Maxim Salomatin on Bitlish’s cryptocurrency exchange and wallet services

0:00I'm Ashlyn Addison from event chain for investmentpitch media and FinTech news network and today on blockchain interviews we have max Solomon the product manager of bit lish max thank you so much for taking the time to be on the show today hello hi I'm very excited to learn about the bit lish exchange and the wallet today if you would start with a little bit of background on bit lish

0:25and what is your competitive advantage and the benefits of using the product sure British is a full scope platform krypter where the core is a centralized exchange with no TC desk and also a multi cryptocurrency wallets for iOS and Android as well as API and the crypto payment gateway with some complimentary services around all this advantages are trading with fiat we support US dollars

0:55euros 7 pound Japanese yen and even Russian ruble we have at the moment we have the worldwide is legally approved coverage to us at visa and mastercards so the people can buy crypto bill plus a plenty of other payment options including Swift and separ bank transfers and so we also have a legal entity identifier issued by the London Stock Exchange which means we are transparent

1:23for regulator for all our financial operations so we're not an offshore company hi this legal name and address that Martha kept top 20 mostly consists so we are open and strive to build trust or relationship with our clients we also considered as one of the safest exchanges in the world by some independent evaluations brittish's top six and top 10 for safety that's

1:49probably that's great that sounds like you guys have a lot going on and now what is the traction like on bit wish so far is it gaining a lot of popularity what are the volumes like on trading and is it easy to trade for new users looking to get into cryptocurrency it is quite easy and regarding the new business most new bills are actually looking for the

2:15volumes this is the first thing they look for so new distinct volume is the main indicator while professional traders pay more attention to the spread as well available API options throughput many other things sometimes the main factor for them is just a jurisdiction of the companies some find best to have a specific trading pair for them sample even for a single special set we also

2:41see in some clients driven by a payment system variety which we have plenty of so some customers like to have righted options they can deposit or withdraw fee advance fee and since we have a very robust API much faster than many other exchange they have bit which is heavily used by all types of external you know third party algorithmic trading services

3:09and platform including high frequency trading and all stuff like this so for the newbies I would say order books can be very misleading sometimes for example we provide our or the book for free and this means many external services monitoring it constantly we just you know we know they're somewhere out there and looking for it so sometimes you make another expecting to wait until it's

3:35being executed but it's matched instantly because so many external service is watching the order all the time and the best advice for the new burst would be here to go and just try make another and see how fastest is matched don't make decisions based on polyatomic mm-hmm that's great advice and it's great that you guys have a lot of api's and integrations because there

4:00are a lot of other tools that people are using to connect to exchanges so that's really existential for the growth of bit lish now another thing that you mentioned is the trading pairs I'm curious how many different coins are trading on there and are there a lot of USD pairs or a lot of Bitcoin pairs for bitcoins we have all everything we trade with is being traded against

4:24BTC and 5/8 current occurrences it's all together there around 60 trading pairs like this week we have added the newest one the EOS with new currency that's great any are you adding coins often that for lower market cap coins are you sticking to the main coins we've been experimenting a lot for

4:54example we have very minor things like dodgy coin but at the same time we have recently shut down trading with IO da and now as well because they didn't get much traction so we decided just to shut down there's very interesting now you touched at the beginning that bit lish is incorporated in the UK and I'm very interested to learn a little bit more

5:22behind that some of the popular exchanges like finance are offshore in Malta and in other countries so why choose the UK for the bit list exchange well we started back in 2011 and interpreted only 2015 from the very beginning we wanted to be aa legitimate as much as possible even while the regulation were accents not in place so we practice cameras if equipped when

5:49nobody else did that course has a slower user base group but at least we know we're oakley and don't have problems when the law comes in so there is no proper crypt regulation in the United Kingdom at the moment but we behave like it is and if we were an ordinary bank or just a financial institution so when you send your money to an offshore registered with the currency exchange

6:13that doesn't even has his legal name and address published on its website and the money are not deposited disappeared gone forever where do you build how whom do you file a suit against people are driven by a momentum grid they believe the volumes are huge many others can't mistake and so on so they just choose and go for the main stream at least they believe the numbers of the worst

6:39rates published on different ratings so believe the volumes are huge they go for it and then once it's collapsed they weep and cry just I would say don't be stupid do not let yourself be driven by a crowd make a careful choice pay attention to the details to the legal stuff even if the regulation is not in place and missing try to figure out try to read reviews many you know what

