Crypto for the Masses: Ox Bid’s Mission

Founder Oxana Bid is on a tear to make crypto accessible to every single type of retail user. As the leader and creator of Bolide, a newbie-friendly memecoins trading platform, her primary goal is to demystify the often-labyrinthine world of crypto investing for retail and seasoned traders alike.

The crypto market has witnessed hyper-rapid growth in recent years, with the total market capitalization reaching a mind-melting $1.2 trillion as of May 2024. But despite this monumental surge, many potential traders still need help finding the space convoluted, spooked by the tech jargon and foreign processes involved.

Ox Bid’s goal is to bridge this gap. She acted upon her passion for crypto as she started with early investments in Bitcoin and Ethereum. For her, it wasn’t tough to recognize the life-changing potential of a currency with no centralized authority. After years of mastering the crypto ecosystem, she birthed her first startup in 2017 — a peer-to-peer trading platform for buying and selling the top 10 cryptocurrencies. Although this inaugural brainchild didn’t take off, it provided priceless lessons that would mold Ox’s journey.

Bridging the Crypto Gap

After meeting her co-founders, Bid delved deeper into the decentralized market, developing trading bots and yield aggregators. However, Bid realized that most of the crypto market catered to technical users already familiar with the crypto space, leaving a significant gap for newer users not yet familiar with the terminology and technology. This realization led to the creation of Bolide.

“The crypto market has been developed by tech-oriented individuals for a similarly tech-savvy audience,” Bid explains. “We need more consumer-focused founders who can create consumer-friendly crypto products.”

Simplifying Crypto Trading

Bolide aims to do just that. With a mobile-native interface and seamless integration of techs like Account Abstraction with Pimlico and social login with Privy, the app allows users to create an account with just their email and trade memecoins easily, even with zero crypto experience.

The initial traction has been remarkable, with an average of 13 trades per user and a trading volume nearing $157,000 in just a few weeks. Through that initial success, Bid found validation in her belief that people would easily invest in crypto if they only had the right tools. A recent survey by Gemini found that 63% of traders think that complicated steps and processes are the primary barriers to investing in cryptocurrencies.

A Social Crypto Experience

Looking ahead, Bid envisions Bolide as a social crypto platform where users can follow influencers, friends, and top traders to make informed investment decisions. Drawing inspiration from platforms like Farcaster, Friend.tech, and Drakula, she aims to make the crypto market accessible but also fun and social.

“My goal is for everyone to be able to trade in crypto, build passive income, and enjoy greater flexibility in their life choices,” Bid emphatically says about democratizing access to this new form of wealth.

With her know-how in consumer experience, product development, and marketing, Bid is well-equipped to take on the hurdles of getting crypto into everybody’s hands. Her jump from an early investor to an industry innovator demonstrates her grit and bullheaded drive to make a lasting impact in the crypto space. She also has good reason for working quickly: According to a recent report by Chainalysis, the number of worldwide crypto users grew by 39% in 2022, reaching over 425 million. As this user pool expands, so do platforms like Bolide could play a vital role in onboarding the next wave of crypto enthusiasts.

Tom White, Special to California Business Journal