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How Blackbird Is Unlocking Crypto's App Ecosystem | Ben Leventhal & Jesse Walden

Feb 28, 2025
Guest
Ben Leventhal
Guest
Jesse Walden
Ben Leventhal, co-founder of Blackbird and former co-founder of Resi, joins Jesse Walden, a partner at Variant, to discuss how Blackbird is transforming restaurant loyalty with cryptocurrency. They share insights on the challenges in the restaurant industry, emphasizing the need for direct customer engagement without middlemen. The duo explores the subtle integration of crypto in consumer apps and the innovative dual-token system of Blackbird. Personal anecdotes highlight their journeys and the potential of blockchain in revolutionizing loyalty programs.
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INSIGHT

Restaurant Industry Economics

  • The restaurant industry faces a profitability challenge despite its large size and growing popularity.
  • Third-party intermediaries significantly impact restaurant economics, taking a considerable cut of revenues.
INSIGHT

Variant Fund's Thesis

  • Variant Fund's thesis is to empower users with ownership.
  • Crypto can cut out middlemen by making stakeholders owners of the underlying network.
INSIGHT

FlyNet's Rationale

  • Blackbird chose to build its own chain (FlyNet) to maximize control, ownership, and governance for its users.
  • This decision reflects their belief in the long-term benefits of this structure.
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