What is Juno?

Juno is a two-in-one crypto and banking platform that serves individuals in the United States. Juno was founded in 2020 by Varun Deshpande, Siddharth Verma, and Ratnesh Ray, 3 crypto native builders. They had previously built Nuo Protocol which was a top 5 DeFi project in 2018, having more TVL than current leaders such as Uniswap and Aave.

Across seed and series A rounds, Juno has raised over $23 million so far from top investors like Sequoia, Polychain, GIC, Dragonfly Capital, and prominent angel investors including Balaji Srinivasan, Sandeep Nailwal, and Joseph Lumin (Co-founder of Ethereum) among others.

Ideal Customers of Juno

ICP prioritization framework

Prioritization order:

🥇First Priority - ICP 2 - Opportunist

🥈Second Priority - ICP 1 - Onchain OG

🥉Third Priority -ICP 3 - Offramper

The Prioritization Explained

• The Opportunist will have the fastest adoption, has the highest frequency of use case, and will be the easiest to find across channels
• The opportunist is always looking for ways to make their life easier. They are always on the lookout for upcoming crypto projects and ways to access different crypto networks easier and faster.
• The Offramper has the lowest frequency of use case (1-2 times per month) and will be difficult to find since not many people get paid in crypto as of now

User Goals and JTBD

JTBD in detail

The job to be done for our ICP is simple:

• They want to earn money faster by moving faster between
• • cash in their bank account or Cash App account and
  • crypto in their wallet
• How is Juno better at this compared to competitors?
• • Juno supports traditional payment rails like ACH and Wire along with more modern payment methods like Cash App. Competitors don't offer this
  • Juno allows users to withdraw crypto instantly after they buy it. Competitors enforce a 5-7 day holding period on crypto withdrawals

Juno Onboarding Teardown

Complete onboarding teardown keeping the JTBD of our ICP in mind

Activation Metrics

Hypothesis 1: 3 crypto withdrawals in 7 days

• From user interviews and observing user behaviour on the platform, it is clear that active users use Juno as a crypto onramp. This means that they go from cash to crypto in their wallet. For this, they need to withdraw crypto from Juno to their wallet.
• A comparison of retention shows that users who have made 3 or more crypto withdrawals retain much better than average

Hypothesis 2: 1 crypto deposit in 7 days

• From user interviews and observing user behaviour on the platform, it is clear that active users use Juno as a crypto offramp. This means that they go from crypto in their wallet to cash in their Juno account. For this, they need to deposit crypto from their wallet to their Juno account. One example of this behaviour is shown below:
• • User deposits (receives) crypto
    
  • User instantly sells crypto for cash
    

• A comparison of retention shows that users who have made 1 or more crypto deposit retain much better than average
  
• Why not 2 or 3 or more crypto deposits in one week?
• • There's not a significant enough number of users who make that many crypto deposits on Juno for the numbers to be meaningful.
  • Numbers suggest that users with even one crypto deposit retain better

Hypothesis 3: 3 Cash App deposits in 7 days

• From user interviews and observing user behaviour on the platform, it is clear that active users buy crypto on Juno using Cash App. This means that they transfer money from their Cash App wallet to buy crypto on Juno.
• A comparison of retention shows that users who have made 3 or more Cash App deposits retain much better than average
  

Hypothesis 5: Make 1 Litecoin trade within 7 days

• We've been seeing a lot of users trade Litecoin on Juno since it isn't available on Cash App
• A comparison of retention shows that users who have made at least 1 Litecoin trade not only retain better than average but also better than users that have made at least 1 Bitcoin trade (the most traded crypto on Juno)
  

Metrics to track

Quantitative

1. Entire funnel on a daily basis while checking page load events at each screen
2. 1. Signup (Email ID and Password created/Google/Apple Signup)
   2. Email sent
   3. Email verified
   4. Personal info submitted
   5. Mobile verification
   6. OTP sent
   7. OTP verified
   8. Address entered
   9. Document upload started
   10. Doc upload complete
   11. Onboarding questions
   12. Agreements accepted
   13. Time between KYC submission and account approval from partner brokerage/bank
   14. App opened
   15. Funding started
   16. Funds received
   17. Crypto bought
   18. Crypto withdrawn
3. Time to money - Time from account creation to receiving funds in their Juno account
4. D7, D14, D30 retention
5. Weekly transacting users
6. Conversion based on following cohorts
7. 1. Acquisition channels
   2. Primary funding method
   3. Primary coins traded
8. Weekly referrals

Qualitative

1. Customer support tickets received
2. App reviews
3. Discord sentiment
4. Twitter sentiment