***Ishan Pandey: Hi Jerry Lopez, welcome again to our series “Behind the Startup.”It is amazing to see a Web3 start-up with philanthropic values advance in the cryptocurrency sector. Please let us know how the general public and crypto enthusiasts are responding.***

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Jerry Lopez: We’ve had a tremendous response and a very supportive community despite the bear market and recent controversies in the news. Not only have we refreshed our PHILApp, the world’s first philanthropic blockchain super dApp, but we have also recently announced our listing on Bitmart exchange which expands our reach to millions of global users. What’s been vital for us is to show the current crypto users that bear markets present opportunities - and we have done this by launching our bear market solutions in the form of our various donate-and-earn products and features, and listing announcements to give users the ability to empower themselves by empowering others during these volatile times.

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## ***Ishan Pandey: How does Philcoin assist the many individuals and charitable organizations who wish to donate to humanitarian causes?***

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Jerry Lopez: Each function within the Philcoin ecosystem has a donate-and-earn element which changes the way giving happens. This helps users survive the bear market and also helps to rebuild global wealth as each user’s actions, transactions and usage help them earn while they give back to those in need. Within our ecosystem are thousands of charities and causes that users can donate to. Each of these charities has its own non-custodial wallets so they get their donations directly - we do not own the wallets.

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:::info
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:::

## ***Ishan Pandey: What are your views on regulating DeFi?***

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Jerry Lopez: Regulations on DeFi remain an ongoing debate. Of course, regulations can help weed out fraudulent companies and keep users and transactions secure. However, there is also the discussion around how regulations could hinder or stifle innovation within the space by creating unnecessary roadblocks and processes which the DeFi space has worked hard to circumvent in order to allow access for all.

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## ***Ishan Pandey: Do you agree, in light of the FTX debacle, that regulations are necessary for the development and expansion of the blockchain industry?***

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Jerry Lopez: It depends on the type of regulations that are in place. On the one hand, regulations can help separate transparent, authentic organizations while too much regulation can halt progress. I believe the FTX controversy in itself is a turning point for the industry, and it will help people do their own research, and be more critical of the projects they invest in.

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***Ishan Pandey: Do you think that the decline in the value of Bitcoin and the insolvency of significant cryptocurrency players like FTX, Celsius, and Voyager will have a negative impact on Web3 development?***

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Jerry Lopez: On the contrary, I think this purging of companies that lack transparency and credibility is a good thing. Like a bonsai that needs to be pruned in order to grow, the industry needs to be trimmed off the companies weighing its own and hindering its growth. When more credible companies are in the spotlight with real, human-focused ambition; there will be greater adoption and progress within the space. Personally, I am excited about what the future holds for Web3 and I cannot wait to see what innovations are brought to the fore.

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***Ishan Pandey: Your final remarks on the launch of the Digital Dollar pilot project in the US and its impact on the industry?***

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Jerry Lopez: It was only a matter of time before major financial institutions launched digital versions of their currencies. Personally, I don’t see it impacting the industry as crypto has a good few years ahead of traditional institutions when it comes to technology and innovation. Traditional sectors will need to learn by trial and error. And, of course, there’s also the question of adoption and user response - will consumers be driven to adopt a digital dollar as opposed to a cryptocurrency that has the potential to grow and earn returns? Only time will tell.

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Virtual Assets, Charity, and Humanity in 2023

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