The financial industry is at the forefront of innovation. Startups are constantly looking for ways to make more efficient products, improve customer experience, and make it easier to manage finances. Digital assets like cryptocurrencies are heavily discussed and are becoming an accessible investment item in many portfolios.
Some people invest in digital assets and cryptocurrencies because they believe that they will be the new alternative to traditional currencies one day. Other people invest in them merely for financial gains and perceive them as an alternative to stocks and index funds.
In this interview, we talked to Eyal Daskal, Founder at Crymbo, who are transforming the digital assets industry by enabling traditional financial industries like Banks to offer their customers digital assets and crypto investing.
What is the importance of blockchain in the financial industry?
Eyal: Basically, blockchain technology fits any industry. Blockchain’s unique characteristics can increase trust, security, transparency, reduce costs, provide a higher speed of transaction, improve traceability, and bring other benefits to businesses.
Those aspects are obviously essential in the financial industry, as they can provide a highly secured and trustworthy transaction that can be processed much faster while eliminating many of the processing and transaction fees and risks; all while being more transparent (since users are performing activities on a public ledger, therefore you can also expose frauds easier).
How does Crymbo enable mainstream financial companies to become meaningful players in the digital assets marketplace?
Eyal: These days, there is a growing number of mainstream financial companies (Banks, Financial institutions), which are interested in widening their portfolios with blockchain-based products and services.
However, those financial companies have encountered many market barriers and blockers that created a growing gap. This gap initially starts with the knowledge barrier through the technology, liquidity, and regulatory complexities.
Financial institutions face an expensive “Entrance Ticket” and a long time to market. They are also lacking the ability to tackle the evolving changes in this space and find it hard to create an added value over the current players in this space.
Therefore, financial companies are not a meaningful player in this space today.
Crymbo was founded to bridge this gap and solve the ever-evolving challenges and barriers of the mainstream financial companies by enabling them to shorten the time to market and become a meaningful player in the digital assets marketplace, while Crymbo provides a holistic solution. Crymbo’s vision is to revolutionize the way the financial markets operate and interact today by introducing the next generation DeFi platform that will integrate the mandatory requirements of mainstream finance, together with the enhancements of the digital asset markets. All under one platform powered by clearing and settlement rails that enable direct access to a wide range of decentralized financial products and services
Eyal Daskal, Founder, Crymbo Source: PR
What are the risks and opportunities of digital assets?
Eyal: We must bear in mind this is a new and growing market, and this dictates most of the risks and opportunities.
Opportunity-wise, there is a huge untapped market, consisting of 100,000+ companies globally, that can’t serve 99% of the world’s population, that haven’t bought digital assets. This is obviously a huge opportunity. The crypto market has soared to an all-time high, reaching a market cap of $3 trillion while the demand keeps growing, and countries aim to issue their own currencies. Mainstream financial companies are eager to offer blockchain-based products and services in a market that basically grew without them. For them, this is a huge opportunity, and once they join, the market will even grow more rapidly.
Risk-wise, the market is volatile, which influences the value and holdings of customers. As the crypto market is still small, every event might influence it dramatically. Ramping on and ramping off is a big issue, so customers are having issues getting in and out of the market; moreover, with thousands of currencies, it’s hard to differentiate between the “legit” ones and the “shady” ones.
In some cases, there might be a lack of liquidity that influences market prices. When looking at regulation aspects, they are unclear or missing a regulatory framework, and this impacts demand and trust in this space.
Current market players are mainly private companies; some are unregulated, the process is cumbersome with many complexities, and this adds various risks to end customers.
We believe Crymbo enables financial companies to seize the opportunities in this market while minimizing the risks to them and to end customers.
What are the features of Crymbo’s platform that make it a more desirable platform for digital assets trading?
Eyal: Crymbo is introducing a variety of blockchain products & services, fitting any financial company under one platform:
• Crymbo plug-in – An entry-level solution enabling businesses to offer a fiat/Crypto/fiat widget, allowing customers to buy and sell leading digital assets.
• Crymbo API – An API solution offering a variety of blockchain products and services (buy/sell assets, Credit, Loans, invest), all embedded to the customer’s platform using a customizable UI.
• Crymbo Pay – a merchant plug-in API designed to allow online merchants to accept crypto payments while settling the payment in fiat and removing the exposure to the digital asset market volatility.
• CrymboX – an enterprise-grade DeFi platform designed to deliver an end-to-end ecosystem to store, hold, manage, trade, spend, invest, loan, and settle digital assets in a premium level blockchain protection. The platform rails will be running on blockchain using the Ethereum network (ERC protocols) as the main business settlement and clearing rails.
How does Crymbo eliminate counterparty risk?
Eyal: The disruption here is that Crymbo is creating a global network of financial companies, enabling them to communicate & settle transactions instantly. Through these new methods of communication and settlement, we can eliminate the counterparty risk, thereby creating better, cheaper, and safer accessibility for the clients. Crymbo’s network allows new players and new liquidity sources to enter.
What is the cost of using Crymbo?
Eyal: As of today, we work with dozens of financial companies in the UK. We don’t have “customers”, we have “Partners”. The concept is that we provide them with our technology and guidance, and we benefit together from the profits, as we charge a fee per transaction. We are also charging a SaaS fee and a setup fee, depending on various parameters. The crypto offering enables our customers to diversify their services and profit from them, while we provide the end customer with competitive pricing due to our unique structure.
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