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Disclaimer: The author is not a financial advisor or an expert in blockchain technology. This article does not provide any investment advice and should not be seen as such. The author is an advisor to Trust Wallet . “What do you think about ?” my father asked me on the phone a couple of weeks ago. It was a stunning question to hear from a person who struggles to keep his email in order or change basic preferences on his iPhone (sorry, dad!). Apparently, my father heard about Bitcoin at one of the New Year’s Eve parties and felt that it might be an opportunity to make a solid investment. Bitcoin “It is not an easy question,” I responded. “The [blockchain] technology has tremendous potential but today Bitcoin is an extremely risky investment.” The idea of investing in cryptocurrency has penetrated into many parts of our society. It is mind-blowing to think that people would be willing to invest their hard-earned money in something they can barely understand, but that’s exactly what seems to be happening in the crypto world. One of the perks of living in Silicon Valley is hearing about new things and technologies in a casual conversation earlier than anyone else in the world. Whether or , you will find out about it if you hang out around coffee shops, bars, and streets of San Francisco. it’s a vending machine a robotic coffee bar I can’t recall the first time I heard the term . My guess is it was Summer or Fall of 2016. As the hype about the crypto market was growing, my curiosity won over. I started actively reading and researching the blockchain technology and its applications. Initial Coin Offering (ICO) My understanding of ICOs didn’t feel complete without participating in the process. Soon, I opened a Coinbase account and invested a few thousand dollars to see how the “system” works. I subscribed to crypto newsletters and ICO alerts. In the next few months, I participated, sometimes successfully and sometimes not so much, in a few ICOs. ICO is a process of issuing a public coin or token. It is similar to companies entering an initial public offering (IPO) by listing their stock (or shares) on a public stock exchange, such as the NYSE or NASDAQ. Coins or tokens are issued on blockchain, which means they are unregulated. They can be easily traded, but this is where it gets tricky. Unlike stocks, which reflect ownership rights to the company, tokens represent the utility or assets that are valuable within a particular network created by the company issuing it ( ). In other words, tokens do not represent ownership, they constitute value created by the network itself. The success of the company or project increases the utility of the token, causing its value to rise ( ). read more about the difference between coins and tokens WTF is an ICO? Before we continue, let me recommend a few resources to learn the basics: Bitcoin whitepaper Ethereum whitepaper Beyond The Bitcoin Bubble by New York Times The Phil Ferguson Show: and Part 1 Part 2 Master Crypto Investopedia List of article compiled by A16Z 1. Getting Started: You almost have to start with Coinbase Before you can invest in an ICO, you have to buy Ethereum. There aren’t many places to buy ETH with dollars (or fiat, in crypto-speak). So the default and easiest route is to use Coinbase. The company enjoys its position as an early entrant. As the hype about Bitcoin in particular and cryptocurrencies in general skyrocketed, Coinbase reaped disproportional rewards by being one of the earliest players. ( ). Last year Coinbase generated over $1B in revenue There are other options, such as , . While Gemini’s fees are lower, it can take a couple of days to complete the purchase of the coin, which is an eternity in the crypto market, where prices change in a matter of minutes. Gemini owned by two brothers from the Facebook saga Frankly, Coinbase isn’t much better when it comes to transaction speeds. Sometimes, delays are due to a slow network that’s confirming the transaction. Sometimes it’s because of maintenance on the Coinbase side. Concerns are growing in the community that Coinbase can to manipulate prices since they hold a large market share among companies that bridge dollars to crypto ( ). read more Here are a few options for buying Bitcoin or Ethereum with dollars: : Market leader, easy to use, has mobile app Coinbase : A good option but more limiting Gemini : Never used myself BitPanda : Never used myself CoinMama 2. Setting up MyEtherWallet Since most of the ICO are based on Ethereum smart contracts, your crypto wallet has to support receiving tokens. During an ICO, you send Ethereum to the company issuing a new token and receive the amount of tokens based on the announced exchange rate. For example, a company’s exchange rate is ETH = 1,000 X coins. The ICO market is like the wild west — there isn’t a single set of rules or policies. Often the company that issues the ICO limits the amount of coins a person can buy. Setting up a seems strange when you do it for the first time because you don’t create usernames. You create a passport and download the Keystone file, often referred to as a private key. MyEtherWallet generates a public address for your wallet and your private key is the only way to access it. Your public address is anonymous but everyone in the network can see it. In other words, everyone can see transactions that happen in your wallet but no one knows it’s yours. MyEtherWallet Example: Bob wants to send money (Ethereum) to John. First,Bob needs to know John’s bank account number (public or wallet address). John’s account number is 1325. Bob sends $1 (1 Ethereum) to John’s account. Everyone in the network can see that account 1325 received $1 (1 Ethereum). Now, John needs to use his private key to access his bank account (wallet) to withdraw or send money (Ethereum). If John loses his private key he will never be able to access his bank account (wallet) and his money will be lost forever. That’s why you secure your private key. Unlike your bank account login, which you can reset by proving your identity in person or with state issued identification, a lost or compromised private key in crypto is equal to a death sentence. You will never be able to recover it. The horror stories of losing private keys are cautionary tales for all of us ( .) MUST ‘I FORGOT MY PIN’: AN EPIC TALE OF LOSING $30,000 IN BITCOIN Tip: There are a few ways to secure your private key. You can use a hardware wallet, an encrypted device that stores private keys for all the coins you own. You can store an encrypted private key on a flash drive and keep it in a secure box at the bank as a backup. You can also use encryption software, such as 1password, to store your private keys. If you trade regularly, you will need access to your key often, so encryption software is a safe option. 