Please state your name and a little about your current status.
I’m Danny Scott, Co-Founder and CEO of CoinCorner, the UK’s leading Bitcoin exchange.
What exactly does your company do?
CoinCorner is an online platform where users can buy and sell Bitcoin and other cryptocurrencies (Ethereum, Litecoin, and XRP). Danny co-founded CoinCorner in 2014 in order to meet the growing demand of people wanting to buy bitcoin in the UK. The bitcoin industry is incredibly fast-paced and in 5 (short) years, CoinCorner has grown from a startup to success, with 200,000+ customers in 47 countries worldwide. We offer a number of Bitcoin services for both B2C and, more recently, B2B clients.
How did you start your company/business as a startup?
CoinCorner was created because we struggled to find somewhere in the UK to buy Bitcoin back in 2013. We actually started mining first, as we felt this was easier than using a Bitcoin exchange, but eventually realized there was a gap in the market, so why not start our own exchange? So we did! The key takeaway for anyone with a business idea is to make sure you are solving a problem.
What struggle did you go through to reach your current status now?
The biggest challenge we had was actually banking. It’s something you don’t even consider when starting a business – you think banking is a given when you start a business – but what we found is that when you start a business in a high-risk industry (which is what the banks class Bitcoin as), banking is near impossible to get! We lost 2 UK banking partners in 3 months in the early days and were forced to the bank in Eastern Europe. We even lost that banking partner at one point and had to literally get all the staff to search the internet for a bank willing to work with Bitcoin businesses. This meant that we ended up being very focused on creating multiple banking relationships around the world, as this gave us a competitive advantage in our industry.
How did you manage to cope up with those struggles?
The team – without the support of the team during the tough times, it’s likely that we would have given up on CoinCorner. Fortunately, we’ve built a great team over the years and continue today to hit challenges head-on together.
Who inspired you to move forward and influenced you in all your achievements now?
There are plenty of entrepreneurs and business people that inspired us along the way, however, some of the more “unusual” inspirations for me came from music I listen to – songs about of coming from nothing to achieve great things. I’m a big rap fan, so the likes of Eminem, 50Cent and Macklemore, have all inspired me to achieve something great.
What piece of advice will you share with those who would like to follow your footsteps?
1. Make sure that your business idea solves a problem.
2. Surround yourself with great people.
3. Don’t spread yourself too thinly – focus on doing one thing well.
How can people follow your journey? Please list your social media URLs
CoinCorner – website: https://www.coincorner.com
Danny – Twitter: https://twitter.com/CoinCornerDanny
Danny – LinkedIn: https://www.linkedin.com/in/danny-scott-59035121/
CoinCorner – Facebook: https://www.facebook.com/CoinCorner/
CoinCorner – Twitter: https://twitter.com/CoinCorner
CoinCorner – LinkedIn: https://www.linkedin.com/company/coincorner-ltd/
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