Crypto Hybrid Exchanges Are the Future: Interview with Monitok Co-Founder

As a seasoned crypto enthusiast and investor, I find the Monitok project incredibly intriguing. Eimantas’ extensive background and passion for creating user-friendly financial solutions are evident in his vision for Monitok. The focus on self-custody, seamless DeFi trading, and cost-effective fiat integrations aligns perfectly with my own investment philosophy.

Let’s explore what we understand about crypto hybrid exchanges and learn how Monitok could transform cryptocurrency trading for countless users. Discover the insights in our latest interview with Eimantas Barauskas, the CEO and co-founder of Monitok – a groundbreaking hybrid crypto exchange that combines the top qualities of centralized and decentralized platforms, aiming to deliver users an unparalleled, secure, and user-friendly trading experience.

Eimantas boasts an illustrious background in handling high-profile clients within conventional finance, and has been a staunch supporter of cryptocurrencies since 2016. In this article, he expresses his insights on Monitok’s distinctive features, notable achievements, and the unique position it holds among crypto exchanges in a crowded marketplace. Make sure to check it out!

Crypto Daily: Monitok is described as a hybrid exchange, merging the best of centralized (CEX) and decentralized exchanges (DEX). Could you elaborate on how Monitok strikes this balance, and why this model is essential for modern crypto users?

Initially, my vision for Monitok was to create an accessible and secure cryptocurrency entry point, where everyday users could dive into this exciting, emerging sector, and learn its ins and outs, all within the convenience of a single, user-friendly application.

After building our team’s foundation, securing both European and US licenses, and working diligently on the user-friendly front end of our app, I encountered Laurent Bourquin, a seasoned on-chain trader who heads MEV Capital, a thriving DeFi hedge fund. It was Laurent who appreciated the simplicity of our front end but suggested we think outside the box and construct our app on a decentralized backend. In his words, the primary purpose of blockchain technology is to eliminate intermediaries from human transactions.

For several months, this concept I had been mulling over lingered in my thoughts. Then, around two or three months later, the FTX collapse occurred, followed by Celsius’ bankruptcy. Our team noticed a surge towards self-custody and decentralized trading at this time. It became evident to us that this was an opportune moment to change direction and develop something new. This is how the idea for a hybrid exchange eventually materialized.

We decided to take our user-friendly, feature-rich front-end with EU and US licenses. These licenses allow us to have seamless fiat integrations with personal IBANS, contact payments and debit cards. Connect it all to a decentralized back-end that’s built on EVMs – Ethereum, Arbitrum, Polygon and Base while issuing our users account abstracted self-custody wallets, that grant them full asset control, transparency, and the possibility to pay gas and swap fees with over 80 different tokens they hold in their wallets.

Monitok functions as a decentralized exchange (DEX) aggregator, linking more than 100 separate DEX platforms to facilitate peer-to-peer trading with no intermediaries involved. To enhance the experience further, we’ve developed smart, contactless bridging technology that enables users to swiftly and economically transfer their assets between different blockchain networks, minimizing risks of hacking attacks. Ultimately, our aim is to establish a comprehensive crypto platform where retail users can engage in on-chain trading without fully appreciating they are engaging in such activities on the blockchain itself.

Crypto Daily: One of Monitok’s key selling points is its self-custodial nature. Can you explain how this model improves user security and control compared to traditional CEX platforms?

Eimantas Barauskas: Our focus is deeply rooted in empowering our users by giving them control, which is a key aspect of our self-custodial approach.

On typical CEX platforms, users must surrender custody of their private keys, implying the exchange maintains control over their assets. Although this may seem advantageous, it carries significant risks, as demonstrated by events such as the FTX debacle. Monitok aims to shift this paradigm.

By giving users control over their own private keys, we’re ensuring that they always have ownership of their assets. It’s not just about security though, we want to empower users to take charge of their finances and always know their money is where it’s supposed to be. We want to promote true decentralization and trading without any intermediaries which is why blockchain was created in the first place.

Instead of simply creating a secure environment, our goal was to ensure it’s not only safe but also user-friendly.

As a financial analyst, I’ve encountered one significant hurdle in the world of Decentralized Finance (DeFi): although it promises control and peer-to-peer trading, the user experience can be quite daunting, particularly for those new to blockchain technology. To address this issue, we embarked on a mission to simplify matters with monitok, aiming to make DeFi more accessible and user-friendly for all.

Crypto Daily: As the crypto industry faces increasing regulations, especially around anonymity and security, how does Monitok stay compliant while still offering the flexibility and user empowerment that decentralized platforms provide?

At Monitok, we understand the significance of staying one step ahead in an industry where annual regulations regarding anonymity and security are becoming increasingly stringent. To address this, we’re adopting a forward-thinking strategy for compliance, ensuring we satisfy all the rules without sacrificing the agility and autonomy inherent in decentralization.

Simplifying this, we’re not only adhering to existing EU laws but also preparing Monitok for the upcoming MiCA regulations. These global standards will help establish a unified regulatory structure for cryptocurrencies, enhancing safety, transparency, and trust in the crypto market. This is essential as it ensures both investors and users that their assets are secure and that the platforms they use are legally reliable.