3. Finding and Researching ICOs It was shocking to find out how many ICOs were happening almost simultaneously. How do you pick which token to buy? Even if you can analyze a white paper that goes with each ICO, how do you decide what white papers to read? You can’t possibly read all of them. Is an ICO investing or gambling? Let me take a step back and explain my philosophy on investing in ICOs. Actually, investing might be the wrong word. ICOs today, seem more like pure gambling — a game of chance. I don’t believe any so-called experts that find a rational explanation to irrational beliefs (Yes, James Altucher, I’m talking to you). We, including so-called crypto experts, are prone to what Nassim Taleb in his called a narrative fallacy — a tendency to construct stories connecting and linking facts that are unrelated. A narrative fallacy prevents us from looking at the facts without weaving an explanation into them. For example, this token will be successful because Vitalik Buterin is on the board of advisors. book Black Swan Of course many so-called crypto experts want to capitalize on emerging markets. Selling shovels in the gold rush is usually a much safer and more profitable business strategy. What’s more alarming is that many ICOs are issued without a product or even a prototype. How many VC or angel investors would invest in a company that has no traction and no product in sight? Sounds crazy, but the ICO market is full of companies raising millions of dollars that are missing both. My primary goal in investing in ICOs was to research and understand how this new market is working now. It is overhyped and it looks like a bubble. Nonetheless, the blockchain technology and decentralized ecosystems are likely to change how our societies operate ( ). this article provides a few examples Still, I didn’t want to throw money around randomly. My first step was to narrow down my list of potential investments to a manageable number of five to 10. To compile a short list, I looked at three aspects: 1) basic concept; 2) team; 3) interest or hype. Below is a list of questions that will help you: Basic Concept Can you understand the value of the token at least in theory? Is it easy to explain and understand? Team Who is the behind the company? Does the team consist of real people? What are their backgrounds? Where are they located? Interest or Hype What is their hype rating on ICO Drops? How many people do they have in their Telegram channel and other social media channels? Then, I would try to scan their white paper for more information about the solution. Honestly, I rarely found them insightful. Often, it’s due to my lack of knowledge. Sometimes companies don’t invest much time and effort in explaining what they want to build. A few even plagiarize and copy their papers ( ). Tron is a good example These are my top two favorite resources to learn about ICOs: ICO Drops is hands down my favorite place to research ICOs. The layout is simple and clean, so it’s easy to find active and upcoming ICOs. They rate ICOs based on hype and interest, which saves time. They even tell you if the ICO is available in all. countries. ICO Drops ( ICO Drops ) ( )ICO Alert is my second favorite alternative to ICO Drops. ICO Alert ICO Alert Other resources: ( ) Coin Schedule Coin Schedule ICO Rating ICO Tracker ICO List Token Market Tip: Sign up for a whitelist of the ICOs that you are interested in. Often you have to be on the whitelist to pass your customer (KYC) process. More on this later. 4. Signing Up and the Know Your Customer (KYC) Process The first ICO is kind of like losing your virginity — you are terrified and excited at the same time. I lost mine with a small coin called ALIS. It was difficult to figure out what to do and how. ALIS provided an address on their website with the exchange rate. You had to use your wallet and send Ethereum. Coinbase does not accept Ethereum-based tokens so I had to transfer ETH to MyEtherWallet. In a couple of days, I received a few hundred dollars worth of ALIS coins in my Wallet. ALIS didn’t have a know your customer (KYC) process. KYC is the way a company verifies the identity of the customer (or in case of the ICO, the investor). With so much hype about anonymity in the crypto world, I was surprised that the KYC process often includes sending a copy of your passport and a picture of you holding your identification document. As ICO becomes more and more popular, regulators are forcing the KYC process on companies to prevent money laundering or tax evasion. We should expect more regulations in the crypto world. 