TL;DR: Semyon Germanovich is a go-getter: young, entrepreneurial, and passionate about online trading when it comes to cryptocurrency. He’s learned a ton from his early days with the founding and eventual closure of Bitcoin Cash-based (BCH) exchange Voltaire. Last year he regrouped and launched the exchange Cryptophyl. It’s one of the first of its kind in that Cryptophyl focuses on Simple Ledger Protocol (SLP) tokens built on BCH. This episode is available embedded in the article below, and on iTunes, Spotify, Google Podcasts, Stitcher, Radio Public, Breaker, PocketCasts, PodBean, YouTube for Newer Episodes, YouTube Older Episodes, and Overcast.
SLP Token Exchange Cryptophyl is Adapting
Semyon Germanovich is someone to watch in the cryptocurrency space. He combines parts academic, business savvy, and a penchant for hustling. While still at university, he attempted to establish an entire exchange based around Bitcoin Cash as the dominant base, Voltaire. He even helped design an education model at the college-level about crypto. Timing, however, turned out to be everything.
It was late 2018, and BCH was headlong into a coming split: contentious, ugly, brutal. Voltaire, for all its innovation, could not survive such a massive hit, and folded not too many months after. Germanovich was honest about the experience, and vowed to fight-on in some capacity.
As he explains in this exclusive interview with CoinSpice, he devoted months to studying a burgeoning token economy coming out of Bitcoin Cash, SLP. The new protocol was inexpensive, easy, primed to service a market wishing to remain separate from its much larger precursor, the ERC20 Ethereum token universe. Germanovich later understood these nascent SLP tokens needed liquidity, price discovery to gauge utility and value.
Operating From a Non-European Jurisdiction
Cryptophyl was born. It has been a slow burn for the exchange’s development. He’s not quick to list just any project. Each token is paired with BCH, and as of this writing five, including a proprietary exchange token, DROP, are available. It’s gone well. The marquee token, SPICE, has earned a market value and continues to be popular, showing the way of what is possible and potential.
Remember that quip about timing? Well, Europe is breathing down all of the ecosystem’s neck, instituting mandatory know-your-customer (KYC). To get ahead of the then-looming requirements, Cryptophyl thought it best to inform users the exchange would impose such compliance at various levels.
Feedback was instant and severe. The market Germanovich and Cryptophyl so loving coveted and cared for was being scared off. His decision? Adapt in real-time. As our episode ended, an update appeared, insisting “users will be able to withdraw from Cryptophyl without completing identity verification. Having considered the feedback that we’ve received from users, we’ve made the decision that we’ll be operating the exchange from a non-EU jurisdiction and thus would not be subject to the stringent regulations imposed by the European Union on all of our customers.”
There’s slightly more to it, of course, but it’s a move in-line with the peer-to-peer electronic cash ethos. Germanovich also explains in the episode Cryptophyl’s plans for 2020, the tension between being ideological and operating in the real world, and ultimately what Cryptophyl hopes to accomplish going forward.
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