Matchpool Bids on Blockchain to Disrupt Multi-Billion Dollar Online Dating Market

Matchpool Bids on Blockchain to Disrupt Multi-Billion Dollar Online Dating Market

By Diana Ngo - min read
Updated 22 May 2020

Matchpool has announced plans to launch a new service that leverages blockchain technology to disrupt the multi-billion dollar online dating industry.

Matchpool UX Demo, Jan 2017
Matchpool UX Demo, Jan. 2017, via YouTube

A mix between Tinder and Meetup, Matchpool will allow individuals to create “pools” based on particular interests. These pools aim to facilitate connections among friends and niche communities and will come a number of features including messaging and a digital currency wallet. They are described as “a cross between Slack channels and Meetup groups – federated, invite-only groups owned and run by devoted matchmakers,” according to the whitepaper.

The idea behind Matchpool is to enable anyone, anywhere to set up their own matchmaking community, which they can monetize, the company said in a press release.

“Many online dating services use subscription-based models that do not align with the interest of the user,” said Yonatan Ben Shimon, CEO of Matchpool. “Our vision is to let anyone become a matchmaker in their own community to facilitate a more natural online dating experience for everyone involved.”

Opening a pool will be free of charge and a “host,” or a pool founder, will have several ways to monetize it: either charging a recurring subscription fee, or by charging for matches.

The platform will come with its own appcoin, the Guppy token, which will be used to incentivize participation. Ethereum smart contracts will handle the trust-sensitive ownership and reward structure within the platform, as well as the core logic which makes it work.

With an explosion of new websites and apps, the online dating industry is continuing to grow as today’s singles increasingly turn to the Internet to find their perfect match.

Online dating is no longer seen as a last attempt for the desperate and lonely but rather as a way to expand one’s dating pool.

According to Statista, 7% of adults aged 30 and 49 years in the US met their spouse or partner online. Each year, the online dating industry generates approximately US$2 billion in revenue and has expanded to an annual rate of 5% between 2010 and 2015.

As of July 2015, 22% of adults aged 18 to 25 years in the US had used online dating apps. Tinder, the most popular mobile dating app worldwide, has users in 196 different countries and makes some 26 million matches per day, according to data provided by the company.

Tinder is a location-based social mobile app (using Facebook) that facilitates communication between mutually interested users, allowing matched users to chat. The concept is quite simple: after seeing a few pictures of someone and reading their bio, you decide if you are attracted to this person, and swipe accordingly.

Matchpool is set to be launched in a limited released in the spring 2017.