Interview with Giles Whitby-Smith (CEO)
1. As the CEO of Bitcashier, what vision drove the foundation of the company, and how has it evolved since its inception?
The exponential growth and interest amongst the under 40’s in cryptocurrency and the adoption of Bitcoin from 2017 onwards as an investment vehicle, led myself and the other co-founders to look at how we could get back to first principles of the original purpose behind crypto (Bitcoin)… namely as a transactional medium which was getting lost as its popularity soared as an investment vehicle. We realised there were many people who owned crypto and wanted to use it to pay for goods and services. We wanted to develop a simple to use platform that was scalable and adaptable to multiple industries, so we developed Bitcashier as a crypto payment services platform in 2021 to facilitate such transactions. Since then, we have seen increasing volumes across a number of corporate sectors wanting to use crypto as a payment method.
2. What unique challenges do you face leading a fintech company in the cryptocurrency market?
The increasing use of crypto as a payment method and its popularity for investment to the general public along with the media coverage of its growth and rise and fall of businesses in the space has led to the inevitable and increasing regulatory challenges which all operators in the crypto space must adhere to. It’s crucial that operators in the space operate in a compliant and lawful manner to ensure the successful development of cryptocurrency as a transactional medium for the future.
3. What impact do you believe cryptocurrency will have on global financial systems over the next decade?
More and more institutions and financial services companies are realising the power of decentralised finance as a way to improve efficiencies and reduce friction in payments. We recently saw that Standard and Chartered Bank have opened a cryptocurrency desk but its no secret that all the major banks and instititutions have live projects and teams dedicated to how adoption within their ecosystems can successfully be deployed. I believe that stablecoins linked to domestic currency that are already successfully trading and very popular will become a hybrid CBDC so a collaboration between big tech and central banks will create the currency of the future.
4. What are the most significant changes you have observed in cryptocurrency adoption among your clientele?
The use of stablecoins particularly Tether (USDT) has massively increased in the past two years due to the speed of transaction and the fact that its linked to domestic currencies such as euro, usd and gbp.
5. What leadership principles have guided you in managing Bitcashier's growth and development?
Developing trust with clients is crucial since all money is fundamentally based on trust.
Transparency with the stakeholders and clients involved in our business.
Empowering people in the company to build their networks and relationships and making sure that everyone clients and employees are treated fairly and responsibly.
Keeping a close on the bottom line to make sure that as a company we behave responsibly financially managing all the risks financial and legally to ensure that the company develops and grows successfully.
