BITmarkets is likely one of the main names within the crypto business. We lately interviewed BITmarkets COO Peter Sumer to higher perceive the distinction they’re making within the ecosystem.
Q: Hey Peter, let’s begin along with your introduction to our readers. As Chief Working Officer (COO) with BITmarkets, what challenges do you face in crypto exchanges?
A: One of many important challenges is the battle with the banking sector and discovering potential relationships and cooperation with the standard monetary sector after the FTX occasion. We attempt to deliver transparency by means of our actions and presence at numerous occasions and talk totally with banking and regulatory executives to grasp their wants and needs in order that we are able to speed up the connection between the standard and digital worlds. One other problem after all is the battle for market share the place we do our greatest to supply the perfect service to our prospects by means of advantages similar to native buyer assist or new added options chances are you’ll discover right here.
Q: You have got moved from the mainstream funding business to a crypto firm. In your opinion, what are the principle variations and similarities between the 2 sectors?
A: By way of services, each sectors right this moment try to supply purchasers with quick access to capital and liquidity, making it simpler for them to commerce or hedge. Nonetheless, I can nonetheless see a distinction in the way in which one tries to make it simpler than the opposite. Our monetary expertise is a bridge to a complete new degree of finance. I can see extra consideration being paid to the FinTech business within the coming years than ever earlier than. That is additionally primarily resulting from its simpler approach of connecting with synthetic intelligence.
Q: In its first 12 months of existence, BITmarkets has grown quickly. Is your crypto change nonetheless in its preliminary dynamic progress section, or have you ever already hit your key targets and consolidated your portfolio of purchasers and companies?
A: We’ve got a brand new goal now and it exceeds the earlier one. Seeing how briskly our progress has been in 1 12 months, I consider that with an awesome consultant {and professional} staff, we are able to obtain extra targets. You’ll be able to count on to listen to extra about BITmarkets sooner or later.
Q: What areas does BITmarkets at present function in, and the place do you assume there’s vital untapped potential for increasing the client base?
A: Presently, we’re primarily working in Central and Southern Europe and making an attempt to ascertain roots in Spain and Germany. Nonetheless, we see nice potential within the Center East. There may be a lot curiosity and enthusiasm within the space for digital property that you simply can not move up. Because of this reality, I’m looking for one of the simplest ways to develop our vary of services thereby speaking with the authorities and assembly with many professionals from this subject to offer BITmarkets what it must develop additional.
Q: What are your different plans for BITmarkets, particularly when it comes to increasing attain and guaranteeing straightforward accessibility for all?
A: Working carefully with regulators and business professionals, listening to the wants of our prospects, and sustaining the identical imaginative and prescient to take part within the best transition of the century. Aside from the Center East, we see BITmarkets increasing its attain to Southeast Asia. We can be attending one other Crypto Expo in Singapore this June. Town itself has so much to supply contemplating it is likely one of the most distinguished monetary facilities on the earth with such a complicated economic system and system. Our presence there’s positive to unlock new potential for future expansions and add new companies to our product portfolio.
Q: You have got turn out to be a well-recognized face at numerous crypto business occasions, most lately on the crypto summits in Bahrain and Dubai.
A: Sure, there I at all times realized how necessary it’s to fulfill nose to nose with companions, merchants, blockchain consultants and different “crypto species”. This occasion is a superb alternative for the group to broaden their horizons.
Q: What’s the important conclusion from these occasions?
A: The principle takeaway for us is accountability for our group. Though, for instance, the Summit in Bahrain was an amazing success for BITmarkets, resulting from which our mission was named the Finest Crypto Trade and, additionally awarded the Finest Crypto Academy award, the principle conclusion is accountability. When society values schooling and data so extremely, you should meet its wants and supply extra.
Q: In your interactions with different crypto business and authorities representatives, what are the commonest views and considerations about the way forward for crypto shared by everybody?
A: So, the recent matter being mentioned now’s the regulatory framework and CBDC inclusion. The European Parliament lately authorised a regulatory framework known as MiCA (Market in Crypto Belongings), so we are attempting to get a deep understanding of the potential regulation of the cryptocurrency market within the close to future. I’m very happy that the authorities are doing their finest to supply us all with a secure atmosphere to function, which is certain to deliver a brand new face to the FinTech business.
Q: Are you able to summarize the prevailing tendencies within the business on the whole, and, additionally, within the subject of crypto exchanges specifically?
A: The best consideration is now paid to the banking business and its turmoil. This can be a unfavorable pattern however nonetheless an undesirable a part of conventional finance. I actually hope that we can’t witness one other financial institution run and the FED and another skilled buyers will assist to regain religion within the banking system as a result of it’s the important pillar of the monetary world. Nonetheless, I consider that the crypto business has lots of potential resulting from its decentralization and transparency. I see that buyers are slowly beginning to search for enterprise ventures within the crypto business the place their funds will stay secure and be valued extra sooner or later.
Q: What do you assume is missing within the present crypto business? Any concepts on how this downside may be solved?
A: Training. We’re advancing quick, particularly within the expertise sector, and we want to verify we correctly educate our potential prospects on issues associated to cryptocurrencies and blockchain expertise. We worth the time our prospects dedicate to us and attempt to make this time a helpful expertise for them by offering glorious customer support. I consider that the extra we deal with the schooling half, the higher we perceive the wants of our prospects.