5. Switching to Trust Wallet ALIS ICO was relatively quiet. The process wasn’t rushed and ICO wasn’t completed in minutes. That’s why I picked it — I wanted to have plenty of time to learn the process. By the way, my $300 in ALIS coins turned out to be worth about $1,200 when I sold them a couple of month later. At least, I didn’t lose anything. Over the next few months, I successfully participated in Bread ICO and Bloom. Bread ICO ended in about an hour. You could use their own app to send ETH and receive BREAD coin. I invested a few thousand dollars in Bread at about $0.80 per token. I sold 50% a week later at about $3 per coin, recovering all of my initial investment. I sold another 25% of my original stake a month later at about $1.8 per coin and decided to keep the rest for the long term. My ICO experience includes: — invested, and returned my money + ALIS BREAD — invested, and returned my money + BLOOM — successful, and holding them — was late to ICO Bluzelle — failed transaction during ICO DADI Tip: if you are a novice in ICO (like me), read about the importance of setting the right amount of gas for your transaction. Gas price tells the network how much you are willing to pay for a unit of work and the gas limit gives the maximum amount of work you are willing to pay for to complete a transaction. In order to complete a transaction, miners on the network have to process it and you need to have enough ETH to compensate them for their work ( read more ). Setting your gas price and limit is very important when participating in a very popular ICO, where many people are trying to buy the token. This can cause the network to overload. Usually, the ICO will let you know ahead of time what to set gas price and gas limit to. If you set more or less than the recommendation your transaction either will not go through or be heavily penalized. When you are planning to participate in a popular ICO, timing is everything. Depending on your location and the location of the company, the ICO process can start anytime — early morning, late night, or middle of the day. The primary challenge with MyEtherWallet is that it’s web-based. You have to carry your laptop around. Also, I wanted something more secure. After a while I settled on Trust Wallet, a secure and easy Ethereum wallet for mobile device that supports Ethereum-based tokens. Trust Wallet has a nice UI that’s easy to use. Aside from that, it’s a more secure version of a soft wallet. Security and Safety When I participated in ICO, I used to transfer ETH from Coinbase to MyEtherWallet, and I kept a portion of my portfolio on Coinbase. But after some research, I realized that Coinbase is not a decentralized wallet, and if by any chance it gets hacked your money might be gone forever. This is what happened with . Coinbase keeps your private key on their servers. Coincheck when they got hacked Trust Wallet, on the other hand, does not store your private key. It is stored locally on your device. Unfortunately, even with the most sophisticated security algorithms, the weakest part of your crypto fund protection is you. Phishing attacks are the Achilles heel of web-based wallets like MyEtherWallet. Nothing prevents scammers from imitating a web application to get access to secret information. With Trust Wallet’s dedicated mobile app, phishing attack risk becomes minimal. Mobile apps are more prone to viruses and keyloggers, a software that illegally records all the keystrokes on a keyboard. The only way someone can access your funds is if they get your device, somehow find the password for it AND figure out the password for the Trust app itself! Trust Wallet is open source, and it provides transparency and the ability to contribute. A community of engineers regularly assesses app security. Anonymous Coinbase knows who you are and collects personal information about you. Why does that matter? Recently, Coinbase was ordered to give the IRS data on its users trading more than $20K ( ). On the other hand, MyEtherWallet and Trust Wallet do not ask or retain any of your personal information. read more I imported MyEtherWallet to Trust Wallet, and transferred a portion of ETH that I wanted to keep long term from Coinbase. Today, I participate in ICO using the Trust Wallet mobile app. It’s much more convenient than MyEtherWallet. 6. Tokens on exchanges After the ICO madness is over and you receive you tokens, everyone is waiting to know what exchanges will list the token. I have tried multiple exchanges but now I primarily use just two: and ( ). Recently, Trust Wallet launched a decentralized apps browser that enables you to use decentralized exchanges like and to trade tokens. Bittrex Binance Binance KyberNetwork Bancor Tip: The best resources to check all the prices on many exchanges — Coin Market Cap What have I learned while investing in cryptocurrency? 1. It’s a gamble most of the time ICO and cryptocurrency remind us of the dot-com bubble, when anyone with a Powerpoint could raise millions of dollars without customers or even a product ( ). Change dot-com to ICO, substitute Powerpoint for whitepaper, and multiply the hype and you get an idea of the ICO market today. how ICO market has grown 2. Invest money you can afford to lose If you could buy a $500 ticket that gives you a 5 percent chance of winning $10,000, would you buy it? It is helpful to think of ICO investment in terms of this problem. How much money would you be willing to lose with a small chance of reaping a large reward ( a book by Daniel Kahneman, provides many examples of how we decide on gains and losses). Thinking Fast and Slow, 3. Do not borrow or use credit to buy crypto Since ICO is a risky investment, borrowing money and using credit to invest in Bitcoin or ICO is crazy. Prices for all cryptocurrency are tied to the price of Bitcoin or ETH. Since there are only few places where you can exchange major coins into cash (Coinbase is the largest) the market is prone to a rapid sell off. During the sell off, networks are overloaded and transaction times increase. Coinbase becomes one of the biggest bottlenecks. 4. Avoid being scammed Scammers are part of the ICO process. If you’ve participated in the ICO process, you know how crazy the Telegram channel becomes. Scammers try to appear as admins or company representatives and lure you into sending coins to the wrong address. Some create admin-like posts in public chat in hopes that someone will get confused and send their funds to the wrong address. Learn the rules of the particular ICO and double and triple check everything, especially if the ICO is at night. The Telegram channel is the preferable way to communicate during the ICO. Most companies announce ICO rules and policies using pinned messages in the group. 