Blockchain Magazin | Interview with Max Krupyshev, BlockTales Interview SeriesJun 10, 2021
Cryptocurrencies have been discussed and debated for a long time, but are now coming to light as financial tools that can be accessible and useful not only to die-hard connoisseurs. Cryptocurrencies have the potential to enable social and economic growth around the world, including developing countries, by offering easier options. access to capital and financial services hello, I'm smithy's executive content editor for
magazine and today in our blog
serieswe have max groups, we have the CEO of coinspain, we're going to discuss how the cryptocurrency industry it can contribute to economic growth, the growth of decentralized finance, and much more. more max it's an absolute pleasure to have you here today so we wanted to thank you so we wanted to start with uh what brought you to coinspeed and what is it tell us more about this to our audience what piques your interest in
blockchainand industry of cryptocurrencies, yes I will start with the second one, so I started with cryptocurrencies in 2013.
I was living in Ukraine at that time and we started developing a simple software with my friends and then I got interested almost immediately. I started writing in the Bible was what led me to understand what the machine is actually doing and that's how I started to understand the whole idea behind blockchain and Bitcoin in particular, because at that time it was mostly Bitcoin and only a few altcoins more, um, yes, I am. I was working with sex i o g hash it was uh it was the mining pool that I co-founded the bitcoin foundation ukraine I was doing a lot of educational events and I also organized weekly events like satoshi square where basically in these early days of cryptocurrencies we would meet up Basically this trend came from London and then over the years, in different projects in 2019, at first I was hired by Coin Spade um as head of business development and in just three months I was appointed as CEO and since then I am basically responsible for the success of the project and already I'm a group of brands, that's something I'm really happy to know, so you know, we want to understand what the most common misconceptions are about your service.
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blockchain magazin interview with max krupyshev blocktales interview series...
Yes and what? We do it well, we are already in an ecosystem, so our main goal is basically to bring cryptocurrency and blockchain services to companies and individuals, so that those who are not particularly interested in the industry but need to solve some of their daily activities with cryptocurrencies, so we make it easy to access and use them as a business, so right now, talking about the ecosystem, we have otc, we have crypto processing, we have b2b and b2c wallets for individuals and companies, and all of this is similar. very simple, so as main product is crypto processing, the main mistake that traders often ask is even though the details of cryptocurrency are not clear, and of course, we provide a lot of education, every day and every months, I'm hosting a webinar to understand it. but the winner is basically the merchants who are afraid of price fluctuations, so mainly my b2b client asks, but accepting cryptocurrencies is risky because their price fluctuates and honestly, like five six years working only with cryptocurrency payments, I still don't do it do.
I understand where this misconception comes from because basically all suppliers, and us in particular, exchange cryptocurrencies for fiat immediately, so when for example the customer pays in ethereum for some goods over the Internet and the original price of the goods Let's say well. because this is the currency that everyone understands uh um, let's say a fraction of ethereum is immediately converted to dollars and deposited into the merchant's account. Usually every conversation with the client with whom you never dealt with cryptocurrency starts with this question, I got it, so, world security. is the main concern of users, how does your system address the security issue?
Yes, security has been an issue and challenge for all fintech organizations and we wrote it even became more important, because stealing cryptocurrency is easier to abandon. trace compared to the theft of bank accounts etc. Of course, all the cryptocurrency exchanges that companies have been have always been like an easy target for hackers and of course for a company that operates with the funds from customers, etc., any case with the security branch, uh or any hacker attack that ends successfully leaves a reputation trail on the company, so it's not even a question of the money being stolen, It's just a matter of the system having the vulnerability.
There is no one key that basically solves all problems, it is always about investments and thinking about security from the beginning, so despite having security experts in-house, despite creating all the software we develop with Security counts, we do security audits every quarter with the big brands with the small brands that specialize in whitehead hacking or in general web security, we take it from Kaspersky from the 10 guards, which is basically a group of white-headed hackers and we do it Every quarter we started basically at the beginning of last year, so we are still selecting the for the second quarter of this year.
