Instacoins Ltd is a cryptocurrency brokerage that exchanges bitcoins against fiat money. MBR Magazine spoke with the CEO and co-founder of the firm, Adrian Kreter, to learn more about the project and also his perspective on the world of Bitcoin and cryptocurrencies.
MBR: Can you tell us your story, the reasons which prompted you to move to Malta and decided to invest and live here, and what excited you about assuming your current role?
AK: I have travelled many times to Malta before. I was always excited when coming here. During the last years, Malta has been experiencing continuous growth numbers and achieving excellent results mostly in the financial services sphere. Malta has always been a more business-focused jurisdiction. It’s a great place for a start-up.
MBR: What can you tell us about the two companies which you founded – Arringo Ltd and Instacoins Ltd, and did you always have the entrepreneurial spirit and the desire to build your own companies?
AK: I have never been scared of taking calculated risks and chances. Great opportunities lie in niches and areas where others are scared to take the risk.
This is especially true with Instacoins Ltd. I was one of the first to think and develop a business in the blockchain Island. Back then it seemed to me like a no brainer.
MBR: What do you think is the situation with regards to Cryptocurrency regulation in Malta, and what are the main opportunities and challenges for a Start-up company like Instacoins Ltd in the current environment?
AK: There is still big uncertainty regarding the situation post transitory period. Furthermore, the biggest hurdle we encountered from the outset was the banking sector. In fact, it is close to impossible for any cryptocurrency company to find a decent and competitive banking solution on the island. This is a big let-down and challenge considering Malta is supposed to be offering the whole package as the blockchain Island.
MBR: What opportunity did you see for Arringo Ltd and Instacoins Ltd, and what was your vision for creating both companies?
AK: Instacoins’ mission is to become a universal fiat – crypto, crypto – fiat gateway. We made already a lot of progress on the fiat – crypto side. Now, we have to tackle the other side of the coin.
Arringo is growing extremely rapidly and I hope it will reach 1000 employees by 2022. Both companies have now well geared up and are in the business development stage of expansion and consolidation.
MBR: Are your client base primarily large global multinationals, gaming and are you targeting governments or are you also focused on small-and medium-sized businesses?
AK: We don’t work with gaming at all. Arringo’s clients are financial services companies. Instacoins has clients worldwide and global exposure. Finally, we don’t work with any governments yet.
MBR: Is it difficult to maintain culture when you are growing so rapidly and how important is it to keep culture at the heart of the company?
AK: Culture is extremely important. In both companies, through the management, we want to create a culture where all tiers of employees must be incredibly self-critical and they don’t get comfortable with short-term success. It is vital to involve employees as much as possible and to create a corporate identity. The bigger you grow the more difficult it gets but we are trying to generate a tight bond inside the companies via team building events as an example.
MBR: Are you concerned about the potential negative impacts of AI and what are your views about AI?:
AK: I am not concerned about AI at all. It creates big opportunities and should be welcomed.
MBR: What are the main skills that young entrepreneurs should have to succeed in today’s economy and what type of platform do you view the forthcoming prestigious Malta’s Best Entrepreneur Awards 2019?
AK: In my opinion this depends on the sector but IT is one of the most important skills in today’s time. The list of nominated companies of Malta’s Best Entrepreneur Awards shows mainly heavily IT-focused companies. That is already a big clue per se.
MBR: Are you are very committed to philanthropy? What has made this so important to you and do the skills that made you a successful business leader translate to your philanthropic efforts?
AK: At the moment both companies are still very young so my focus lays there. Still, we understand the importance of Corporate Social Responsibility (CSR). With this in mind, myself together with my team we have partnered with a series of local non-profit agencies to help different strata of society. During 2018 we have created a CSR Team and partnered with two different agencies. We have organized a series of charity events such as a cake bake sale to raise funds for both. They were a complete success. The CSR team is continuously working to find new partners that need our help.
MBR: Can you reveal what is in the pipeline for Instacoins Ltd in the near future and if he has any other plan for new companies and investments in Malta?
AK: Instacoins will in the near future launch a crypto Mastercard with which you can hold your balance in Crypto and benefit from the rally and exchange on-demand to EUR USD or GBP without having to pay any fx fees. A great feature for travelers and a further sign of the various useful applications of crypto. We have also other projects in the pipeline. 2019 will be an exciting year!
This interview originally appeared on the October 2019 issue of Malta Business Review Magazine.