At New York Today we connect weekly with pioneers, leaders, artists, innovators, and icons around the globe. This week we are talking cryptos with Ismael SIELINOU the CEO of Cauryx and COO of iMeta Technologies Inc, who told us that cryptocurrencies have been around for a few years now but they have only recently begun to gain mainstream traction. This is largely due to the massive surge in prices over the past 4 years, with Bitcoin and Ethereum reaching all-time highs. Despite this recent growth, there are still many people who do not understand what cryptocurrencies are, or how they work.
In this interview,
Ismael provided us with a brief overview of Cauryx, one of the newest crypto exchanges to emerge on the digital scene and we also discussed the benefits of cryptocurrency for Africa, and how Cauryx plans to contribute to the growth of this nascent industry.
He said – ” Even though we are in a bear market, cryptocurrency is gradually gaining prominence all over the world. Digital currencies are gradually becoming a global phenomenon with more people investing in them.
More than 1.2 billion people are excluded from the traditional financial sector, according to the World Bank. In Africa, this number is even higher.
Cryptocurrencies have gained acceptance among a large proportion of the low-income population that was, previously, financially marginalized. Most banks in Africa were not accessible to this segment. Even when they were, low-income account holders were discouraged by high transaction and maintenance costs. Another factor is the economic stagnation compounded by debt crises and political instability in African economies since the era of independence. This has resulted in weak currencies ravaged by inflation.
Cryptocurrency gives everyone with access to a mobile device and internet connection, the opportunity to engage in activities similar to those conducted through financial institutions and intermediaries. That includes payments, sending funds and making investments.
Using crypto is quicker, cheaper and easier than conventional methods, because the technology facilitates peer-to-peer transactions rather than relying on intermediaries. Cryptocurrencies are also more accessible than traditional banks during pandemics, war and lockdowns.”
Seems to be the perfect investment but we also know that cryptos are volatile and can be risky –
He answered –
“This is not a financial advice but I tend to think that everybody should invest in cryptocurrencies. You are not going to be able to outperform cryptos, I mean Bitcoin went up to $70k now it’s $20K, Ethereum went up to $5K now it’s $1.3K , Hex went up to $60 cents now it’s $3 cents. Do the math, you currently have the opportunity to buy a massive dip and cryptos have product market fit, they have fundamentals, when everything goes south, they become even more valuable. With what is happening around the world, if governments, banks, start seizing people’s money in a World War III emergency kind of environment, where are you going to be able to escape to and with what can you cross borders that is invisible so nobody knows you have it? There’s almost nothing apart from crypto.”
What about gold and real estate as investments? –
“Some people will say they have gold coins, gold watches, gold chains, gold bars. In a war scenario, they will take it from you, you can’t run away with it! You’ve got art? Same, Yanked!
You’ve got a land, you even got a house? Well there is war, it’s all blown up, your home is destroyed and you’re afraid to be there now. What’s left to cross borders? Nothing.
It’s wonderful, it’s great, that cryptocurrency makes incredible gains but it’s also great that it’s censorship resistant and truly no one else can take it from you. Nobody can steal it, it’s safe if you have your codes, passwords, keys in your head or written in a very secured place. And that is why crypto is the best investment ever.
Multi-billion dollar pension funds, hedge funds, and the old school legacy finance love to talk negatively about crypto and call it a scam because they are uneducated and worried about its power. Crypto has outperformed every asset class since its inception, and is the fastest accepted tech in human history. Mass adoption is near. Crypto is the future, the evolution of banking, money and payment systems, don’t be left out !”
Tell us more about cryptocurrency in Africa and how Cauryx your crypto exchange will play its role?
Ismael told us-
“Cryptocurrencies are very complex. They require a bit of technological skills and knowledge to embrace. A significant proportion of the adult population in sub-Saharan Africa (30%) is illiterate and may not be able to get it. The central banks are usually against it because they are worried that cryptos are not inline with their monetary policies, create instability, fraud, capital flight and weakening of domestic currencies.
Cauryx will be easy to use, safe, transparent and inline with local regulations and policies. Cauryx is a new cryptocurrency exchange that will allow African users to buy, sell, and trade a variety of cryptocurrencies. It is launching in Q1 2023 and surprisingly, it is already quickly gaining popularity throughout Africa due to the low fees and the easy-to-use interface we will be offering. Cauryx is really meant to be user-friendly, fast, secured and it will offer 24/7 customer support. It is founded by a team of young entrepreneurs, from different backgrounds who have a combined experience of over 15 years in the digital, crypto, blockchain, service industry, marketing, communication, finance, military, hospitality and technology sectors.
The team at Cauryx is passionate about offering excellent customer service and developing innovative technology that will make investing in cryptocurrencies easier and more secure for Africans. We want the continent to be financially free, we want African families to build generational wealth and contribute to the development of their countries.
Cauryx will offer safety, traceability on the blockchain and will facilitate economic activity in Africa as people with no access to banks and banking services will finally be able to pay for goods and services using cryptos.”