Great, you know how important the decentralized finance trend has been in driving new growth in the cryptocurrency industry. as we see on the right, this recent hype in the cryptocurrency market, which is like right now again at the bottom, probably those of you who follow the market started hearing about Defy and decentralized finance, yes, probably anywhere of both in 2020, sure, maybe some. of you even heard about 20 about this in 2019, I personally was thinking about how to create the centralized exchange before ethereum and I didn't invent anything because it was not easy to understand how to do it without the right of contract that appeared. only really in ethereum, so these ideas have been in people's minds for a long time, but only with the emergence of ethereum it became a reality and of course all these inventions in the decentralized industry need a lot of time. for example, bitcoin, right, it was launched in 2009, in 2009, yes, and before 2011, no one heard about it.
I rarely see the person who says I'm in crypto before 2011. Sure, because it was like I had a feeling. It was hundreds of people, not really a thousand, so the same thing happens when someone just invented something on Ethereum and they have challenges, they solve them and it seems like 2020 was the year that Defy finally solved the biggest challenges and these products really took off. They became usable. I think in many ways this recent growth of cryptocurrencies is mainly due to Defy, so basically what it gives to Defy is driving the industry in the way it actually absorbs, so it attracts the funds of people who They never had access. to the banking right or those who live and who live in countries where the banking is not as good or the financial system or the currency within the country might not be ideal for investments, so what people found, I think, with the La The appearance of the challenge is that they can invest their money completely for free in the protocols that are designed to invest in a completely decentralized manner, so they no longer need to use banks to use their funds as they want and the challenge has already grown properly.
Yes, earlier than what we saw just a year ago and of course people started exploring Defy and it basically created the same kind of snowball that we saw before, which started to increase in size due to popularity. I think there will also be future future developments in this field, but at least we can say that 2021 became a year where defy really appeared as the product on the market, so I would like to say that you are optimistic about the growth. from the challenge category, yeah, I think there's a lot more important and interesting things coming in the future in this space, yeah, so I feel like right now, in 2020, in 2021, we're just starting to see how institutional investors are.
They are being dragged into the market, which is usually a sign that funds and institutional investors are already interested in the space. We see that he reached something like the level of maturity that I already mentioned, a little bit of the numbers. So, the total value registered on Defy is already reaching 70 billion, so it is already a relatively large amount and we understand that this amount already means something. The total capitalization of crypto just a year ago was 150 billion, so now Defy is half that. of the money that was in the industry a year ago, so imagine, it's already a huge amount, um, yeah, so I think the market already moved because it was ahead of those people who were just challenging to make money fast. just to invest and make money quickly, so at this point you've already dragged in people who are here for a long time and we see projects appearing that claim to exist for years, so are there any challenging projects that you consider particularly ambitious? any particular trend that stands out in your mind, I would say that generally new blockchains appear that support defy in slightly different ways, you see well how defy appeared on ethereum, right, but then it became clear that gas prices are expensive. and so on, you will see how Binance quickly created its own Binance Smart Chain, which is a little cheaper than Ethereum.
It is argued that it is relatively centralized. I agree that the centralized challenge is something new that also appeared recently, but you will see that on cardano they are already creating the tools to challenge and and and for general polka dot contracts, which, honestly, I noticed only a year ago, during summer 2020, they are also quite a popular player. In the industry, talking about the projects, the chain link, I think it's interesting, true, it allows the projects to build the contracts and challenge, but they also have a way of talking to the outside world, this is a bird, it is they make up, which are which?
There are already big players that allow people to invest their money and get the money they need to trade or whatever and the uni swap, of course, I think this industry became what it is today mainly because of the uni swap. true, it really gave people access to exchange almost any crypto for any crypto within a blockchain, but it can be in a completely decentralized way. I think a lot of the projects that tried it didn't work for them, but I think the uniform is what basically brought the entire industry to the way it is now, um, and it's also nice to see that, with the existence and the way Defy looks, really, uh, blockchain has officially stopped being just about cryptocurrencies, right? now it's almost a financial infrastructure, right, it's not just about cryptocurrencies, it's about tokens for anything, it's not just about real money, it can be about assets and and and and what you name right, um, yeah, what I wanted to add , okay, yes.
