Yan Stavisski, LAToken Interview

0
146

STO: The emerging future of fundraising!

Here is our interview with Mr Yan Stavisski, where he is talking about the role of STO and in terms of the challenges in fundraising, Regulations, compliance and much more.

[01:37] Ganesh: Hi everybody we are having a wonderful guest today, Mr Yan Stavisski from San Francisco, US, who is the director of US operations for LAToken and is also the founder of Third Wave Revenue, another company, and is also pro-crypto advocate. If I’m right?

[02:17] Yan: Ganesh, thank you so much for having me on the show. I am currently the Director Of US Operations for LAToken exchange. I got into blockchain 3-4 years ago as a trader/investor.

I met folks from LAToken during Blockchain Economic Forum. They have awesome projects and they reached out to and it really clicked. Even in the past seven months, the exchange has grown from about 7 to 10 million in daily volume and maybe about 20 or 30 projects listed to 150 million in daily trading volume and 170 just about trading pairs right now. So despite the bear market, we’ve done pretty well.

[03:40] Ganesh: What kind of infrastructure is required for cold storage? How can companies leverage them more economically?

[03:47] Yan: So I was actually discussing with my IT team about this the other day and I’ll read exactly their statement that they gave me. It requires a monitoring system that controls the accumulated balances and distributes the inflows of the storages according to our risk policy. This aims to have a portion of funds required for daily withdrawals. This limits the loss of funds given that the majority is held in cold storage. This way we can have good security while still having good operations and minimize the losses of the funds

[05:25] Ganesh: Can introducing cryptocurrency transactions in retail outlets increase the adoption to a greater extent? What are the challenges involved in this?

[05:36] Yan: This is a great question. For cryptocurrency, this is the next step before we get massive adoption. I think exchanges play a big role in this. The store would not be paying the 3-4% fee that credit cards would be charging. There is not going to be fees on the business side. It’s cheaper, it’s faster and not based out of a country where it is used. US, Europe, Asia, those are the main ones. It is going to happen in the next year or two.

[07:14] Ganesh: What kind of security measures you have put in place to counter the hacking attempts?

[07:25] Yan: So anybody who wants to check security measures we have it on the home page of LAToken. Security on the platform, we have encrypted keys, almost 99.5% of the funds are on cold storage, we hold only minimal amount on operations. Of course we have DDoS protection, password security, SHA-256 and 2FA.

[08:45] Ganesh: You have some new listings like The Deal Coin and Quanta. What unique selling points, do you consider when approving newer coins?

[08.59] Yan: It is very simple. We are looking for great teams that are making great products that we are going to see as adoption and that is going to bring the crypto-market into mass adoption.

[09:18] Ganesh: What are key pitfalls where smart contracts could potentially fail and be a showstopper while promoting STO? How would you address such eventualities?

[09:45] Yan: We are a centralized exchange. So we’re responsible for the users money and we make sure the funds are safe. Right so we’re not depending on the crowd sales smart contracts.

[09:59] Ganesh: If something goes out of control, how do you restore the trust?

[10:25] Yan: Let me give you an example. The worst thing we have had on our exchange is when users were not able to withdraw funds for 24-36 hours and the reason being we were improving infrastructure on the exchange. What we could do better is inform the users on multiple platforms and to this day we did not have any serious security issue. But if we do, our team is ready 24/7 our IT department is there like for literally 24/7

[11:14] Ganesh: Are LATOKEN widget promotions proving profitable? What is the overall acceptance/success rate?

[11:30] Yan: These promotions are proving really successful. It is proving successful for newly listed projects. And the important thing about these promotions is that an airdrop or a bounty program that increases the project’s community by a lot. It’s definitely been successful the way we’ve been doing it and we’ve had nothing but great feedback from the projects.

[13:42] Ganesh: Are you planning to set up a “bounty” or other such programs that offer free tokens?

[14:03] Yan: Yes, if you are on our mailing list or are on our social media.  If anybody wants to go and check out our bounty or airdrops they should definitely sign up with an account on the token and they’re gonna get our air drops in the email notification. And then we always notify on our Twitter and Telegram. So if you’re on one of those, you’re going to get notified about every single balance sheet and drop that we do.

[14:28] Ganesh: How are you addressing the challenges like KYC and Anti-Money Laundering attempts?

[14:35] Yan: Very simple. We are using a compliant KYC provider. Compliant KYC and AML provider. We have been focussing on this from the start.

