Our next interview with AIBC Summit Dubai was with Andrew Kovealenko, Head of Project Relations from Whitebit. Whitebit is a crypto2crypto and fiat2crypto exchange. They are working mostly in the European and Eastern European regions. Furthermore, they are here with the mission of basically bringing transparency into the market and to educate people on what crypto is and to make sure that people understand that it is no longer this shady, hard to understand thing that it used to be! They want to show a real technology and the future behind it.
What is special in Whitebit?
They are trying to not just be another crypto exchange. They’re trying to build an ecosystem by building a wide range of products around it. Whitebit is a centerpiece of the entire ecosystem and then they are trying to add new products as they come out to meet the demand of the market.
For example, they have a P2P platform called Bitcoin Global that was launched early last year and its aim is to be a place where people can directly buy Bitcoin for their local currencies without any limitations as seamlessly as possible. Just people drinking with people.
Then as we all saw last year, there was a huge boom of the decentralized finance sector, and they also didn’t stay behind and launched a decentralized exchange, which is called White Swap which has its own token. This is another product they are working on.
Whitebit is the centralized exchange and White Swap is a decentralized exchange and they actually can go together pretty well because decentralized exchange gives you the decentralization that people are looking for. Whereas a centralized exchange offers much more in terms of features, for example, margin trading and technical analysis tools.
Of course it’s more competitive, they also have the crazy amount of fees that have been in the serum Network lately so, of course, the centralized exchange wins in this side of things to meet the latest trend.
They are now working with some local influences in Ukraine where a majority of the team has space to partner with artists, singers and popular cultural people to build an NFT platform, which is also the latest trend.
To put it briefly, they are trying to develop a product and then develop a very wide range of solutions around this product. Whitebit can become one place where you can get everything. So you’re on board with an exchange and then you get access to everything from NFT to buying a Bitcoin.
Future of crypto – blockchain is the future
Crypto is coming and you can either keep resisting or you can try to adopt and join the stream because it will come even if we won’t talk about the crypto.
If we talk about the blockchain, it brings the level of technology that hasn’t been heard of before. And it has so many ways of application except cryptocurrency. We can talk about it from assuring quality of medicine and up to taxes and payment systems.
Andrew thinks that one of the most important things to understand is that the market will not be really established, unless it’s regulated in some way, one or another, that is why we believe that one needs to embrace the necessary regulation and be rather a part of this movement for the change and for regulation, rather than resist it.
The more people resist, the tighter, the regulations can get, and if we are able to work with the regulator’s early on and help establish the market then that is going to have much more benefits in the future.
The biggest challenge
The biggest challenge is to educate people. Because as Andrew said early on in the interview a lot of people still think that crypto is something not for the regular use. They don’t understand it and they don’t trust it. It has been and still is Whitebit’s mission to bring this light of education and to explain to people that it is actually a force for positive change rather than something that you should stay away from.