“For those working in the blockchain space, it is imperative to focus on growth and adoption, both at the retail level and at the enterprise level,” Zatoshi noted.
Let’s introduce Zachari Saltmer, the influential co-founder of One big box, known in his circles as Zatoshi. As an experienced trader and venture capitalist, his ideas have had a profound impact on the field of cryptocurrency markets, particularly with innovations such as BRC-20 and ERC-6551. As we enter the next growth cycle, let’s distill some important business wisdom from Zatoshi on topics ranging from launching a venture fund to the root causes of startup failure.
Welcome, Zachary. We are glad to have you with us today. Can you start by sharing some details about your personal background, business acumen, and journey in the crypto world?
Hello, and thanks for having me. I’ve had a somewhat eclectic mix of business experiences, from e-commerce and music, where my initial venture was a rave clothing company, to a fair share of business ventures that didn’t quite pan out. These experiences have taught me to view failures as stepping stones to success, as long as one is open to learning from them.
My cryptocurrency journey started in 2013 with my first bitcoin purchase. Since then, I’ve been fortunate enough to pull off many success stories and collaborate with some really brilliant minds. This journey has shaped me into the entrepreneur I am today, and helped me develop a cutting edge trading algorithm for an upcoming product. My proudest accomplishments are the companies I built without outside funding, even though the road to success was paved with a series of failures and successes.
Currently, I am focused on self-growth, and I am encouraging my team to do the same by completing various certifications related to blockchain technology to strengthen our credentials and prove our expertise in the on-chain space.
amazing. One Big Fund is your first major project in the cryptocurrency industry, right? Can you shed some light on your experience creating the fund and the challenges you faced? I’m sure our readers who are considering launching a venture capital fund will find your insight valuable.
definitely. We founded One Big Fund in mid-2022, driven by the challenge of structuring a modern fund. We have been inspired by the rapid development of blockchain technology and the variety of products and services it has enabled over the past decade. We leveraged our collective experiences and lessons learned from previous business ventures to build a startup designed to empower emerging entrepreneurs and startup founders.
One Big Fund is a standalone project and serves as a concrete proof of concept. We encountered minimal challenges during its launch and are now focused on taking care of our first client project. However, potential start-ups must be prepared to face challenges such as liquidity crises and regulatory pressures. These risks can be mitigated by implementing comprehensive due diligence and compliance frameworks from the outset and proactively seeking highly liquid market opportunities supported by robust data analytics.
In your opinion, what advice would you give entrepreneurs interested in Web3? Should they rely on traditional finance, opt for DeFi, or consider a hybrid approach?
There is no one-size-fits-all answer to this question. My advice is for entrepreneurs to identify trends through careful analysis of data, including research data, venture capital data, and blockchain data. This approach lays the foundation for flexible and robust investment strategies.
Web3 entrepreneurs need to have a clear understanding of the type of companies or projects they aim to serve. This understanding will guide their market research and data analytics, helping them make informed decisions about their financing approach. For example, if your target market consists of native crypto entities, then DeFi-based solutions may be ideal. Conversely, for services that require cryptocurrency transfers, a hybrid approach may be more appropriate. Personally, I believe that the future of digital funds lies in the DeFi-TradFi hybrid.
On the subject of Web3 companies, how would you suggest they navigate the ever-changing and somewhat uncertain global regulatory landscape, particularly in light of recent developments such as the MiCa bill in EU and US authorities’ actions against several crypto-based companies?
Compliance frameworks that adapt dynamically to the evolving landscape are key. At One Big Fund, we have implemented strong AML and KYC/KYB practices from the very beginning and have maintained transparency in our business activities. We have introduced a unique concept called Proof of Business, where we generate NFTs on OpenSea and issue them to our partners, using on-chain credentials for effective due diligence and business verification.
Adorable! Besides One Big Fund, I recently founded a crypto bank called MEQA. What is your vision for this project, and how does it contribute to the overall growth of the cryptocurrency industry?
I believe digital banking is the future and it is here to stay. Over the years, it has recognized the need for alternatives to the traditional banking infrastructure, a need MEQA aims to meet. The recent banking crisis in the United States emphasized the importance of MEQA. We strive to launch this crypto bank as soon as possible, despite the challenges involved.
MEQA will play a pivotal role in promoting blockchain, crypto, and Web3 in general more broadly. It can be thought of as a secure native cryptocurrency wallet with enhanced banking functionality, thus it combines the best of both worlds.
In light of the banking crisis, many experts attribute the liquidity crisis to banks’ partial reserves and regulatory campaigns. How does MEQA plan to address these issues?
While MEQA has not yet been launched, our primary goal is to promote transparency by building a platform for the community. We offer an advanced, security-free solution where consumers are always in control of their money. We primarily offer a cryptocurrency wallet with banking features and a strong security layer, integrated with AML and KYC/KYB compliance mechanisms.
Startup founders will be able to keep their own money with trusted partners using MEQA, which I think is our most compelling selling point.
Thanks for sharing your invaluable ideas. Before we wrap up, can you leave us some final thoughts or advice for our readers?
definitely. After my years of business experience, my advice to startup founders, particularly in the Web3 space, is to take a long-term perspective. Success is hard earned and requires time, effort, and dedication, while failure is relatively easy. However, the innovator’s vision of the future serves as the best guide. Don’t be afraid to take risks, experiment, and most importantly, learn from your mistakes.
For those working in the blockchain space, it is crucial to focus on growth and adoption, both at the retail level and at the institutional level. With the imminent digital transformation of traditional assets, the opportunity to make a significant impact on the course of financial history is within reach.
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