- 1 week ago
Sudeep Saxena, Co- Founder of Coin Gabbar talk with Vugar Usi Zade, COO of Bitget, on how Bitget is transforming from a crypto exchange into a universal on-chain financial ecosystem connecting over 120 million users worldwide.
Key Highlights -
ㆍBitget’s shift to a universal on-chain ecosystem.
ㆍAI tools & Bitget Pay bring crypto to daily life.
ㆍ$50M stablecoin fund and compliance-first vision.
ㆍGoal: a super-app for trading, banking & payments.
👉 :- www.coingabbar.com
Key Highlights -
ㆍBitget’s shift to a universal on-chain ecosystem.
ㆍAI tools & Bitget Pay bring crypto to daily life.
ㆍ$50M stablecoin fund and compliance-first vision.
ㆍGoal: a super-app for trading, banking & payments.
👉 :- www.coingabbar.com
Category
📚
LearningTranscript
00:00so what was that up for how was that going all combined together we are at least bringing the
00:13education the excitement the what crypto is like as a first cash point to at least 2.5 billion
00:19people globally people say it's all a scam how do you deal with this i don't much care about how
00:25we can label it my only care is always about how we can solve the problem today there's a bit get
00:32a splendid mastercard where you can connect to your wallet
00:37hello everyone this is sudeeb reporting live from token 2049 and we are joined by uga from bitcad so
00:44uh if we talk about bitcad it has been quite in the news for so many things outside crypto as well
00:51i mean last year i remember you tying up with la liga so what is this i mean i had a brief word
00:57with you and you said this is for the community for mass adoption because you know um i remember
01:03your words correctly you said that if crypto has to reach the mainstream they have to reach the
01:08sentiments of the people so what was that up for how was that going today we partner with la liga
01:15with motor gp with unicell create and all combined together we are at least bringing the education the
01:23excitement the what crypto is like as a first touch point to at least 2.5 billion people globally exactly
01:29it's almost like a half of the world recover with our like a crypto log but today we are very far from
01:38becoming a crypto company i think next to three years you'll see that drastic change will becoming your
01:43universal exchange we don't want to be your crypto company we want to become a platform where you can
01:50buy sell invest trade everything and anything that is tokenized that's on chain it can be your real
01:56world assets it can be your fractional apartment in middle east it can be your us stocks it can be your
02:04gold investment it should be anything and everything and that's a very bold step for us and
02:10i think in next two three years we're not talking about crypto it will become the same way when you
02:15check out on internet online shopping you don't know you go through stripe the way you you know put your
02:22phone down do that contactless payment you don't know who processes that we are becoming your next
02:28technology company and i think that's the exciting part that we wouldn't be just trying to educate you
02:34about crypto anymore good news everyone is already tired i've lived but it will become this sinless
02:40integration into your life that full life on chain without actually needing to know how the technology
02:45works as long as it serves your purpose that's probably the need of the hour i mean if you want
02:49more adoption to happen you should touch lives in more ways than one and being just an exchange doesn't
02:56sum it up all and uh if you talk about i mean let us say the you summed it up well that you were coming
03:02into a number of ventures apart from just bitcoin being in exchange you just being a trading platform
03:07you're touching lives you're touching society but you raised a very valid point in the sense that
03:14just crypto or just web3 at the forefront doesn't solve the purpose but you have been in the education
03:21space so we have also been we have been promoting projects we have been like going out to the community
03:27telling them not just the community the government authorities everybody regulators
03:31telling them about what exactly blockchain is let leave crypto the blockchain if we talk about
03:36these factors still that is a taboo subject people say it's all a scam how do you deal with this thing
03:43i think we can label anything as a scam right yeah and you know that there is even even new banks
03:50first of all when they came they were turned to be scam new banks electric cars internet itself
03:56right and mobile phones there's a huge study i think mckinsey was predicting that uh mobile phones will
04:02never be a thing and today we all kind of live on the phone therefore i don't much care about how we
04:10can label it my only care is always about how we can solve the problem and in last two and a half year
04:18at beachgate we grew from 11 million users to 120 million users today and if you want to keep the pace grow
04:2510 times we need a billion users right and as all educated men and women as positive we could be we
04:32all know that you can't find a billion people who will come and trade right trading is a job but we
04:36will find a billion people who buy the coffee takes a commute orders food buys gifts to their loved ones
04:42and it brought us to this realization that with blockchain technology we can make all the payments
