Coinhako, Tezos on building a blockchain startup and the future of crypto

The field of digital assets has experienced unprecedented growth. The digital market was valued at $ 962.2 million in 2020 and is expected to reach $ 8,158.6 million by 2026.

From Singapore becoming a crypto hub to scaling a business, there is always a lot to learn from a business perspective.

In a panel discussion at the Singapore FinTech Festival 2021, titled Startup Stories – Blockchain & Digital Assets, moderated by Tim Draper of Draper Associates, we hear Arthur Breitman, co-founder of Tezos and Yusho Liu, founder of Coinhako, on the ins and outs of creating a blockchain startup.

The importance of cultural construction

Arthur Breitman, co-founder of Tezos
Arthur Breitman, co-founder of Tezos / Screenshot by Vulcan Post

When it comes to building a successful startup, aside from having a stellar product, one of the other things to pay attention to is people.

After all, a company’s culture is something the founder projects, and that’s exactly what Arthur de Tezos hopes to do for his business.

In the world of cryptocurrency and blockchain, credibility is especially important to Arthur and therefore it is necessary to never promise too much.

Although the road can be long, it is important to remember that it will improve “little by little”.

So, you are not dreaming of this great thing that could happen years and years in the future. It’s just constant progress.

Arthur Breitman, co-founder of Tezos

For Coinhako’s Yusho, the importance of developing culture came to the fore when their team began to grow. Yusho attributed the fact that they had offices in different locations as the main factor in “culture conscious development”.

“I would say having two separate teams and these teams growing exponentially was not as easy as it used to be,” said Yusho. “It’s not as easy as writing the values ​​in a spreadsheet”.

It’s a lot about people, communication and interaction, and more importantly, leading by example.

I think COVID-19 has confused us as well, in a way you know, we don’t have that much face time. It works against us, even though we are in a purely digital business. Right now we’re spending more time resynchronizing, just to keep everyone on the same page.

Yusho Liu, founder of Coinhako

Develop a startup

Yusho Liu, founder of Coinhako
Yusho Liu, Founder of Coinhako / Screenshot by Vulcan Post

As exciting or innovative as a startup is, it can’t stay a startup forever. Enterprise scaling is anything but a natural progression for businesses that want to have more impact.

That being said, growing a business is no easy task – growing pains and youthful issues are all part of the process.

In startups, hiring is one of the most important things to grow the business.

Arthur believes that as you scale you can afford to hire more specialists. But a smarter way is to find people who have worked in different environments and understand the pain points of the transition.

“These are people who have been part of the organization that has grown from 20 people to 2,000 people, and that’s a skill.”

Yusho recognized that hiring early on is very different from hiring as the business grows.

When we started out in a business, we really wanted to find “superheroes” who do it all and wear many hats. Over the years, I have realized that having good people is one thing. But more importantly, finding people with a heart and enthusiasm for the product, company or industry is really, really important beyond the experience and skills they have.

Yusho Liu, founder of Coinhako

He stressed that for a business to be successful, it needs motivated people to make things happen. These qualities are essential for the growth of a business.

“And as we grow, that’s where we need stellar middle and senior managers, who are critical to developing more layers in the business. “

Tim of Draper Associates supported this notion and stressed the importance of having good people on your team and trusting your team to try new things.

“I think to scale up you need good operators who have really good controls, but you also need people to feel free to try new things. This tends to decrease over time if the business is not well run.

A look at 2022 and beyond

Blockchain and digital assets SFF 2021
(LR) Tim Draper, Arthur Breitman, Yusho Liu / Screenshot by Vulcan Post

Given that we’re at the end of 2021, it’s only about time that we see these leaders look to 2022 and beyond.

As someone who enjoys connecting people and using blockchain to solve problems, Arthurs said he wants to continue to do so on a larger scale.

“What I hope to achieve by 2022 is basically being able to transmit and communicate to the many different players in the crypto ecosystem or contribute to Tezos,” said Arthur.

We still live in a world where people view blockchain transactions as something rare. Everything is built on the assumption that transactions are rare and very limited in the number of transactions you can make. We will change that by the end of 2022.

Arthur Breitman, co-founder of Tezos

Coinhako’s Yusho, on the other hand, has two goals for 2022. The first is to improve the accessibility of cryptocurrency, and the second is to “help projects and connect projects to Southeast Asia. Southeast as well as to bring Southeast Asian projects out into the world ”.

“By the end of 2022, hopefully, Coinhako will grow into a full suite of crypto services with a broader product line serving a much more diverse range of customers.”

We believe Singapore is going to be the crypto hub for the world. For next year, that is to say in just 12 months, we absolutely want Coinhako to be licensed and recognized in several countries in Asia.

From day one, we’ve taken the compliance approach first since we launched the app in 2019. While this has slowed growth, we recognize the importance of it.

Yusho Liu, founder of Coinhako

Tim Draper also believes in Singapore’s potential as a crypto hub.

“I think Singapore is a country small enough to be able to claim this leadership. But, I think they have to allow a very light touch and be ready to allow central banks to reinvent themselves. “

Featured image credit: Singapore FinTech Festival 2021

AIthen read: Coinhako, First Non-Bank S’pore Crypto Exchange to Obtain In-Principle Approval to Offer DPT Services

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