Crypto exchange Fastex has followed an approach that combines innovation with respect: CEO Vakhtang Abrahamyan gave a wide-ranging discussion to Decrypt's sister media Rug Radio at Singapore's Token 2049 conference.
Speaking to Rugged Radio influencer Pukerainbow at Token2049, Abrahamian explained that Fastx embraces a “customer-centric” mindset. “When we have the right people with professional knowledge – and we have gained a lot of experience in these years – I think it's more about listening to what the customer wants and trying to implement it,” he said, and the exchange accepted. “Irregular Thinking”
“The market is very competitive now, so you have to have some unique features in the sector,” Abrahamyan said, adding that the exchange's continued investment in “personalizing its services” will be one of its key focuses for the coming year.
Fastex operates on a variety of platforms including its own blockchain, native coin Fasttoken (FTN), Fastex Wallet, and regulated activities including Virtual Asset Service Provider (VASP) and ftNFT marketplace.
It's also dabbled in the metaverse and e-commerce sectors, and has “a number of other token projects and DeFi projects,” Abrahamian said. The foundation also runs a grant program to “promote development on the blockchain.”
Fastex card
Earlier this year, Fastex launched its own Web3 debit card in partnership with Alchemy Payments, allowing users to spend their cryptocurrency on everyday transactions. “As more people own digital assets, they want to link it to traditional finance,” said Abrahamian, adding that there is “huge demand” for the product from consumer customers.
“We created this chain to allow our authenticated users to request the card and withdraw it regularly, either through an ATM or through a payment or online transaction,” he explained. While users currently have to manually top up the Fastex card, he added, “there are ideas for further development,” which would allow users to “not top up the card, but link it directly to your account.”
Active compliance
Fastx is taking a proactive approach to comply with the implementation of the European Markets in Crypto Assets (MiCA) Act next year, Abrahamian said. Although the exchange is already compliant, he said, “we're getting very ready.” “It will take more and more to maintain and improve compliance,” he added.
“If you're thinking about long-term strategic growth, you have to be compliant in some way,” says Abramian, explaining that partnering with traditional financial institutions is a cornerstone of Fastax's strategy. “Based on that, the more organized the industry is, the better the collaboration will be,” he said.
Elsewhere, Fastex has received initial approval from UAE regulator VARA, with full operational approval expected by the end of the year, Abrahamian said. “A new regulation is coming, so we need to prepare structural changes; management aspects need to be prepared,” he said.
The exchange is also exploring new markets. “LATAM is becoming more and more crypto-friendly,” he said, “and we see the demand ending with some businesses interested in entering Web3, starting from B2B.” With multiple partners in the region, he said, “We see a huge market there with huge potential.”
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