BITmarkets is one of the prominent names in the cryptocurrency industry. Recently, we interviewed BITmarkets COO Peter Sommer to get a better understanding of the difference they are making in the ecosystem.
s: Hi Peter, let’s start with an introduction for our readers. As COO with BITmarkets, what challenges do you face in cryptocurrency exchanges?
a: One of the main challenges is the struggle with the banking sector and finding possible contact and cooperation with the traditional finance sector after the FTX events. We are trying to achieve transparency through our procedures and our presence at multiple events as well as communicating comprehensively with bank and regulatory executives to understand their needs and desires so that we can accelerate the connection between the traditional and digital worlds. Another challenge of course is the fight for market share as we try our best to provide maximum services to our clients through benefits like local customer support or newly added features that you may find here.
s: I moved from the mainstream investment industry to a crypto company. In your opinion, what are the main differences and commonalities between the two sectors?
a: Through products and services, both sectors are currently striving to provide clients with easy access to capital and liquidity, making it convenient for them to trade or hedge. However, I can still see the differences in how one tries to make it easier than the other. Our financial technology is the bridge to a whole new level of finance. I can see more attention being paid to the fintech industry in the coming years than ever before. This is also due to its easier way of connecting with AI.
s: In the first year of its existence, BITmarkets has grown rapidly. Is the cryptocurrency exchange still in its initial dynamic growth stage, or have you already reached your primary goals and strengthened your clientele and services?
a: We have new goals now and they go beyond the previous ones. Given the speed we’ve achieved in one year, I think with a great cast and professionals, we can achieve even more goals. You can expect to hear more about BITmarkets in the foreseeable future.
s: What areas are BITmarkets currently operating in, and where do you think the critical untapped potential for expanding the customer base lies?
a: Currently, we operate mainly in Central and Southern Europe as well as trying to establish roots in Spain and Germany. However, we see huge potential in the Middle East. There is so much interest and enthusiasm in that area for digital assets that you really can’t miss it. Because of this fact, I am trying to find the best way to expand our range of products and services thus reaching out to the authorities and meeting many professionals from this field to give BITmarkets what it needs to grow further.
s: What are your other plans for BITmarkets, especially when it comes to expanding access and ensuring easy access for all?
a: Working with regulators and industry professionals, listening to our customers’ needs, and maintaining the same vision to participate in what could be the biggest transformation of the century. With the exception of the Middle East, we see BITmarkets expanding its reach to Southeast Asia. We will attend another Crypto Expo in Singapore this coming June. The city itself has a lot to offer considering that it is one of the most prominent financial centers in the world with such a developed economy and system. Our presence there will certainly open up new possibilities for the next expansion and addition of new services to our product range.
s: I’ve been a familiar face at many cryptocurrency industry events, most recently at the Crypto Summits in Bahrain and Dubai.
a: Yes, there I always understand how important it is to meet our partners, merchants, blockchain experts and other “cryptotypes” in person. These events are a great opportunity for the community to broaden its horizons.
s: What are the main points of these events?
a: The main takeaway for us is responsibility to our community. Although the summit in Bahrain, for example, was a huge success for BITmarkets, as our project was awarded the Best Crypto Exchange and also received the Best Crypto Academy award, the main conclusion is responsibility. When society values education and knowledge highly, you are bound to meet its needs and give more.
s: In your interactions with other crypto industry as well as government representatives, what are the most common views and concerns regarding the future of cryptocurrencies shared by all?
a: Well, the hot topics being discussed right now are the regulatory framework and the inclusion of CBDCs. The European Parliament recently approved the regulatory framework called MiCA (Markets in Crypto Assets), so we are trying to understand in depth the possible settings for the cryptocurrency markets in the near future. I am very glad that the authorities are doing their best to provide a safe environment in which to work for all of us, which will certainly bring new faces to the FinTech industry after all.
s: Can you summarize the trends in the industry in general, and also, specifically in the cryptocurrency exchange space?
a: The greatest attention is now being paid to the banking industry and the disruptions it is causing. It’s a negative trend but it’s still an undesirable part of traditional finance. I really hope we don’t see any more bank runs and that the Fed and some other professional investors help restore confidence in the banking system because it is the mainstay of the world of finance. However, I think the crypto industry has a lot of potential due to its decentralization and transparency. I see that investors are slowly starting to look for business ventures in the cryptocurrency industry where their money will remain safe as well as more appreciated in the future.
s: What do you think the cryptocurrency industry lacks today? Any ideas on how to solve these issues?
a: education. We are getting ahead quickly, especially in the technology sector, and we need to ensure that we are properly educating our potential customers on matters related to cryptocurrency and blockchain technologies. We value the time our customers devote to us and try to make this time a valuable experience for them by providing excellent customer service. I think the more we focus on the educational part, the better we understand our customers’ needs.
