In the constant pursuit of mass adoption, a major challenge involves making it easy for end users to use cryptocurrencies. Trading digital assets can sometimes be complicated, alienating consumers and businesses.
Here, we speak to Oliver Marco La Rosa – founder and CEO of Globiance – to find out what his company is doing to remove barriers to entry for new users in the space.
1. Hello! Tell us about Globiance.
We created Globians to solve an important problem: crypto and legacy banking systems do not work synergistically.
Investors currently have no choice but to log into different platforms to manage their funds. It takes a lot of time – and fiat currency conversions can be even more complicated.
Our initial goal was to offer an exchange, digital wallet and bank under one centralized roof – and we’ve come a long way since those early days.
2. Regulatory uncertainty has been a risk factor for many cryptocurrency companies. Where are you located? What is your corporate structure?
We strongly believe in unlimited global reach — and the nature of our business requires us to comply with the licensing rules and regulations of all the countries in which we operate. We take this very seriously. Globiance was first launched in Europe, and since then we’ve grown to five continents and 21 countries – and are actively expanding our business around the world.
3. What license does a cryptocurrency exchange need? Can you tell us about your licenses?
Licenses for each country and territory are different – you’ll be a virtual asset service provider in one place, and a cryptocurrency exchanger in another.
We will not commence operations in any region unless all appropriate approvals and licenses are in place. Globiance spares no expense, and our legal team ensures that every nuance of the rules and regulations is fully understood and followed to the letter.
4. Why are closer links between legacy financial systems and cryptocurrencies needed?
Currently, cryptocurrency owners need to transfer funds from exchanges to digital wallets – then wallets to banks – because none of this is connected. Honestly, it’s a hassle.
Globiance has leveraged the time-tested reliability of the legacy system and combined it with the latest digital asset technologies, bringing fiat and cryptocurrencies into one platform and making them interoperable. This merger allows any transaction to be done with ease.
5. What is the advantage of using Globiance compared to a traditional bank account?
Globiance combines the best of both worlds. Online banking as people know it is available – complete with payment features, cryptocurrency trading, instant exchanges, referrals, debit cards, NFTs and stakes.
You can also trade your cryptocurrency on exchanges – both decentralized and centralized. We also have a mobile application, which is another way for users to access the services of the Globiance platform.
The Globiance platform offers a completely new user experience, with many options and rewards that go far beyond the features of a classic bank — and we have a native token called GBEX.
6. You are based on the XDC network. Why is this blockchain so special?
Globiance chose the XDC network because of its decentralized setup. The XDC network is also very reliable, which is important to us. Its low transaction costs, scalability and fast transaction confirmation features make it an ideal partner.
7. How does Globiance’s “anti-kit” feature work?
Whales are a sad reality in the cryptocurrency world. We have created a way to minimize the ability of whales to manipulate the price of our native GBEX token.
Globiance requires KYC completion for each new account opening, and each individual wallet can only hold 0.5% of the total token supply – making manipulation much more difficult.
8. In which regions is Globiance currently available and why are you focusing on Latin America?
Globiance has already launched in the US, Europe, Switzerland, Chile, Turkey, Australia, British Virgin Islands, South Africa, India and Brazil… just to name a few.
While Latin America is one of our focus regions, others such as Asia and Africa also play an important role in our expansion plan. In some of these regions, almost 100% of the population has a mobile phone, but fewer people have access to a bank account.
Globiance platform services can present new opportunities and bring positive changes to these regions – opening the door to the world of cryptocurrencies. We can provide access to online financial services without the need to open a traditional bank account.
9. You also offer cryptocurrency payment gateways for businesses. Does the volatility of Bitcoin and Ether make them less attractive for merchant acceptance?
We give merchants more options. The instant exchange feature means they can instantly convert cryptocurrency to fiat currency as soon as the funds arrive in their accounts.
Our cryptocurrency payment gateway is already integrated with e-commerce gaming sites – and we’ve launched a mobile point of sale system that offers super-fast payments.
10. Your ambition is to ensure that “every person on the planet can have easy access to digital assets” — what are the main obstacles to overcome?
The most common challenge we face when entering a new region is often related to licensing and regulations as this can be time consuming.
Also, getting the word out and letting people know that these services already exist and are available to them is probably our next biggest challenge.
11. Your business started in 2018. How do you think this bear market compares to what we saw four years ago?
There will always be ups and downs in any market. I don’t follow the charts every day. When I zoom out, I see the bigger picture and that’s what I focus on.
If you look at Amazon, for example, in its first 10 years we didn’t see a lot of real growth – then all of a sudden it took off. All this time we went through bull and bear markets. What matters is the long term.
The positive side now is that in 2018, cryptocurrencies were not as well known or used as they are today, so we expect an even faster return to the bull market than we would have seen four years ago. Cryptomemes are not a long-term investment. It is important to know the utility behind the token.
12. Tell us some of your main plans for the next 12 months.
Globiance recently made its first partnerships with major metaverses. We want to become the bank of the metaverse—providing financial services to customers in virtual worlds and meeting all their payment needs.
We plan to introduce family-friendly features – including children’s accounts, cryptocurrency savings and pocket money – giving young users early access to financial services.
There are many more exciting plans from Globiance to be revealed in the next 12 months… so stay tuned!
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