5. Improve security Your private key is the only way for you to ever recover your wallet (and your funds) — period. Minimize the use of centralized wallets such as Coinbase. Use a decentralized wallet, like Trust, that doesn’t store your private keys on their servers. Use encryption software, like 1password, to protect your private key. 6. Regardless of craziness, blockchain technology has a great potential. The dot-com bubble didn’t kill the internet and internet startups. Yes, many companies died and many investors lost their money. It happened because founders, investors, and other players on the market forgot about the fundamentals — customers, product, and revenue. This is what happens now in ICO. People invest in companies that don’t have products, customers, or revenue. What even most important is that we invest in ideas we hardly understand. And we do that only for a small chance (or hope) of making a quick buck. To learn more about ICO and cryptocurrencies, check out an amazing list of articles and resources gathered by the Andreessen Horowitz team . I’m looking forward to more stable and mature ICO markets, where legitimate companies will build legitimate products by improving technology and applications behind blockchain. More great resources: Coindesk Cryptocompare BlockGeeks Bitcoinist Coinsutra If you like this article please recommend and share. . Follow me on Twitter , Medium , Quora , connect on Linkedin or send me email with comments and questions: myk@myxys.com. Subscribe to my newsletter

How To Invest in ICOs and What I’ve Learned Investing in Five ICOs

Hi Rossen, welcome to our series “ .” Please tell us about yourself and the story behind Skrill? Ishan Pandey: Behind the BigTech has been around for 20 years now, providing millions of users with a digital wallet service. We are truly global, with a very rich feature set helping users pay online, send and receive money, store and spend their cash, and get exposure to digital assets. Rossen Yordanov: Skrill I joined Skrill in 2010, when we were called Moneybookers, and have been part of the team responsible for driving the adoption of our services ever since. Then, around 2017 I got very interested in crypto, and this interest has only increased over the years. Elon Musk’s recent U-turn on Bitcoin is causing a lot of controversy in the cryptocurrency community. What are your views on Bitcoin mining and the amount of electricity it consumes? Ishan Pandey: Obviously, there are issues with having an asset tied to massive amounts of carbon-intensive computing. However, there are different ways to look at energy consumption. One is the amount of energy, another is the type of energy used. Rossen Yordanov: I think with regards to Bitcoin – there is a lot that can improve and will improve, particularly in regards to the type of energy used. There are strong opinions in the space that Bitcoin mining can act as an economic battery and support the transition to more renewable energy sources, by way of making them more commercially viable. I find this very interesting. Also – not all cryptocurrencies will require much power. There are developments coming on Ethereum, for example, which will reduce energy consumption dramatically over there. Skrill is a leading digital wallet provider and a giant in the e-payments market. Please tell us about why Skrill is entering the cryptocurrency industry and the company’s purpose? Ishan Pandey: We started out in the crypto space in 2018, by offering users a very easy way to engage with crypto. Users can download the app, fund their account and choose which crypto assets they’d like to buy. Rossen Yordanov: Skrill users can convert 40 different traditional currencies into Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, 0x, Stellar Lumens, EOS, Tezos, OMG Network, Cardano, Chainlink and we are adding many more very soon. Unlike many wallets, users can take advantage of over 100 different convenient deposit methods which include credit cards, bank transfers and local payment options. Also – there are nice features like conditional orders and crypto-to-crypto trading which other wallets lack. For crypto, we see a real opportunity to make investing more accessible for consumers. Plus, even more importantly – to improve the utility that cryptocurrencies have, by providing a bridge between crypto and traditional finance. Giving people who have crypto the opportunity to easily use it in our environment will be very big. Ethereum and Bitcoin transaction fees are touching $39 to 18$, respectively, which is a considerable barrier for micro-payments and transactions. What are your views on the rising transaction fees and possible solutions? Ishan Pandey: Firstly, there’s scaling solutions coming to Ethereum, and I believe things there will change a lot, for the better over time. With Bitcoin, similarly, there are applications built around lightning network which are very fast and cheaper. Rossen Yordanov: That said – I still do not believe that Bitcoin & Ethereum will be used for micropayments, or generally anything similar to what Visa or Mastercard do anytime soon. There’s a difference between a transactional layer and a settlement layer, and I believe cryptos, for now, are more suitable for the settlement layer. And for other things, which are not necessarily related to payments, too, of course. Skrill recently added Cardano to its platform. According to you, what is going to propel the widespread adoption of cryptocurrencies? Further, what are the risks that merchants should be aware of when they accept cryptocurrencies? Ishan Pandey: Indeed, and Cardano is a very interesting project, with a massive global community and an amazing team of academics. It still remains to be seen, however, what solutions they will bring over to the space, in my opinion. Rossen Yordanov: That said – with regards to adoption, I think that the main ingredients needed are utility and simplicity of user experience. Crypto has been very useful for people to speculate, invest, and generally earn money in the past years. But also, as of recently - we are seeing some very cool use-cases beyond that purely speculative aspect like super quick decentralized