FokLog spoke to Konstantin Gladych, CEO and co-founder of Changelly, throughout BlockShow Europe 2018 in Berlin, the place he took the stage to speak about centralized and decentralized exchanges.
Changelly is an on the spot digital foreign money trade that quickly drew consideration of the neighborhood and, regardless of some heavy criticism for his or her KYC coverage and allegedly hostaging a number of the purchasers’ funds, already boasts, in accordance with the corporate, over 1.5m customers.
Calling himself a blockchain maximalistm, Konstantin can also be appearing as an advisor for Cindicator, hybrid Intelligence for monetary markets, and Genesis Imaginative and prescient, the platform for the personal belief administration market. Other than that, he’s additionally CBDO at Atomic Pockets in some unspecified time in the future prior to now Konstantin suggested for MinerGate mining pool.
ForkLog: Hiya Kostantin, let’s first speak about Changelly venture itself. How did you come to the concept of making a platform like this, particularly that by that point ShapeShift, which affords just about the identical performance, had already been round?
Konstantin Gladych: Yeah, that’s true. Shapeshift began about two earlier than us, and after we really entered the market, which occurred about three years in the past, we noticed that ShapeShift was the one firm and we understood that we will construct the competitors.
Additionally at the moment I used to be advising MinerGate mining pool, which was an enormous mining pool targeted on Monero and different CryptoNight currencies like Bytecoin, and we noticed that individuals nonetheless wanted an choice to trade their mined cash to Bitcoin. So we obtained our first clients from MinerGate and after that we determined to open the service to much more clients. We additionally partnered with CoinMarketCap, it’s our greatest affiliate accomplice, and we additionally provide trade choice by way of a couple of wallets.
I’ve full respect to ShapeShift and what they’re doing, however what we really realized that even should you use ShapeShift it’s not so easy course of. Perhaps we’re doing fairly comparable trade product now with comparable clients, however what we additionally perceive is that solely market competitors can drive providers in order that they change into higher for patrons.
So what we now have right this moment on Changelly is that there are not any quantity restrictions, you’ll be able to trade big volumes. Our greatest transaction ever was 500 BTC and we processed it actually easily, in half an hour or so, and that’s the primary aggressive benefit for us.
ForkLog: What are the weak factors of platforms like yours?
Konstantin Gladych: Compared to basic exchanges like Binance is that there you are able to do a deposit and after which you can commerce utilizing completely different algorithms. Perhaps the weak factors are the slippage and the charges as you don’t have mounted charges, like individuals are shopping for Ethereum or Litecoin and they need to await confirmations and the foreign money value goes up.
So possibly I can assume that’s not even a weak level however reasonably a performance we provide.
ForkLog: You’ve talked about trade choice in some wallets. Because it was reported earlier, there are such partnerships with Freewallet, Jaxx, and Breadwallet to call a couple of. Do you even have any plans relating to any wallets like Ledger or Trezor?