August 15, 2021 — hi, the not-for-profit fintech bridging the divide between traditional fintech and crypto, recently welcomed the 1-millionth member to its platform. The milestone comes less than 100 days after launching a private beta and in swift succession to the creation of the hi Dollar (HI) token (August 1) and the listing of HI on Uniswap (August 8). hi’s global membership base already covers +150 territories.
Powered by it’s membership token – the hi Dollar (HI) – hi’s first product is a digital wallet that provides members with the most seamless payment experience via social messengers, including WhatsApp and Telegram as well as a web app (web.hi.com). Uniquely, the number of hi Dollars minted correlates to the number of members on the platform.
“A million members in less than 100 days is astonishing. We are blown away and humbled by the overwhelming support from our community.” said Sean Rach, Co-founder of hi. “We are now one of the fastest growing blockchain communities in the world – and this is just the beginning. We are building out an ecosystem of banking and internet services to benefit our members and look forward to welcoming tens of millions of new members in the coming months.”
Business Model: This growth has been done without advertising and spotlights the rather unique aspects of the service. First, hi was created under the hi Foundation (a Singapore based foundation) with a not-for-profit business model. “We have seen the concept of member powered financial services in various forms from credit unions, community banks, to mutual aid societies, but we are bringing this into the digital age with community tools and blockchain technology which increase the reach of such organizations,” Rach said.
As hi is member powered and they are the key stakeholders, the firm is committed to maximizing membership value – not profits. Continuing, Rach said, “We seek to address what we see as the fundamental flaw and problem with the current system – the quest to maximize profits at the expense of customers.”
Member Onboarding: Next, hi provides its services initially through some the world’s most popular social media messengers – hi is already on most phones. With roughly 4 billion smartphones worldwide, hi seeks to provide services allowing members to earn great rates, send funds, make payments, and exchange both traditional and crypto currencies with no added fees and no markups. hi services will soon be accessible through a mobile app.
Daily Rewards and Benefits: Another unique aspect of hi is the daily rewards provided to users – just by saying “hi” – which means answering an often quirky question to be rewarded with hi Dollars, the hi membership token. Members can earn more hi Dollars by inviting their friends to join. Membership will also come with lifestyle and digital benefits which will be determined with community input.
Proven Team and Blue Chip Backing: hi is composed of a team from leading crypto and tech companies such as Bitcoin.com, Crypto.com, Tencent and Alibaba, as well as, financial services firms such as JP Morgan, Morgan Stanley, and GLG. In July, hi announced investments from Longling Capital, Hashed and HashKey.
Rapid Development of Platform Underway: Details of hi services along with a robust roadmap and whitepaper which details the phased development of the hi platform can be found at hi.com. Next up, the hi mobile app and Savings product.