Cryptocurrency

How Nebeus Is Adapting To The Current Market Situation And Its Roadmap For 2023; Interview with Sergey Romanovsky, CEO of Nebeus

Nebeus financial app for crypto hodlers

In this interview with TechBullion, Sergey Romanovsky, Founder and CEO of Nebeus, the financial app for crypto hodlers, tells us how the company is navigating the market crash and what is planned for Nebeus’ strategy for the next year. 

How is Nebeus adapting to the current market situation?

Nebeus started to shift a few years ago as it evolved from a cryptocurrency platform to a challenger app offering a full banking framework for crypto. It was the next logical step, considering we always had the mission to bridge crypto and traditional finance. Many crypto users worry about withdrawing their funds and protecting them, as big players on the market aren’t as solid as they seem to be, so we decided to close that gap and bring a new solution for them. 

Naturally, to accomplish this, we incorporated Euro IBAN and GBP Sort Code and Account Number accounts. With this implementation, Nebeus users have the functionalities of a crypto platform and a banking one in the same app, being able to transfer money from one account to the other without hustling or having their accounts blocked. At the moment, 90% of our users’ funds are held in their personal IBANs, which means their accounts are separate from ours. Through this, we sought to bring self-control to our users and, overall, simplify their finances.

How did all the CeFi crashes affect you?

We understand that the market is chaotic right now, and we need to move fast to adapt. Companies such as FTX, Celsius, Gemini, Blockfi, and many others, crashed and triggered customers’ fear and mistrust. No one was expecting what is happening now, and we will see the remaining companies, like us, shifting to bring new solutions to the table. Nebeus’ response to this circumstance is moving towards decentralisation. We want to give our users more control and choice, so they can decide whether they want Nebeus to manage their private keys, as we currently do, or if they want to hold their private keys in a DeFi way. 

Did you modify any established products because of the market?

Yes, we have. We are developing several upgrades to adapt and improve our app according to what is happening in the market and hearing what our customers need. Many highly respected companies halted withdrawals or went bankrupt, obviously causing people to panic as it meant losing their funds. Because of this, at Nebeus, we decided to lift the costs for our insured cold vaults to provide our users with a safe space to keep their cryptocurrencies segregated from the Nebeus company account, and insured so they can be certain that if anything happens, they won’t lose their assets. BitGo provides the crypto custody and Lloyd’s of London the assets insurance for up to $250M. We are doing everything we can to provide a robust and safe platform for our users to rely on during these difficult times. 

Is any other change thought to be implemented this year?

Talking about more imminent steps, we will launch credit and debit cards for our Money Accounts that run on the IBANs. We are happy to announce that they will be available at the end of 2022, and they will enable our users to spend money directly from Nebeus. The funds will also be stored separately from Nebeus’ company account, as they are the users’ dedicated IBANs generated by Modulr Finance, an EMI regulated by the Bank of Ireland. At the same time, our users will also be able to link their cards with Apple Pay and Google Pay, simplifying their daily use of money since connecting a crypto account with a fiat one can be challenging. In this way, Nebeus will allow them to transfer funds from their Crypto accounts to their Money accounts, and they can spend them directly with their cards without having their transfer flagged or blocked because it came from a crypto platform. 

Another product we have been developing and will continue to grow during the next year is Nebeus Smart Trader. We are constantly improving our app, and our trading feature is no exception. With this, the users will define a trading spread to have on the crypto’s price so they can trade without monitoring the market every minute. At Nebeus, we have our users’ convenience as one of our top priorities, and this upgrade is particularly helpful with the current hyper-volatile market as Smart Trader will inform the user via push notifications when it is time to buy or sell depending on the chosen spread. 

As crypto adoption increases, have you considered offering Nebeus to corporate clients?

Yes, we are doing it already, as Nebeus is also being used by freelancers and businesses. Autonomous workers receive payments in crypto and use our app to send cryptocurrencies to any part of the world too. Businesses can use their accounts to receive fiat, stablecoins, and crypto, and especially to pay their employees and suppliers in stablecoins and crypto. As an aggregate value, corporate accounts can get statements of their expenses to keep track of their crypto movements too. 

What is your outlook on the market?

The market took a hit on everyone and is uncovering organisations which don’t have the proper structure. In the longer run, it will show who has a strong business and is prepared for the future of crypto. I believe the bear market will begin to recover halfway through next year, but in the meantime, crypto users need to trust the companies that are resilient and are working to keep their operations sound, and hopefully, these companies will be seen and thrive among the chaos. 

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