In contrast to the fast-paced trends of Web3, the niche track of hardware wallets requires more patience to build. Lixin Liu stands as one of the most respected builders in this niche track. In our tenth dialogue, we are delighted to have Lixin Liu share his entrepreneurial journey and insights into Web3.

Q: Could you please share some of their previous experiences and how they got into Web3?

A: I first learned about Bitcoin back in 2009 while I was in college. I found it quite interesting at the time, but didn't get deeply involved. Then in 2013, when I started my own business, two friends who had returned from the United States reminded me to pay attention to Bitcoin. Coincidentally, there was a significant surge in its value at the time (it reached $100), which left a deep impression on me. That's when I made my first attempt to purchase a few Bitcoins.

Because I initially had the most familiarity with Bitcoin (I also started from the Bitcoin community), I began developing hardware wallets in 2017. It wasn't until 2021 that I formally entered the Web3 space and quickly started collaborating with Metamask.

In 2023, we also merged with UniPass, and our primary focus is on international payments using stablecoins.

Q: What prompted the merger of Keystone and UniPass into Account Labs? Could you share the story behind it?

A: Firstly, I have been good friends with the UniPass CEO for a long time, and I used to work as an advisor for UniPass. Additionally, while Account Abstraction (AA) is a powerful technology, we needed to identify better commercial use cases for it. The founder of UniPass and I frequently discussed commercialization scenarios.

Secondly, our two teams have complementary strengths. The Keystone team possesses strong upper-layer development capabilities, while the UniPass team has years of experience in exploring the technical infrastructure. Both teams have deep expertise in the Web3 account field. As we delved into the business, we realized that there was a significant gap in the market – the lack of a hardware wallet with strong adaptability that could help users securely manage their private keys while seamlessly interacting with various software wallets. However, this couldn't be achieved through standalone efforts alone, so merging with a team that had a deep technical foundation was a logical and seamless choice.

Q: Would you and your team have different directions, plans, and working styles in bear markets and bull markets?

A: First , I aim to minimize the impact of market conditions on what we do because bear markets on Web3 can be particularly challenging. Secondly, I prefer to focus on long-term tracks rather than short-term trends because I genuinely want to see blockchain technology thrive in the long run.

The reason we chose to develop hardware wallets is because it's a fascinating niche within the industry. During bull markets, the business thrives due to the influx of new users and market growth. During bear markets, it also performs well due to security concerns and occasional exchange scandals.

In my perspective, this represents a state of long-term stable development, and it's the kind of steady growth I want for the company.

The same logic applies to the UniPass wallet, which currently focuses on cross-border payments using stablecoins. We aim to address the income issues of online laborers in the Philippines by providing a Web3 solution.

This track isn't the typical Web3 direction, as it involves various external scenarios. However, the demand for it is a long-term and stable presence, something we expect to continue for 5 or even 10 years. It's not as experimental or uncertain as some other Web3 directions, which might not gain traction or could even die out within 3-6 months. Our style and rhythm revolve around these long-term stable directions.

Q: Recently, Account Labs secured $7.7 million in funding, which is a significant milestone and a testament to the recognition from various investors. Given where we are today, Lixin Liu, what entrepreneurial experience do you consider most worth sharing with everyone?

A: I believe the most crucial aspect of entrepreneurship is to have a clear understanding of what you want to achieve in every aspect. This includes knowing your technical capabilities, your strengths and weaknesses, the business model, the execution plan, and how to acquire users. Thinking through all of these aspects is of paramount importance during the entrepreneurial journey. Many founders often think they have it all figured out, but delving deeper into the details reveals logic that needs to be cross-referenced.

Another lesson I've learned deeply is that during entrepreneurship, you must learn to prioritize and avoid doing everything. Lack of a clear direction can lead to team exhaustion. Achieving results becomes challenging if you don't focus on one thing at a time and accumulate expertise. So, it's a deep insight for me that you must prioritize and focus, and when you focus on a particular point, it should be the result of previous thought and genuine conviction.

Team building is also highly important and something we invest a lot of time in. This includes selecting high-quality employees, bringing the team together, and improving team collaboration efficiency. These are often overlooked by many young entrepreneurs, but our team has put a great deal of effort into these aspects.

Finally, I believe that maintaining a rhythm is crucial during the entrepreneurial journey. Many teams surge ahead during bull markets and slow down during bear markets. Of course, this is also related to the choice of direction and field. What we do can be described in one word – incremental. We take small steps every day and document our progress, and after a year or two, when we look back, we see significant changes.

Q: How do you view the future of Web3? Do you think hardware wallets and digital currencies will become as essential for everyone as bank cards and fiat currencies?

A: I think hardware wallets may not necessarily become a necessity for everyone. If we extend the timeline, they will certainly see substantial demand, but in the current situation, it will take a long journey for hardware wallets to become a necessity for everyone.

However, stablecoins, in my opinion, are likely to find applications in various scenarios and may drive adoption at a faster pace. As I mentioned earlier, in scenarios like cross-border payments, many small countries in Africa have highly unstable local currencies, and local residents often prefer to use stable currencies like the US dollar or Chinese yuan to protect their assets.

In the future, I believe this could become the first mass adoption scenario.

Q: Finally, is there anything that you would like to say to everyone?

A: I'd like to tell everyone that we are currently in urgent need of expanding our team and are working very hard on recruitment.

While other Web3 companies might be downsizing or going through changes, and some may even be struggling to survive, we are still actively hiring. We hope to bring on board more young individuals with 1-2 years of experience who are passionate about Web3, eager to learn, and filled with curiosity to join us in our endeavors. We believe in the potential of Web3 and are dedicated to building a strong and vibrant team to help us navigate the challenges and opportunities in this space. Thank you for your support, and we look forward to welcoming new team members on board.

Epilogue

We greatly appreciate Lixin Liu's responses and hope that everyone can make their preparations before Mass Adoption arrives.

We look forward to seeing what’s next for them and how their plans unfold in the years ahead. Stay tuned for our next engaging conversation with another prominent Web3 leader.