We talked to Beibei Liu of NovaDAX about the digital asset platform and she had the following to say:-
First of all, how are you and your family doing in these COVID-19 times?
Beibei Liu: My family is living in China, and life there has been back to normal for a long time. I stayed for almost one year in Brazil and doing home office.
Tell us about you, your career, how you founded NovaDAX.
Beibei Liu: I graduated in Financial Engineering (applied mathematics, statistics, economics to address current financial issues and design innovative financial products) from UIBE (University of International Business and Economics). Professional development in financial consulting service before joining George Zhi Zhengchun to establish Wecash Group in April 2014. The new brand foresaw the next wave of internet user growth and mobile Internet era in China, and 4 years later, the company announced the completion of US$160 million Series D financing and entered Fintech unicorn startups officially.
Wecash offers rapid and accurate credit evaluation services by using data mining analysis and machine learning technologies. And I’ve experienced as leader Product & Development, Marketing, and Business Development.
In 2018, we integrated group business and brand into Abakus since we have invested in more comprehensive technological industries, including chips, robots, and other consuming scenarios. The whole Abakus Group has served over 160 million users in 4 continents and 7 countries, with more than 1 thousand employees around the world.
I accepted the challenge to implement our global expansion plan. And came to Brazil, established NovaDAX from zero to one. Brazil is the first market that NovaDAX arrived and also the headquarter of NovaDAX Latin America. Landed the end of 2018, less than 2 years of development, NovaDAX Brazil has ranked 2nd in transaction volume and site visits with 250+ customers.
How does NovaDAX innovate?
Beibei Liu: NovaDAX is an innovative digital asset platform focused on trading, investment, and payment. Our mission is to deliver intelligent, digital, and reliable services for customers around the world through our revolutionary Nova Ecosystem.
Trading is our current core product; more than 28 altcoins with fiat-crypto and crypto-crypto pairs are available with high liquidity, lowest fee, customer-friendly interface, advanced tools, and a lot of educational content.
NovaDAX is the 1st crypto exchange in Brazil to launch a digital account, and we received thousands of applications in the first week. So, it’s definitely an important milestone for both NovaDAX and crypto users.
Tailored to the needs of crypto users, we provide all-in-one services with an extensive digital assets ecosystem. Customers can enjoy inter-connectivity between trading, debit, credit, and earning accounts for both digital assets and fiat currencies. They can enter the market with zero thresholds, fiat converted into digital currency in no time, use cryptocurrencies at any point of online and offline payment, and swiftly transfer funds between accounts for different financial needs.
For the EU, we already have regulatory qualifications to do digital account business activity to bring this innovative and valuable product to EU customers.
How the coronavirus pandemic affects your business, and how are you coping?
Beibei Liu: Fortunately, our business is totally digital and online; we experienced rapid growth in this period. And as we can see, Bitcoin, regarded as a hedge against inflation, also an alternative safe haven, rose to more than $19,000 for the first time in nearly three years. Bitcoin got stronger, especially during a crisis due to the effects of fiat devaluation, the lack of confidence in traditional monetary systems, and economic expectations.
Did you have to make difficult choices, and what are the lessons learned?
Beibei Liu: The most important lesson is long term greed. Keep greedy, keep “hungry’ can bring us good motivation, but as a responsible company, we always need to make right and ethical choices; we will work against any business strategy that can bring short-term profit and harm customers’ interest in the long term. This is particularly important in the crypto industry. Many speculative companies are pursuing “quick money.”
NovaDAX always respects, cooperates, and strictly complies with local regulation, although sometimes it slows down a lot of progress and increases complexity.
For example, we declared our financial performance and transaction record monthly based on Brazilian IRS demand to crypto sectors. We actively cooperate with local banks in anti-financial crime practices. We are key members of two SROs in Brazil, which are the main advocates for innovative Fintech and crypto companies’ regulatory attempts.
In the EU, authorized VQF member as a crypto broker in Switzerland authorized VQF member as asset management in Switzerland, EMI agent in EU. （Full capabilities of digital account）and also authorized payment initiation service provider, investment arranger, account information service provider. We spent more than 1 year setting up a regulated entity for this new market.
How do you deal with stress and anxiety?
Beibei Liu: Keep rational and concentrate on solutions, openly discuss with the team, and positively ask for help.
Who are your competitors? And how do you plan to stay in the game?
Beibei Liu: The principle is “Customer-first” All of our strategies are made based on customer demand.
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