Tokenization is the way to achieve Transperency & Data Security in Asset Management - Oleg Kurchenko

"It is common sense to take a method and try it; if it fails, admit it frankly and try another. But above all, try something."

This is what most entrepreneurs have in common. They aren't afraid to fail and like to explore new things. Today's guest on Mondays with Entrepreneurs, firmly believes that the key to success is implementing new things with enthusiasm.

Who's the Guest?

👨‍💼Name: Oleg Kurchenko

💪 What they do: Oleg is CEO of Binaryx

💭 Best Advice: The major thing about success is not giving up. It is important to continue to implement new things with enthusiasm despite unfavorable circumstances.

So before starting your week, pause for a coffee break ;) and enjoy this chit-chat with Oleg.

1. Please tell our readers how you perceive success?

It is important to be passionate about what you do. I enjoy what I do and I have the enthusiasm to keep implementing new ideas. We all know that there is much competition all around the world and even great ideas with fabulous execution might not be good enough if the timing is not good or if the market fit is wrong or because of many other reasons.

The major thing about success is not giving up. It is important to continue to implement new things with enthusiasm despite unfavorable circumstances. And making experiments all the time, in my opinion, is the key to success.

2. How did you come up with the idea of Binaryx? 

By the time I started Binaryx, I already had experience with Paytion, a payment system for crypto. While working on Paytion, I understood that people treat crypto like an alternative store of value like assets, and want to store cryptocurrencies, not pay with crypto for their coffee.

So, I decided to combine the functionality of exchange with some other features or services, which would be useful for entrepreneurs. When I created Binaryx, I have been working on the idea of how to enrich the exchange with some unconventional functionality. It took me a year to develop a concept.

Now I can say that Binaryx will be developing like a digital asset exchange and platform for asset tokenization, all in one. By tokenizing their assets, the users of Binaryx, who own small and medium businesses can attract private investors from all over the globe. 

3. Why do you think asset tokenization can be beneficial for the users of cryptocurrency exchange? 

We are still at the early stages of adoption and most of our users are small and medium and even micro-entrepreneur.

Asset tokenization gives our users the opportunity to grow their businesses by attracting investment very fast.

Very often entrepreneurs use one platform for issuing their tokens and after that, they need to find an exchange to list their tokens. Binaryx gives the opportunity to issue a token and list it within the same ecosystem.

4. What industries do you think are the most complex for asset tokenization and what are the easiest to tokenize? 

Asset tokenization is one of the greatest concepts of the modern world, which is becoming increasingly fractionalized every day.

Nowadays, anyone can have a piece of any liquid asset: from traditional assets such as commodities, venture capital funds, bonds, or real estate to some unconventional assets such as eSports teams,  art, and even celebrities.

It is possible now due to much lower minimum investment requirements than ever before in history. 

5. Cryptocurrencies eliminate the annoyances of traditional payment methods. And how does tokenization impact the future of asset management?

Of course, tokenization impacts asset management in a dramatic way. It provides accessibility to greater liquidity and some advantages that go far beyond liquidity. For instance, it gives transparency, as transactions are visible on the distributed ledger, at the same time, it gives data security, as they cannot be traced back to the investor by an unauthorized party. 

6. What are the major obstacles to the tokenization of assets? What are the reasons for that and how are you going to avoid them? 

The major obstacle is the absence of standards that can define the foundations for the tokenized economy. Once the frameworks are defined from the legal definition of digital assets to the way they are created and managed, tokenization will push the economy to grow exponentially to new heights. At Binaryx we are working with the lawyers to ensure our own compliant way to ensure accessibility to greater liquidity and trust within our ecosystem.

7. What does the future hold for numerous digital assets?

Attracting funds using tokenization is very much like crowdfunding investments. It is more affordable and faster than other modern ways of attracting investments. It provides benefits for all participants: a wider range of investment opportunities for small investors, and new sources of financing for small and medium-sized enterprises. That is why it will stay with us for years to come.

8. Do you believe there is some sort of pattern or formula to becoming a successful entrepreneur?

I don’t follow any patterns, I am flexible to experiment and implement different things, which might improve business. 

9. And the last question Since the series is named “Mondays with Entrepreneurs”, Can you tell our readers, What are your Monday Morning rituals?

My morning routine is to make my bed. It is a tiny action but gives a sense of accomplishment and leads to greater productivity during the day. 

In addition, every Monday morning I have a strategic session with key company directors to share thoughts about how we can be better as a team and as a company during the week.

Shahmeer: Alright, Oleg! Thanks for your time and best of luck. I am sure readers will enjoy and learn.

Thanks, Hackers for reading :) If you have any suggestions regarding questions to ask in this series or if you want to get featured, I am available on slack and you can also reach out to me on Linkedin ;)