Vlad Nistor, the CEO and founder of CoinFlux, the largest digital currency exchange service in Romania, tells BR that the company plans to expand in other European markets.
How did you come up with the idea of founding Coinflux?
I have a background in the financial industry, having worked as a macro analyst and then as a fund manager. My interest in inflation is what first brought me to bitcoin and cryptocurrencies because of their deflationist model. After studying the basics of this new form of payment, I decided to make my first purchase of bitcoin. The whole process took about a week and I ended up paying about 10 percent fees on my first purchase. It was obvious that there had to be a better, cheaper way. That’s how CoinFlux was born.
What is the potential of the business?
We believe digital currencies and digital assets more broadly are a new asset class. We see a lot of innovative products that are planning to go to market in the next year and they provide great opportunities for investors. But, as with any developing technology, especially in an underdeveloped market such as digital currencies and digital assets, there will be more volatility and more risk and people need to be aware.
What we are building is an easy solution to interact with this new asset class.
What impact does Coinflux have on the industry in which it operates?
We’ve had a great impact in the local market. Our experience in traditional financial markets showed us that transparency is very important to customers, and we were the first to bring fully transparent pricing in the local market. We also knew that customers needed an easy way to get in contact with us if they have questions about the product, so we offer live chat support on our website. These factors helped us gain market share, and we are now the largest digital currency exchange service in the country, and getting ready to expand our winning formula to other EU countries.