borrowing and lending for example, or NFTs for sports moments, and art. I believe that when these use cases are also delivered with a UX that people are broadly comfortable with, adoption will totally take off. Then, about merchants accepting cryptocurrency, I believe most merchants do take the route which is to not take the cryptocurrency themselves, but rely on a payment provider. In this way, the risks around safety, custody, price fluctuations are very much mitigated for the merchant, which is a great solution for them. Another important aspect is KYC and generally – being compliant, as a cryptocurrency address doesn’t have the attributes of, for example, a bank account like name and country but on the positive side the traceability of past transactions is amazing and there are great tools for reducing associated risks. That can also be done by the payment provider, and we are looking forward to helping merchants with that in the future. With the public’s rising interest in the crypto world, many users and now moving towards crypto trading give rise to frauds and instances of money laundering. How is Skrill tackling the issue of illicit transactions and money laundering associated with digital assets? Ishan Pandey: We operate a zero-tolerance policy towards illegal transactions or unlawful practices, so security, fraud and the prevention of abusive use of our products are a top priority. As a regulated financial institution, Skrill is governed by strict due diligence procedures. Rossen Yordanov: We have a comprehensive compliance framework in place to prevent the abuse of our services and we work hard to make that framework as strong as possible.  We also have monitoring systems to identify suspicious activity and if we detect anything suspicious we take appropriate action which includes reporting it to and co-operating with the relevant authorities Recently, there has been a massive uproar in the crypto market wherein people have purchased digital art using non-fungible tokens (NFTs). What is the future of NFTs in the cryptocurrency market and is it the next big thing? According to you, what is driving crypto’s value in 2021? Further, what are your views on NFT art and its valuation? Ishan Pandey: Everybody's talking about NFTs. You have your fans, and your haters. But really, you have to look somewhere in the middle. Rossen Yordanov: NFTs today are mostly digital collectibles. We know what happened with beanie babies. We understand that a G.I. Joe vintage doll might be worth thousands of dollars to somebody, and maybe five dollars to somebody else. So we can apply all of that ambiguity to NFTs as well. We don't have to argue that NFTs are inherently worthless, and that they’re a scam, or that the whole concept is ridiculous. We don't do this with other kinds of collectibles. We have divergent communities that see things in terms of their own value consensus. That's okay with NFTs, too. The great thing though about NFTs is there is provability of the provenance and the scarcity of the item in question. So that’s a great upgrade for the world of art and collectibles, and I think that more and more assets will be digitalized that way in the future. More – NFTs make it possible for creators to collect commission on future sales of their work, which is outstanding for the creator economy. So – I do think that NFTs are one of the things which are driving things forward in 2021, together with Decentralized Finance (lending, borrowing, yield-generating and other smart-contract protocols). The number of Bitcoin addresses is increasing, which is a standard measure of adoption. Transactions on some of the extensive networks, such as Ethereum, are witnessing the same trend. Do you think we will see more and more fintech companies expanding to the cryptocurrency market? Further, what are your views on companies holding digital assets on their balance sheet? Ishan Pandey: We absolutely will see more fintech companies expanding cryptocurrency operations, especially because they're doing that according to the demand and interest of consumers. Rossen Yordanov: I support companies holding cryptocurrencies, with one very important disclaimer – again, you have to plan and be very prepared for volatility. As long as a company has a very high tolerance towards volatility (which can come with a smaller allocation, or a generally longer-term view and plan), I do believe that this is a route that can be taken and can be long-term lucrative. The DOGE coin memes floating around the internet and Elon Musk’s Twitter jokes about it and the current price rally surrounding it is currently one of the most talked-about topics in crypto space. Do you think that these types of social trends can lead to mass adoption of cryptocurrencies? Ishan Pandey: So this is an excellent example of what you were touching on in your last question. There is entirely too much subjective value in Dogecoin. If everybody's looking at its value to change based on what someone somewhere says on Twitter or on TV, that's not a solid foundation. Hardly any investor would argue for that. It's just not sustainable. Having said that, the market, and frankly many markets have been crazy, and if people want to buy a digital coin with a dog’s face on it, they can totally, and will probably do that. I personally watch from the sidelines on this one, and do not think it’s great for cryptocurrencies’ image in general. Rossen Yordanov: Due to highly volatile prices and attempts by large companies to join the market, cryptocurrency has continued to make headlines this year. What new trends can we expect to see in the future moving forward? Ishan Pandey: We also already saw the first country to approve Bitcoin as legal tender – in El Salvador. Maybe that’s another trend? People are already speaking of Paraguay, Mexico as possible next ones. At the same time, the situation in the US doesn’t seem to be as positive as some thought it would be by now, and a Bitcoin ETF still doesn’t seem to be imminent. If this happens though, that’s big too. I know from conversations with people in the space that institutional inflows to Bitcoin have decreased, but there are more waves to come – there’s much of it in the pipeline, it just takes time. Rossen Yordanov: Also, I expect that fintech will continue to open up to crypto in a big way, and we will see a general convergence and integration between fintech and crypto companies. The spree of acquisitions/mergers has already started. We at Skrill have a lot of exciting things on our roadmap both in terms of making exposure to more crypto assets ever easier and in terms of increasing the real-world utility of crypto for people. And, generally, use-cases built on blockchain will continue to emerge. The future is sunny, with occasional storms, as is customary for the crypto space. Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence by asking the right questions and equipping readers with better opinions to make informed decisions. The material does not constitute any investment, financial, or legal advice. Please do your research before investing in any digital assets or tokens, etc. The writer does not have any vested interest in the company. Ishan Pandey.

"BTC or ETH Micropayments Are Still Not On The Same Level As VISA or Mastercard" - Rossen Yordanov

At Crypto.com, we build our services on the solid foundation of security, transparency, and compliance - these are the necessary prerequisites to scale a successful business. 1. Welcome to our series "Behind the Startup". Tell us about your story and your journey into the fintech industry? I was born and raised in Bulgaria, at the very beginning of the 80s and grew up absorbing the country's pivotal regime changes to liberal democracy.  In the early 2000s, I moved to the capital Sofia for my university studies and a couple of years later, and I was incredibly lucky to stumble upon a job ad posted by Moneybookers (now Paysafe). At the time (2003) I had a very vague idea of what electronic money was, mainly because of Paypal, but was fascinated by the idea of a cashless society that transacts over the internet. I joined Moneybookers at the beginning of 2004 as one of the first few employees the company had on the ground and ever since then I fell in love with the idea of reimagining payments, making instant, cheap, borderless transfers to any country, in any currency using just a computer. Sixteen years later I have the same grit and determination to help build and popularize an even better payment platform, one that fosters financial inclusion, is transparent, affordable and allows individuals to take back the control over their money and identity. A payment platform that caters for every aspect of traditional finance but is built on a blockchain and is powered by cryptocurrencies. 2. You held leadership roles in the payment industry like Skrill (now Paysafe) and SysPay with a focus on building up a payment platform in line with regulatory requirements. The blockchain industry is still in its nascent stage, what kind of regulatory challenges do you face in the crypto industry? Since its inception, the blockchain industry has faced a lot of skepticism and has seen more than one adversary, particularly in the face of authorities and law enforcement agencies. As the industry developed, we saw the emergence of on-chain due diligence companies, some of which made their first steps helping out law enforcement agencies to trace and intercept crypto transactions. As the industry matures, so do the regulators. Plenty of jurisdictions have already announced their official stance on cryptocurrencies by either criminalizing the trade and possession of crypto or introducing local crypto licensing regime - Liechtenstein, Malta Gibraltar,  Germany, UAE to name a few. Earlier this year,  The European Securities and Markets Authority ("ESMA")  announced plans to develop a PAN European legal framework for cryptocurrencies and in the US the Cryptocurrency Act of 2020 is being discussed in the House of Representatives. As crypto adoption and popularity grow, an increasing number of regulators worldwide will start looking into crypto. The key issues that industry players face come from the lack of uniformity across jurisdictions - crypto licenses, where available, are local and cannot be passported, local regulators do not have standard criteria when classifying digital assets thus leaving investors and service providers second-guessing if some crypto-assets may fall within the scope of the EU financial services legislation. The 5th AML Directive and the introduction of the Travel rule by the FATF pose technical challenges as to their implementation, particularly due to the lack of established on-chain providers that can cater to delivering compliance. 3. Crypto.com is the first cryptocurrency company in the world to have ISO 27001:2013, PCI: DSS 3.2.1, Level 1 compliance and CCSS. What is the importance of this compliance for a crypto exchange? At Crypto.com, we build our services on the solid foundation of security, transparency and compliance - these are the necessary prerequisites to scale a successful business. Obtaining industry-leading certifications is not only a great way to establish ourselves as a prominent market leader but also speaks volumes about our commitment to meeting customer expectations and requirements. Gaining and keeping customer trust is the fundamental of mass adoption. 4. Do you think that such compliance should be made mandatory for the crypto industry? Conformity with different industry standards is mandatory and well defined in some cases (PCI DSS) and a matter of corporate governance and ethics in others. Companies that operate sustainable businesses should maintain appropriate programs defining the policies, procedures, and actions necessary to maintain regulatory and industry compliance. 5. Can you tell us about the objective and mission of Crypto.com? Unlike many of the early players, we did not start as a crypto exchange, which makes us stand out from the crowd. We are one of the incumbent crypto payment companies which were born with the idea to bridge the gap between traditional finance and cryptocurrencies. Our mission is to put cryptocurrency in every wallet and empower individuals to take back the control over their money, data and identity. 