Creating Inclusive Narratives
Friday Futures with Songyi Lee
Songyi Lee is a co-founder of Gatherings, an experience design studio that reimagines the art of gathering. With a passion for fostering meaningful connections and cultivating appropriate cultures, they work with dispersed groups and organizations. Songyi is also a co-founder of Impact Collective, an investment and acceleration platform driven by community collaboration.
Her vast experience in the cryptocurrency field, which encompasses building companies, communities, and movements, was also instrumental during her tenure as CEO and co-founder of 37coins.
Songyi's extensive portfolio encompasses a range of projects across the domains of technology, community development, and cultural exploration.
#FridayFutures Highlight 23: Songyi Lee, Co-Founder - Gatherings
You started 37coins–a Bitcoin wallet for the low-tech and unbanked in 2013. What made you start building what was very cutting-edge for the time?
Before Bitcoin and cryptocurrencies became mainstream, I saw them as solutions to problems rather than as new forms of currency. I studied Social Work and had a simple life in Korea, but my curiosity about the world outside led me to travel extensively, learning about different cultures and their struggles.
I traveled the world and worked for Korea's largest NGO. During one assignment in Mali, West Africa, I interviewed a mother with five children. Her husband, who worked in the neighboring country Côte d'Ivoire, would send her money in a plastic bag and give it to someone who visited their village because there were no MoneyGram, Western Union, or any banks.
Their situation deeply affected me because people in developed countries had everything at their fingertips, while others were unable to store, send, receive, save, or invest their money. They suffered from poverty because they had no means to build wealth or have a secure way to handle finances. It seemed like an unending cycle, and it led me to delve into the problems of global remittance and financial inclusion. I realized that there had to be interactive financial activities like entrepreneurship and creating businesses to address the root causes of poverty.
I had a German partner back then who was a developer, and we began exploring Bitcoin to understand its potential use cases. At the time, there weren't many practical applications for Bitcoin so we thought of building something for those in need. While people in impoverished areas often had no internet access, they had basic 2G phones and solar panel chargers, and they had developed codes to communicate despite literacy challenges. I saw this as an opportunity to help them with the use of technology.
We developed a Bitcoin SMS Wallet, enabling people to send and receive Bitcoin without the internet. The issue of on and off-ramps for Bitcoin was a different question, but in those days, people could buy Bitcoin locally even on the streets. We launched it within two weeks and 29 different countries began transacting Bitcoin via text message.
What were the off-ramps at that point? How were people transacting Bitcoin getting it off their phones into real life?
Essentially, people who are well-versed in Bitcoin usually use hardware wallets or other types of wallets, while those at the bottom of the pyramid rely on local Bitcoin. Individuals who wish to buy Bitcoin can send a text message and receive the Bitcoin on their SMS wallet, then exchange it for cash in person, facilitating person-to-person transactions.
We also conducted surveys on the corridor between Singapore and the Philippines, as many Filipino mothers work in Singapore and had to spend half a day waiting at the bank just to send money back home. It was very inefficient and saw an opportunity to provide a last-mile solution for exchanges between the two countries. These individuals could now send Bitcoin instead of enduring the long wait at the bank, saving a significant amount of their time.
Could you share a little bit about what brought you to create Impact Collective and now Gatherings?
All of my work, including 37coins, has always been driven by a desire to solve real-world problems and alleviate suffering. I want people to realize their full potential through technology, innovation, and diverse narratives. I have always been fascinated by human behavior, collective action, and community. This interest brought me to social work where I could study human development, psychology, and ways to improve people's lives.
I moved to Silicon Valley during the early collaborative days of crypto, with everyone helping each other in this small industry. Over time, however, I noticed communities falling apart due to feelings of unfair treatment and lack of recognition. I then explored how crypto and Web3 technologies can capture people's contributions and provide fair incentives. I believe that not everything needs to be decentralized, but by decentralizing power and giving it to the community, we can potentially overcome bottlenecks and create more inclusive systems.
Impact Collective emerged from the need to bring more collective intelligence into investment decision-making. Traditionally, a small homogenous group of investors lacking diverse experiences and knowledge often decides where the money goes, but there are many contributors to the success of a startup: community builders, ecosystem builders, academia, and users. In the end, the financial benefits primarily go to the funders, while the ecosystem creators receive limited resources.
