Yapstone: connecting to a millennium of innovation!
It’s Not Make Believe - There IS an Island of Yap
Our name isn’t a made-up word or a mashup of existing unrelated words, it’s a deliberate connection to our past and a light that illuminates our future. In fact, our name is an homage to the Micronesian Island of Yap and its ancient civilization, known for having the largest currency in the world, and for the invention of a novel social accounting system to facilitate and manage transactions.
Starting well over a thousand years ago, the Yapese people scoured their neighboring islands to secure giant slabs of shiny calcite which they carved into donut-like shapes and then carried back to their island. These amazing cultural objects became the storehouse of cultural exchange value -- ie money!
Removing Friction in the Payment Process — Literally!
Reflective of their sheer size, yap stones were used for large, meaningful transactions, such as dowries, political deals, or inheritances. Weighing up to 8,000 pounds, creating these stones required a supreme effort to place, and moving one was a feat of engineering! The Yapese quite literally reduced friction from the process by inventing a system to make transportation easier by putting a log in the carved hole in the center of the stones and simply rolling them.
While this made the process of moving the stones a bit easier, it was still difficult, and this is where the Yap Islanders found a way to remove even more friction in the payment process: they innovated a community-based record and accounting system, based on shared social storytelling to keep track of which stone(s) and which parts of which stones belonged to who. In fact, the communal aspect of these transactions is why some experts cite the Yapese as laying the foundations for blockchain.
The term “frictionless payments” is a staple in our industry, which refers to the ease with which money is moved from one place to the other. The Yapese inspire us today because of their continuous focus on innovation in driving toward frictionless payments. Today, Yapstone continues to innovate in the payment space by using the most advanced data technology and machine learning to deliver seamless, online payment processes for our customers.
Like the Yapese, we have historically focused on large transactions, such as online rent payments. Today, we move billions of dollars around the world to support some of the largest global marketplaces and every day, we strive to evolve our optimized customer experience.
Building a Community of Amazing Individuals
The Island of Yap may be best known for its humongous money; Yapstone may be best known for tackling complicated payment technologies for complex business models, but both parties share another commonality: their sense of community.
Just like the community of Yap that came together to move payments and support their fellow citizens, our “Yapsters” bring their individual brains, talents, and work ethic to our team, which not only allows us to solve complex payment problems but also impact our community through charitable programs, like YapCares.
We stand on the shoulders of the great payment innovators of Yap, who have inspired us to create our own legacy of frictionless payments and community building. And if our Yapsters have anything to do with it, we’ll make it one for the history books.