs in Mexico. It translates to “the pursuit of happiness,” reflecting the founders’ vision for the platform to have a profound impact on its users.
Yopaki aims to turn every Mexican into a Bitcoiner, despite Mexico having a relatively advanced banking system. The platform offers Mexican users access to Mexican peso and U.S. dollar accounts, along with a non-custodial bitcoin Lightning wallet. By providing lower transaction fees compared to traditional banking options, Yopaki aims to legitimize Bitcoin in the eyes of its users.
One unique feature of Yopaki is the integration of the popular Mexican game “Lotería” into the app, with a Bitcoin twist. Users can earn sats (small fractions of Bitcoin) while playing Lotería within the app, making the process of earning and transferring Bitcoin fun and engaging.
Yopaki has partnered with Breez to offer a non-custodial Lightning wallet that simplifies the user experience by eliminating the need for complex Lightning channel management. This partnership aims to make Bitcoin more accessible to users and promote self-sovereignty in managing their funds.
In addition to providing financial services, Yopaki prioritizes Bitcoin education through curated content and micro-lessons on topics like “What is money?” This educational component sets Yopaki apart from competitors in the region, focusing on empowering users with knowledge about Bitcoin and financial literacy.
The founders credit their experience at Wolf’s Bitcoin Accelerator program for pushing them out of their comfort zone and helping them refine Yopaki’s vision. The program’s guidance and strategic sessions played a crucial role in shaping the unique features of the app.
Looking ahead, Yopaki plans to introduce traditional asset investment options for Mexican users, along with a Bitcoin exchange and debit cards for spending pesos, dollars, or Bitcoin. The platform also aims to offer sats back rewards to users for purchasing assets through the app.
With exciting developments on the horizon, Chavarria is optimistic about the future of Yopaki and the impact it can have on the Mexican market. As the platform continues to innovate and expand its offerings, it is poised to revolutionize banking in Mexico with a strong focus on Bitcoin.