6. Crypto.com is providing a cryptocurrency exchange service to its customers. How is the company trying to position itself in this highly-competitive market? For the past four years, we have built a platform that addresses nearly every aspect of crypto offerings - payments, trading and finance traditional finance - payments, investment, deposits, credit, merchant services and last but not least - DeFi solutions that start with our  Non-Custodial Wallet app and will further venture into a wide range of decentralized solutions. We do not believe in competition but in partnership. To drive real adoption, we must all work together. We operate a new-age financial ecosystem built on the base of strong partnerships and compliance, and we continue improving and adding more value to better address the needs of our community. 7. The safety of funds remains a significant concern for investors and users. How do you ensure the safety of user funds? Safeguarding of customer funds is a key objective for us. As a responsible crypto custodian, we have developed a flow where all client assets are kept in cold storage, and daily transactions are pre-funded with our own fund. In addition to that, we have recently secured a total of the record $360M insurance cover for our offline vaults. 8. Crypto.com offers a debit card as one of its products, tells us about its adoption, and where users are using it? The MCO Visa Card is one of our stickiest products, and it has been in high demand ever since inception. At present, we are the only crypto company that offers a prepaid card across the world, covering 31 European countries, 49 US states, and Asian large portion of APAC countries. The card is quickly gaining popularity in Europe after its launch in AprilMay this year, and the European program is catching up with the rest of the regions. 9. Can you tell us about the MCO visa card, card tiers, and its features? We offer five tiers of MCO Visa cards that feature no annual or monthly fees, up to 5% cashback in crypto, 100% rebate on Spotify, Netflix and Amazon Prime, airport lounge access for select cards, no-fee ATM withdrawals, tap-and-pay functionality, and competitive interbank rates. The MCO Visa cards are high-quality metal cards that come in a variety of colors based on the card tier - Obsidian Black (50,000 MCO stake required), Icy White/Frosted Rose (5,000 MCO stake required), Jade Green/Royal Indigo (500 MCO stake), offers 5% cashback , Ruby Steel (50 MCO stake) and the Midnight Blue (Free plastic card), the higher the tier of your card, the greater the perks that come with it! 11. With already more than  2 million users, what is the future roadmap for the company? In the short term, our focus is to continue building up our ecosystem by improvising the existing services and adding new ones to address all aspects of payments, trading, and finance, in preparation for the ATH that we believe will come next year. We will continue improving the matching engine and liquidity of our crypto.com exchange, add new partnerships and assets, and build new DeFi solutions to complement our ecosystem. We are quickly moving into a new card issuing markets, such as Canada and Australia, and we continuously grow our user base and keep on evolving as a company as well, now having more than 350 team members across the globe. 12. What has been the impact of Coronavirus pandemic on Crypto.com products? Have you seen an increase in the use and adoption of your products? We were incredibly fortunate during these extraordinary circumstances, and our business has seen significant growth, partially due to the market volatility, partially due to the key new projects we rolled out such as the European card, our non-custodial wallet, and our new and improved exchange matching engine. 13. According to you, what is going to be the effect of coronavirus pandemic on the economy? Can we expect widespread bankruptcies all over the world? The COVID19 outbreak has wreaked havoc in over 185 countries across the world, and while there are no exact calculations on the economic damage it has caused it will have a significant negative impact on the global economy. Despite the numerous attempts of governments to save the markets by injecting fresh capital into the economy and introduce monetary policy measures in support of corporations, there is a good chance that the virus spread will dampen destroy economic growth. The substantial rise of unemployment levels, particularly amongst those engaged in the gig economy puts additional pressure on governments - in the US alone, over 30m people have filed for unemployment benefits within the first month of the lockdown, and the rest of the world is facing similar trends. According to the IMF, the global economy will shrink by 3% in 2020, and many of the top economies are expected to enter into an unprecedented recession. This would test the ability of central banks to control and overcome crises, and it's already evident that the massive quantitative easing would create only short term positive outcomes, but when markets correct themselves after the next quarter results, we will most likely face another plunge in stock prices. The biggest concern of all in a failing economy is when people are afraid of losing everything. In settings like this, crypto stands out as a secure and desirable store of value that offers full transparency and mobility as well as can be a great investment vehicle. The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence by asking the right questions and equipping readers with better opinions to make informed decisions. The views in these articles are purely personal and educational; the material does not constitute any investment, financial, or legal advice. Please do your research before investing in any digital assets or tokens, etc. The writer does not have any vested interest in the company. Interviewer - Ishan Pandey, Founder of Blockchain Research.

