'What's Good for Crypto Exchanges is Good for the Industry', Blockchain Professional Explains

  • Adam Cole Jacobs, the CEO of newly launched Hong Kong-based crypto exchange, Bitsdaq recently shared his views and insights with CryptoGlobe.
  • Jacobs explained the different challenges involved with starting a business in the crypto industry.

Adam Cole Jacobs, the co-founder and CSO of Spend.com and Bitsdaq, a newly launched digital asset exchange supported by leading crypto exchange company, Bittrex, has said that one of the main “challenges facing the cryptocurrency industry is security threats from untrustworthy exchanges.”

In his interview with CryptoGlobe, Jacobs explained that cryptocurrencies were still in their early stages of development and adoption. Because the technology is so new, Jacobs revealed:

Many new [crypto] exchanges are coming to market with security flaws. As the industry matures it will consolidate so only the most reliable exchanges will be left standing. However, in the meantime we’re still seeing too many instances of exchanges compromising their users’ trust.

When asked about what kinds of products and services can we create to help make cryptocurrencies more spendable, Jacobs said: “Creating secure wallets that can hold multiple digital and fiat currencies will be crucial in increasing user adoption and making cryptocurrency more spendable. Users need something that allows them to buy, sell, store, manage, and exchange different kinds of currencies in one place.”

"Surrounding Yourself With Great People Who Share Your Vision"

In response to a question about the different challenges associated with starting a crypto and blockchain-related business, Jacobs noted:

It’s hard to give general advice on starting a crypto business from scratch since each one is so different and comes with a unique set of goals and challenges. In my experience, it’s incredibly important to surround yourself with great people who share your vision. This can be difficult in crypto, where there are so many new companies [which makes] finding great talent hard [at times]. It can be tough to convince someone to leave a traditional company to work on a new project in an emerging space since there are so many unknowns.

Responding to a question about how the businesses he is involved in will grow and deliver the results that he expects, Jacobs explained:

One of the Bitsdaq Exchange’s main goals is to bring innovative new projects to Asian users on a secure platform. Because of our team’s expertise and our partnership with Bittrex, we are already achieving this goal.

Commenting on his long-term goals for the initiatives in which he is involved in and why he believes they are important to the crypto industry, Jacobs said: 

In the future, [we] will continue to list a greater variety of projects while growing our user base. This is important for the crypto industry because exchanges like ours are often the first touchpoint for new crypto users. What’s good for exchanges is good for the industry as a whole.

We Must "Encourage Merchants To Accept Cryptocurrencies"

Making cryptocurrencies more spendable by developing a supportive ecosystem around them - which includes reliable wallets and robust digital asset exchanges - could help promote the adoption of digital assets worldwide.

Last month, Elizabeth White, the CEO of the White Company, a digital asset concierge service that facilitated over $250 million in cryptocurrency purchases for its clients during 2018, told CryptoGlobe that we need to “encourage merchants to accept cryptocurrency” through “payment systems where they don’t have to worry about the volatility as they have the option to convert immediately to fiat.”

She added that “we need to make it easier for people to use cryptocurrency in everyday life” by providing payment processing services that “can be used anywhere MasterCard/Visa are accepted.”