Mar 28, 2019
Interview with our founders
Recently we met up with Burger Crypto Asset Management, an asset management service that helps innovative investors with their crypto investments, offering a tailored service. Burger Crypto interviewed our founders and published the interview on their website: Burgercrypto.com
What was the idea behind Crypto2Cash?
We both have extensive experience in traditional financial markets; PJ 28 years in FX and Derivatives and Paul 10 years in Asset Management and Alternative Investments.
Through our business activities we came across many people operating in the crypto space, all of whom shared the same frustrations when trying to get out of crypto’s and back to fiat currencies. As an example, one of our customers had a large BTC position, in excess of EUR 5mio, held at one of the larger exchanges. However, when he wanted to close his BTC position, he was restricted to selling for only EUR 200.000 per week. This meant that it would have taken 6 months to completely close his position, a situation that we believe is totally unacceptable. The solution provided by Crypto2Cash would enable the same customer to close his entire position the very same day, and in fact, could be carried out in a SINGLE transaction. Providing ample liquidity was one of the key drivers behind the creation of what we today call Crypto2Cash.
We discovered that it is relatively simple to get your money into crypto, but selling your crypto for fiat currencies can be a very complex and time-consuming process.
With Crypto2Cash we have made every effort to combine the best of both worlds and have built our in-house solution, which we believe enables our customers to easily sell their cryptocurrency and very quickly receive the currency of their choice in their bank account in a hassle-free way.
Tell me more about the Crypto2Cash solution.
We have created a user-friendly, fast and secure way for cryptocurrency users to sell their crypto for fiat currency. We currently support two crypto currencies: Bitcoin and Ethereum. We enable crypto to be sold for 29 fiat currencies, including majors such as EUR, USD, GBP and CHF. We also support less mainstream currencies such as AED, SGD and ZAR to name but a few. We believe that this gives Crypto2Cash and its customers a distinct edge in the marketplace.
The platform supports pricing for larger amounts of cryptocurrency. We are able to offer liquidity of up to EUR 5mio (or currency equivalents) per day against cryptocurrency, something that is very hard to achieve elsewhere.
The most significant hurdle we have managed to overcome is the speed with which we are able to transfer and make your funds available to you. At Crypto2Cash the proceeds of your transaction will be paid out to you, in the currency you have selected, directly after the transaction is completed and with the minimum of delay.
What differentiates Crypto2Cash from the competition?
Firstly, we have made every effort to keep things simple and straightforward. Upon request our system immediately generates a quote in one of the 29 currencies specified. At the touch of a button the customer is able to accept the price that he sees on the screen which will be inclusive of ALL transaction and transfer costs. What you see is what you get. It really couldn’t be simpler.
Our solution has been built to already be fully AML, KYC and KYT compliant in anticipation of future regulation of the industry.
We see this as being beneficial not only for ourselves but our customers alike. Many players in this space do not insist upon the same rigorous standards as Crypto2Cash and may, in the future, be left playing catch up when regulation inevitably comes into force.
We are also able and more than happy to offer a personal service to our customers, so please do not be afraid to pick up the phone and give us a call.
What are your plans for 2019?
2019 is going to be a big year for us. We launched in the latter part of 2018 and this year we will become one of the first crypto companies to be regulated within the EU. This is a significant step forward.
The corporate sector has significant scope for expansion into the crypto world. Many corporates already receive payment for goods and services in crypto and this is likely to increase as crypto becomes a more everyday unit of payment. Previously we catered for such business manually but as of March this year we began the process of migrating customers to our fully electronic Crypto2Cash platform.
In addition we will soon be releasing our API to selected customers, enabling them to sell their crypto even more quickly by accepting our fully automated and streaming quotes.
Lastly, we will be making every effort to reach out to a wider crypto audience that has a requirement to sell crypto in a safe environment and a fuss-free manner.
What factors do you think will lead to the universal adoption of cryptocurrencies?
The technology behind cryptocurrencies is amazing, but getting started with it can be quite complex. We believe that this is one of the major hurdles in cryptocurrency adoption, or ‘mass adoption’ as some like to call it. Just try explaining cryptocurrency or blockchain to a random person at a party and getting them started with it. For example, try explaining why Bitcoin takes xxx amount of time to arrive in your wallet, and why this time can vary.
We believe that cryptocurrency will become more widely accepted once the user experience improves and becomes more familiar.
Using cryptocurrency should be no more difficult than using a debit card, although that may seem a little way off from where we are today.
Naturally if more merchants and businesses accepted cryptocurrency as a unit of payment, then the whole concept would be self-fulfilling. We think it’s only a matter of time especially when you consider that cryptocurrency payments can often be made more quickly and more cheaply than regular cross-border payments. To our minds regulation will represent a significant step towards mass adoption.
Looking five years ahead, we think that Bitcoin can become the currency of the internet. It’s a common topic in the crypto space and it seems natural because Bitcoin is so closely related to the internet. It might still be a bit slow to transact with Bitcoin for now, however, innovations like the Lighting Network look promising and we are very positive about the future of Bitcoin and where it will be in years to come with the advent of further technological innovation.
Is there anyone you look up to or would like to meet in the crypto space?
We have already come across some of the pioneering faces of the crypto world during our travels, but are genuinely more interested in the community as a whole. We have tried to focus on meeting those who may not yet have gained much fame but may become significant players and innovators in the future.
Given that our backgrounds were firmly rooted in the traditional, or some may call it ‘old school’, financial world it is both interesting and a very positive sign that a man of the calibre of Michael Novogratz from Galaxy Digital is prepared to put his money where his mouth it.
Get to know us
Give us a call on +31 85 2250 510 or email us at support@crypto2cash.com. Our members of staff are available between 9.00–18.00 CET to answer any questions you may have, especially in regards to easily selling your crypto for fiat currencies.
