A few days ago, I interviewed Andrey Svyatov, CEO at PointPay, an all-in-one cryptocurrency ecosystem. We talked about the products provided by the company, DeFi solutions, the current market situation and the future of Bitcoin.
U.Today: Andrey, it’s very nice to have you here. First, can you tell us a little bit about your background? Why did you decide to start working in the blockchain field?
Andrey Svyatov: Hello, it is a real pleasure to talk to U.Today. Well, it was not a deliberate decision on my end. Just a few years ago, I heard about blockchain. When I bought some Bitcoin, I said, “Wow.” I really was very impressed. I see now that there is some room for everyone to develop new projects and come up with new ideas. It’s just a whole life for people who like cryptocurrencies and blockchain.
You can also watch the full video interview:
U.Today: You are the CEO at PointPay. Can you tell us about your company, such as what services you offer?
Andrey Svyatov: We have been operating since 2018. At that time there was no platform that would provide all financial services within one platform. We decided to do this, and we did it, and we provide access to all crypto banking services within one account. For example, with PointPay’s crypto bank, you can open crypto checking and crypto savings accounts, with compound interest and daily accruals. You can also take crypto loans under the collateral of your crypto. With PointPay crypto exchange, you can convert one crypto to another one like a conventional crypto exchange.
You can securely store your funds with PointPay crypto wallet. For those who don’t have crypto, they can buy Bitcoin or Ethereum with more than 40 fiat currencies with PointPay payment system.
The pace of life is growing and it’s important for almost everyone to have crypto at their hands. We released PointPay mobile crypto banking applications for Android and iOS. Everyone can become a 25 percent co-owner of the business. How does it work? If you know some investor who is going to invest in PointPay, we are ready to offer cashback, either 25% in our PXP tokens or 5 percent in Bitcoin or Ethereum. It is a pretty conventional model for business development.
U.Today: Everyone has been talking about the DeFi market lately. What are your thoughts on it?
Andrey Svyatov: What we have seen from 2020 is just the first step for DeFi. The next step will probably be uniting lots of blockchains in the DeFi ecosystem because, currently, all the DeFi infrastructure is only about Ethereum—maybe sometimes about Tron, but mainly it is about Ethereum. Probably next year we will see atomic swaps as step two for the DeFi market. It will probably be another trend for the next quarter.
U.Today: Why is a PointPay blockchain-based bank better than existing DeFi solutions, in your opinion?
Andrey Svyatov: First of all, it is cheaper. It is cheaper to use PointPay Bank. For example, a few days ago I tried to supply liquidity to Compound just one dollar in Ethereum. In order to remove the liquidity, I had to pay about $90—just to remove the liquidity!
Just crazy Ethereum network fees, and it is not that profitable. It doesn’t make any sense.
It is faster to do it with us because you can supply liquidity and remove liquidity instantly thanks to PointPay native offchain technology. As I mentioned in the previous question, we support lots of blockchains. We are not only surrounded by Ethereum, but we also support Bitcoin—this way you do not need Wrapped Bitcoin—Tron, Ripple, Litecoin are also integrated into our crypto banking platform. Lots of blockchains. In this way, we are a step ahead in comparison with existing DeFi solutions.
U.Today: Does PointPay have its own token? And if it does, what benefits does it provide to token holders?
Andrey Svyatov: Yes, we do have our own token. It is PointPay token (PXP). For example, at PointPay Bank, you can earn up to 30 percent yearly with PointPay token (PXP). When you transfer your funds, for example from a bank to an exchange, you can save on fees with PointPay token (PXP). There is a discount for all the currencies. If you trade on the PointPay crypto exchange, you can reduce trading fees, which is a pretty conventional use case for the exchange. Next, for those who take out crypto loans, we provide a discount again—to PXP token holders. Especially for novices who would like to understand how the crypto market works and how to trade with Bitcoin, we prepared PointPay Crypto School. It is for those who would like to get access to advanced, premium videos, and they can do this with PointPay token (PXP).
U.Today: I see that there are many different projects on the PointPay site. Which of your projects are you most proud of?
Andrey Svyatov: We currently have about 10 products, and we are really proud of each of them. But I believe that mobile banking applications are our distinctive feature. What you can see from the whole ecosystem is that we have integrated it into our mobile apps. It is pretty convenient to have access to all of these features within just one application created by PointPay.
Blockchain Live Awards. Image by PointPay
U.Today: Which cryptocurrencies do you support at PointPay exchange, and how do you decide which ones you should list there?
Andrey Svyatov: Generally, we support the Top 10 crypto, but it is not we who choose which currencies to list on our platform; it is the community that chooses which currencies to add. For example, a few days ago we were asked by one of our customers to integrate Ripple. We did it, and then he made an investment. That’s just how it works. We do something for the community, and the community makes an investment. That’s fair.
U.Today: Which cryptocurrencies do you have in your personal portfolio?
Andrey Svyatov: I use the strategy 80:20—80 percent of my portfolio is allocated among Ethereum and Bitcoin, and another 20 percent is allocated among DeFi tokens. They are high-risk investments, but decent investments, and they have strong potential to bring a high return on investments.
U.Today: What are your thoughts on the current market situation, and what should we expect from Bitcoin in both the near and distant future, in your view?
Andrey Svyatov: I firmly believe we are still bullish right now. From the latest news, you can probably see that lots of institutional investors are still investing in Bitcoin and Ethereum. For example, yesterday it was announced that MicroStrategy—a pretty well-known company, an institutional investor—is going to invest $500 million in Bitcoin. It is the same for Grayscale Investments.
These companies buy Bitcoin at $19,000 per coin. This means they are playing long term, and they expect to generate huge profits—maybe next year, in 2021, or maybe within two years. But the whole world has already seen that cryptocurrencies have huge potential.
U.Today: Which projects or people in the crypto field do you respect the most?
Andrey Svyatov: It is probably Andre Cronje, and not just because he’s my namesake, but it is actually true. He created Yearn.finance, and I believe it is a core of DeFi infrastructure. Lots of projects are currently being integrated into Yearn.finance—for example, Cover protocol, Pickle Finance. It is just a small hint that PointPay will be like Yearn.finance or even better. And we will be better.
U.Today: We’ll see. The last question is: What are your plans for the upcoming year?
Andrey Svyatov: We are going to launch a voting platform for PXP token holders at the beginning of 2021. Next, we intend to launch crypto debit cards for PointPay customers. I think this is the best chance for institutional investors to join PointPay because we are still young, and we have lots of potential and we will continue working hard on PointPay in order to bring the best experience to our customers.
U.Today: Thank you so much for your time, Andrey. It was a pleasure to speak with you.
Andrey Svyatov: Thank you. The pleasure is all mine.