Yopaki: Empowering Mexicans Through Bitcoin and Financial Inclusion
Yopaki, a neobank and investment app with a Bitcoin-focus, was founded in March 2023 by Francisco Chavarria and Carlos Chida. Headquartered in Austin, TX, Yopaki aims to serve the people of Mexico by providing access to financial services and promoting Bitcoin adoption.
The inspiration for Yopaki came from a pivotal moment at Bitcoin 2021, where Strike CEO Jack Mallers announced El Salvador’s plan to make Bitcoin legal tender. This event sparked a desire within Chavarria to make a difference in the Bitcoin space, leading to the creation of Yopaki.
The name “Yopaki” is derived from the ancient Nahuatl language spoken by the Aztecs, meaning “the pursuit of happiness.” Chavarria envisions Yopaki as more than just a business venture but as a platform that will have a profound impact on its users.
Unlike other regions where Bitcoin is seen as a tool to bank the unbanked, Mexico’s banking system is relatively advanced. However, Yopaki aims to provide users with access to lower-cost financial services, including Mexican peso and U.S. dollar accounts, and a non-custodial Bitcoin Lightning wallet.
To make Bitcoin more accessible and enjoyable, Yopaki integrated the popular Mexican game Lotería into the app with a Bitcoin twist. Users can earn sats (small fractions of Bitcoin) while playing Lotería and learn how to transfer their earnings to their own wallet.
Yopaki partnered with Breez to offer a user-friendly Lightning wallet that simplifies the transaction process for users. This partnership eliminates the need for users to manage Lightning channels, making it easier for them to engage with Bitcoin.
Education is a key focus for Yopaki, with curated content on topics like money and Bitcoin to help users understand the technology and its benefits. The app also differentiates itself from competitors by prioritizing user education over speculative trading features.
The guidance received from Wolf’s Bitcoin startup incubator helped Chavarria and Chida refine their vision for Yopaki and implement unique features that set the app apart from others in the market. The program challenged them to articulate their strategy and execute their plan effectively.
In the coming year, Yopaki plans to expand its offerings to include traditional asset investments, a bitcoin exchange, and sats back rewards for users. With a strong focus on financial inclusion and Bitcoin adoption, Yopaki is poised to make a significant impact on the Mexican market and empower users to take control of their finances.