The Story of THAT: Putting the Currency Back in Crypto
Crypto promised a new kind of money, but almost no one could actually spend it. The story of why THAT exists — founder Bailey Nahi's push for genuinely spendable crypto — and what THAT is today.
THAT Editorial Team
· 2 min read
Every product starts with a problem someone couldn't stop thinking about. For THAT, the problem was simple: crypto promised a new kind of money, but almost no one could actually spend it. This is the story of why THAT exists, and what we're building.
The gap: crypto you couldn't really spend
THAT's founder, Bailey Nahi, got into crypto in 2016. The deeper he went, the clearer one gap became: there was a huge distance between what blockchain could do and how little of it reached everyday life. The space was full of innovation, trading and speculation — but try to buy a coffee or pay a bill with crypto, and the practical options thinned out fast. Most "spend crypto" solutions just converted it back into ordinary money first.
The idea: a currency built for everyday life
The vision behind THAT was to build a cryptocurrency designed not to be traded and held, but to be used — spent on real things, with real businesses, as easily as cash. That meant focusing less on the usual crypto talking points and more on the unglamorous parts: usability, merchant acceptance, fees low enough not to matter, and a wallet ordinary people could actually navigate.
What THAT is today
THAT is now a live, non-custodial app that combines a crypto wallet with a directory of businesses that accept crypto — so you can hold your own funds and find places to spend them in one place. THAT itself is a fixed-supply, ERC-20 crypto asset on Ethereum, bridged to Polygon for fast, low-cost everyday transfers. (THAT's earliest rollout ran on its own network; it has since moved to Ethereum and Polygon.) Payments are peer-to-peer and settle on-chain in seconds — no card, no conversion, no middleman. In short, it's crypto built to be spent.
Where we're headed
The mission from here is the same as it was on day one: make spending crypto genuinely practical, and grow the network of people and businesses using it. You can read the full picture in the THAT whitepaper and the roadmap, or learn more about THAT.
The bottom line
THAT exists to put the currency back in crypto — money you can actually spend. Download the THAT app to try it, or if you run a business, see how to accept crypto payments.
Frequently Asked Questions
What is THAT?+
THAT is a fixed-supply, general-purpose cryptocurrency built for everyday spending, plus a non-custodial app that combines a wallet with a directory of businesses that accept crypto.
Who founded THAT?+
THAT was founded by Bailey Nahi, who set out to close the gap between blockchain's potential and everyday, spendable money.
Is THAT a Layer-1 blockchain?+
Not today. THAT is an ERC-20 token on Ethereum, bridged to Polygon for fast, low-cost transfers. Its earliest rollout ran on its own network before moving to Ethereum and Polygon.
What makes THAT different from other crypto?+
Its focus is spending, not speculation. THAT is designed to be paid directly to businesses from a non-custodial wallet, with no card and no conversion to cash.
Where can I use THAT?+
At businesses listed in the THAT app's merchant directory — a growing network concentrated in Australia. You can browse it in the app.