I recently stumbled upon a very good quote by Simon Sinek that made an instant impression on me.
“It doesn't matter how much we know, what matters is how clearly others can understand what we know.”
I have dedicated the majority of my career in the cryptocurrency and blockchain industry. I know a lot about the technology, the business, the ecosystem, and the people in it. But I came to acknowledge that, as a leader, I am not doing a great job at maximizing the velocity of information within our company, and there were times that the messages actually came out wrong.
Simon is right. It doesn’t matter how much we know as a leader. It’s how clearly others can understand what we know. Therefore, this is my first attempt to make changes in maximizing communication within our team.
Here we go. Let me try to tackle on a great question: “Are we a tech company or a finance company?”. Because as more and more technological innovations disrupt the legacy systems of traditional financial industries, the line between a tech and a finance company is set to become blurred. So, questions on the true nature of cryptocurrency companies are beginning to be the subject of dispute, and Bitkub is no exception.
If you are like most people, you would probably think that we are a tech company, because we possess the typical traits of a tech startup. We started small but growing rapidly. We hire candidates who are exceptional self-starters and can operate beyond their limits and outside boundaries. And as the word “Tech” invokes images of a casual working environment, flexible working schedule, millennials, bean bags, and catered lunches, it also implies that our company is at the forefront of innovation.
On the other hand, some may argue that we are rather a finance company because we are dealing with cryptocurrencies that greatly affect the financial markets. On top of that, like any finance industries, we also take a proactive stance on strict regulatory compliance to make sure all areas of the business are aligned with the country’s current legal structure. However, simply having a robust AML or KYC policy or having technological products doesn’t necessarily entitle a company to “tech” or “finance” status, for both tech and finance have their own advantages and limitations.
Bitkub, by nature, is not strictly a finance or tech company. It is a hybrid of both tech and finance. We are a cryptocurrency company which is a part of a broader ecosystem. Yes, we share a common theme of both tech and finance company, but that is not what our company is all about. We do not thrive in a structured, largely predictable environments. Instead, we attempt to break the mold against the same societal frameworks of the old financial system to reduce inefficiencies and inequalities.
However, innovations also carry a great deal of risks. We cannot value speed and move fast at the expense of our user’s privacy and security. Yet, we will maintain a healthy forward momentum towards success without being left behind by more risk-tolerant organizations. Balancing ways to aggressively manage risks while also encouraging our people to innovate in order to create value for our customers is what clearly defines our company's fundamentals.
The path in the crypto world is not yet well defined and its landscape is constantly evolving. Thus, giving us a great opportunity to help formulate rules and invent creative ways to address future problems. We are building this company for the long run. So, let’s take genuine ownership over our own actions and continue to consciously work together to maximize our impact and efficiency. It isn’t what we say that defines us, but what we do as a team.