I also wanted to mention one more thing, so what we are doing now that we challenge is not only trying to replace the financial instruments, but also trying to rethink the financial instruments away from the existing ones that are just trying to rationalize the flows. but in challenge, the new projects are more advanced and try to rethink the processes and make them more agile, they exclude intermediaries, etc., interesting, so, in your opinion, you already know what are the main benefits of decentralized finance in general , and are there any use cases that can be split that haven't been done or experimented with yet, yes, what I see is basically talking about countries and people that are still unbanked, with decentralized exchanges there is still a challenge because people still need identity. they still need to complete the kyc on the platforms which of course is a good thing but with defy it only allowed them to have the internet so with the internet you can basically enjoy the completely decentralized way of managing your funds so you don't have to anymore. we need banks, it was already available only with cryptocurrency, but right now, in this decentralized way, you also have financial instruments, so you can not only replace the way you work with your money, but also the way you invest your funds without really Trusting anyone with the coins pays what we do because we have a lot of clients that are pretty much retail clients and companies that deal mainly with existing business models, right, they are not, so to speak, experts in blockchain, so what we make? we are doing, yes, so what we are doing, we are simply planning to launch our challenge ecosystem to allow our clients to have an easy bridge to deal with, challenge to be able to invest in lands to stake their funds. in decentralized exchange protocols to also enjoy the worlddecentralized and we will launch it relatively soon, so follow our updates, sure, what does the future hold for paid coins?
Yes, this is maintained, this is maintained a lot, I think we have an incredible Team, we have an incredible goal in the industry. Right now I have a feeling that we are in the right place, in the right place, so everything we invented before really worked well, so we are streamlining the flow of payments right now. strengthening our b2c presence, creating an easy wallet to support our merchants, who also have a good number of customers, so it's just about inventing something new, testing it in the market, rethinking and learning from your mistakes, so I think We'll see, but I have a feeling that it's not a The question is whether it will help us grow or if it will work, but rather it is a question about when we will be able to invent, try to reinvent and launch on the market again, quite a cry, what advice would like to give to entrepreneurs looking to start their careers in the cryptocurrency industry, so I was that guy a few years ago, so I think there's a pretty smooth flow, so if you're curious about joining any companies or start your own project, everything starts from education, so right now on YouTube across the Internet there are many different materials, very quality videos and each company has its own blog and even some educational materials on the blog too because this is something like that like Our goal of every cryptocurrency enthusiast and every business is to educate new people, so you have to understand.
I have a girlfriend who has recently gotten interested in cryptocurrencies, so what she did was she started YouTube studying the history of money and she started studying. the history of financial systems, as soon as you understand what it is, you can start noticing the challenges and problems of these industries and then it will be easy for you to understand why blockchain and crypto even appeared and then you will start reading how blockchain works properly. what are cryptocurrencies and then you understand the trading, then you start to delve into what is decentralized, you understand the challenge and then you just delve into them in the direction that interests you, you find the project that you like, that you really like and that you like the business model um and then you just contact them and say I'd like to be a part of it and honestly right now everyone in the crypto industry is hiring so if you really understand the project well if you understand the industry , they will gladly hire you.
Right now is probably the easiest time you really want to get into cryptocurrencies or start a project. Investors are relatively interested in investing in new ideas. All cryptocurrency companies are hiring like crazy. I think this year is it, it's just May. We've already grown twice, we've grown from 50 employees to 100 employees in five months, so everyone is hiring, so the main problem is that people don't understand the industry, if you really dig deep everyone would be happy to do it. Hire yourself and the more you know about the industry, the greater the chance that you will come up with some projects that really bring some value to the market and your clients.
Great, I think that's all for now, thanks Max for your It was great to have you here, until the time David tunes in with us for the next
, it was great to have you here, Max.
, it was great to have you here, Max.
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