Hyperglade’s Kalana Muthumuni, Lakshan De Silva, and Manujith Pallewatte shed light on building a successful tech company focusing on a global audience, and building global solutions for global problems. They co-founded Hyperglade with Dulitha Wijewantha, Malinda Muthumuni and Gamika Seneviratne, as a startup marketplace for NFTs in Sri Lanka that quickly ventured beyond the island’s borders, venturing into Silicon Valley, US to enable scalable growth.
Tell us the Hyperglade story and how you envisioned making a difference and identified a specific problem to solve?
In 2021, amidst the booming NFT market, we recognized an opportunity for Sri Lankan artists to generate revenue in US dollars. With the country emerging from the Covid-19 pandemic, we had access to a pool of talented artists, who were interested in selling digital art. However, launching NFTs and other blockchain products seemed daunting due to the complexities of wallets, crypto, and convoluted buying processes.
Inspired by the simplicity of online shopping on platforms like Amazon, we aimed to replicate that ease for NFT transactions, introducing fiat payments and enabling credit and debit card transactions for NFTs. for the very first time in the region. In Sri Lanka’s first NFT auction, our team implemented this innovative fiat payment option, attracting more participants than we anticipated.
The auction garnered significant attention, with the headline piece selling for $1,275 and five other artists selling their NFTs for an average of $200, marking our initial foray into the blockchain market, where accessibility proved crucial in driving engagement.
Soon, we partnered with Mastercard to provide payment options and became thought leaders, sharing insights on the blockchain, Web3, and NFTs at conferences. Concurrently, we continued supporting artists through NFT exhibitions and collaborated with a record label to launch an NFT marketplace for local artists.
While working on various projects, we recognized a market gap. Many individuals and businesses desired to launch blockchain-based projects but lacked Web3 knowledge and the upfront investment required for building real-world use cases. Launching a token was easy, but adding tangible benefits was expensive and demanded robust business acumen.
Based on this insight, we conceptualized a no-code platform that would simplify launching blockchain-based utilities. The platform offered template utilities for ticketing, identity verification, loyalty programmes, financial asset tokenization and many more. Users could create their utilities effortlessly, paying with credit or debit cards, without requiring Web3 expertise or cryptocurrency.
This approach aimed to popularize blockchain adoption. We already saw large organizations with successful implementations like Singapore Airlines’ KrisFlyer miles on blockchain and Dubai’s blockchain-based land deeds and ideated our platform to allow businesses of any scale. Ultimately, our product focused on bridging the gap and providing a user-friendly solution for launching blockchain-based utilities, simplifying yet enhancing the experience for businesses and end users.
What is your secret to leadership, approach to surmounting challenges and motivating teams to deliver growth?
We prioritized building our network and sought advice from various sources such as Hatch Works, Mastercard in Sri Lanka and Singapore, Draper Startup House in Singapore, and eventually secured funding from Draper Associates. We actively engaged with these individuals and organizations, incorporating their ideas and remaining open to feedback from our customers and mentors. This approach fostered a culture of idea-sharing and continuous improvement, allowing us to iterate on concepts and determine their viability.
Our overarching goal was to make blockchain accessible, and we pursued it by pooling our collective ideas and integrating the feedback we received. This collaborative process proved successful, enabling us to refine our product and achieve our objectives.
Why blockchain and Web3, and what is their evolutionary impact on the tech landscape?
Before the emergence of Web3 and blockchain implementations, developers lacked the means to create trustless systems. In decentralized platforms, individuals from different locations collaborate without knowing each other or having to rely on a single entity. That is a crucial distinction because most systems we rely on today, such as social media or banking, require trusting a centralized authority. However, breaches of trust have occurred in various sectors, including social media, banks, etc.
The revolutionary aspect of blockchain technology lies in its ability to create fully democratized systems. These systems operate without a central authority or individual to trust. With blockchain, there is trust among participants without relying on trust in each other, and that has transformed the technology landscape.
For example, in traditional banking, you trust your bank to maintain accurate records of your financial activities. However, instances of banking inaccuracies have occurred. Even social media companies have faced significant fines for breaching user trust. These organizations possess vast amounts of data and control but repeatedly violate trust.
In contrast, trustless systems have not violated anyone’s trust. The system is built on trustless principles, ensuring accuracy and preventing tampering. Smart contracts within blockchain automatically guarantee the system’s integrity, eliminating the need for human intervention.
Blockchain introduces a democratic approach, where changes to the system require majority consent. While different blockchains employ various mechanisms for decision-making, the essence lies in involving all participants in shaping the system—a hallmark of true democracy.
What are your growth plans?
From the beginning, our ambition has been to become a globally impactful company, empowering people and addressing significant challenges. This vision remains unchanged. Our strategy revolves around developing global products that tackle global issues. While Sri Lanka is predominantly a services market, we recognize the importance of engaging with global technology and addressing broader challenges to establish ourselves as serious players in the tech industry. We have taken it upon ourselves to confront global problems directly. In doing so, we position ourselves to compete at an international level. To succeed globally, we foster a global mindset by immersing ourselves in challenging environments and embracing high-stakes situations. It is through this process that we truly learn and grow.
Think of the big picture. What do you envision for Hyperglade in terms of making an impact and difference?
At Hyperglade, our focus lies in enhancing the accessibility of blockchain technology. We firmly believe in the immense potential offered by blockchain, and our goal is to enable users and businesses to utilize it effectively. Our vision revolves around empowering individuals and organizations to leverage blockchain. This vision drives our ongoing efforts and fuels our determination to create a platform where blockchain becomes easily accessible and beneficial to all. We are excited to be a part of this revolutionary technology.