- Cubits has become a crypto sector mainstay, with many outlets making it the crypto payment platform of choice.
- Speaking on the recent run of industry hacks and security breaches, Max Krupyshev – Cubits’ Head of Crypto Business – revealed, “It [is] our mission to educate all clients/partners and employees about being careful and staying alert to suspicious activity.”
- He also thinks that Bitcoin will have to wait before it hits another all-time high, “I think we will see $10,000 [in 2018], but it won’t reach an all-time high – this will probably come in 2019 at some point.”
If you’ve been following BitStarz, you’ll already be well aware that we are synonymous with the latest crypto news and interviews. Speaking to influencers from the world of blockchain and digital currency is what we’re about, as we’re always looking to voice the opinions of those that matter. If you’re active in the crypto field – or even if you’re just starting to take an interest – we suspect that you will have heard of Cubits.
The payment platform has become a trendsetter and a trailblazer in the industry, providing a way to pay with crypto at various leading outlets – including our very own Bitcoin casino. Alexander Bowring – BitStarz News Senior Copywriter – was recently able to speak with Cubits’ Head of Crypto Business Max Krupyshev to get his views on the latest goings-on in the crypto world, along with what’s making Cubits the crypto success story that it is.
AB – We have to start with the obvious question, but what is Cubits and how did the company get started?
MK – Cubits is a full cycle cryptocurrency platform with payment processing functionality. We started in 2015 with pretty much the same functions and over the years expanded our payment option offerings, as well as added more cryptocurrencies.
There was always a lot of work happening under the hood. Now we also offer an OTC (over the counter) desk and a trade execution desk. In the very beginning, it was not easy to ﬁnd an exact business ﬁt, but over six to twelve months we ﬁgured out how to help customers ﬁnd us and managed to establish a good business setup for merchants.
AB – A little research shows me that you studied physics and were part of the astrophysics society, how did you go from that to working in the crypto sphere?
MK – That’s certainly true, I have a few stories about this journey. I am Ukrainian, you might have heard that the economy there is not in the greatest shape. Scientiﬁc possibilities in Ukraine never allowed me to plan this career seriously. I believe that if you know about my physics education, you probably know about my business education, these two fields as a combination gave me a solid understanding of tech and business. In the years after my graduation, I tried working in a few industries and started a few of my own projects. In 2013, cryptocurrency popped up suddenly and it blew my mind.
AB – What would you say is the biggest challenge that Cubits has had to overcome?
MK – We are new in the industry, as we’re a new business and a relatively new company – so challenges wait around every corner. For me, the biggest challenge was to make the company proﬁtable. It is a very important goal for every startup, so it was a big goal for me and whole Cubits team. I believe we have many more exciting challenges in front of us.
AB – Considering the competitiveness of the sector, what gives Cubits the edge over the rest?
MK – We are a team of professionals, I like to think that we can notice the important details that other rival companies can’t. We have the ability to think one step ahead of our competitors, which is what can potentially give us an advantage. I see that in some spheres our competition is slightly ahead, but it does not worry me much, as long as we have a game-winning plan over the long-term.
AB – iGaming has been a key focus point for Cubits, how do you think it has helped contribute to the growth and success of the company?
MK – iGaming is deﬁnitely something that gave us an initial thrust. This industry is still evolving, still adopting crypto. I like to see that big companies consider usage of blockchain technologies in casino, betting, game development, and so on. There are still challenges for cryptocurrency development in iGaming, such as regulation. Both the MGA and the UKGC still haven’t released sufﬁcient and friendly crypto guidelines.
There are a lot of exciting projects happening outside of iGaming, new crypto projects, exchanges, and wallets. At the moment I see a lot of potential in the cryptocurrency industry [on the whole].
AB – With the recent spate of crypto-hacks across the globe, what are you doing to keep the platform safe in what have become increasingly trying times?
MK – We utilize many tools and have a special in-house security team that makes sure that we are secure from the tech side. But, you must understand that there are a lot of attack vectors. Some clients may keep their login credential in Google Docs for example. It is very hard to cope with these types of “hacks,” so we must educate users to pay attention to how they store sensitive info.
The other “hack” type is social engineering, when an intruder pretends to be a different person when contacting employees and clients. We encounter this fairly regularly, but as with all other hacks, we see it as our mission to educate all clients/partners and employees about being careful and staying alert to suspicious activity.
AB – Malta’s decision to become a “Blockchain Island” has been commanding headlines as of late, do you think these new regulations in Malta will cause other governments to follow suit and introduce similar regulations?
MK – I must say that I am optimistic regarding Malta’s blockchain strategy. I am not a lawyer, so it is hard for me to judge how the process is going, but if the intention is there the rest should be relatively easy.
AB – Something that seems to represent more of a dream than an eventuality at times, do you think America will eventually come around to proper and enforceable crypto regulation?
MK – Don’t forget that some of the biggest and most funded companies in the crypto ﬁeld are based in the US, but right now Asia crypto projects are getting even bigger. I think the US wants a piece of the cake, as well as Malta, Japan, and Switzerland. Let’s see how it ends, I would bet that all the countries mentioned will ﬁnd a way to regulate and charge taxes from respective industry players eventually.
AB – Do you think Bitcoin and other cryptos will eventually see mass adoption as payment methods?
MK – Deﬁnitely, yes. I’m not sure if Bitcoin will have anything to do with payments in five to ten years. Cryptocurrency is a great technology, proof of concept is completed, now it is a matter of adoption, soon everyone will see the crypto market’s potential come to light. Back In 2013, I had a feeling that I was the only one who knew about Bitcoin in my city, now everyone knows, nowadays every Uber driver will explain to you the difference between proof-of-work and proof-of-stake.
AB – It’s a big question, but where do you see Cubits in ﬁve years’ time? What is the next step for the platform?
MK – We are going a regulated way, I see Cubits as a B2B provider for many industries – banking, investments, gaming, crypto exchanges, and more. On the B2C side, we will ﬁnd our way to the hearts and heads of new adopters and professional crypto users. We have some solid ideas, sadly I can’t give you any details on what they are right now.
AB – We love a good forecast/prediction here at BitStarz News – especially given that Bitcoin has experienced a rocky ride in recent weeks – what do you think the price of Bitcoin will be by the end of 2018?
MK – I would like to let you all your readers know that my forecasts are only true in 50% of cases. I think we will see $10,000, but it won’t reach an all-time high – this will probably come in 2019 at some point.Cubits is a true market leader in the cryptocurrency space, so it’s great to hear Max Krupyshev’s optimism on what’s to come for both Cubits and the market in general. You’re sure to hear from Max again here at BitStarz News, as we fully expect to catch up with him in the future to discuss the company’s exciting plans.
In the meantime, you can follow Cubits on Twitter, and as always make sure you keep your eyes locked on BitStarz News for all the latest news and exclusive interviews!