In this episode recorded directly after the FinTechWorld 2020 FinTech Euro Summit in London, host Barry E James speaks to Mike Raitsyn, Founder of ICOBox followed by a chat about the day's events and more with Sydney Armarni, CEO of FinTech World and Maomao Hu of Kora Network.
Traditional markets are failing millennials - and being leapfrogged. Seeing the ICO through the lens of an IPO doesn't work. The VC Market is broken and being superseded.
Conclusions drawn from last week's 2020Fintech conference which I discuss with keynote speakers and organiser Sydney Armani.
At the last weeks 2020Fintech conference at Level 39 we looked at why "the VC model is broken" and I talk to the London based Ukrainian serial entrepreneur behind ICOBox who already has a team of 170 people across the world who’ve raised $400M for 20 ICOs via 'community driven crowdfunding'. Without any need to "give up equity or go through a ridiculous, arcane and expensive process".
Mike Raitsyn answers my questions - including: Can you do an ICO with any business idea?
Followed by a chat with the man behind Fintech World: Sidney Armani, and speaker Maomao Hu from Kora Networks who commented that the conference "seemed to me a microcosm of industry coming to its senses. [Previously] people working through token models, seemed a little bit dubious. Lot of ICOs last year failed. There’s high demand for quality and transparency from the community now. You don’t see that at every conference.
Sydney commented "London is the financial capital of Europe and it’s very interesting to be here ... Blockchain is the next big thing and accelerators and incubators along with . Fintech companies and banks are taking notice... There's a lot of innovative stuff happening, not just about crypto, not just bitcoin, but mobile apps, payments, about the the safety of your money.
An interesting aspect of the conference was seeing people struggling to understand ICOs through the lens of the IPO - which doesn’t work, they’re much more like crowdfunds... with liquidity times a thousand.
A point of agreement was the failure of traditional markets to reach out to, become relevant to, millennials - and a realisation that this is them being leapfrogged by new thinking driven by and encapsulated in new technology