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  • how is next.

  • So different from say a coin base or from an A.

  • V.

  • Or from like a finance.

  • Um And maybe for people watching.

  • So they can kind of understand that you know it's interesting because coin based brian armstrong just got back from D.

  • C.

  • He met with all these government entities.

  • He said the sec refused to meet with him and he has some of his takes on that.

  • But you are not trying to be any of these entities are you know we're not um first of all like those entities apart from been it's all us based and they have like 70 80 90% even of the clientele in the U.

  • S.

  • For us.

  • The U.

  • S.

  • Is important market and we love the U.

  • S.

  • And we have big plans for it.

  • But It is one market, we operate in 200 jurisdictions.

  • We have more diversified meaning we have some more flexibility.

  • You know we can exit the states and we'll be fine whereas convicts cannot exit the states.

  • You know it's a listed company is the only listed company but it's trickier for them uh than it does for than it is for us.

  • Now those companies are apart from however they are predominantly exchanges centralized exchange and we have uh exchange service and it's been a great revenue driver understand why people want to be able to exchange is uh but our core business has always been the landing site giving you access to your liquidity that is locked up in your crypto so that when you need liquidity you don't sell your Bitcoin and if you look at the past 10 years selling your Bitcoin at just about any moment has been a terrible decision.

  • So we actually make it easier for you to hold on to your assets borrowing at long to value ratio 50% meaning that if you deposit 100,000 Uh dollars worth of Bitcoin, we give you credit line for $50,000.

  • So it's weird de leveraging the system in a certain extent and this allows you to uh you know hold on to your assets for longer periods of time in a money management sound way.

  • Uh And this has been uh you know uh the first ones to offer this and then with uh you know they have pivoted because they weren't always have and they had a product somewhat similar to ours appeared here.

  • Yeah didn't quite take off and to stand his credit.

  • You know, he was very uh determined and bold to pivot so rapidly into our world as we know today, which is decentralized in the sense that you don't have this uh intermediary that you need to trust.

  • Now this you know it's everything in life has pros and cons you know uh the one side, you know a centralized entity has easier interface, it's user friendlier.

  • Uh It has the on and off ramps to fiat currencies, direct fiat currency is not a programmatic, algorithmic stable coin then you know the flip side of it, you have to trust us and we're doing a lot of things we which build a trust and you know just being around four years and nobody haven't haven't lost a single penny or a dollar help anywhere in London Penny.

  • Uh you know, it speaks volumes on itself, but you know, with harvey then you gotta have know what a madame masque is and how do you connect your leisure and the interface?

  • It's getting better, but it's not the easiest thing in the world.

  • And the longer the code is, the more complicated it gets.

  • And that's why we see the defi hacks every other week, 100 something million gotten stolen.

  • And it's not just that it's also economic exploits.

  • So it gets really complicated.

  • But I like to think of the two psi phi and defies complementary to one another rather than, you know, uh competing with one another, would you call next?

  • So a decentralized finance organization or essential right now it's a centralized one.

  • But we work with a lot of the defi protocols and we have in our pipeline inherently defy projects.

  • Uh So we are taking what can be made trust liss and transforming it that way.

  • It's going to take awhile.

  • Not gonna lie to anyone, it's gonna take a while because we have things that are inherently uh of chain, you know pounds and the euro, the whole connection to the legacy banking system that has to simply cannot uh functional defy way.

  • But there are other things you know like different stable coins and the offerings there that you can do in the lending and we're working on that and I'm very excited and you know just historically we have always worked with the protocols for instance maker dow they had this problem where Uh you know until they figured out the peg they had this, you know, people borrow at 4% and then overnight because of the pack and I couldn't keep it, it went to 24%.

  • And you know, the whole industry was like really upset.

  • We came in and refinanced everybody back at 8%.

  • So we work with those guys and we are transitioning but it's going to be a transition.

  • Yeah.

  • Look I believe there is definite benefit in both.

  • You know, there's benefit in more centralized network and a more decentralized network even though in the space maybe like Bitcoin maximalist and defy people, people can get into camps right?

  • And they can say one is bad and the other is good and I don't think that's true.

  • You know, I've had an interesting reaction when I take uh like one of my students and put them through the centralized exchange experience.

  • So say they go on to coin base and they try to buy some crypto and they got 1200 people that work for that organization.

  • Great customer service.

  • And then the next week I forced them to go on, you know, swamp and do an exchange and they're like, whoa, this is a different animal.

  • And I don't know how to connect my wallet and blah blah blah.

  • And it's again from a user experience perspective, it's not for everybody, right?

  • It's not even 67 people amongst which I would count myself.

  • And you, you know, sometimes it's just simply doesn't work and you can figure out you get an error, I don't know, 117.

  • And you gotta google what it means.

  • And google doesn't give you any results.

  • You gotta dig into the forums and sub credits and you know, ask the community, wait for response.

  • Everything has its pros and cons, right?

  • So you want to be able to just handle that.

  • So someone who doesn't want to go down that rabbit hole or doesn't understand it, they can just come to next.

  • So they do some K.

  • Y.

  • C.

  • But once they're in they can have the crypto lending interest earned exchange and you kind of have that service for them.

  • And then they don't have to have I met a mass quality.

  • Absolutely.

  • And as long as we know who you are from a blacklisted country terrorists or dealing with dark markets, we can service you as long as you have the collateral, this was the founding principle.

  • We wanted to be as inclusive as possible because if we were doing credit checks, we have been very limited to the Western hemisphere, you know, where you have good credit score in the United States, europe United Kingdom and that's about it.

  • You know you can't service a client in Nigeria and we did did want to give them access because there are a lot of Bitcoin is there.

  • You know everywhere.

  • We want to give them the same assets and tools that we Western us have and it's very easy to have a Western perspective and centralized view on, you know, why do I need that?

  • I have my bank of America and you know, hsbc or whatever but there's close to four people, four billion people that are under bank.

  • So we wanted to be you know as inclusive them as possible as well.

  • And are your customers, were they based europe Asia?

  • Absolutely everywhere.

  • Just like Bitcoin is everywhere.

  • And so our customers we are servicing 200 jurisdiction as you said in your very kind intro uh and but we have people from everywhere.

  • Southeast Asia is a big market europe as being from europe the States more what what recent action we're gonna see how that plays out.

  • We might have to cut back a little bit on the state's policy.

  • Uh So but everywhere and it's very because like just from a pure number of clients it's one picture but then you have Wales in the Philippines and I don't know in uh South Korea and then it totally transforms the pictures one just once you do weighted assessment of where your clientele basis.

  • And the truth is we have clients from everywhere.

  • And it's amazing, you know, it's also very satisfying when you go on twitter and you see, I don't know a guy who is flipping burgers in a fast food chain and they started investing a little bit in crypto and they never saw it because they were borrowing with our products.

  • And four years later this guy, you know, has this new Tesla and and and and and the license plate says next, so because he's so happy that you know, we were around to just offer him the possibility of accomplishing that, which he never thought were possible.

  • It's very satisfying as well.

  • You know, helps us wake up in the morning and get you through the day.

  • It's those kind of experiences.

how is next.

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B1 centralized exchange coin service credit crypto

Antoni Trenchev On Why You Need To Know About Nexo ?

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    林宜悉 posted on 2021/10/13
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