[14:56] Ganesh:Are there any implications for ICO and STO working against each other or to the advantage of Both?

[15:06] Yan: No, here is my opinion and what I’m seeing from the entire community. ICO market is dying.

STO market is the future. Doing STO is going to authenticate each project we are doing and it is going to be really good for blockchain and crypto community. They are going to be here and it is inevitable.

[16:18]  Ganesh: So you mean STOs are going to replace ICOs completely?

[16:20] Yan: There will be a small ICO market for existing projects but STOs will definitely take over ICO Market.

[16:41] Ganesh: I was just following your LinkedIn posts and saw your scam alert today about Charles Baskerville.

[16:55] Yan: It is not related to a token but you know I use I use social media to make everybody aware to have great connections with the blockchain community. Recently that there was a fraud it was OTC deal that I was aware of. I was not personally involved but it was I was aware that this person had KYC information from somebody else that was a that was a top person in the blockchain community. They were able to get away with theft of thirty-five grand.

When something like that happens I just you know make every effort to make everybody aware so that that doesn’t happen. So I make every effort on social media to make everybody aware.

[18:19]Ganesh: Do you think the current legislation and laws that we have as of now, concerning cryptocurrency is sufficient enough to deal with such incidents?

[18:49] Yan: I think the challenge right now when these type of things happen. Law enforcement doesn’t really know how to deal with it. Because it’s their digital assets. They are borderless. If it involves a bank it in this situation it does. I think they can they can deal with it right. But if it’s a transaction that simply having to do with the digital currency I think law enforcement is far from being able to really handle it the correct way.

[19:27] Ganesh: That leaves room for these scamsters to get in and make big bucks and run away?

[19:29] Yan: Unfortunately yes. So everybody that’s using crypto digital assets in the blockchain space they should really be informed. Before making any purchases before dealing with anybody.

There’s a lot of scams. And unless you’re really knowledgeable you should stay with the basics because you know there is a lot of vulnerabilities here and law enforcement don’t know how to deal with it yet. There are very many cases that are unsolved very few that are solved.

[20:44] Ganesh: There were incidents of hacking to certain crypto exchanges in the past. How are you addressing this challenge and how your investors are protected?

[21:18] Yan: This goes back to our efforts on the exchange side. If you go to LAToken main page you will see the efforts we make to make sure funds are safe to make sure users information are safe to make sure that the project so we’re onboarding using KYC AML being compliant and that every step of the way is secure and minimizes any kind of losses. So far we’ve done very well with it.

[21:59] Ganesh: Many countries are imposing regulations on crypto-related businesses, How are they affecting your company? What challenges you’re facing in complying with them?

[22:09] Yan: So this isn’t one of our main focuses right now. We’re already launching the trading of security tokens. So we have a couple of STOs is on the exchange and the world is keeping an eye on regulation. We have a fairly large lot of team focusing specifically on the regulation side.

Now it’s very different between jurisdictions. SEC is cracking down on everything US based but again the US is the majority is a large part of our user base. So we have we have a team focusing on being compliant and not just Europe Asia but also US which is really a big focus and making sure our legal team is very aware of the regulations in each jurisdiction.

[24:03] Ganesh: So is everything compilable or any challenge in this?

[24:08] Yan: So, of course, we’re compliant at this stage and always have been. We need to focus on future changes that come because they come fast. For example banking relations they may get cut off and every exchange experiences this simply because jurisdictions implement new laws they change and we have to keep an eye on these regulations and change with them.

[24:41] Ganesh: As of now it is 100% compliant? That’s what you mean to say?

[24:50] Yan: Yes, of course.

[24:53] Ganesh: You’re operating AI space, Artificial Intelligence.. How would you rate the by suggestions presented by the Sophia in the Blockchain Economic Forum held in 2018. Are you implementing any of them?

[25:10] Yan: Ganesh I know this is very new for the exchange I know we’re working with the AI. But to be honest I’m not able to comment on it because it says it’s very new and I’m not working with

those projects in particular. So, unfortunately, I can’t answer this question.

[25:20] Ganesh: Ok Mr Stavisski, It was nice talking to you and we appreciate your time and patience for sharing your knowledge in the blockchain front.

[25:59] Yan: I appreciate you having me on the show. Thank you very much. We should definitely keep in touch and do this again maybe in a couple months where when you see some progress or the projects that are exchanged.