Please describe your business and value proposition.
Scratch is developing an all-in-one, safe, secure, reliable, blockchain as a service wallet, exchange and payments platform designed to encourage broader adoption by addressing and resolving major industry challenges.
Our value Proposition is anchored on 3 key tenants:
1. Easy User Experience & On-Boarding: Remove the complexity of disparate product and service silos that exist in the industry today via a simple user interface allowing for onboarding in minutes vs. days, with immediate access to the Scratch ecosystem to make / accept payments or engage in trading.
2. Best-In-Class Customer Support: Scratch is building our platform for the customer, as so we will provide white glove, 24/7/365 live chat and email ticketing platform with multiple tiers which can escalate to live, person-to-person support.
3. Industry Leading Currency Exchange & Trading Platform: Scratch leads with a decentralized approach infusing centralized concepts to mitigate if not totally eliminate the respective drawbacks of the two approaches. Scratch will support crypto-to-crypto, fiat-to-crypto and fiat-to-fiat transactions.
What “pain” point in the market do you solve?
Amongst other things, Scratch Inc. solves for the following market pain points:
1) Platform: Lack of Customer Service
2) Platform: Complexity in exchange, wallet and payments on-boarding
3) Platform: Too difficult to use
4) Platform: Lack of trust
5) Payments: High fees and to many fees (across payments)
6) Payments: Uncertainty by merchants to adopt crypto payments
7) Exchange: Hybrid (best of decentralized and centralized constructs) approach with non-intuitive trader dashboards
8) Exchange: Lack of exchanges that are built to be regulatory friendly
9) Wallet: Desktop wallets are limiting, web-wallets vulnerable to hacking, hardware wallets are not agile
10) Wallet: Not intuitive to use and lack of integration to key ecosystem products
How large is your addressable market?
Scratch Inc’s platform is positioned for global growth. As we launch our MVP product we will be focused on targeting consumers and merchants operating in the $377 billion U.S. consumer electronics industry, which encompasses game consoles, computers, laptops, tablets, cell phones, smartphones, MP3 and other music players, TVs, recording devices, navigation devices, cameras, video games etc. and related entertainment services offered across these technologies.
Other interesting growth points:
1. A $60.7B market by 2024 ($708 million on 2017)
2. Payments are expected to be the largest segment of the blockchain space generating an estimated 2.2 trillion in revenue by 2020
3. Blockchain market has a CAGR of 79.6%
Here are the sources for reference:
This year, the blockchain market was worth $411.5 million, according to analysis in a report published this week. That report also estimates the blockchain industry will grow with a whopping compound annual growth rate (CAGR) of 79.6 percent, reaching a $7.7 billion valuation by 2022. The expansion will likely be driven by spiking demand for blockchain solutions, declining cost of ownership and growing demand for improved speed and efficiency in business processes that are addressable by the technology.
Payments are expected to be the largest segment of the blockchain space, of course, while the Asia Pacific region is expected to see the fastest blockchain industry growth rate during this time. – Link
By 2020, the global payments industry will generate an estimated $2.2 trillion in revenue, over $400 billion more than the figure for 2015 ($1.8 trillion) due to an average growth rate of 5 percent. Strong payments fundamentals underpin this forecast—primarily volume and transaction growth as well as outstanding balance growth. – Link
The global market for blockchain at $708 million in 2017 is anticipated to reach $60.7 billion in 2024. IBM and Microsoft are driving blockchain as their clients are making the transition to cloud services. Accenture has measurable market share as well.
A new study Blockchain: Market Shares, Strategy, and Forecasts, Worldwide, 2018 to 2024. The 2018 study has 210 pages, 73 tables and figures. Worldwide markets are poised to achieve continuing growth as blockchain proves its value by managing digital transactions in real time across enterprise boundaries, encouraging collaborative business efforts. Lowering transaction management costs is a key benefit. – Link
What are the primary drivers to growth in that market?
Scratch Inc. sees the following as key drivers to growth all of which supports our founding mission:
- Platform with high compatibility into the financial service ecosystem
- Faster transactions times
- Fraudulent activities surrounding ICOs making obsolete and unlocking new wave of regulation starting with STO
- Transparency and immutability
- Continued demand for distributed ledger technology therefore reducing total cost of ownership