Mike Hu is the Founder and CEO of Vendit, a Holland Based Crypto Exchange. Thanks for talking to us Mr Hu.
QBITtimes (QT): VENDIT is a Crypto Payment and Hybrid Exchange provider. What is the current stage of your project?
Mike Hu (MH): Vendit is currently in the development stage. We did some initial testing of the concept and applications through some marketing videos, but that was far from being launchable products. There are a lot of things in the works behind the scene that the public doesn’t know about. Many of which are new partnerships and new additions to the Vendit team from some big fintech players. It’s quite dynamic, actually. Almost every week, we discover new possibilities we can explore to further the goal of mass adoption. Certain things we originally thought were going to take us years to achieve now seems attainable within the year. It’s exciting.
QT: Can you explain how you are related to Vendit and how many people have built Vendit until today?
MH: I’m Mike Hu, CEO of Vendit. It’s hard to say how many people have built Vendit as of today because the number of contributors seems so many. From providing simple advice in areas we don’t fully understand but need to, to be more hands with the execution of the road map and strategies we put forth. But to keep it simple, we have had about 10 very active members in the core Vendit team.
QT: You plan a wide variety of services. When will they be available for the general public?
MH: There are a lot of services we plan to offer. To be frank, however, I know there’s no way we can do all of them or at least do all of them well. We knew this. However, they all have a key role in the chess game we’re playing. We expect to find other individuals or companies with high integrity, something we hold the highest of values, that we can partner with that can fulfil many of these services for us and ultimately, forming a village working together for the common goal. We have already found quite a few of these types of companies and individuals and are currently, under NDA, working together to get to where we want to be. Currently, our roadmap says we will launch the exchange and payment app in the 3rd quarter of this year. Despite the constant discovery of new opportunities, we are still looking to be ahead of schedule.
QT: The Vendit token is an important concept on your website. Can you tell us more about your token?
MH: The Vendit Token is used to power the app and the exchange. On the exchange, from face value, it works similar to how many other exchanges use their tokens. However, one difference is the Vendit token is also used to power other exchanges as well. What I mean is two ways in particular. The first is the Vendit exchange can also be used to connect and trade directly on other exchanges you hold an account giving you the ability to trade on many other exchanges all from one user interface. We just take a very small trading fee for each trade paid by your Vendit tokens on the Vendit Exchange. The second is we can bridge other exchanges directly to our payment system. By holding and listing Vendit tokens in reserve by the other exchange in a corporate account on the Vendit exchange, they can allow their users to access our payment system. When their user makes a transaction, we pull the amount of Vendit tokens for the purchase from their reserve account while simultaneously, the other exchange will take the user’s coins, sell it to Vendit tokens and then transfer to their corporate account to refill the reserves.
As for how the Vendit token is used in the payment app, which will be connected to a debit card, Vendit tokens will be rewarded to the user as cash back (or in this case, coin back) since all purchases do earn the user a certain cashback percentage. What they do with it afterwards with those tokens, is up to them. They can set it through the app to automatically trade it with another crypto or automatically exchange it to fiat. Of course, they can always spend it on the next purchase.
QT: Europe has a complicated regulatory environment. Does this hurt your expansion?
MH: I think the key word here is complicated. We like complicated. I believe one of the Vendit team’s strength is being able to come up with creative, out of the box solutions to complicated dilemmas. Where there are complications, there is chaos, and where there is chaos, there is an opportunity. So does it hurt our expansion plans? Let’s just say, no more than what we expected.
QT: Where do you see the highest demand for your services in the next two years?
MH: I see the highest demand for Vendit in the next two years coming from developing and more cash-based countries rather than developed countries. Many of these countries are desparately trying to play catchup as I have seen and realized after talking to some of the representatives of those countries. However, I constantly feel like playing catchup is the wrong approach for them because if you’re playing catchup, you’re already behind. Why not leap frog into more of the cutting edge of fintech? Skip the already existing system and jump to where those existing systems are already headed. We are already in talks with a handful of governments looking to do something like this and things are starting to get really interesting.
QT: Do you have anything to add?
MH: What has been holding up mass adoption of cryptocurrencies usually comes down to three major points:
- The specialization/horizontal integration purpose and strategies of crypto companies in a vertically lacking supply and integration chain.
- The immaturity of the crypto market, not only as an industry, but also with the leaders of the crypto world citing examples such as Twitter wars and finger pointing. Really, the ego of some of these people astound me at times. Real, productive companies don’t get involved in these things because they’re too busy doing something else, something productive. Those are the companies that will continue to consistently show progress.
- The lack of understanding of fintech world with the crypto world. It seems most companies understand one side well, but know nothing or very little about the other side. That sort of goes into number 2, the immaturity of the industry. Taking it to the extreme, there’s also some people who believe it’s a war between crypto and fiat, which I always found to be a humoring thought. Truth is, crypto will never replace fiat. The goal should never be to do so, it should be to complement it. That’s the only way adoption can happen. With that said, there seems to be a huge lacking of companies or individuals that seem to be able to speak both languages and bridge fintech and crypto. That’s where we want Vendit to excel at. Navigating fintech is complicated and understanding cryptocurrencies can also be complicated. But to be able to compromise the two sides to work symbiotically, well, that’s a whole another level of complicated. But like I said before, we like complicated.
QT: Thank you, Mr. Hu, for the interview.
QT: One last information can be interesting for our audience. Vendit is currently in the private sale of their ICO. They’re looking to have some demo products out first before their official ICO. You can learn more at coinvendit.com.