04:48fast secure transparent and safe and we rolled out we get pay now in brazil in philippines in
04:54southeast asia we onboarded more than 100 000 merchants who accept crypto payments immediately
04:59you scan your qr code you do that payment as a crypto holder you don't have to go fiat on ramp off
05:06right that route as a merchant you can accept payments instantly we solve one problem on the other
05:11end we were like okay there's a huge issue of unbanked people whether it's in india whether it's in
05:17africa whether it is in latin america even eastern europe what we can do we brought people
05:23a mastercard today there's a bit get a branded mastercard where you can connect your wallet you
05:29can go to your netflix subscription you can really like have crypto in your life without actually you
05:36know going and trading but then if you are already here and you have spare i don't know usdt's you can
05:44our annual uh apr is 18 it's the highest in the industry highest any bank can anywhere in the world
05:50give it to you i think with all this innovation we're kind of a reverse engineer before the idea
05:55was web today is cool everyone will come to us now we're like okay we will come to you we'll get you a
06:01better service and then everything else is kind of if you want to why not that's fair that's fair so you
06:08you much of your focus is on the institution side the institutionalization of maybe crypto payments
06:16crypto facilitation or is it directly going to the customers i mean the b2b or b2c because i know both
06:22ends need to be resolved before you can actually make an ecosystem work but that's like a trap question
06:27right because the idea of satosh's white paper and bitcoin was like we have to cut the middleman and now
06:33we're very excited that institutions are coming i mean more institution side is what i'm saying is that
06:38um onboarding merchants is one thing then you go to banks and say that we want your ecosystem to be
06:44based out of blockchain like if you've heard we have a very good ecosystem in india called the upi
06:50so even you can make payment and cents using your bank account directly which is linked through upi so
06:55upi is just acting as a layer in between and you can make direct transactions you can make a penny of
07:00transaction with dpa without any fees first provide i mean protected by the government so that is how
07:06it is working so this is institutionalization mode so when you are going to vendors to merchants that is
07:11definitely institutionalization yeah definitely there's like an element of institutionalization but
07:15also like we are one of like a biggest retail end like retail is our bread and butter but it's also
07:21like because usually there's a confusion when you talk about institutions people think about this
07:25institutional grace tools banks coming taking over doing a lot of fees or even on the trading end
07:33yes well that threatens the very essence of crypto i mean the web3 world if you are charging a lot of
07:38fees then web3 is defy i mean defy then web3 doesn't sense of web3 exactly like the idea was okay we want
07:44to make it easier faster cheaper and then if you go to the same route it will become just a bank on chain
07:52right it tends bank just because transaction is on chain it doesn't make it as cheap or as fast if
07:58you end up charging i don't know 20 premium on top of it and that is like a one key differentiator like
08:05yes we do offer institutional great solution but it's still built natively for crypto and that's what
08:11makes it faster better and cheaper and if you don't do it i like i recently was talking to the banks in
08:17that america was doing like training and i told them and all of them are super excited because their
08:21mentality was i already charged i don't know 20 per month to have an account i can put everything make
08:27it cheaper for me but still customer pays and i'm like that is possible but that's how you know it
08:34should not be done right that's not how the crypto community is working i mean we are relying most on
08:40the trustless feature and i mean to some extent going gasless now so those are the things that are
08:46the the the talk of the town these days i mean gone other days when you have to pay a huge gas fee just
08:52to protect your identity and with this thing coming into picture i mean very important and pertinent
08:56question here is that the regulators want the funds to be traced to the owner and to the the person
09:02who's paying it right so if you're saying that you have on voted so many merchants who are accepting
09:07payments and crypto are you taking care of the kyc regulations as well there we are doing both kyc
09:14and kyb basically if you are a business you have to go certain processing to make sure that you are
09:19the legit business for users we've been doing kyc for many years now and it was not mandated by any
09:25government we chose to provide this and i think that is like a whole mindset of bitcad to be like a
09:31compliance first and compliance as a culture in the company not just we have to do it we chose to do
09:38it and we work with many authorities i consult government also and that was another point like
09:44when you move towards the institutionalization you need to have a compliance within your dna
