Our global vision with a local approach – NEYCO
The Internet and every new technological invention that followed its progress blurred the borders between countries. Our grandparents couldn’t have imagined that one day, there will be banks without branches, and currencies without governments. But today, this is our reality. The millennial generation is notoriously known for disrupting industries and fintech is next on this list. Today, our bank can be an app on the phone. We have money that is made of code. The top financial instruments are no longer a privilege of the already wealthy ones.
Much like the Internet, the cryptocurrency market is open 24/7 and can be accessed from (almost) anywhere in the world. Many exchanges focus on the global and although this is amazing and needed, there is a gap that has to be addressed — the link between traditional (fiat) currencies and cryptocurrencies. And when we talk about traditional currencies, we don’t just mean USD and EUR. We mean local currencies.
Cryptocurrencies are a decentralised alternative of the “old world” money, emerging from a combination of technological innovation and lack of trust in the traditional centralised institutions. The discovery of cryptocurrencies inspired the vision to decentralise our financial systems and build a new economy that’s in the hands of the individual. We believe that crypto is the future of money. To make it happen, we need to create a stronger foundation to exchange, transfer, and store our digital assets.
The traditional establishments offering financial services have always operated on a local level, especially when it comes to multi-national corporations or banks. This is mainly because of regulations and the accessibility of local branches.
We choose to launch Neyco Exchange with a local to global strategy that targets specific countries and regions so that we can customise our product for every new market we enter. This will make us more likely to succeed as we can understand the needs of our local customers, allowing them to link their local bank account, trade with their national currency, and receive support in their native language.
The term “glocalisation” first appeared back in 1980. Two decades later, the economist Roland Robertson defined it as “the simultaneity — the co-presence — of both universalizing and particularizing tendencies.” The strategy combines the benefits of globalisation with the ability to understand and include the different cultures in it.
Global and local are not two mutually exclusive words. When their forces are combined, we can have an even more connected world. Being global makes our economies more powerful as our governments can trade and do politics on an international level. Thanks to globalisation, millennials are now enjoying freedoms that the generations before us didn’t have — like being able to interact with and reach audiences from all over the world, travelling, or becoming financially independent thanks to technology. But we also need the comfort of being surrounded by people who speak our language, who understand our culture, and who are physically closer to us. And today, we can have both.
Many disruptive fintech startups have successfully applied this approach, connecting the different fiat currencies and pan-European financial markets in a way that provides their users with a great experience and low fees, making them a preferable choice to traditional banks.
We need more solutions that connect the local with the global, especially when it comes to the much talked about mass adoption of crypto.
And here comes an important question. Which one is first — innovation or legislation? We need innovation to show us which laws to change or create. But when legislation is outdated and cumbersome, it can stiff and halt innovation.
Connecting the emerging markets is key as this is where we can leapfrog and skip to the most innovative solutions that are adopted at a faster pace. At NEYCO, we choose to launch from Eastern Europe and Central Asia where the governments can be very open to embracing innovating and changing regulations in response to it.
Georgia is the first country to put its land register on the blockchain. The United Arab Emirates has a rapidly-growing economy where the government is actively supporting blockchain startups and has accepted a regulation on cryptocurrencies. In Uzbekistan, crypto trading is exempt from taxation and has established a blockchain development fund.
The emerging markets in these regions offer favourable conditions to build an ecosystem. Connecting them will allow us to make cryptocurrencies more accessible, one country at a time. This is our vision of how we can build the new blockchain economy and bring the future of money closer to the individual and the institutions.
Published at Mon, 28 Oct 2019 17:21:01 +0000
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