Interview with Birake CEO, Bogdan Mavrodin - KYC, Marketing and Rolls Royce?
By Rafał - 2019-10-10
Thank you for taking time to answer this few questions with us. We are glad to be able to share more information about Birake and about you.
Can you please introduce yourself to our readers?My name is Bogdan and I am the CEO of Birake.com, soon to be the largest exchange trading platform with shared ordebook. My experience so far has brought me to this point in developing a highly secured trading platform that interconnects exchanges from its network. Having over 18 years experience in programming, server admin and security, I managed only large scale products.
Founder and CEO of BirakeBirake.com
Can you explain us what is Birake exactly and what problem your project intends to solve? And the BIR Coin?Frequently Birake is called to be an exchange. Well Birake is much more than an exchange, is a network of exchanges and more than that is a network which share the same orderbook, transactions and users.In big lines Birake is intending to solve the following scenario: If you tomorrow decide to open an exchange you have almost 0.1% chance to succeed... because you will have an empty exchange.Believe me when I say, is very hard to attract traders on an empty exchange, we provide you the solution for it from a technical point of view and not only, we provide you ACTIVITY.Basically your first trader will register to a website full of traders, with orderbook filled, on which he can actually trade. More than that we track individually each trade, your users can trade with my users and you take your fee and I’ll take mine.BIR Coin has a lot of utilities in our network. Some of them are: (more detailed at the end of the document)
- BIR is used for network fees.
- BIR is used for market fees
- BIR is a masternode coin and can generate rewards
- BIR is used to pay for the platform at generous discounted prices
- BIR is used to pay the webmasters
- BIR is used to for Coin Listing program
Tell us about your goal and vision. What is your vision for Birake as a CEO?Well is clearly that alone, with a new exchange, starting from scratch, with no investment fund behind you, you cannot succeed. I believe that 50 exchanges together can achieve a position in the top 100.In the future I see Birake as the main supplier for crypto software trading platforms. As Amadeus is for aviation or Travel Fusion for tourism industry. Our 5 years plan includes 100 active exchange partners, a position in the 100 top crypto exchanges in the world and opening another office in Asia.
We often hear the terms Birake network as a fast-growing network, can you share some words about it? Can you also explain us what is the White label exchange platform?Everything in the crypto industry is based on the word “fast”. In my opinion the crypto industry is the most dynamic one, from all industries so far…. Everyone is trying to keep up the step...sometimes it seems that is the only industry where technology is one step ahead of you. Here everything is new and there are a lot of “worries” concerning cryptocurrency.Due to the industry we are playing in I wouldn’t call we had a “fast-growing network”, we rather had a slow-normal growth. Our growth is also determined by the growth of the market. Since the end of 2017 all the market decreased with almost 80%.White Label Exchange means that we provide you the entire solution under your brand.Is like you have a jacket, or a coat you want to produce. You have the model in mind, the colour, you know from which material to be, but you don't have the plant to produce it, you don’t have the workers to do it, basically you don’t have the infrastructure to make it real.Here we step into the picture. We offer you a turnkey solution for your business. We offer a trading software platform where you can customise logo, color scheme and domain name.We take care of everything technical starting from implementation and ending with design. We provide customer service support, client support, dedicated persons for each partner, marketing plan and incentive packages, referral programs etc.Your only job is to promote your exchange, bringing traders and earn from their trading fees.
If projects want to setup an exchange based on the Birake network, how can they manage to do it? Is the process simple and easy for them?First of all they have to contact us at the email address from the website (email@example.com), or from the contact from, which is at the end of the site https://birake.com/#contact.To start your own exchange we have divided the business packages into 4 combination, so everyone can choose one that serve its business best. After they choose a package from the available ones, it redirects them to a form. After we receive their request in maximum 24 hours someone from Birake will be in direct contact with them.The steps to be part of Birake Network are very simple. Like in any other business we sign an agreement, then we proceed with the implementation. If the client is decided about the colour scheme, logo, if he has bought the domain name, everything is going very fast. For every project we have a dedicated person which links all the departments, technical one, marketing, client, and ensures everything goes as planned.
