Michael Zimkind, VP Of Business Development At SHIFT
Michael Zimkind, VP of Business Development at SHIFT, discusses their turnkey crypto exchange solution.
Please tell us about your company.
Shift Markets began in the FX (Foreign Exchange) space in 2009 and branched into the cryptocurrency market in early 2017. Our flagship white label product is a turnkey solution that allows anyone to start their own cryptocurrency exchange. Key features include a front end trading platform, market making technology, a back office with KYC components to onboard traders, compliance solutions, aggregated liquidity pools and 24-hour support. We’re headquartered in NYC but operate as a global team with locations in the US, Asia, Cyprus, and the EU.
What makes you better than others?
Our technology is best in class. We offer features our clients require to get up and run as quickly as possible. Some advantages include our modern and user friendly interfaces, flexible and secure wallet infrastructure, liquidity providing capabilities, and more. In addition, our product is open to adding third party software and tech to continually improve the end user experience. If a specific component is necessary for our exchange client to utilize, we have no problem creating a custom solution. With many other platform and technology providers, flexibility is not their strong suit. With Shift we want the best product for our exchange clients on an ongoing basis.
Why do people need your services?
If you want to start your own exchange from scratch, it will take you a tremendous amount of time and energy. In fact, it can take up to 18 months to complete a basic exchange and you would still need to outsource certain components to be market ready. With Shift you can be up and running within 2 months from the day you sign on. Our solution is completely customizable so you will get exactly what you envision. Essentially, you get exactly what you need, with as much control as you want, in a shorter amount of time.
Tell us about your plans for the nearest future?
We keep working on our expansion as a company and industry leader. Our exchange product has allowed us to offer ancillary services like our OTC desk, ICO listing and services, and stand alone liquidity offering. Our goal heading into Q3 and into 2019 is to double the amount of exchange clients we have today. We also expect a few more larger deals to come to fruition before the end of the year. In fact, our first deal with TRON has helped jumpstart our strategic ventures objective that will continue well into 2019.
The crypto sphere is quite risky. Why did you decide to start this business?
We are blockchain enthusiasts and we believe this technology will have wide adoption. The FX space has many parallels to the crypto market. We were well aware of the market risks when entering the crypto world and our experience in the trading arena has helped us navigate these waters. Simply stated, the small risk outweighed the reward of being an early adopter.
What is your strategy to attract clients?
We are transparent in all of our actions and intentions, and that is why we have succeeded in the trading space. We know that our product is solid and can be scaled as the exchange clients increase their market share. Our strategy has always been to provide first class service and continue to prove our outstanding reputation in the trading space. Shift has always been open about its capabilities as a company and we stand by the products we offer.
How do you manage to work in New York City? As far as we know, there are very strict regulation rules.
The market is sort of clumsy when it comes to regulation. There are basic rules everyone must follow when holding a client’s funds. These include fundamental KYC/AML procedures and basics in providing fair pricing and order fills. NYC is actually a large hub for the whole crypto industry. We are headquartered here because we simply provide technology. This does not require a license. Since we are not an exchange, we can work and operate in NY. If our clients wanted to target US residents and traders, they would need to acquire the proper licensing.