We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!
This week, our 6 Questions go to Daniel Yan, founding partner and chief operating officer at Matrixport — a digital assets financial services platform where users can invest, trade and leverage crypto assets.
Hey guys, this is Dan — I am a founding partner at Matrixport. I have been COO of the company since 2019 overseeing the day-to-day operation of the company. Late last year, I started to spend most of my time building Matrixport Ventures — the venture investment arm of the company. It has been a great experience for me both personally and professionally. There has not been a boring day since I dipped my toes into crypto, let’s say! Prior to my stint in crypto, I was an options trader in the investment banking industry.
1 — From smart contracts and DApps to NFTs and DeFi, we have seen so many of the next “killer apps” for crypto, but none have really taken off quite yet. What will stick?
I will have to first challenge the statement that “none have really taken off quite yet!” Ethereum for smart contract, OpenSea for NFTs, MetaMask for DApp, and Uniswap for DeFi — by my standard, they are all moment-defining successful projects.
I believe all of them will stick and present themselves as key components of the “Web3 world” we are going into.
Will there be challengers and totally new categories that we can’t even fathom right now? Absolutely. That’s the beauty of the crypto world. For most people, DeFi was not a thing till 2020, NFT was not a thing till 2021. We will continue to see category-defining innovations coming along as we progress as an industry.
2 — What has been the toughest challenge you’ve faced in our industry so far?
There are many, but if I have to choose one, that would be managing the extremely cyclical volatility and turbulence in the industry.
Due to the nascent nature of the industry (yes, still), things tend to be very volatile both ways — no matter in a bull market or a bear market. Throughout these turbulences, there will always be customers that don’t feel the best — no matter what’s on their positions, their executions or simply on the mood. We always try to help customers go through these times better, and that sometimes means tough conversations, difficult decisions, and other things that’s not so easy.
3 — Which people do you find most inspiring, most interesting and most fun in this space?
This could be a cliche answer already, but I think Sam Bankman-Fried is my pick. First, he built an extremely successful business at Alameda and FTX. Then, he became a very vocal supporter on multiple key frontiers in the industry and managed to contribute in a substantial way to the growth of them (Alternative L1, DeFi). At the same time, he managed to build his influence in the traditional finance and regulatory space — now a key lobbyist power for the crypto industry.
It takes a lot to achieve just one of the three, so I think the fact he managed to hit all three is beyond impressive.
4 — What’s the unlikeliest thing to happen on your bucket list?
Bitcoin goes to $100, and I buy loads of them.
5 — What were you like in high school?
Geeky, goofy and shy. Let’s say I have come a long way from then…
6 — What should we be teaching our kids?
Kindness, courage and confidence.
They are quite self-explanatory, so I guess I don’t need to elaborate more.
However, they are easier said than done — from time to time, I will have to remind myself of these and try to do better.
A wish for the young, ambitious blockchain community:
Be courageous, and don’t be afraid to fail. Keep building, and WAGMI!
In a world of ever-evolving technology, more and more companies focus their attention on the wide possibilities digital currency creates. Matrixport, a digital financial services company powered by UTrust, is at the forefront of this change, offering digital asset management, security and institutional services. One of the minds driving this mission of digital finance advancement is Daniel Yan, Chief Data Scientist and President of Matrixport. Here, Yan shares his vision of the future of cryptocurrency in six questions.
1.What inspired you to create Matrixport and what makes it stand out among other crypto companies?
When I started Matrixport I wanted to build an easy-to-use, secure and comprehensive platform that would allow people to manage and process digital assets without relying on third-party services. Matrixport stands out from other companies because it combines our proprietary technology, best-in-class content and data with multiple integrated services, to provide a reliable, transparent and secure user experience for managing digital assets.
2. What do you see as the latest trends in the cryptocurrency space?
The cryptocurrency space has been evolving rapidly over the past two years and I expect this trend will continue in 2021. Specifically, I see increasing institutional adoption, increased cross-border transactions, compliance and regulatory changes, and the growth of new tokenized asset classes.
3. What are your thoughts on the adoption of blockchain technology in the financial world?
I believe we’re quickly approaching the tipping point where blockchain technology will become the norm in the financial system. Blockchain technology has the potential to revolutionize financial services and create new opportunities for businesses and consumers.
4. What are the main challenges that Matrixport and the industry as a whole face in terms of growth?
Matrixport is continually working to improve the security, scalability and usability of our platform to make digital asset management more accessible to everyone. As for the industry as a whole, the main challenges are user education and security, as well as regulatory clarity and compliance.
5. Are there any specifics that you look for in the companies and projects you work with?
We look for projects and companies that align with our values and vision for the future. We want to work with projects and companies that are committed to transparency and security, and that show dedication and innovation in their approach.
6. What are some of your biggest plans for the future of Matrixport?
At Matrixport, we’re constantly working to expand our offering and provide better services for our clients. In the future, we plan to continue to develop innovative solutions and improve the user experience, all while strengthening our global presence and expanding into new markets.