Starting a business
U. Today: Arthur, tell us how you started Wexel. How did you get to crypto and what was your main motivation?
Arthur: So I started the Vexel project two years ago. We were looking for a tool that would allow our customers to sell crypto while solving the crypto industry volatility problem (thin makers were nothing at the time).
When we didn’t find the solution, we developed it ourselves. I got my first crypto experience back in 2013. When we developed a payment system, one of our staff told us to find out more about Bitcoin. I have been investing in crypto since 2013.
U.Tayay: As you know, so many people think the crypto business is half legal. So, tell us, how did you talk to your parents, for example, at first?
In 2013, there were no crypto-directed regulations, so we were like crypto-anarchists, we just did business, traded, exchanged, and formed relationships with other business partners. We had no fear because no one understood what cryptocurrency was (and whether it was legal or not). We mainly had problems with banks because they did not understand the source of the funds we deposited into our bank accounts, but we now have an authorized structure and strong partnerships with several banks.
U.Tayay: How long did it take for the product? Did you find it difficult to start doing business after the whole industry experienced a huge downfall?
The idea came quickly, but it took us a year to develop the product. We launched it at the end of 2017 as the BTC price approached its ATH, so we corrected huge profits, which helped us cover development spending. 2018 has been a tough year for most crypto projects, but we are growing every month, so our model allows us to work even in the bear market.
U.Tayay: What are your general expectations for the cryptocurrency market in 2019?
We are waiting for the bulls to reach the top this year. We expect the LTC price to rise because of half of the August mining reward. The launch of Beckett futures is going to be the most interesting thing this year as institutional investors will pour money into crypto.
The project, security
U.Tayay: What incentive for Vexel customers to choose your service when there are lots of similar cryptocurrencies platforms and cryptocurrency payments?
Vexel has many advantages. We offer simple registration and low fees. You can trade, deposit, withdraw, exchange, share, make offline transactions, or receive crypto payments by automatically converting them to the selected currency. Most things can be done with one click.
U. Today: How do you protect users’ money? Can you tell us more about your security measures?
We use multi-signature cold storage for user money, and we also have a 24/7 alert system that shows suspicious activity. Besides, we have many security functions for our servers.
In addition, our employees are required to sign a Non-Disclosure Agreement (NDA). Under this agreement, they must not tell anyone they work for a cryptocurrency company.
U.Tayay: As you know, crypto is slowly coming out of the legal gray area. How important is transparency to your project? Is it easy to operate without gimmicks?
Our operations are transparent to our customers and regulators. We are currently working on a system that will see that all customer finances are safe. However, there are some things we want to keep private (business partners, banks that process our transactions, etc.). In this way, we prevent our competitors from disclosing confidential information.
U.Tayay: Vexel has obtained crypto licenses in Estonia. Can you provide additional insights into your future expansion plans? Are you planning to get more licenses from other crypto-friendly countries
We have ambitious plans for the future. We negotiate with partners and investors to open other markets and expand our infrastructure. Our platform is ready to work anywhere, but dealing with regulations is the most challenging thing. We are looking for strong business partners in entering new markets.
U. Today: Why did you start your business in this Baltic country? It would be hard to do the same in Russia, would it?
Russia is an unregulated market for cryptocurrency. We wait for regulations in the crypto industry and then set up a business in Russia right away.
U.Tayay: Will the Russian government eventually warm up to the crypto? What are the chances of such a U-turn in the near future?
I don’t think so, I think the best scenario is that the Russian government will allow futuristic mining and cryptocurrency trading in Russia MOEX.
the way to success
U.Tayay: Can you share with us your secret of success? What Makes a Good Business Leader?
I think a good team is 90 percent