Mark Højgaard, CEO of Coinify has spoken to BIASSA about Coinify, the digitalization of Denmark, the rise of FinTech and the Latin American market.
Financial technologies are exploding all over the world and they are driving transformational change in the global economy, including in how goods, services and assets are exchanged. An important contribution to this change has been the use of virtual currencies. While businesses and governments are trying to handle everything online, even with the use of cryptocurrencies, there is one pressing question: are they ever going to be 100% digital in the future? Mark Højgaard thinks so.
Coinify is a company that dates back to 2010, when the idea of a digital currency and the use of Bitcoins was still fresh. The idea was to basically provide a trading platform for users to buy and sell digital currencies, as well as becoming the the first true blockchain Payment Service Provider (bPSP). In other words, helps merchants to accept the cryptocurrency and assists users in using it for their purchases. Upon creation, the founders thought that in order to step up, they had to think and act like a bank – and this is the attitude that brought them forward and made them one of the strongest players in the field, in the world. As we speak right now, Coinify is a company with a very good growth rate and on its’ way to become a decision maker and an influencer in the European Union, as it has been invited to the roundtable of the European Commission, shaping the further regulation of Blockchain payments. Coinify is also at the moment the third largest bitcoin company in the world and aspires to be the main provider of blockchain payments when national currencies goes digital.
What is the single drawback in this case and the single challenge for Coinify? It is a service that unfortunately is not regulated today. Virtual currencies and their handling pose considerable risks as potential vehicles for money laundering, terrorist financing, tax evasion and fraud, and the regulations are unfortunately ranging from inexistent to absolutely poor, but this is what the company is trying to make a change for in the EU.
Speaking of online currencies in other regions of the world, Mark is very optimistic about the digitalized version of national currencies. Countries in Northern Africa, such as Tunisia, or countries like Canada have already started moving forward with their digital currencies. On opportunities that lie in Latin America, he highlights that the region is one that companies should take a look at and that there is a lot of potential for growth and need for such services. After seeing the company’s own fruitful collaboration with Smile Payments, a service provider in Argentina, he is certain that there can be a lot of chances in the region, especially from countries like Brazil. As to Denmark, the country that gave birth to Coinify, he is certain that Denmark will become 100% digital in the future and that it is on the right path towards that. He is also very optimistic about the digitalized version of national currencies in general, which is already happening in some countries. “It is only a matter of when”, he states.