Q&A: Using crypto can be a hassle — how do we make it simpler?

In the ongoing quest for mainstream adoption, a big challenge surrounds making crypto easy to use. Transacting in digital assets can be clunky at times — putting off consumers and businesses alike.

Here, we speak to Oliver Marco La Rosa — the founder and CEO of Globiance — to find out what his company is doing to tear down the barriers to entry.

1. Hello! Tell us about Globiance.

We started Globiance to address a major issue: Crypto and legacy banking systems fail to operate synergistically. 

Right now, investors have no choice but to log into different platforms to manage their funds. It's time consuming — and conversions into fiat can be even more complicated.

Our initial goal was to bring an exchange, wallet and bank under one centralized roof — and we've come far since those early days.

2. Regulatory uncertainty has been a big factor for many crypto businesses. Where are you based? What is your organizational structure?

We're firm believers in unrestricted global reach — and the nature of our business means we need to comply with licensing rules and regulations in every country we operate in. We take this very seriously. Globiance was first launched in Europe, and since then, we have launched in five continents and 21 countries — and we're actively expanding worldwide.

3. What license does a crypto exchange need? Can you tell us about your licenses?

The licenses for every country and territory vary — you'll be a virtual asset service provider in one, and a crypto exchange in another. 

We won’t open in any region unless all appropriate approvals and licenses are in place. Globiance doesn't cut corners, and our legal team ensures every nuance of rules and regulations is fully understood and followed to the letter.

4. Why are closer ties needed between legacy financial systems and crypto?

Right now, crypto holders have to move funds from exchanges to wallets — then from wallets to banks — because nothing is connected. Frankly, it's a hassle.

Globiance has brought the time-tested reliability of the legacy system and combined it with the latest digital asset technologies, by fusing fiat and crypto together into one platform and making them interoperable. This fusion allows for any transaction to be made with ease.

5. What's the benefit of using Globiance as opposed to an old-fashioned bank account?

Globiance integrates the best of both worlds. Online banking as people know it is available — along with payment capabilities, crypto trading, quick swaps, referrals, debit cards, NFTs and staking.

You can also trade your crypto on exchanges — both decentralized and centralized are on offer. We also have a downloadable app, which is another avenue for users to access the services of the Globiance platform using a mobile device. 

The Globiance platform provides a whole new user experience with a ton of options and rewards that go far beyond banking — and we have a native token called GBEX.

6. You're 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 features of low transaction costs, scalability and fast transaction confirmations make it an ideal pairing.

7. How does your "anti-whale" feature work?

Crypto whales are an unfortunate reality in the crypto world. We’ve come up with a way to minimize the ability of whales to use large holdings in an attempt to manipulate our native token GBEX. 

Globiance requires KYC to be filled out for every new account, and each individual wallet can only hold 0.5% of the total token supply — making manipulation far more difficult.

8. In which regions is Globiance available right now, and why have you focused on Latin America?

Globiance has already launched in the USA, Europe, Switzerland, Chile, Turkey, Australia, BVI, South Africa, India and Brazil… to name a few. 

While Latin America is one of our areas of focus, others such as Asia and Africa also play a large role in our expansion plan. In some of these regions, almost 100% of the people own a cell phone, yet less than half the population have access to a bank account. 

Globiance platform services can introduce new opportunities and bring about positive changes to these areas — just by opening the doorway to the world of crypto. We can deliver access to online financial services without ever needing to open a traditional bank account.

9. You also offer crypto payment gateways for businesses. Does Bitcoin and Ether's volatility make it less appealing for merchants to accept?

We give merchants more options. An instant exchange feature means they can immediately convert crypto into fiat as soon as it hits their accounts.

Our crypto payment gateway has already been integrated into e-commerce gaming sites — and we've launched a lightweight mobile point-of-sale system that features superfast payments.

10. Your ambition is to ensure "every person on the planet can have easy access to digital assets" — what are the main hurdles that need to be overcome?

The most common challenge we face when entering a new region usually concerns licensing and regulations, as this can be time consuming.

Beyond that, spreading the word and informing people these services now exist and are available to them is probably our next biggest challenge. 

11. Your business began in 2018. How do you think this bear market compares with the one we saw four years ago?

There will always be ups and downs in any market. I don’t watch 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 their first 10 years, we did not see much real growth — then suddenly it took off. During all that time we went through bull and bear markets. It did not matter in the long run. 

The upside is, that back in 2018, crypto was not as widely known or used as it is today, so we’re expecting an even faster return to a bull market than we would have seen four years ago. Meme tokens are not a long-term investment. It is important to know the utility behind a token.

12. Tell us about some of your main plans for the next 12 months.

Globiance has recently made its first ties with important metaverses. We want to become the bank of the metaverses — offering financial services to users in virtual worlds and handling their payment needs.

We are planning to roll out features for the whole family — including accounts for children, crypto savings and pocket money — giving young clients early access to financial services.

There are many more exciting plans coming up for Globiance, set to be revealed within the next 12 months… so stay tuned!