Team CoinAdvice got a chance to do an exclusive interview with the CMO of Cryptology, Herbert Sim. Cryptology is a Singapore-based exchange. With a daily trading volume of approximately $50 million, they are one of the top 100 exchanges in the world based on coinmarketcap rankings. Cryptology has offices at Singapore, Moscow, San Francisco, and Limassol. Here are some excerpts from the interview:
How long is Cryptology into existence?
Cryptology was founded in August 2017. However, they only started a real push in July earlier this. Reason being, they are very focused on building a quality product and they make sure that security is given the topmost preference. After that they started to push on marketing and their community grew very quickly from 1000 to 30,000 telegram members. Most importantly, he thinks media has taken notice of them. They also did some guerrilla marketing around the world– launching the world’s first CryptoDino.
There are lots of exchanges around the world. What do you think is the uniqueness of Cryptology?
At this time, there are around 4000 known exchanges in the world. But according to him, only top 100 matters, as per coinmarketcap rankings. They are among the top 100. Out of these 100, they are one of the few who does crypto to fiat. They call themselves a crypto community exchange.
Why do you call Cryptology as a Community Exchange?
As per him, they listen to the community and make sure to arrange what they desire. For instance, if people want margin trading, they make sure that their tech team launch margin trading for them. On top of that, the community also gets to say, which projects they want to see listed. So, whenever a new project arrives, they take proper feedback from the community whether they want the project to be listed or not. They allegedly have a 24X7 support team, which is proactively working on the ground.
Next question is about the unstable crypto market. It is very volatile and there are many people who are not able to understand the technology. They think that crypto is going down, so blockchain is not good. So, what are your thoughts about this?
According to him, traders love volatility and volatility is good for traders. Without it, they won’t make any money at all, if its stable. Based on the statistics, more and more institutions are coming in at this point in time, even if the market is becoming more and more bearish. They are actually building in their positions and buying more and more.
On top of that, during this point in time, we are also seeing the introduction of governments across the world trying to regulate and create policies to regulate the sector. One of them we are seeing very aggressively fast is Singapore itself. In fact, it was earlier in February, when Singapore’s deputy prime minister mentioned on behalf of monetary authority of Singapore, that Singapore will not ban cryptocurrency. Consequently, Singapore saw an influx of ICOs then. Another upcoming blockchain hub is Malta. As per him, Malta and Singapore are competing to be the prime location for ICOs. However, Singapore is one step ahead. He further mentioned that one will see regulations coming in, next year. When masses see governments making the regulations, they will think that the government is keen to regulate the sector and people will find it a bit more secure. When that happens, mass adoption will start happening. When Singapore is getting into it, the rest of the world will also start getting interested as Singapore is one of the largest financial hubs in the world. Following Singapore, rest of the governments will also start roping in regulations. And one will see the likes of Bitcoin and others skyrocketing once more.
People think that blockchain is only for crypto and not enterprise or database. What are your thoughts on this?
Singapore is very progressive, but the security is the main consideration for the general public. Looking at the likes of IBM, the adoption in enterprise space has started to happen. They are already into blockchain and are looking at the likes of supply chains. But it has to continue adoption across industries, not just MNCs but SMEs. When that happens, people will be able to see blockchain technology as a legit tech. It’s a very nascent industry and has come into existence just 10 years ago. Now, it has started becoming mature.
Governments have also started to come into it seeing implication and potential behind the technology. Singapore is very actively using the tech to keep a check on money laundering. At the same time, they are also not holding back the technology from flourishing.
How are you planning to propagate Crypto knowledge through your massive following on social media?
He started trading in 2010. He started the Crypto Chain University when he was researching on whitepapers. So he created a resource which would be a one-stop resort for everything in the industry. He was also into the fashion industry and started a high fashion line magazine. It also made him popular and he has half a million followers on his verified ‘blue tick’public figure accounts across social media – Facebook, Twitter, Instagram . To some, he is also known as TheBitcoinMan – Facebook, Instagram.
Do you think the industry has failed to educate the people about the technology? Because of which there seems to be a little confusion because people are attaching Bitcoin with Blockchain.
Blockchain technology is a wonderful revolution and crypto uses Blockchain as the technology behind it. There has been a huge gap in educating the common people and the insiders are not going outside of the community. When Bitcoin came into existence, there was first a whitepaper by Satoshi Nakamoto himself, specifically about Bitcoin. Over time, people took 2 things out of the whitepaper and separated the two things- Bitcoin and Blockchain. The very first ideology is still Bitcoin. The way I see it is that there are two notions to it- Blockchain and Cryptocurrency. Cryptocurrency is an amazing application of the technology and he is bullish on crypto. We will move into a future where there will be no fiat but only cryptocurrency, as per him. But which cryptocurrency is going to survive in the future, that’s another question for debating.
Herbert is an outright believer of bitcoin. According to him, lots of institutions in China are working double time for the research and development of this technology. With regards to education, he mentioned Crypto Chain University, which is a library compiling research on the blockchain. Notably, the University of Oxford and the University of Nicosia have come up with their own blockchain course. We are seeing a lot of other progressive players, with the likes of the National University of Singapore. As per him, the industry in itself is still very young and more educators are required in the system. When that happens we will see mass adoption of Bitcoin. That is something that we are lacking right now and we need to focus more on that in the coming years.