What is the Cryptocurrency Payment Service "Slash"?

Since the beginning of 2023, activity across various fields encompassed by Web3.0 has been ramping up. In the cryptocurrency sector especially, discussions around corporate taxation, the structure of individual transaction taxes, and other related matters have been accelerating, signaling gradual changes on the horizon.

For Web3.0 to achieve mass adoption, creating seamless everyday experiences will be crucial. Among these experiences, "payments" are likely to play a central role. In modern society, daily life revolves around the inevitable exchange of currency for goods and services.

Globally, services that support cryptocurrency payments are on the rise, showcasing their practical utility. However, in Japan, the widespread adoption of cryptocurrency payments remains limited. This can be attributed to several factors. Most Japanese citizens already have bank accounts, and cashless payments and credit card transactions are common, leaving little room for the perceived need to adopt cryptocurrency as a payment method. Additionally, Japan’s tax system, which imposes taxes on even a single cryptocurrency payment transaction, serves as another significant barrier.

Amid these challenges, how does Shinsuke Sato, the mind behind the global payment solution "Slash," perceive the current landscape? In a candid interview, Sato shares his insights on the core issues and his plans for the future.

The Inspiration Behind Founding "Slash"

Hiroki Nagatomo (Nagatomo): Could you share your background and what led you to delve into the world of crypto?

Shinsuke Sato (Sato): My background includes running a company in Japan for about 10 years, where I handled a wide range of tasks such as creative design, system development, and marketing in the web domain. After gaining substantial experience in Japan, I decided to make a change and relocated to Singapore three years ago. However, this coincided with the onset of the COVID-19 pandemic, which made physical work impossible.

I had already owned some cryptocurrency, including Bitcoin (BTC), but the extra time during the pandemic allowed me to delve deeper into the world of crypto. Additionally, I started working with a centralized exchange (CEX) in Singapore, which significantly expanded my connections in the industry. This led me to explore DeFi, and I was fascinated by its potential. That was the beginning of my journey.

Nagatomo: What inspired you to establish Slash?

Sato: One of the key triggers was the opportunity to develop payment systems for a CEX. While researching and building a business in the DeFi space, I realized that I wanted to create a product that was firmly rooted in real-world applications rather than one that constantly relied on external investment to survive. Given my experience and interests, the payments sector was a natural fit for me.

Nagatomo: What challenges did you face during the process?

Sato: Slash doesn't hold liquidity itself but aggregates various DEXs to handle the FX aspects of its payment system. In Japan, there’s an unfounded stigma that "DEX equals bad." Many people dismissed our approach outright without even trying to understand the benefits of these solutions. The biggest struggle was overcoming this negativity and the shallow, preconceived notions that labeled DEX as inherently risky. Convincing people to see the value of what we were building was particularly challenging.

Nagatomo: You mentioned having a global perspective. What led you to launch your service in Japan?

Sato: When we were preparing to launch Slash, the term "Web3.0" started gaining traction in Japan, and we sensed an emerging wave of interest. That’s why we decided to make Japan our initial market. Of course, no one knew what Slash was at the time, so we created a comedy video called "A New Type of O-Aiso" (a lighthearted take on traditional Japanese expressions of gratitude) to raise awareness. The timing aligned perfectly with the growing buzz around Web3.0 and the notion that crypto assets were becoming something remarkable. Our goal was to capture the attention of casual users and demonstrate that this kind of future is not just theoretical—it’s already here and happening now.

Nagatomo: How did you expand the Slash ecosystem and increase the number of participating merchants?

Sato: Before focusing on expanding the Slash ecosystem, it was more important to raise awareness about crypto payments. For the first year, we were fully dedicated to this effort. The video I mentioned earlier was extremely helpful in getting merchants to understand what Slash is all about.

While the "New Type of O-Aiso" video might give the impression that restaurants and brick-and-mortar stores dominate, the reality is quite different. Online services actually account for the majority of demand and transaction volumes.

Nagatomo: In the context of payments, Japan already has a well-established cashless payment system. What are your thoughts on the differences between crypto payments and cashless payments, and their potential coexistence?

Sato: As of 2023, cashless payment methods like PayPay and Suica undoubtedly provide a better user experience compared to blockchain-based crypto payments. Their databases and front-end systems are perfectly aligned, ensuring a seamless and stress-free experience for users.

In contrast, crypto payments require the movement of assets on the blockchain, which means our front-end database must track transactions on the blockchain. The separation of databases and blockchain increases the time required for payments, making crypto payments less user-friendly when viewed from a usability perspective.

This raises the question: given the convenience of existing systems, is there a need to create something to replace them? Our conclusion for 2023 is not to replace cashless payments but to focus on "value transfer," which has become a core theme for Slash.

For example, using Slash to seamlessly transfer Ethereum (ETH) value to a digital wallet or payment service. Our goal is to enable the seamless movement of value between different systems.

Nagatomo: What is your next strategy for achieving mass adoption of Slash?

Sato: I see significant potential in the gift card market. Ultimately, users want to convert the value of their crypto assets into goods or services. The shortest route to achieve this is to convert crypto assets into gift cards via Slash. This simplifies the process of transferring crypto value into tangible items or services.

Nagatomo: Finally, could you share your vision for the future of Slash?

Sato: Our goal is to enable smooth and seamless value transfer through payments. Beyond the gift card market, we are also focusing on the online travel industry. We aim to create a future where any form of value can be seamlessly transferred, regardless of the type of goods or services involved.

Profile

◉Shinsuke Sato
Slash Vision Labs CEO

In 2011, established Holyday, a company focused on creative production as its main business. Since 2020, has been based in Singapore, developing payment system solutions and serving as a project management supporter and development partner in the Web3 sector. In 2021, began developing the Slash Protocol as their first Web3 project in Singapore, and in May 2022, founded Slash Fintech in the British Virgin Islands.

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