The crypto industry has experienced tremendous growth in the past decade, transforming from a niche market into a global financial phenomenon. This growth has been driven by the emergence of digital currencies, the rise of decentralized finance (DeFi), and the recognition of blockchain technology’s potential to revolutionize various industries. Amidst this backdrop of innovation and change, Changelly has emerged as a leading player, offering secure and efficient crypto-to-crypto and fiat-to-crypto exchanges to over 7 million users worldwide.
In an interview with Changelly CEO Jake Cormack, a seasoned fintech expert and global capital market specialist, he shares his insights on navigating the evolving crypto landscape and highlights the importance of user-centric services in driving the industry’s growth.
Cointelegraph: Changelly is celebrating its ninth anniversary this year. How do you perceive the evolution of the crypto and blockchain industry over the past decade?
Jake Cormack: Over the past decade, we have witnessed the rise of Bitcoin, the emergence of altcoins, and the growth of DeFi and nonfungible tokens (NFTs), which have reshaped the industry. Despite challenges such as market crashes and regulatory hurdles, the blockchain industry has persevered. Today, we see increased institutional adoption, although regulatory issues still exist. Efforts have been made to address scalability and interoperability, while concerns about the environmental impact of mining have also been raised. Overall, the industry has undergone significant transformation driven by technological innovation, expanding use cases, and evolving regulations.
CT: How have crypto users’ behaviors changed from 2015 to today?
JC: There have been three significant changes in crypto users’ behavior. Firstly, there has been wider mainstream adoption of crypto globally. Users now have a deeper understanding of the industry, thanks to educational initiatives that go beyond Bitcoin and Ethereum. Secondly, users have started to prioritize security and custody solutions, as well as regulatory compliance. Lastly, there has been an increasing demand for crypto payments, with merchants across various industries seeking payment partners. In response to this demand, we introduced Changelly PAY last year.
CT: The crypto industry is known for its constant innovation and new trends. How does Changelly adapt to these shifting trends?
JC: As a market veteran with nine years of experience, Changelly strives to stay ahead of the curve by expanding its product portfolio, supporting a wide range of cryptocurrencies, and enhancing the customer experience. We have partnered with over 500 crypto companies across different industry niches, from Web3 gaming to pure DeFi, and we are always open to exploring new areas. As a CeDeFi ecosystem, we aim to merge the best technologies and attributes of both traditional financial systems and decentralized finance, providing innovative and convenient Web3-based products with lower fees, improved security, greater accessibility, faster speed, and optimized customization.
CT: What is your perspective on DeFi and decentralized exchanges (DEXs)? How does Changelly work with them?
JC: We integrate with leading DeFi platforms and DEXs, making it easy for users to swap cryptocurrencies effortlessly. We actively seek partnerships and liquidity provision arrangements with DEXs to enhance execution options. By embracing DeFi and DEXs, Changelly aims to provide users with improved accessibility, efficient digital asset management, and the benefits of yield farming and decentralized trading.
CT: How would you describe Changelly’s role in the evolution of the crypto market?
JC: Changelly plays a crucial role in driving cryptocurrency adoption into the mainstream by offering a secure and user-friendly platform for immediate exchanges. As we celebrate our ninth anniversary, we are proud to have onboarded over seven million users globally, allowing them to swap cryptocurrencies across the most popular and trending options. We also prioritize blockchain education through our free Crash Course initiative, equipping newcomers with the knowledge to thrive in the Web3 economy.
CT: What are some of the most requested features from crypto users, and how is Changelly addressing them?
JC: User feedback is essential to us, and we continuously optimize our customer experience through 24/7 live support. We add over 20 new cryptocurrencies every month to cater to diverse portfolios. We also focus on simplifying the exchange process through regular updates to our user interface, ensuring it is user-friendly for all levels of expertise. Lastly, we prioritize user safety by strictly adhering to security protocols and not storing user funds.
CT: What sets Changelly apart from its competitors in this competitive sector?
JC: Stability, price, and speed are the foundations of Changelly’s services. We consistently deliver these qualities to our customers, underpinned by world-class security, smooth onboarding, and dedicated 24/7 live support. Our proprietary engine and governance have demonstrated outstanding market pressure resistance, ensuring stability even during market fluctuations. Additionally, we cater to a growing audience of mature users and prioritize AML standards to counter illicit activities in the crypto space.
CT: Changelly is known for its API solutions. Can you explain what you offer to other crypto businesses?
JC: Changelly provides API solutions that enable enterprises to integrate instant crypto exchange features into their platforms. Our API connects to Changelly’s liquidity pool and supports a wide range of cryptocurrencies, ensuring versatility and ease of access. Trusted by industry leaders such as Ledger, Trezor, and Exodus, Changelly continuously expands its available assets, improves pricing, and offers 0% service and flexible exchange fees.
CT: What milestones have you achieved in the past nine years?
JC: The most significant milestone for us is earning the trust of over 500 partners and more than 7 million users worldwide. We operate in 150 countries, list 100,000 trading pairs, and help businesses and individuals benefit from the advantages of Web3 and blockchain. In addition to our APIs, we introduced Changelly PAY, a merchant solution that offers custom crypto checkouts for over 80 cryptocurrencies with instant settlement and flexible fee management. We have also expanded our offerings to include fiat on-ramp services based on user demand.
CT: What are your future plans as a global trading platform?
JC: Our future plans revolve around improving our products, expanding our token listings, and serving users on a global scale. We aim to expand our presence in new markets and tailor our offerings to meet their specific needs. In terms of business-to-business initiatives, we will continue to grow our partner network for exchange APIs and focus on merchant payment gateways, on-ramp, and off-ramp solutions.
To learn more about Changelly, visit their website.