Founder Of Bixtrim Arthur Arabyan Tells About Cryptocurrency Payment Cards
CEO and co-founder of Bixtrim, Arthur Arabyan, told Blockspoint about the creation of crypto payment cards and a platform that provides easy and quick access to financial features and solves the most important problems of the crypto world.
How did you get into the sphere of cryptocurrency and blockchain?
I found out about cryptocurrency in late 2014. My friend came to visit me, showed me a miner, and said, ‘This is the future!’
At some point, we had problems with cryptocurrency withdrawal and the lack of services that accepted crypto payments. And the existing ones always had issues like ‘verification did not pass’, or the volume of transactions was wrong or transactions were time-consuming. Thus, we decided to create a service for working with cryptocurrency on the local market. We studied projects around the world to collect successful solutions and build a perfect product.
Where are you based?
The main office is in Tbilisi, it employs about 20 people. But at the same time we have workers in Ukraine, Russia, Belarus, Germany, Bulgaria.
What services does your company provide?
We created utility tokens on the Ethereum blockchain. These tokens allow their holders to receive discounts on our platform. These are functions such as escrow, futures contracts and even crypto pawnshop. We will also issue a payment card for crypto that will work in any restaurant, store and so on. Its owner won’t even need to have money except for our tokens, the system will automatically convert them into fiat. We solved the problem with scalability, our platform can conduct up to one hundred thousand of transactions at once. Our project is developing gradually, and we do not promise users a fortune from the start. First, we develop a platform, then a payment card and an application. In our whitepaper, all stages of the project are clearly shown along with the timeline. For example, we plan to launch the platform in late December. It will be a fully working version, but the functionality will expand step by step.
Don’t you think there are too many cryptocurrencies on the market? What’s the point to create your own token?
There is a possibility that the amount of tokens will reduce. Functionality is growing, every token that can be actually used somewhere has an additional value. There is nothing wrong with tokens and there is nothing wrong with the people having a choice. Of course, you need to introduce a well-thought-out regulation for ICO. Now it is not regulated whatsoever. There are AML and KYC procedures for clients, but projects don’t have any verification mechanisms. This is insane! We need to make the market cleaner. Besides, the global banking system refuses to work with cryptocurrency companies. And they won’t start until there is a proper regulation.
How would you explain all the advantages of cryptocurrency to people who view it with suspicion? For instance, my mother doesn’t know anything about this and doesn’t really want to. How can you convince her?
Especially for people like your mother, we make training videos and explain how to use cryptocurrencies. We try to show the advantages of this technology in a very simple way. We try to take into account the opinions of different types of people. Our website is divided into three parts, and each of them is aimed at different sorts of people. From the very beginning, our team was focused on creating a service for those who had never anything to do with cryptocurrencies. The main thing is to explain what blockchain technology is. As soon as people see the advantages of the technology behind cryptocurrency, they will have the opportunity to choose whether they need it or not. We want to attract to the industry as many new people as we can, get the best developers and other experts, and, of course, show how much influence digital money has on our daily lives. It is already obvious that there is a future behind cryptos. These are really new opportunities for improving many spheres of our life.
Have you managed to attract investors during the ICO?
We have faced some distrust at first. There are a lot of risky projects on the ICO market, some projects simply disappear the day after getting some amount of money (sometimes, it’s a huge sum). Investors tend to pay attention to the company a team worked with, and if it's not Microsoft or any other big firm, people are suspicious. But we are lucky, as the biggest part of our specialists are from serious corporations and have strong portfolios.
What kind of promotion methods do you use?
We use social networks to attract new customers. This is one of the most honest and accessible methods. And, probably, the most effective. In addition, we use advertising and training elements, such as lectures and workshops. We cooperate with educational projects, participate in conferences. We are the general sponsor of the blockchain conference in Tbilisi. Also, we supported events in Kiev, Paris, Amsterdam, St. Petersburg, and Moscow.
Why do we need such a kind of conferences?
Conferences are very useful events, in fact. If you have an idea and you want to promote it, then you need to meet people. Otherwise, it would be impossible to enter the market. We can see the way various business communities are forming, and companies are establishing links with other projects. You may have a good website, or a project's description document, but it won’t work, because people do believe in people today. It's strange, but when we were in Limassol, in Cyprus, at the IFX conference, representatives of traditional business areas were very interested in our project, and it helped us to attract new customers. Basically, we have already formed a community. We are a well-known company in Holland and Russia. Our business is moving forward and we are looking for new convenient ways to provide services.
There are similar projects on the market. What do you think of the competition?
It’s good that we have competitors. Honestly! If we didn’t have them, the whole sphere would develop much more slowly. Besides, competitors are also our potential partners, we must always remember this. The crypto sphere is large, there is a place for everyone. We put our heart and soul in our product, and are completely confident that we can succeed. A strong team and a strong product — this is our answer to all competitors.
Why did you decide to stay in Georgia and develop your business here?
Georgia is the third largest mining country in the world! It requires about 70 megawatt per hour to mine cryptocurrency, which is twice the needs of the entire population of Georgia. There is a very liberal atmosphere for the development of innovative business. We see a huge investment flow in the sphere of blockchain and cryptocurrency both from local people and foreign partners.