The allure of gold partially drives MidasRezerv – a Bangkok, Thailand based blockchain development company. @KittyBitcoin recently connected with Mr. Alexi Lane, CEO and Founder of MidasRezerv. Alexi’s fintech firm is “in startup/partially pre-revenue mode.” We touched on a wide range of questions including products, security, investors needed, challenges, competition, transparency and new product releases. These are his thoughts:
Q. What is the best value your product mix delivers to customers?
A. “Decentralization. We took bitcoin model and copied it to the asset-backed coins. Our product line now expanded to 3 major offerings:
Product images courtesy MidasRezerv
1. MRGold, gold-backed token, representing 1 gram of gold, designed to help people with investing, trading and payments in physical gold without incurring expensive storage and insurance fees. MRGold can be moved between wallets just like bitcoins and available for purchase from 0.5gr.
2. MRShares, cryptoequity project designed to help companies issue their shares in the form of cryptotokens to make easy equity management, trading, fundraising, P2P crowdfunding, dividends, stock options, etc.
3. MRMoney, digitizing fiat currencies on the blockchain to enhance trading of the MRGold, MRshares, other cryptocurrencies/assets. In addition MRMoney will allow creation of own cryptocurrencies to be used in P2P businesses in rewards and loyalty programs.”
MidasRezerv have blended blockchain technology with gold, equity and currencies to produce the above three unique blockchain based fintech products.
Q: How important is security and customer trust in your products?
A: “Very. Security is of the lesser concern as we use the latest tools used by the bitcoin industry, such as multisigs, encrypted wallets, cold storage, etc. However, trust is the #1 challenge for us and for two reasons. To reach the broad market we have to explain the product to people who don’t understand the [blockchain] technology without explaining the technology. Most people have banking system so much tattooed in their heads that they can’t imagine how they can be in control of their own money or assets without some banker sitting on 800 number waiting to receive a call about “how do I reset my password?”.
Second reason is that we don’t have enough reputational and financial backing to support fintech business of such potential magnitude. And it’s hard to get it because, again, not only customers, but also investors are not there yet with the understanding of the technology and its disruptive potential. We had many talks with VCs who are eager to invest in food delivery, edtech, or other startups operating in establishing markets. But once they hear the magic word “blockchain” they lose interest. First, because they don’t know how it works and, second, it’s associated with the word “bitcoin”, that still scares lots of people. And the fact that we are totally not a bitcoin company, doesn’t help either”.
Educating investors and the buying public is a common hurdle many cutting edge companies face. Since they lead, they are ahead of the curve. Since they are so far ahead, they must backtrack and educate. Leading while backtracking is a difficult balance to make. Getting the right investment can put the focus squarely back on maximizing the potential of the core technological advantage.
@KittyBitcoin first came across MidasRezerv in a recent @coinality post on Twitter.com. MidasRezerv is currently seeking staff with marketing and business development skills and knowledge of blockchain. Check it out here: https://coinality.com/author/midasrezerv/
Q. What is your biggest challenge?
A. “My biggest challenge is to find the right people to build the team capable of achieving the company goals. I am grateful for the superior blockchain dev team, lead by my CTO, who’s the technical co-founder I have, but on the marketing and bizdev side I could definitely use some help. Hence my Coinality post and similar posts in other media channels.”
Q. How does MidasRezerv stand apart from others?
A. “We are standing aside from our competitors, like Bitgold and Uphold (former Bitreserve) as we are building a blockchain based decentralized fintech platform where assets are held with independent and publicly trusted third party custodians. By design, MidasRezerv can’t have any ownership claims for any assets used to backup issuance of our coins”.
Alexi pointed out other distinctions between MidasRezerv and competitors. Significantly, MRGold is on the [bitcoin] blockchain, has own multi-asset, multi-currency wallet, and has a gold-backed coin. Alexi indicates that MidasRezerv is also setting the industry bar for verifiable proof of transparency.
Q. What about transparency?
A. “We don’t have many MRGold coins in circulation but even our issued 533 MRGold has 100% transparency record stamped on the bitcoin blockchain with all the information where this gold is stored, including storage contract, refinery assay report and pictures of the gold bar that backs up our MRGold coins. All our transactions are public via blockchain, and system is designed in the way that once asset is issued, it’s impossible to alter it without being caught by the public eye.”
One of the attractive features of a Thailand based fintech business is its central location and physical proximity to major Asian currency and gold markets. China is to the north, Singapore to the south, India to the west. Part of Thailand’s north is known as the “Golden Triangle” because of trade with gold as the preferred medium of exchange. MidasRezerv continues the historical tradition of an international gold trader along with product releases on the blockchain.
Q. Tell us about your product releases?
A. “We launched our wallet a few weeks ago and just recently added MRShares and MRMoney. The only asset-backed product we have in circulation at this time is MRCBKK, the MRGold Bangkok gold cryptotoken, which is backed by gold bar stored in Gems Tower in Bangkok with G4S vault. More info can be found on the blockscan.com by typing the ticker MRCBKK in the search.”
Image courtesy Pixabay.com
On top of this the deep rooted trade and gold connections that weave through the culture and fabric of Eastern and Thai society favor a blockchain fintech startup centrally located in the heart of Asia and Thailand. And that is exactly where MidasRezerv is.
MidasRezerv has a superlative introductory video right on their home page. For more information, investment, and partnership opportunities send them a note. Check them out on the web at https://midasrezerv.com/ or on Twitter @MidasRezerv.
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