Aleksandr Stanovoy, Serenity Financial: Blockchain To Completely Change Many Fields In The Near Future
Alexander Stanovoy, CBDO of Serenity Financial told Blockspoint how the Serenity project will solve the problems of brokers once and for all.
How was Serenity created?
The Serenity project was created in the summer of 2017. The idea was to make Forex and cryptocurrency trading more transparent and reliable. The Forex market is the largest financial market with the daily turnover of $5-6 trillions per day. This market employs about 6,000 brokerage companies. 20% of these companies work under the generally accepted regulation. And 80% of brokers work under unregulated or poorly regulated jurisdictions. You can imagine how many private investors are not protected at all. We had an idea to protect offshore brokers' clients. We have created the Serenity project, which ensures that client transactions will not be canceled or changed by a broker unilaterally. We use blockchain and smart contract technology. Our project guarantees that customer's funds will not be stolen by dishonest market participants. We solve a lot of problems associated with weakly regulated jurisdictions.
What kind of technologies do you use?
Our product is created on the Ethereum blockchain. It allows our clients to store funds in accordance with the terms of smart contracts. Escrow is based on the very same principle. Blockchain helps clients to avoid risks during transactions. Our customers can be sure that their transactions will be safe if something goes wrong. Blockchain also allows to resolve disputed issues through checking all necessary data stored in it. In other words, blockchain ensures that the data will remain unchanged during transactions. Smart contract also guarantees that client's funds will be safe.
Do you have any competitors in the market?
We were the first to come up with such a platform. There are similar projects today, but our product is designed for specific needs of the financial industry. These needs already exist but no one has offered such solutions before.
Which point of the road map are you at now?
We have successfully passed the ICO stage. Now we are developing an exchange platform. In June, we are going to launch a test version of the escrow. In August or September, the system is supposed to start working.
How do you deserve the trust of customers?
The creators of Serenity have other businesses, which are successful. For example, UpTrader is a developer of software products for the financial industry — it’s been in the market for a long time. In addition, the group includes a well-known brokerage company. We came from the traditional market, so we know all weak points of the industry.
Serenity employs 105 people. All developments and marketing were made in-house. The top management consists of the most famous people in the Internet trading industry. We visited more than 50 conferences, where the Serenity officials promoted the project. We continue to take part in panel discussions and conferences as invited experts. We discuss blockchain technology and show the way we implement it in our projects to a wide audience.
Do you have a community?
Our community consists of around 7,000 people. Over 4,000 have become our token owners. The SRNT token will be used to pay for the company's services. Fees for operations on the exchange will also be charged in tokens. In addition, tokens will be accepted to pay for all expenses that the members of the Serenity ecosystem may have.
How much money have you attracted during the ICO?
We attracted more than $4 millions.
What is the main mission of your project?
Our mission is to significantly increase the level of confidence in offshore brokers. We want to offer our platform to regulators across the globe and thereby make their work more productive.
What are principal features of the work with regulators?
Authorities that regulate trading are positive about blockchain despite the fact that this technology may take over a part of their functions. Not only will Serenity create an opportunity to solve issues of the industry but also to prevent them.
How may blockchain change the traditional financial system?
We expect that blockchain will totally change many industries. However, it may take a lot of time and efforts before this technology is used globally. The existing regulatory system has to rebuild its activities and adjust them to the innovative technology. It is a difficult task. For instance, many regulators have not yet decided what the "token" actually is. As a rule, technologies develop faster than the regulation sphere. When governments determine the legal status of tokens, the development of the industry will go faster. Though, it is absolutely clear that they won’t hurry, as they have a specific task, which is not to let private investors suffer from the new technologies.
All market participants are waiting for the token status to be defined. Once it happens, the expansion of blockchain technology will go faster. So finally, blockchain will become an integral part of our daily life.