09:50and you have to do that we we are very like successful in doing this and that's how we were able to
09:55on board so many merchants we work with almost all large uh institutions from black rocks to
10:01fidelities and many others and all this come in place because we chose to and it is a smart way
10:07but still like i think whenever you talk about compliance and legislation people are always afraid
10:13and i understand why because i always say like over legislation over taxation moves away innovation moves
10:19away money is it kills the innovation it kills the investors we know there's a huge uh flow of the
10:26investor from india to middle east from uk to middle east because no one wants to pay that 30 36 percent
10:32capital gains tax people would rather invest or i always say like when i talk to legislator
10:38i build startups and i would rather have three developers than three lawyers you create contact right you
10:44would rather have two or three i'll tell you one more thing about my past life in my past life for
10:49past 20 years i have been a financial accountant and auditor i have audited like multinational corporations
10:55i'm partnered to one of the top 50 auditing firms of india and now in this industry so i am
11:04actually i have burned my hands with compliances and things that is it gets complicated sometimes and
11:12again as a business you want to innovate right you want to create something fast you want to move fast
11:18but then again when you have so much burden and of course as a bit get when you have 120 million users
11:24you are so big you do i don't know 20 billion dollars a day you can afford having the best in
11:29class lawyers and big departments compliant officers but think of a new coming start not everybody can
11:35afford yeah if it's like you are three i don't know college students coming with the next big
11:41thing right then you want these guys to go hire a law firm and to build and i was like i found the
11:47dollar like not possible right what they they have two choice either they have to do it under the ground
11:53and or they have to go places where they can do it better right people come to middle east because
11:58it's so liberal and then you lose and i think everyone especially like legislators governments could learn
12:04a very expensive valuable lesson that america does because we today everyone i think loves
12:11encrypted mr trump but his first term he wasn't too much pro-crypto either right
12:17and then he's a businessman he's a business but i mean opportunity this is a public forum i must say
12:22but he is having more of a business mindset than a uh than an administrator's mindset it's it's it's
12:28it's real real capitalistic it could be it's pro-capitalistic but that's what i want exactly
12:33to come that in his first term crypto wasn't big enough for him to have his ascension but today he
12:38realizes that oh america and silicon valley could be the next place for a big crypto firm let me pump it
12:45in a business mindset and whenever i talk to european legislators i said i probably after three four
12:51five years you will come to the same conclusion i talked to india's legislator i say the same because
12:57i love india i always whenever i talk to the government officials in india i tell like
13:02indian woman indian household is the largest gold holders right what if this woman had an opportunity
13:09to invest in bitcoin india could be the next bitcoin nation and you can't instead of like a now charging
13:16one percent on deposits 30 on taxation like the government should promote and i think like indian
13:22women have so much power like a economical powerhouse they not only control the gold reserves
13:29they also control the financial decision making of the indian households they have a say in it
13:34like what to buy how much to buy they dominate that yeah a dollar cost averaging and imagine like
13:40india could dominate entire like a blow or like at least bitcoin narrative and i think it's still not late
13:46and i think like there should be like we talked about education right there should be more education
13:51on that front how to build like a generational wealth how to preserve wealth how to pass it on
13:57i always say like especially if you have a kid probably like a dollar cost averaging bitcoin at
14:03least buying it on holidays on birthdays it will definitely turn into a college fund and i think
14:08there's so many like opportunities like kind of a mist and as a legislator as a instead of like you run
14:14enough to become corporate trying to attack them maybe you could do a better legislative framework
14:20to actually generate wealth for the nation we have uh i mean a saying in india that the technology
14:27capital of india is bangalore political capital delhi economic capital mumbai and the crypto capital
14:33of india is zubai it is that i hundred percent agree i hundred percent agree and it really sometimes
14:40breaks my heart not only like money going out but also drains brain and follow today you look
14:47microsoft google almost all big companies are run by indians and most of them are like a first
14:52generation indian expats indian migrants which like india is lost to them
15:07you
Recommended
7:15
|
Up next
0:33
2:40
0:31
0:32
0:40
15:45
0:31
2:17
Be the first to comment