Digital assets, cryptocurrencies, decentralized finance – it seems that the financial markets are in for a major overhaul. Even without being a finance “insider,” which I’m not considering myself to be, it is clear that blockchain technology, the underlying technology powering cryptocurrencies, is shaking the very foundation of the economy as we know it.
With that said, federal and commercial financial entities are struggling to keep up. There’s no escaping the realization that traditional finance is in need of a helping hand, some mediators that will assist in bridging the generational, technological and regulatory gap.
That’s why I was happy for the opportunity to speak with Tal Amram, a highly experienced executive and entrepreneur, and hear how his recent company, Crymbo, is aiming to build that bridge to connect the traditional and digital financial worlds.
What keeps financial companies from offering digitals assets?
These days, a growing number of mainstream financial companies (banks, financial institutions) are interested in widening their portfolios with blockchain-based products and services. However, there are many market barriers and blockers that create a growing gap of technology, liquidity, and regulatory complexities.
Financial institutions face an expensive “entrance ticket” that results in a longer time-to-market.
They also lack the ability to tackle the evolving changes in this space and find it hard to create an added value over the current players in this space. Therefore, financial companies are not yet meaningful players in this space.
Do you believe financial institutions want to offer digital assets?
Banks and other mainstream financial companies can’t ignore consumer demand for cryptocurrency. They wish to diversify their services and products and to avoid cases of losing customers to private companies (like exchanges) that do offer digital assets.
We must bear in mind that 99% of the world’s population haven’t bought digital assets yet, and the simplest, easiest, and most accessible way for them to buy is from their local, trusted financial institution, rather than working with private, sometimes unregulated companies like the exchanges.
This is why we at Crymbo believe the market will grow through financial companies.
How big is the digital asset market in terms of demand and volume?
The mainstream financial market consists of 100,000+ companies globally that, currently, don’t participate in the rapidly growing digital asset market.
The cryptocurrency market has soared recently to an all-time high, reaching a market cap of $3 trillion, and while demand keeps growing, countries aim to issue their own digital currencies. There is a huge untapped market as financial companies can’t serve 99% of the world’s population.
What challenges does Crymbo solve, then?
Crymbo was founded to bridge the gaps and remove the barriers financial companies are currently facing when attempting to enter the digital asset market, while enabling them to shorten time-to-market.
Crymbo’s vision is to revolutionize the way financial markets operate today by introducing a next generation DeFi platform that integrates mandatory requirements of mainstream finance, together with enhancements for digital assets. Crymbo offers its various solutions under one platform that enables direct access to a wide range of decentralized financial products and services.
What makes your solution unique compared to other digital asset solutions and service providers?
Most solutions in the digital asset space are B2C-oriented. The few B2B service providers cover only “parts of the solution”; some companies cover the trading and liquidity aspects, some provide custodian services, other tackle the regulation aspects, etc. This leads to a situation where a financial company needs to create multiple integrations, ending up with a web of solutions in an unfamiliar space.
Crymbo, on the other hand, was designed to provide financial institutions with a holistic solution that enables instant onboarding to a variety of blockchain products and services.
What makes your technology unique?
Crymbo encompasses a global network of financial companies, enabling them to communicate and settle transactions instantly. Through new methods of communication and settlement we can eliminate the counterparty risk, thereby creating better, cheaper, and safer accessibility for the clients.
Crymbo’s network allows new players and new liquidity sources to quickly and efficiently enter the market.
How do you see the digital asset market evolving in 2022?
Today’s economic markets are going through a technological and financial revolution as digital assets redefine the economy. The market is evolving rapidly as regulators around the world are making a tremendous effort to regulate, license and standardize the digital asset marketplace, so they won’t lose control over it.
We also see a trend of different countries issuing their own digital currencies and blockchain technology becoming more prevalent – all vectors are aligned to support the growth of the digital asset ecosystem over the next few years.
We expect to see higher adoption of digital assets and, as a result, a demand for additional products and services in this space. We believe our roadmap and target audience are an exact fit for those trends.
