Please state your name, your position, and about your Business.
Alexey Ermakov, serial entrepreneur, founder and CEO Aximetria.
Aximetria is a Swiss-based crypto-centric mobile finance service of the future. Aximetria overcomes the restrictions of local economies in order to help people enjoy much greater control over their finances, and hopefully, one day become abundantly financially independent. In addition to teaching millions of people around the world about how cryptocurrencies can benefit their daily lives, our mission is also to remove artificial barriers so that people can completely control their money, can move and use that money around the world freely, save earned money and protect their savings from the scourge of inflation. Aximetria is doing this legally, under the protection of the most stable economy in the world, and without a bank. Launched in early 2018, Aximetria has become the fastest evolving fintech, providing multicurrency e-accounts for fiat and cryptocurrencies, instant crypto exchange and global P2P money transfers.
This week, for example, Aximetria announced the transition to a zero-fee environment for all its services within the app. Aximetria helps to overcome the economic restrictions operating in different countries to make people better off. The two main restrictions are the cost of financial services, which is way too high for many people, and currency restrictions. People are forced to overpay for financial services or use outdated technologies, on which these banking systems are based.
Cryptocurrency, as a technology, allows you to finally overcome many of the limitations. However, new limitations have since been imposed by financial institutions and exchanges that earn 5-7% on cryptocurrencies, including the cost of acquiring and payment systems. Many of these organisations increase the exchange rate or add hidden fees, all of which also stands in the way of cryptocurrency mass adoption. Then, there are governments and corporations in many countries of the world that create and lobby for even more artificial financial restrictions. Such restrictions mostly affect people who do not have large incomes, because they are driven to choose financial services based on their current cost, rather than the reliability and capabilities that they will receive by learning to work with new technologies.
Alexey Ermakov explains: “Many people talk about the mass adoption of cryptocurrencies. To achieve this, a regulation was created, as were stablecoins, along with other important steps that took place in making this happen — and Aximetria adopted these policies, too. However, the main factor limiting mass adoption is still the cost of the service, making cryptocurrency too expensive to compete with neobanks, in cases when it comes to daily use by people around the world. We conducted a study among users that showed interest in crypto, but who never made a single transaction. It turned out that if they were offered to make transactions for free, the number of users who would then complete transactions would grow by almost 300% in contrast to wealthier customers who could already afford existing commissions. Now that option is finally available, removing a key barrier and opening up the convenience and reliability of cryptocurrency transactions to anyone.”
What are the challenges you met all the way to what you and your business now?
It seems that there are no easy ways to success. In difficult situations, when you have to make choices, always choose what matters most to you, something that if not having it done — you will feel sorry about in the future.
Innovation is hard work, you literally try to create something that does not exist. There are no manuals, no templates, no business models to follow — you are on your own. It‘s only you and your imagination.
The quality of service and
How did you manage to market your business and compete with other agencies in your niche?
customer satisfaction are the most important criteria for any business success. On the other hand, no matter how great your idea is, bad implementation will ruin everything.
Quite often, if you are faced with a situation where you have to choose between fast development and high-quality development, it is not always easy to find a compromise. By choosing quality, you end up with the best return as a result of customer satisfaction.
Since I develop very sophisticated and technologically advanced products, I always evaluate software components one by one. It is a kind of criterion that determines the ability of a software product to work without support from team members. The ideal value of such a criterion is infinity, i.e. that at the component design stage and its implementation, all potential scenarios and modes of operation were provided and tested, and the component’s functionality coincides exactly with its requirements.
What Best Practices can you share to our startup readers?
In today’s fast-changing business environment, it is not always easy to stay abreast of innovations. Observation coupled with the ability to generalize and highlight what’s most important will enable you to be productive. It’s important to never stop studying and constantly developing oneself. These are the qualities that will allow you to be an entrepreneur and observe the latest trends, developments and market needs.
Good leadership consists of three key characteristics: leadership of knowledge, the leadership of authority, the leadership of trust. Anyone who wants to be a leader purposefully or unwittingly develops these qualities in themselves. If you are in a team, it’s good enough for you to combine these qualities with other leaders.
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