However, let me highlight an essential aspect – throughout this process, we’ve managed to uphold the fundamental principles of decentralization without fail. Monitok adopts a self-custodial wallet structure, ensuring users retain complete control over their assets and private keys. This approach allows us to maintain the security and autonomy that are synonymous with DeFi.

Crypto Daily: Monitok recently achieved several key milestones, including securing EU and USA licenses and raising significant investments. Can you share more about how these developments position Monitok for future growth in the crypto space?

From the very beginning of this journey, I’ve been committed to personally funding the project and seeking investments from my personal network. The aim was to establish a robust team and create a reliable platform first, before approaching venture funds. This strategy demonstrates that Monitok is not a fleeting endeavor, but a long-term commitment, here to make a lasting impact in our field.

After establishing a strong foundation, we managed to gather approximately 900,000 euros during our Friends and Family (FNF) round, a vital step towards assembling the robust team that is now central to all our accomplishments. Subsequently, we were awarded an EU grant worth €102K, not only providing us with financial support but also lending credibility to Monitok from a prestigious institution. This endorsement will undoubtedly aid our platform in its efforts to secure global licensing.

Lately, we successfully secured €420K in our pre-seed funding round. This financial boost enabled us to develop a fully operational platform with practical applications in the market, as well as plan an effective Token Generation Event (TGE). Furthermore, it allowed us to strategize for post TGE activities.

Unlike numerous other ventures launching without a physical product, our initial investment enabled us to construct a self-managed hybrid exchange that truly caters to user requirements. This backing additionally underscores the fact that we’re developing something unique and valuable that resonates with others.

Crypto Daily: With the $MONY token launch on the horizon, can you discuss the role of the token within the Monitok ecosystem? What unique utilities will it offer to users?

As a researcher, I am thrilled about the potential of $MONY, not just for its token value but also as the foundation of our platform, fueling our future expansion. One compelling advantage of $MONY lies in its capacity to lower trading costs while using it as payment. Our users will additionally have the opportunity to yield rewards such as improved debit card privileges and varying levels of cashback by staking their $MONY tokens. Moreover, $MONY will grant access to premium offerings like sophisticated analytics tools, AI functionalities, and tax optimization features. These added perks are expected to significantly boost user interaction and enhance the quality of our offered services for end-users.

We’ve scheduled quarterly distributions (airdrops) and a buyback system in place, ensuring the token supply remains balanced and maintains its worth. Our long-term goal is for $MONY to foster a strong bond between our users and the platform, making them active contributors to our ongoing achievements and expansion.

Crypto Daily: Monitok’s market opportunity is substantial, with a serviceable obtainable market of $4.13B. What strategies are you implementing to capture this market share, and how will Monitok stand out in a competitive landscape?

To expand worldwide and cater to a diverse retail market, we’re using customized tactics that take into account users’ personal preferences (such as self-custody options) and regional markets.

As an analyst, I am excited about the expanding Decentralized Exchange (DEX) market and the increasing Total Value Locked (TVL). In alignment with this trend, Monitok’s robust and intuitive app empowers users by providing complete control over their funds. This includes effortless DeFi trading and affordable fiat integration options such as IBANs and debit cards, aiming to enhance the user experience.

Our application can be accessed in 174 countries, compatible with Android and iPhone devices. It accommodates 120 different local currencies. We operate under a valid license and aim to expand globally by advertising directly within key economies. In terms of Web3, our priorities lie primarily in regions such as South Asia and Africa. Meanwhile, for Web2, we concentrate on high-revenue markets like the EU and USA. Regardless of the platform, our approach is to prioritize growth, establish a strong reputation, and increase user acquisition and retention.

To date, we’ve already attracted an organic community of 50K users.

Crypto Daily: As you prepare for the future, what are Monitok’s next major milestones? Can you share your vision for the platform and how you aim to revolutionize the crypto trading experience in the coming years?

Eimantas: Our upcoming significant achievement involves constructing a “Unified DeFi Platform for Unified Platforms,” which is intended to be resilient and equipped to welcome an additional billion users in the future.

To make the transformation in cryptocurrency trading more understandable, let me rephrase it this way: Our goal is to significantly improve the Web3 and financial aspects, all while ensuring ease of use and simplicity. This means creating advanced yet effortless trading environments that cater to both skilled traders and beginners.

Our goal is to develop a dynamic platform tailored to the ever-changing needs of the cryptocurrency market, aiming to transform the way people engage in crypto trading. This focus is centered around making it easily accessible and giving users the power to control their own experiences.

Crypto Daily: Thank you for taking the time to speak to us Eimantas. If you are excited about what Monitok is building, then the upcoming $MONY token sale is something you may want to keep your eye on. As described by Eimantas, $MONY will be the lifeblood of this revolutionary crypto hybrid exchange and will offer early investors an opportunity to grow alongside the platform, whilst allowing them to enjoy all of the attractive perks on offer.

2024-11-08 16:38