The 2018 “crypto winter” showed that the potential of the blockchain technology and the media-hype alone is not enough for the sustainable development of the industry. Many problems of the crypto market appeared, investors have become much more careful with their money. And more and more people, both among ardent crypto enthusiasts, and among “outsiders”, realize that “something must be done”.
Today, we talked about the problems of the crypto market and how to solve it, to those who not only understand, but do – the founder of the Bistox exchange Arutyun Nazaryan.
- First, tell us a little about yourself. How did you come to the blockchain and where did the Bistox come from?
I have been in business, in one form or another, since I was 15 years old. I tried myself in various fields. The most successful things went in IT – since 2012 I was engaged in the resale of software and games, and later organized my own payment system PressPay.
I started working seriously on blockchain in 2014, almost simultaneously with the creation of my own venture capital company. I invested in Bitcoin, at the early stage I put my money in Ethereum – the ether costed only 2.5 dollars that time.
Our Bistox Engineering company controls more than 7,000 miners – we have some of the coolest and largest mining farms in the CIS. And we do not plan to stop the development of this direction – in 2019 we are going to reach a new level. Moreover, we own a company that manufactures hardware wallets called BlackWallet, the release is held later in the year.
In short, the blockchain has become the industry where I have succeeded a lot and it continues to work well. Moreover, I even defended my thesis on the influence of the blockchain on the economy.
But the main brainchild, of course, is the Bistox Exchange company, of which I am the founder and CEO.
- Many experienced “big guys” of the financial market are very skeptical about cryptocurrency and blockchain. Do you think that they are definitely wrong?
Indeed, many financial market players perceive blockchain and cryptocurrency as a kind of “noise from the basement”, nothing more. They do not understand the principles of the blockchain. The technology itself is excellent, and cryptocurrency is a new century of payment systems, new money.
And since the majority of financial “big guys” are fundamental, their skepticism will go away when the crypt gets widespread. Roughly speaking, when in 70% of developed countries you can simply buy coffee for a crypt, then you can get their “blessing”.
At the same time, their caution is not entirely groundless – they do not like dark things, and today too much dark things is happening around the cryptocurrency market.
- What is missing from the modern cryptocurrency market?
Rules of the game and their compliance. There are not enough regulators, there are not enough big players with a lot of money who would come and set their own rules. There is a shortage of full-fledged platforms that would provide a safe and transparent way to the market and exit from it. Until there is a safe entry and exit, and until the shadow industry at least tries to eradicate, the cryptocurrency market will not develop.
- What problems of the crypto market do you want to solve with Bistox?
We would like to start mass adaptation. To show that in the cryptocurrency market you can also do business in a normal way: with all standards of service, with all standards of international regulators. To show that the cryptocurrency market may be a bit like Wall Street. It is clear that Wall Street is also not white and fluffy, but at least there are rules of the game.
- And how are you going to do this?
First, we will show people all the functioning, all the processing, all our finances. People will see everything that happens. Bistox will be the first truly public cryptocurrency exchange.
Secondly, we will try to give customers the most user friendly interface. And the most convenient help inside the platform so that people do not lose money because of stupid mistakes.
And the third thing that I consider the most important is that we will give people the opportunity to trade peer-to-peer. This opportunity is now very limited, but as soon as you give people a real opportunity to choose it, the level of implementation of cryptocurrency will change dramatically.
- Will Bistox be of interest to anyone beside professional traders?
The exchange will be designed for traders and investors of different levels and with very different knowledge. Even people who have never engaged in trading and investment will understand everything.
We will provide the most transparent and clear vision of what we are striving for and will share it in the most accessible form.
- All projects declare their desire to change the world for the better. But we all understand that the stock exchange is not engaged in charity. Who will pay for all these benefits? Will you raise the commissions?
We do not want to change the world. We just want to improve the existing cryptocurrency market. To make it more popular, understandable and friendly for those who have never heard of it or are just afraid of it.
Of course, we will earn money on this, our rate is 0.25%. But in no case we will raise the commission. Reduction of the rate – yes, perhaps, after a while, an increase – in no case.
- There are hundreds of cryptocurrency trading platforms today. In your opinion, how high in the “food chain” will Bistox be in a year?
Now we are at the bottom. In a year we are planning to enter the top 10 crypto exchanges, in 5 years – the top 5, and in 7-8 years – to become the market leader. Well, or at least one of the market leaders. We will definitely become the company of the “big four” in the world of cryptocurrencies. And we have all the possibilities and capabilities to make the cryptocurrency market more understandable, simple and secure.