Q&A: The one word that'll make more big brands jump into crypto

It's a challenging time out there — but the co-founders of BoneX are filled with optimism for the future of cryptocurrencies, describing them as one of mankind's greatest inventions.

Here, they tell us why the levels of customer support offered by the industry simply aren't good enough — and reveal what it'll take for even more big brands and institutions to start embracing crypto.

1. Hello, gents! Tell us about yourselves.

Hello, we are David Bonev and Vasil Alyoshin. We're enthusiasts who have been actively digging into the world of crypto since 2013.

Back then, Vasil focused on crypto mining and his venture grew to an industrial level, while David — who had experience in traditional banking and finance  — caught the early wave of blockchain technologies.

We've been searching for innovations and opportunities to improve people's lives, and this led us to create a one-stop-shop for our user's needs.

2. Why did you start BoneX — and what makes it different?

We decided to start working on a crypto exchange because there were no reliable trading platforms in Bulgaria at the time. Both of us had first-hand experiences of the issues facing the market — poor customer support and a lack of flexibility in services.

Besides providing our customers with a crypto debit card, and simplifying transactions, we also sell, maintain and manage mining rigs. BoneX has a dedicated data center built for storing equipment. We offer margin trading, accounting services and support for people who want to buy real estate and automobiles using their digital assets. Also, we recently launched an AI-based trading bot.

3. You've been in the crypto industry since the very beginning — why is this important?

Having a deep memory of bear markets and bull markets really matters. We've been through the "Bitcoin to zero calls," seen how regulation has changed, and have been at the forefront of building a leading international platform. We're agile people with a clear vision and top-notch skills.

We believe the crypto industry is now too big to fail — and in our opinion, it's the future. It's one of the greatest inventions of mankind — and gives all of us an opportunity to be part of a whole new type of economy.

4. What have been the biggest changes you've noticed in crypto since 2013?

Adoption has been growing massively, especially since 2020 and the COVID crash. Institutions and the wealthy are also gaining exposure to crypto more than ever before. We've seen the narrative shift from "this is a scam, you'll lose all your money" to "we believe that crypto is an asset that has a great future." 

5. And are there any hurdles that the industry still needs to overcome?

Crypto has its dark sides — there are scams, pump and dumps, and pyramid schemes. Some companies have been poorly managed, too. But in a weird way, these collapses are healthy for the industry because they help consumers become more cautious. They'll soon realize that promises of 100x returns are simply too good to be true. Financial education is crucial for protecting the public.

6. You're about to launch an AI-based crypto trading bot. Can you tell us about that?

Yes! DeFi Bot bases its decisions on custom algorithms monitoring fundamental and technical signals across the internet 24/7 — removing emotional decisions that can cause traders to make mistakes.

This product will be available even in challenging conditions — after all, bear markets can present big opportunities. We initially offered this bot to our team and friends first, but wanted to make it public after promising early results. Crucially, we don't lock up people's money as cryptoassets are managed via API — and we don't use leverage.

7. Some crypto exchanges have been criticized for poor customer support — how have you addressed this? 

Before we launched BoneX in 2018, we also had these kinds of problems. That's why our exchange has focused so heavily on the user experience, with reliable support available 24/7. In 2022, it’s unacceptable to wait for help — and no matter how big of a client you are, everyone is treated the same.

We have a very strict recruitment process to ensure we find motivated, experienced people who have a crypto-related background and a professional demeanor.

8. Are you worried about the levels of competition in the market right now? 

Competition is always a good thing, because it increases the quality of the product and the services you offer. If you don’t do this, you will be out of the market very quickly! This pushes us constantly to develop our portfolio of services and offer our clients more convenience, freedom and safety. 

9. You've made some high-profile partnerships — what do you think it will take for even more big brands to jump into crypto? 

Regulation. We know that for many people this is a forbidden word when it comes to crypto, but that’s the only way to achieve massive adoption. As we mentioned above, there are still many black sheeps on the market who scam people, and regulation is a good way to deal with that.

Synergy, transaction transparency and safety will push the industry forward and stabilize the partnership between crypto and the traditional banking world. Better still, it'll encourage other businesses and industries to enter the market — speeding up its growth potential.