Some CP Media employees live in Georgia, so our project has many friends and acquaintances in the local cryptocurrency community. Sometimes communication with them evolves into closer cooperation. That’s exactly what happened with the guys from the AllTrust cryptocurrency exchange. After getting to know them better, we decided that Avetisov George, the project’s CEO, could share his experience and interesting details about the crypto exchange with CoinsPaid Media’s readers in a short interview.
How did you become interested in cryptocurrencies in the first place?
I got interested in crypto back in 2012, firstly out of curiosity, and then it turned into a regularity and I started to use cryptocurrencies as a convenient payment solution.
Could you tell us about the early days of your service? When you entered the market, what were things like at first, and what difficulties did you have to face?
In 2016, my partner and I were in search of a new idea for the project, and at that time, we saw a trading opportunity and the prospect of exchanges. We quickly carried out testing, received good results, and decided to get down to business thoroughly. Starting in 2017, we launched the website as an exchange. There were no manuals on how to run this kind of business, and no one was teaching it or telling people about arbitrage links and other schemes, so we had to take hard knocks and go through the process ourselves. We developed our own software, optimized our work, looked for clients, hired our first employees, and got deeply involved in the operating system.
Could you describe what the work of a cryptocurrency exchange looks like from the inside?
The cryptocurrency exchange service is a large complex of different types of microservices, a huge number of exchange rates, and their constant recalculation. All the technical components are packaged in an internal CRM system, which manages the entire infrastructure so that the user has a convenient interface for creating and managing requests.
Does your service have any features that make it stand out from other crypto exchanges?
The specialty of AllTrust is our experience, reliability, a lot of positive feedback from our clients, and, most importantly, the service we work hard to provide so that we can see the appreciation and recommendations in the reviews written by our clients.
What’s more, we organize events and crypto breakfasts for our community, which give us the opportunity to create new collaborations and launch new projects, as well as vibrant gatherings where people can socialize and make new useful acquaintances in an informal setting.
What steps do you take to ensure secure transactions for your customers? How are AML and CFT policies being implemented?
Our local authorities are quite “friendly” to the crypto industry and this pleases us. This is also one of the reasons why we first opened in Georgia. Our automated transaction control system meets all AML and CFT standards. We conduct KYC from the very beginning — this allows us to minimize the level of risk already at the first interaction with clients, which gives us the right to declare our readiness to obtain a license (VASP) in Georgia that our lawyers are already engaged in.
How do you interact with the Georgian regulatory authorities responsible for the digital asset market? How would you assess the regulators’ actions and their impact on the country’s crypto market?
We believe that the changes related to the crypto market regulation in Georgia will create conditions for greater transparency, lead to the growth of the industry, and clean up the sphere from the shadow market and fraudulent services. Our company is the broker for Binance, OKX, ByBit, and several other international financial institutions related to the crypto market. Of course, any actions and initiatives that contribute to the development of the industry in one form or another have a positive impact on our business.
In your opinion, what are the main advantages of using cryptocurrencies in Georgia? What unique challenges and opportunities in crypto exist in Georgia today compared to other countries?
Cryptocurrencies give people several solutions:
- they can be used as a financial instrument for trading;
- they form a separate business sphere, i.e., mining;
- they expand the possibilities of traditional business and allow for passive income;
- they make it possible to conduct fast transfers between the participants of transactions, which also gives great advantages compared to classical banks.
Georgia specifically can become an international crypto hub for startups and financial institutions, which is at least evidenced by the interest of such big players as Binance and Tether.
How do you see the future of cryptocurrencies and blockchain technologies? What role will cryptocurrency exchanges play in this picture of the future?
Blockchain technology will be used in different areas. There are already many fields where it is being integrated all over the world, and it isn’t just financial solutions but logistics, governance, elections, and much more. As for exchanges, there’ll certainly be a cleanup of fraudulent services. Those that will play by the regulators’ rules will remain, enabling integration with classic banks. Our goal and objective are to give users a quality service with a convenient app and to become a crypto bank with a worldwide network.
