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A collaboration between an experienced financier and a Bitcoin entrepreneur has led to huge success for a Danish fintech company.
The Aryze CFO, Morten Nielsen, comes from an investment banking experience with twenty years of experience and in 2017 he joined forces with Bitcoin Jack to create the company.
Jack Nikogosian has earned the nickname of Bitcoin Jack after paying for his food, renting and even a tattoo with Bitcoin for a whole month in 2015.
"Jack and I met in a couple of conferences and I was very impressed and in September 2017 we decided to join forces to create the company," says Nielsen.
"I've been involved in start-ups since the dotcom boom of the late '90s and I've never seen anything move so fast."
Cost reduction
Aryze uses generalized accounting technology to transfer ownership of value, reducing the number of intermediaries and, consequently, the costs and processing times of payments.
This is their quick success, they have already won the Fintech Startup of the Year award in Copenhagen and were finalists in the Nordic Fintech Startup of the Year award.
He says: "It's not just about premiums, it's about remedying the promises of providing the technology."
They aim to bridge the gap between conventional fiat currencies and cryptocurrency by creating a true digital representation of cash with a payment infrastructure that allows individuals, businesses and IOT devices to make instant payments globally.
Traditional goods
It emits stablecoin entirely redeemable and anchored to traditional goods.
Nielsen states that the gap between the crypto-market and the traditional world is "too big for the transaction cryptocurrencies to gain acceptance and mass adoption".
The volatility of transaction cryptocurrencies in addition to currency exchange rate volatility is too high for companies that transfer money across borders.
He says that the recent volatility, for example with Ripple XRP, would be "unacceptable for many companies".
"We are creating the best product possible without central bankruptcy points".
Digital society
The advantage of being based in Denmark is that the market is the "most digital society in the world – far ahead of Germany and other countries." With a relatively small population of 5.7 million, it is the ideal opportunity to try out the new digital concepts.
"It's like a family and even though it's a small community it's also great at the same time with great talent." People talk openly about what they do and it's a good set up. "
A stablecoin is necessary because the cryptocurrency is so volatile. "We are trying to reduce volatility and satisfy a more traditional world and fill this gap," he adds.
They aim to reduce the cost of transferring funds around the world "almost to zero% with only the cost of exchange, which is on average 1%". Currently, the costs of transferring funds worldwide range from over 7% to up to 14%.
Absolute fortune
At the moment, it costs "an absolute good fortune" to transfer money all over the world, often for the poorest people who do not have access to bank accounts.
"I come from a background of investment banking and I want to make a contribution to the world that goes beyond what I've done in the past," he says. "I firmly believe that it can make a difference and this is a motivator and a key driver".
For example, "if someone in the United States wants to send $ 10 to a person in the Philippines after a hurricane, he will be able to do it and $ 9.90 will arrive in the local currency."
It can be used to help economic development from bottom to top.
On the cryptocurrency, it describes the "highly immature market" and identifies a series of ICOs in 2017/8 that "lacked transparency, highly conceptual business models and no clear vision of their revenue streams".
So it is not surprising that 60% of ICOs in 2017 "do not have a product or are not even close to having a product on the market".
Next wave
But it does not see the hour of the next wave – or version 2.0 of ICOs that will have "a much higher degree of corporate governance". He says it will be a new asset class.
"Security token" offers will offer much more for the needs of the traditional world than what a cryptocurrency entrepreneur would have thought possible, "he believes.