7:05people don't to know what people say about each change so when we were choosing the UK we believe the we just were coming out of thinking our well-established economist first of all and obviously we like to the rule of law and we want to share this the British culture values globally with our customers that's why we operated that's great and your customer base is global

7:33yes that's true we are truly global except very few countries like United States for individual customers we don't serve Matt and also FATF Lister you know as everyone knows like countries like Afghanistan we don't serve and you also mentioned that you met with British financial regulators the FCA to get regulated with bit lish and make it

8:01official can you talk a little bit about the discussions that happen there what are the implications of being regulated and how that benefits the exchange yeah that's what happened just a couple weeks ago it was about the new command European Union anti-money laundering directive and we shared our expertise with the FCA the discussion is focused on mainly how the government plans to

8:27apply anti-money laundering requirements to the crypto assets activities including exchanges and leading to a possible supervisory regime we talked on implementation potential FCA fee structure and how it may apply to us as well the interim result is a newly updated colleague guidance some people say sets from FC where you can find asset pacification right now

8:57and basically it's a it is a current I've saved you on crypto in general what I can say in the muddy waters of crypto the regulator tries to define the waterway and set up two lighthouses it's just briefly explaining the situation in the moment if you are equip the company go read the document define yourself find your category and you fall under and understand if you are already

9:23carrying on a regular activity be regulated at the moment most people think if there is no regulation at the moment you then you are not obliged for anything that's not still while it's not properly in place as I said but the document already can guide you and give you some advice it may also be a surprise for you to find out that some of the assets you trade or mine I

9:47actually fall under the regulated pipe type right now mm-hmm yeah that's definitely a concern with many of the coins which have been thrown back and forth between being a security token versus being a utility token as well and that has to do with the regulation there are many people in the industry that believe that there is no need for regulation and a lot of

10:10libertarians are attracted to cryptocurrency for that reason as well so it's interesting that bit lish believes in the regulation and from the beginning you guys have been focusing on being as licensed and regulated as you can yeah so why would we strive for that it's mostly about the security of investments for the people like in the

10:39whole process of the trading measures against volatility and market manipulation all the same the things we have in classic stock markets that's why we're here finally it is a way to legalize you newly obtained wealth so for example people might obtain some crypto for different other ways we don't know the nature they come up from something of this I was dreaming of now is to get

11:06legalized because if coins means nothing if you can buy something with in the real world very true now enough about regulation maybe we could talk a little bit about security and one major topic with cryptocurrency exchanges is centralized exchanges versus decentralized and the fact that a lot of centralized exchanges have had vulnerabilities and hacks which have

11:31left traders losing their coins what do you foresee with the crypto currency exchange market right now all of the centralized exchanges need to be popular but there seems to be a demand for decentralized exchanges well several things here obviously we consider them as a potential competitor in general so we keep our close eye on them and I guess they are to become a Pirate Bay

11:58for crypto in the end of the day the last resort for crypto punks and everything illegal one of the big deal the market is security but in fact they just put it on a customer's shoulders that means you have to install the trading monitor or the text client to them and that means you have to take care on your local security if you have if you have some spyware or something

12:24that means you actually lose an app so I'd rather code good professional and hard for the Commons another thing is liquidity what we see on the decks now is that you waiting for days till you order is executed and despite excluding the middleman the rates are even higher and commissions to surprise so that's more time to evolve by the end by the time they do so they

12:50might already and we might already have atomic swaps and inter blockchain protocols in place so that will make Texas obsolete definitely they will take the initiative as are doing very well with bitless as a centralized exchange how are you continuing to expand are you just looking for more traders and customers or are you also expanding the and other strategic partnerships well

13:20everything goes and we work globally like I said with a very few country exceptions so at the moment we are more keen to selling coins to simple people who have Visa or MasterCard that's just plain stupid thing but many people fail well also we about to provide grip the payment gateway service for merchants this is already in place but we want to expand this sector yes new individuals

13:48are coming every day we see it in numbers and we tend to think the whole industry needs more practical approach something like real-life tools for greater adoption of the cryptocurrencies in general so we're constantly hiring that's a never-ending process as well amazing and if there are people looking to join in two-bit lish or just to start trading what's the best way for them to

14:13learn more information and get involved well find us on Twitter Facebook even Instagram or just simply go register bitless calm and agree to get emails from us we don't find my products amazing I'll leave those links in the description box below thank you so much for your time max that's all the time that we have for today let's follow up in the near future for bit lish okay see

14:37you