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About OpenPasskey
OpenPasskey is a payment network built on the Base L2 blockchain, designed for both humans and AI agents. Its core business is enabling merchants to accept stablecoin payments (like AUDC or USDC) directly via NFC taps, QR scans, or card payments, with settlement in seconds. The key innovation is using P-256 cryptographic signatures verified on-chain via the RIP-7212 precompile, eliminating the need for traditional card networks like Visa or Mastercard. This reduces costs (a flat 60 bps fee), removes intermediaries, and allows programmability (e.g., loyalty points or conditional payments).
The market pain point is that traditional card payments are slow (2-3 days settlement), expensive (interchange fees), and inaccessible to AI agents or automated systems. OpenPasskey solves this by offering instant, low-cost, and composable payments. Its narrative is "TCP/IP for money" — making payments as open and flexible as internet protocols.
In the past six months (March to September 2026), OpenPasskey has focused on pilot deployments in Sydney cafes, processing over 45,000 transactions with AU$66,000 volume. They launched a merchant dashboard and tested stablecoin off-ramps to bank accounts. However, no major negative events were reported, though risks remain: stablecoin regulatory uncertainty in Australia, and the challenge of merchant adoption beyond early adopters. The project is still in early stages, with limited geographic reach.
OpenPasskey, a payment network for humans and AI agents, began with a proof-of-concept at the Tempo hackathon, where an MPP request triggered a payment settled via its ClearingVault on Base L2. The project then launched a pilot at Chloe's Mama Kitchen in Turramurra, Sydney, processing real transactions with NFC and QR payments. By early 2026, it had expanded to 20+ cafes, 3,200+ wallet users, and 45,509 transactions totaling AU$66,000, achieving 4.5x industry week-12 retention. The roadmap progressed from Phase 0 (pilot) to Phase 1 (loyalty SaaS), with plans for Phase 2 (stablecoin settlement in AUDC/USDC) and Phase 3 (OPK token launch and governance). A significant milestone was the announcement of a formal response to the RBA's mid-2026 consultation on mobile wallets, BNPL, and e-commerce, positioning OpenPasskey as a compliant, bankless settlement layer. The project, built by three people in ten months with zero external funding, targets expansion across Sydney and beyond, emphasizing deterministic payment addresses (CREATE2), P-256 signatures, and sub-second settlement.
Over the past six months, OpenPasskey has made significant progress. Its Sydney pilot onboarded 600+ users and processed 6,000 transactions across 20+ cafes, achieving 4.5x the industry average for week-12 retention. Total volume reached AU$66,000 across 45,509 transactions, built by a 3-person team in 10 months with zero external funding. The project secured a Base ecosystem grant and was selected for Blackbird Giants Cohort 11.
Key technical milestones include the x402 protocol implementation, ClearingVault for atomic settlement, and SessionReceiver for deterministic payment addresses. OpenPasskey obtained its own IIN from ISO, enabling acquirers to add it to routing tables in roughly one day, scaling to tens of thousands of merchants per partnership.
Looking ahead, the roadmap focuses on: responding to the RBA's mid-2026 consultation on mobile wallets and BNPL; expanding beyond Sydney to broader Australia from Q3; and launching the OPK token via TGE in mid-to-late 2026, with 40% of supply allocated to the rewards pool and 20% to liquidity incentives on Base DEXs.
Victor Zhang (Founder): With 19 years and 7 months of industry experience, he was co-founder and CEO of Smart Token Labs, previously founded VVIP Group and other ventures, and worked at marcus evans. Now founder of OpenPasskey.
James Brown (Co-founder): No detailed bio provided in the reference information; only known as co-founder.