Cointelegraph Turkey interviewed Abhinav Mehta from Encryptus

Cointelegraph Turkey interviewed Abhinav Mehta from Encryptus

Between 1 – 4 November, the heart of the technology world beat in Lisbon as part of the Web Summit 2022. At the event, which took place with more than 70 thousand participants, many names, from companies that come to mind when technology is mentioned, to startups that are just at the beginning of the road, made a show of strength. Serving institutional customers as a cryptocurrency trading platform, Encryptus was also one of the participants of the event. We interviewed Abhinav Mehta, Encryptus Marketing Manager, and heard what the company is doing in the industry.

Question: Regulations in the crypto industry differ regionally. Which region do you focus on in your compliance efforts?

Abhinav Mehta: There are two crypto regulations in the UAE: one from ADGM (Abu Dhabi Global Markets) and the other from VARA (Virtual Assets Regulatory Authority) in Dubai. Both of these regulators are attracting the most trusted crypto companies. Bahrain, on the other hand, became one of the first countries in the Middle East to introduce comprehensive regulations from the Central Bank of Bahrain.

We have local compliance in Dubai as we are not based in Dubai and are licensed by DMCC (Dubai Multi Commodities Centre) for crypto activities. However, we also have jurisdiction for crypto activities in Lithuania. The updated crypto requirements will be implemented in Lithuania from January 1, 2023. The Lithuanian licensing ecosystem has been widely accepted by Fintechs and NEO Bank under EMI License. It’s interesting to see how cryptos are shaping up in the region.

Question: As Encryptus, what do you think is the point of view of institutional investors on the sector?

Abhinav Mehta: To tell the truth, the current market situation has shaken investor confidence after companies like Terra Luna, FTX and Celsius fell. The crypto ecosystem has been somewhat disappointing when it comes to deliveries against promises. We are witnessing more crypto liquidations than buyouts. The last bull run was led by investors like Microstrategy, Square and Tesla. I think the market could see some big financial institutions and financial services companies adopting Bitcoin and using stablecoins in the next bull run.

Institutional investors will come to the fore and increase ‘Crypto Adoption’ in the B2B space. JP Morgan came up with the “JPMorgan wallet”. Twitter, newly acquired by Elon Musk, now wants to receive Crypto payments.

Question: You state on your website that you are not a token project. Does this mean we won’t see a native token by Encryptus in the future?

Abhinav Mehta: Encryptus was never built on the vision of owning its own native token. We don’t want to be one of the more than 19,000 tokens in the market. We have been offered to launch a token by some major crypto companies. However, we rejected the proposals as our vision is to bridge the gap between transparency, compliance, licenses and strong infrastructures, and traditional finance and crypto assets. We can achieve all this as a capital company and we see no reason to be a token company. Even in terms of cryptos, we only offer selected cryptos such as BTC, ETH, USDT, USDC and MATIC. Many users may argue that this is limited to just 5, but we think that for mass institutional adoption one does not need to have 1000s of crypto assets, only a handful to offer. Encryptus has a clear goal of empowering non-crypto companies to adopt crypto using our ecosystem. For example, what prevents a forex company from offering physical Bitcoins to its users in a compliant and transparent way?

Question: You have a broad target audience, including corporate customers. So what kind of security measures do you take for these customers?

Abhinav Mehta: Encryptus is one of the few companies that actually allows its users to move their crypto purchases to any external wallet of their choice instantly. Once users have whitelisted their wallets on the platform, they can take their purchases to their cold wallet or swap wallet. Although we integrate well with industry leaders to offer crypto wallets to our users, we have decided not to offer wallets to our users from day one. I’ve always stood for two ideas: “Not Your Keys, Not Your Wallet” and “Just Trust Yourself”

To continue on the security side, we have MFA (Multi-Factor Authentication) when withdrawing the cryptocurrency to an external wallet. Inbound and outbound crypto transactions are scanned through our cryptocurrency tracking tool. This means users can only bring clean crypto assets from Encryptus to and from clean wallets.

We do not offer third-party products such as staking and rewards. The problem arises when companies try to make their products attractive by integrating all possible third-party providers. We believe that a company should only offer products over which it has full control and not be at the mercy of third parties. We neither borrow nor lend cryptos. We are taking small steps towards “true decentralization”, not just stories. While the crypto market is experiencing a decline in trading volumes, we have seen a steady increase in our user volumes recorded monthly. We integrate well with one of the world’s leading KYC Providers and a cryptocurrency monitoring company.

Question: You have an API plan on your site. What product exactly is this API service targeting?

Abhinav Mehta: Encryptus has a clear vision for companies and institutions to harmoniously use the power of blockchain technology for Crypto Fiat. We want to support platforms and institutions globally and provide broad coverage for fiat crypto pairs. Partners using our API will save time and development costs by integrating multiple transaction pairs. A single API will give our partners access to offer their users a variety of crypto fiat transactions. Our long-term vision is to be a back-end company with strong compliance, processes and technology infrastructures to support other companies.

Question: You attended the Web Summit 2022 held in Lisbon this year. Are you planning to attend next year’s Web Summit? Do you expect Web Summit to take on a more important role for Web3 entrepreneurs and the ecosystem?

Abhinav Mehta: It was my first participation in Web Summit. We would certainly love to be a part of Web Summit if the right opportunities arise. Honestly, there is a lot to learn for crypto companies from Web3 and the big tech companies attending Web Summit in general. Meeting successful companies with great infrastructures, knowledge provides a good understanding of the gaps that exist in the current ecosystem. There is always a possibility of integration and expansion through connections and job interviews. Web Summit, on the other hand, had a great staff of speakers who spoke on topics ranging from ‘Global Regulations’ to ‘Future Technology’. Such sessions are full of information and success stories. Finally, I can say that Web Summit’s mobile app was as good as a professional social media networking site.

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