We created the “thanks token” to address this and allow the community to determine who receives funding. The community contributes to doing due diligence and supports the startup throughout. The fund then goes back to the community to ensure they also benefit financially. This approach provides investors with access to diverse deal flows and global perspectives, and makes sure ecosystem players who are oftentimes excluded from the financial upside receive benefits as well.
We have been running this model for two to three years and are now looking for the next iteration. We're exploring blended finance and charitable finance, so we can create a playground where all these ideas can coexist and continue to generate new funding mechanisms.
For Impact Collective, how do you measure in a credibly neutral way people's contributions in a way that they can then be connected to financial events and a more fair distribution?
We want to avoid over-engineering in our experiments, like with the Thanks Token for instance. Initially, we couldn't determine whether feedback from a prominent entrepreneur or an engaged student user held more value. Rather than imposing strict frameworks, we gave each founder 100 Thanks Tokens to distribute as they saw fit. We believe that this subjective method captures the genuine emotions and satisfaction of both the founders and the community members, rather than being driven solely by a fixed mechanism.
While this approach may not be the most solid or sophisticated, it emphasizes individual emotions and understanding. We want to explore the intersection of emotions and satisfaction with a financial tool to see how it evolves. Our ultimate goal is to ensure both founders and community members are happy and satisfied, rather than just providing them with a tool to use.
What do you think is the most exciting thing you've learned from hosting Seoul Bound which is now turning into xBound?
Seoul Bound was designed as an exclusive experience to fuse ancient wisdom with modern knowledge. It is a forum for a small group of people to discuss and learn from nature-derived wisdom.
The fundamental concept of 'weaving' symbolizes the meeting of different entities. Seoul Bound was established to bridge the understanding gap between the West and the rest of the world. While the continents of Asia, LatAm, and Africa carry indigenous wisdom in their DNA, the US and Europe excel in design, documentation, and tech creation. To bridge this cultural gap, we need to create an environment conducive to mutual learning and understanding.
Our three-day process begins with identifying ourselves as our own cultural threads. On the second day, we weave together these threads, creating a tapestry of cultural stories and personal narratives. By the third day, we have a beautiful fabric woven together and we then ask, "What do we want to achieve with this?" The event not only ends with a sense of fulfillment but also with a shared goal. This weaving process helps participants understand themselves better and appreciate meeting diverse entities, resulting in a team with a collective vision for the future.
Our ultimate goal is to formulate an inclusive narrative around Web3 and explore ways to make it less biased. Without this approach, we risk repeating past errors and potentially creating a scarier system devoid of any soul. We intend to slow down the progression towards a dystopian future.
We hope to see more events not just xBound, but also other events that focus on bringing people together. Despite the business implications, I believe offline gatherings will shape the future and create the most significant impact.
What has come out of that process with so many people and also different companies that inspire you?
We had a closing circle where attendees shared their experiences of the past three days. For some, it was their most radical encounter with Web3 to date. Others found it refreshing to be known for their thoughts and feelings rather than their professional roles. This human-centric experience inspired many, and to hear that this inspiration doesn't just end with the event but continues to impact their lives, inspires me. It's rewarding to see this experience fuel their future endeavors.
Web3 conferences often delve into intellectually complex topics, but I think there should be a focus on what we create as humans. We need to cultivate more emotional connections and tangible experiences, such as the simple act of exchanging hugs. This gesture is often overlooked but presents significant opportunities and inspires me further.
How can we stay in touch?
xBound has successfully secured more funding from the latest Gitcoin round. We now have an opportunity to develop a playbook for similar events, and it will be published soon for anyone wishing to host their own. You must however first attend one of our xBound events to be able to officially use the ‘xBound’ name for your events.
Our next event is scheduled for December in Taiwan. If you are interested in joining us, just DM me on Twitter. You can also follow my other projects on Twitter or LinkedIn. I am not heavily active on social media, but I have recently launched a YouTube channel for lifestyle content. I am very accessible so feel free to contact me on Twitter, Instagram, or my YouTube channel.
Have thoughts on this week’s topic or question for me or Songyi? Post your thoughts in the comment section. Until next week.🙂
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