Below is the Genesis Vision’s COO, Elena Beinesheva interview with AtoZ Markets about how Genesis Vision thrived the ICO world since 2017.
October 16, 2019, | AtoZ Markets – In 2018, more than 2000 ICOs reached their conclusion and investors could choose among approx 500 token sales opening every day of the year. During 2017, the corresponding values were just below 1000. The economic results are less impressive as the total amount raised in 2018 was almost $11.4B, against little more than $10B during 2017, with an increase of just 13%.
In late 2018 the ICO market cap reached $0.36B, making it the worst result since May 2017. Most of the projects were scams and very few survived in the market to date. Genesis Vision is one of those who thrived the ICO world since 2017 through their long term vision. The company provides unique products to the Asset Management Industry which is completely based on blockchain technology.
We are proud to say that, Genesis Vision were with us since the very beginning of the project. Yet, how is Genesis Vision doing now and what is on their plate for the future? To dive in-depth about their interesting project, AtoZ Markets held an exclusive interview with Genesis Vision’s COO, Elena Beinesheva. Below you will find part I, of our interview with GV
AtoZ Markets interview with COO of Genesis Vision
AtoZ Markets: “You are offering a unique product to the Asset Management industry. What made you create Genesis Vision and was it hard to enter the market?”
Elena Beinesheva: “For quite some time, traditional asset management systems have been a black box for potential investors, mostly because the internal workings in most cases are hidden and incomprehensible. A platform in which investors, managers, and brokers could freely and transparently interact with each other has always been a necessity, not only in crypto but also in legacy markets.
There are three main shortcomings of the traditional asset management system, all of which prompted us to create a more advanced system.
- Lack of access: Traders and investors are tied to their brokers and exchanges. This deprives investors of the necessary flexibility to make the most beneficial choices according to their individual circumstances while at the same time limits the ability of the trader to raise new funds.
- Lack of information: There is no reliable consolidated source of reliable information and trade statistics.
- Lack of trust: Brokers have the technical ability to influence trade history data and statistics of their traders. The mechanisms of investment, distribution of profits and commissions are hidden inside the implementation of trading floors.
Genesis Vision relies on decentralization, smart contracts and Blockchain technology to solve the problems mentioned above. Decentralization is a key principle of blockchain technology itself, so it comes naturally. Blockchain technology itself provides openness, resistance, and the immutability of information. Finally, smart contracts also provide openness and transparency, allowing you to clearly identify and define trading conditions.”
GV’s talks on the Asset Management Industry and its Challenges
AtoZ Markets: “What are the biggest challenges of Genesis Vision?”
Elena Beinesheva: “To answer your question about our biggest challenges, they vary depending on the evolution of the project. Initially, we had a hard time with partnerships, as we suddenly joined a new community where no one knew anything about us. And really, who could blame them? We just had to put extra effort into proving the viability of our project. We developed a reputation of high ethical standards, technical know-how, and world class execution. In the end, we’ve been able to create and implement partnerships with some of the top players in their respective industries: Binance, Exante, RoboForex, Huobi, Tools4Brokers, Just2Trade and others.
Another challenge is the high level of competition in the asset management industry. Asset management platforms are very common in traditional financial markets. It is a crowded field. Similarly, there are several crypto asset management platforms. But no one before us has united these two worlds, offering access to both legacy markets and crypto markets from a single interface. We have no direct competitors.
These challenges are ones that we can overcome with hard work, some imagination, and great execution. However, there are other hurdles that we have no control over: the high volatility of crypto markets, and slow development of regulatory frameworks which would legitimize that industry.
Experts do not deny that cryptocurrencies are a very risky and volatile asset, which has an extremely uncertain future. However, coins and tokens found a niche target market resulting from the distrust people feel about central banks and governments. We wanted to capitalize on that by providing a fair, open and transparent ecosystem.”
GV’s vision of the future and use of Genesis Vision Token
AtoZ Markets: “You carried out an Initial Coin Offering (ICO) in 2017. How have you used the funds thus far? What is the use case of Genesis Vision Token (GVT) currently and what vision do you have for it in the future?”
Elena Beinesheva: “The Token ICO was held from the 15th of October to the 15th of November 2017. During the ICO, each GVT was valued at 1 USD, with some early investors able to receive an additional discount. The total supply amounted to 4,436,643 GVT tokens. 3,327,482 GVTs were sold during the token sale. Another 11 percent of the total number of tokens, equal to 488,030, was reserved for the team and frozen for a year. Another 5 percent or 221,832 GVTs were reserved for the Genesis Vision Foundation.
Since the completion of the ICO, a lot has been developed and implemented:
- Launched trust management platform — Genesis Vision;
- Launched a crypto broker — Genesis Markets;
- Implemented direct integration of MetaTrader 5 with crypto exchanges. link;
- Integrated Crypto and Forex trading and provided direct access to all major Stock exchanges in the world;
- Released applications for web, android and IOS;
- Implemented new features as suggested by the Genesis Vision Community;
- Released several platform updates including UI/UX upgrades;
- Organized 2 trading tournaments;
- Overhauled our level up system;
- Attended 15 industry conferences including 5 as sponsors. iFX EXPO Limassol 2018, IFX Expo Asia, Finance Magnates London Summit, Investor Finance Forum, BTC: Barcelona Trading Conference.
Currently, GVT serves the following purposes within the ecosystem:
- Managers and traders on Genesis Markets can reach up to 55% trading fee reduction by locking away up to 500 GVT
- For each 1,000 GVT locked away investors get a 1% success fee reduction (from the platform success fee)
- Copy trading subscriptions have to be paid by investors in GVT
- Each fund must allocate at least 1% of its composition to GVT
- Profits made by the managers are paid out to the investors in GVT
- GVT equivalent of 3% of all profits on the platform are burned quarterly
You can buy or sell GVT on several exchanges, including Binance, Etherdelta, Kucoin and HitBTC, all of which are good exchanges. You cannot purchase GVT directly with fiat, since you must first purchase another currency, such as Bitcoin or Ethereum. The most active exchange on which the GVT is exchanged is Binance.”
This is part 1 of the Genesis Vision interview, Part 2 and 3 will be live soon…
Do you have any questions for the COO of Genesis Vision? Let us know in the comments section below.