Building Bankless Banking
Grace Guo is co-founder and CEO of domo, the business front-end for crypto operations. domo makes it easy for any business to use crypto in their financial operations. Grace was inspired to build domo after experiencing the problem first-hand, while serving as COO of a crypto venture studio. Her mission is to make operating a business in crypto as familiar as, if not better than, operating in fiat.
Eve #wealthwednesday Highlight 84: Grace Guo, Co-Founder and CEO - domo.so
What was your first-ever investment?
My first investment was actually in Bitcoin and Ethereum back in 2017, which was a very pivotal moment for me in my career journey. Before that moment, I had always worked in traditional financial markets, where there were many restrictions on whether you were able to buy single-name stocks or engage in other types of investments. Thus, I did not have much experience in this area. However, after I started learning about crypto and Bitcoin and Ethereum in particular, I decided to buy some in order to learn more about them. Since then, I have been on a crypto journey and have continued to learn more about this exciting and dynamic field.
I have a friend named Kyle, whom I attended university with. He was visiting New York to attend a crypto conference, and we met up to catch up. During our conversation, he spoke about the potential use cases of this revolutionary technology, and it was the first time that I had ever been exposed to it. Despite having heard the terminology before, I had not delved into it. After speaking with Kyle, I felt intrigued by the topic and decided to learn more about it. I started by reading the Bitcoin white paper and learning about smart contracts, among other things. As I delved further into the topic, I began to meet other young people who were doing innovative things in the crypto field. Seeing the impact they were making inspired me to jump into the field as well.
Around this time, my friend Cathy offered me an opportunity to join her early-stage crypto startup. I felt that it was an opportunity I couldn't pass up, so I took the leap and decided to continue my career in this exciting field.
How and why did you get into the space?
During my time at Goldman Sachs, I had the opportunity to work with an exceptional team comprising intelligent and sharp individuals. I enjoyed the group I was working in, where we had exposure to the daily markets, and things were constantly changing. However, I began to realize that I craved an entrepreneurial environment that would allow me to experiment with my ideas more quickly than a corporate structure typically permits. Although I was not sure what that would entail at the time, I had many ideas that I wanted to try out. As I learned more about the crypto field and began sharing my interest in it, I reconnected with Cathy, who shared her experiences and ideas with me. When she offered me the chance to work with her on an early-stage crypto startup, I had never thought about working in startups before or been exposed to entrepreneurship. However, it felt like a thrilling adventure, and I was eager to jump at the opportunity to experience something new and different from what I had encountered previously. I was confident that regardless of what happened, something great would come out of it.
What role do you play in the wealth space now and why is it important??
I believe that one of the most exciting things we have observed in the crypto industry is the consistency of companies operating in this space, despite the potentially frothy markets. These companies are using stablecoins to pay vendors and contractors, and tokens to compensate their employees. Many teams treat stable coins as equivalent to the US dollar and use crypto to run their businesses and operations. This behavior is already happening today and presents a significant opportunity for entrepreneurs to explore what it's like to build a business in a blockchain-based environment. For instance, around 37 billion US dollars worth of assets are being held in NOSA states, which are smart contract wallets on Ethereum. These are held across 1,300 wallets and 80,000 of which came online last year. This potential goes far beyond investing and trading, which have been the primary use cases for crypto in recent years. Instead, businesses can experiment with using stable coins and crypto for payments, making their operations more efficient.
What is the most exciting thing you’ve learned that you would want others to know?
Something that I am often asked as I build software and work for crypto is whether my background is in engineering or if I am technically proficient. My answer is no. I do not have a technical background and I did not study computer science in school. Unfortunately, I also do not know how to code, although I wish I did. Despite this, I strongly believe that there are still a lot of impacts that I can have in the space, and I am not alone. Many other people in the crypto industry come from similar backgrounds to mine, where they excel in areas such as operations, finance, and other business functions. These are areas where the industry needs more people to be excited about pioneering what these roles look like in this new crypto world. I find it really exciting that people are starting to realize that you don't have to have a technical background in order to make a big impact in this industry.
Is there a person or a company that’s really inspired you? And why?
A few people whom I find inspiring in my free time are my co-founder, Sol Irvine, whom I really look up to. Sol, a lawyer by training and a developer by background has built a company before and successfully exited it. He has imparted a lot of wisdom from his own experiences, and I respect him greatly for that. Another person whom I admire is John Green. Although he is not necessarily specific to the crypto industry, I have found a lot of food for thought from consuming his content, which affects the way I make decisions about my business. Similarly, I have been listening to a lot of Alan Watts recently and have found his content to be very enlightening. In terms of founders, I have learned a lot from Sam Corcos, one of the co-founders of Levels. He puts out a lot of really great content on building remote businesses, company culture, and generally building a startup, including communication, fundraising, and more. He is definitely someone that I have looked to for guidance throughout my own journey.
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What advice do you have for someone getting started?
I believe that setting a goal and consistently putting in the effort is the most important and beneficial thing you can do for yourself. Mistakes are inevitable, and while it's important to reflect and learn from them, it's essential to avoid dwelling on them. By following this approach, you can establish a productive rhythm that allows for significant growth and progress in a relatively short period.
As an early-stage company, it's essential for us to communicate our story and explain exactly what we do. We've spent a lot of time writing and clarifying our narrative, but sometimes when I try to tell our story to someone new, I get caught up in the details and end up confusing them. It's frustrating because I don't want to waste anyone's time, and I want to communicate as clearly as possible.
Whenever I have these conversations, I reflect on their facial expressions and try to identify what resonated with them and what didn't. I think about what I can do better next time, whether it prefaces the conversation differently or explain a concept in more detail. I take all feedback as an opportunity to improve and refine our message.
How can we stay in touch?
I am trying to tweet more about my day-to-day experiences as a founder. You can find me on Twitter (@guocamole). For Domo, we also have Twitter (@domodotso)? and I encourage everyone to also check our website regularly for any updates.?
Have thoughts on this week’s topic or question for me or Grace? Post your thoughts in the comment section. Until next week.??
DISCLAIMER: The thoughts and views expressed in this video do not constitute financial or investment advice.
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