Security, Transparency and
Compliance: An Interview with Mariana Gospodinova from Crypto.com

Being at ConsenSys, I get to work with some of the best developers in the space. I recently published as a “Getting Started” guide for new developers who have stumbled into this magical ecosystem and don’t want to leave. It was not long until Joseph Chow raised issue with my neglecting to mention s and not longer after that until Jim Berry dropped a wonderful description of the danger at hand. So props to both of them and also thanks to Aakil Fernandes for explaining how works to me. this article Ethereum BigNumber BigNumber It turns out . I updated my previous article and felt compelled to write this one so that I could A) unburden my soul and B) show how may currently be mathing wrong between and . I’ve been doing things the wrong way you Javascript Ethereum This is important because . if you math wrong in Ethereum, you can lose money Numbers in Ethereum Much to the pain and suffering of many developers, Ethereum does not support floating point numbers at all. We are forced like barbarians to settle for s and s (I suggest you use the latter unless you have a very good reason to use the former) instead. There are probably valid technical reasons (I don’t know what they are) for this, but it’s fine because we can represent everything as integers and just keep track of decimals (recall that 1 ether = 10**18 wei). int uint Numbers in Javascript Javascript is weird. Because it’s a dynamically typed language, you can run into all sorts of interesting interpretation scenarios. The relevant problem here is that default division behavior in JS is (more specifically, double floating point division). This is incompatible with Ethereum, which (obviously) uses . floating point division integer division How to lose money Have you spotted the problem yet? Oh yes, Javascript’s [double] floating point numbers only go up to 16 decimals, but 1 ether = 10**18 wei. And . all ether values in transactions must be denominated in wei To see the problem in action, consider this: var my_money = 10*Math.pow(10, 18);my_money/3 > 3333333333333333500 Uh… whoops. You just gave me 167 wei. You may be saying “I don’t care about 167 wei.” And that’s a perfectly reasonable reaction. I don’t care about 167 wei either. But what happens when every one of the 1B daily state pushes that your swarm of IoT devices makes to is off by 167 wei? Your problems start adding up fast. Raiden BigNumber — A [really annoying] solution Contrary to popular belief, the built in function does absolutely for you. So we need to parse our number using some abstracted layer (I recommend , mostly because that’s what returns you anyway) and then operate on that. toPrecision() nothing bignumber.js web3.js So now our math looks like this: var my_money = 10*Math.pow(10, 18);var my_safe_money = new BigNumber(my_money); // Still wrongmy_safe_money/3> 3333333333333333500 // This is how you do itvar less_money = my_safe_money.div(3); So what do you do with this weird thing? BigNumber {[String: '3333333333333333333.333333333333333333']s: 1,e: 18,c: [ 33333, 33333333333333, 33333333333333, 33330000000000 ]} Well, you have to pass it around and keep operating on it with or or whatever. Look for the full list of functions. Unfortunately, if you ever pull out the value: div() times() here var free_at_last = less_money.toNumber(); You will be sad about the result: free_at_last> 3333333333333333500 So yeah… you have to keep doing operations. If you want a glimpse of what the number is, you can do this: BigNumber less_money.toString()> '3333333333333333333.333333333333333333' Also remember that if you’re forming transactions yourself, you have to provide Ethereum with , so you would need to do the following before putting it in a transaction: hex numbers less_money.floor().toString(16)> '2e426101834d5555' Of course if you’re abstracting that logic into web3, that will convert your numbers for you. Always Be Careful It’s hard out there for an Ethereum application developer (although not nearly as hard as it is for a Bitcoin application developer — I think those still exist?). We need to watch out for each other and be careful with what we’re doing. Always remember that there is (probably) money being moved by your application and take the necessary precautions. And, of course, if you find out about a pro tip or catch some dangerous behavior, report it! — If you like my articles, or check out my company, , because we do awesome stuff. follow me on twitter ConsenSys And, as always, there is an open invitation to join the and help us conquer the world. Ethereum community

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