HomeLifestyleCoinhako, Tezos on building a blockchain startup and the future of cryptocurrencies

Coinhako, Tezos on building a blockchain startup and the future of cryptocurrencies

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The field of digital assets has seen unprecedented growth. The digital market was valued at USD 962.2 million in 2020, and is expected to reach USD 8,158.6 million in 2026.

From becoming a crypto hub to scaling a business in Singapore, there is always a lot to learn from a business point of view.

In a panel discussion as part of the Singapore FinTech Festival 2021, titled Startup Stories – Blockchain & Digital Assets, moderated by Tim Draper of Draper Associates, we heard from Arthur Breitman, co-founder of Tezos and Yusho Liu, founder of Coinhako, on the ins and outs of building a blockchain startup.

The importance of building culture

Arthur Breitman, Co-founder of Tezos / Screenshot from Vulcan Post

When it comes to building a successful startup, aside from having a stellar product, one of the other things to pay attention to is people.

After all, a company’s culture is something the founder projects, which is exactly what Arthur de Tezos hopes to do for his company.

In the world of cryptocurrencies and blockchain, credibility is especially important to Arthur and therefore it is necessary to never over-promise.

Although the road may be long, it is important to remember that you will get better “gradually.”

So, you are not dreaming about this great thing that could happen years and years in the future. It’s just constant incremental progress.

Arthur Breitman, Co-Founder of Tezos

For Yusho de Coinhako, the importance of building culture came when his team began to grow. Yusho attributed the fact that they had offices in different locations as the main impetus for “building a conscious culture.”

“I would say that having two separate teams and those teams that are growing exponentially, it was not as easy as before,” Yusho said. “It is not as easy as typing the values ​​from a spreadsheet.”

It’s very much about people, communication and interaction, and most importantly, leading by example.

I think COVID-19 has also disturbed us, in a sense that you know, we don’t have that much face-to-face time. It plays against us, even though we are going through a purely digital business. Right now, we spend more time re-syncing, just to get everyone on the same page.

Yusho Liu, founder of Coinhako

Scaling a startup

Yusho Liu, founder of Coinhako
Yusho Liu, Coinhako founder / Vulcan Post screenshot

As exciting or innovative as a startup is, it cannot remain a startup forever. Scaling the business is almost a natural progression for companies that want to make a bigger impact.

That said, growing a business is no easy feat – growing pains and initial problems are part of the process.

In startups, hiring is one of the most important things to grow the company.

Arthur believes that as he scales, he can afford to hire more specialists. But a smarter way is to look for people who have worked in different settings and understand the pain points of the transition.

“They are people who have been in the organization that grew from 20 people to 2,000 people, and that’s a skill.”

Yusho recognized that hiring early is very different from hiring as the company grows.

In the early days of a company, we really wanted to find “superheroes” who did everything and wore multiple hats. Over the years, I realized that having good people is one thing. But more importantly, finding people with hearts and enthusiasm for the product, business or industry is really important beyond the experience and skills they have.

Yusho Liu, founder of Coinhako

He stressed that for a business to be successful, it needs people with the drive to make things happen. These qualities are essential for a business to grow.

“And as we scale, that’s where we need stellar top and middle management, which are crucial to building more layers in the company.”

Tim from Draper Associates supported this notion and emphasized the importance of having capable people on your team and trusting your team to try new things.

“I think that to expand, you need good operators who have very good controls, but you also need people who feel free to try new things. That tends to decrease over time if the business is not well managed. “

A look at 2022 and beyond

(From left to right) Tim Draper, Arthur Breitman, Yusho Liu / Screenshot from Vulcan Post

Given that we are at the tail end of 2021, it is only fitting that we see these leaders look to 2022 and beyond.

As someone who loves to connect people and use blockchain to solve problems, Arthurs said he wants to continue to do so on a larger scale.

“What I hope to achieve by 2022 is basically being able to broadcast and communicate to the different players in the crypto ecosystem or contribute to Tezos,” said Arthur.

We still live in a world where people view blockchain transactions as something that is in short supply. Everything is based on the assumption that transactions are rare and very limited in the number of transactions you can make. We are going to change that by the end of 2022.

Arthur Breitman, Co-Founder of Tezos

Coinhako’s Yusho, on the other hand, has two goals for 2022. The first is to improve the accessibility of cryptocurrency, and the second is to “help projects and connect projects to Southeast Asia, as well as bring Southeast Asian projects to the world.” ”.

“By the end of 2022, Coinhako is expected to become a full suite of crypto services with a broader range of products to serve a much more diverse range of customers.”

We believe that Singapore will be the crypto hub of the world. For next year, which is in just 12 months, we definitely want Coinhako to be licensed and recognized in various countries in Asia.

From day one, we’ve been taking the compliance-first approach since we introduced the app in 2019. While this has slowed growth, we recognize the importance of this.

Yusho Liu, founder of Coinhako

Tim Draper also believes in Singapore’s potential to be a crypto hub.

“I think Singapore is a small enough country to claim that leadership. But I think they should allow a very light touch and be willing to allow central banks to reinvent themselves. “

Featured Image Credit: Singapore FinTech Festival 2021

A.lso read: Coinhako is S’pore’s first non-bank cryptocurrency exchange to gain approval in principle to offer DPT services

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