The vision behind Birake is to be a decentralised exchange network, but how that decentralised vision remains when you are the one who chooses who can or cannot join this network (coin listing)? Do you plan to change that in the future?This is not entirely correct. Is a very big difference to be a decentralized exchange or working on a decentralized platform.99% from the so called decentralized exchanges are not actually decentralized. Behind all of them exist a payment gateway controlled by someone. This payment gateway holds actually the assets...the rest what you see in majority of DEX exchanges are virtual assets paired 1:1 to the actual asset.I will call more DEX than others the ones working on a single blockchain, using smart contracts and working only with tokens inside that chain like the ones working only with ERC20 for exampleNow to answer your questions “The vision behind Birake is to be a decentralised exchange network”. - no is not our vision, our vision beside the one presented few questions above, is to keep assets safe, security is more important than everything and only through a DEX platform you can isolate wallets 100% from the platform. You have something like cold wallets while you are still operate on them. A dex tech / blockchain gives you a lot of great features like not having a backend or a database...imagine that we don’t even have to store any passwords in order to operate..“who choose who can or cannot join this network (coin listing)” - in 99% from the cases the requests for coin listing came from webmasters. We honored their requests also in 99% of the cases. Beside that we already implemented a feature for webmasters (exchange owners) where they can choose what to list or to exclude from their exchange. We only take care about technical part (also from security reasons).
In the same way, do you have the ability to act on users accounts, such as blocking or suspending them from any activities?We will always follow the rules and laws. Our users have to do the same. Yes we can block them if they are caught with suspicious activities.
CryptoBridge announced lately that they setup KYC for every customer on their platform. Recently, we have seen a lot of regulations taking place and not every exchange have been transparent with the community. Are you planning to add user’s verification in the near future and if yes are you going to make an announcement before asking for it?All business based in the EU have to comply with european laws and regulations.I don’t see anything wrong about it. They follow the rules. Most of trusted top exchanges are asking for KYC, even if for some of them this is not thrown directly in front of you, but be sure that they monitoring closely your activity and they can ask for it whenever they find something suspicious.As for Birake, if the law ask for it we will do it, of course and we will prior inform our community.Maybe we will implement also a feature for webmasters to choose / assume by their own if they need / want KYC on their platform.
To complete the previous question, as crypto is an ever-evolving world, what important threats/opportunities do you anticipate for this sector?Right now I think we are still in the early ages of cryptocurrency. Banks and international monetary funds I think they are seeing cryptocurrency as an enemy and are afraid of losing control over the financial system. Their many worry I think it is that the financial system will be trusted in the hands of some individuals or corporations.In my opinion, this is not true, banking and cryptocurrency can not co-exist one without another and crypto may be the answer to high transfer fees perceived by banks and other payment methods.Another threat is actually the transparency blockchain and cryptocurrency is offering. Imagine the following scenario: every person to be able in one click to check how its government is spending the money, how much is going for education system, for health and how much is going for funding military, wars and so on ...who would ever want that? This is a major stop for cryptocurrency.Also the lack of regulation and reglementation makes out of this industry a little Wild Wild West.The investments in cryptocurrency the most risky yet rewarding investments. In the long run it will be profitable. Bitcoin started in 2010 with 0.01 $ and even now in this bearish market in 2019 is 8200 $. Investments in cryptocurrency are highly volatile and risky but if you treat them as a retirement fund they will be rewarding.
Do you have any marketing campaign planned soon? How do you wish to share the word about Birake?We are often asked about marketing campaigns. Yes we have, most of them are inside our community and on our social media channels.Is very hard without ICO, IEO or pre funding to allocate large amounts into promoting Birake. Our community did this until now. Hopefully our business will grow enough and we will afford to sustain better this part too.The main part of the company funds are being redirected to the technical part of this project, support and hardware equipment.Another vision of mine in terms of marketing is like the one with Rolls Royce or Bentley. Have you ever seen commercials of these brands? No, because the value of their products brings customers to them. I hope very soon Birake will be the Rolls Royce of cryptocurrency exchanges.
Can you give us some information about current developments and what features you are preparing for the Birake ecosystem?The biggest feature right now is the fee convertor (Accumulator). All the fees are accumulated, converted to BIR and then distributed to webmasters, referrals, MN owners. We share up to 87% from trading fees.At the same time we are working to launch a very complex Multi Level Referral Program where webmasters also have the ability to increase / opt-in / opt-out from this program.The FEE from one transaction will be split into 6 parts:
- Level1 referrer
- Level2 referrer
- Level3 referrer
- MN Owners