Let’s talk crypto. With Przemyslaw Kral, CEO of Zondacrypto

We (FP) sit down with Przemyslaw Kral (PK), CEO at Zondacrypto, a fully licensed exchange, with its own crypto currency and all-things-investment platform attached to it, which is part of the financial revolution happening, a bit under the radar, and that caters especially to younger generations or younger (inside) investors, who look for the freedom of a connected and financially fluid global market.

Who are you and what do you do for a living? 

I am a lawyer, by training and actual profession, and was working at my own law firm, operating in Poland and internationally, especially in the UK market and Italy. It was a big company, and a successful one. You may say, so far so good, right? It got to a point where it became sort of boring. I needed something else. So, I decided to get involved in crypto. I started providing legal services to some crypto companies. Zondacrypto was one of them. I joined them as the Legal Head, and then I became their CEO. As it is the case in life, it happened with a mix of serendipity and opportunity.

This is who I am. I know everything about the legal implications and regulations around crypto, which is fundamental if you want to run this new kind of business. It is riskier than more stablished or traditional parts of the financial world, so it’s important to be prepared.

Our customers are the young ones, Gen Z, but we also have loyal Gen X-ers (sweet spot being those aged 39-47), who are really involved in crypto, and are investing consistently, on a daily basis. We need to work hard to facilitate their activities and protect their investment.

Tell us about the zondacrypto project.

It’s a centralized exchange, fully compliant with the EU MiCA law. It’s a platform, a gateway to invest and manage their own funds. We created the Zondacrypto Academy, with the endorsement of known influencers, to demistify crypto. People need to be educated, as they approach the world of blockchain and crypto. The platform must be simple, easy to use and understand, if we want users to invest, own and act in line with their interests. On top, we have our native token, called ZND.

Our goal is to be like Revolut, but in a reversed way. Our goal is to merge crypto platforms with traditional banking and finance, so that they become one thing. Bitpanda is probably a good benchmark of where we are headed, and a great competitor for us. Exactly like in their case, we are fully compliant and strictly follow regulations in the markets where we operate.

What’s the future of blockchain in B2C? And that of crypto?

There are certain conditions for success, which anyone must follow. The US had a very bad and public experience with the collapse of FTX. We don’t want that situation to repeat itself. Regulation is fundamental. We need to find a balance between innovation and compliance. This is why we want to keep our door open and discuss with governments, institutions and regulators. Without MiCA, we wouldn’t even be allowed to exist. Regulation makes things public, clear, measurable, and it gives guidelines for players to play their game. It takes a lot of hard work to follow the rules, but it will pay back in the long term, as we protect our fans and our authority and name in the market.

What are the regional differences in tackling Web3 across US, EU, APAC?

China states officially that crypto is forbidden, but they have huge reserves in Bitcoin. APAC, as a matter of fact, is the most interesting region for blockchain, but it’s not as ready as EU and the US. We, as a company, need to concentrate on the EU first, and then the US. We applied for the license in Florida and for the Federal license. With the new administration, the US is clearly opening up to blockchain applications.

As we expand, it’s key to have local teams, to understand and deal with the markets. Local nuances are fundamental to foster the penetration of new use cases and financial rituals.

Are you optimistic or pessimistic about the future of the blockchain and crypto space?

Neither. It’s better to believe in numbers and data. In Europe the growth of the market will be progressive and stable. People will need to get familiar with crypto, but only as education about the space grows. The US will grow more rapidly, but it’s normal as there was a four-year pause, after FTX and the old administration. APAC is still in flux, so we will need to wait for more clarity and guidance from institutions. I hold a realistic outlook on this space. This is business, and it has to be serious, data-based, based on solid grounds. Payments is probably the number one avenue to boost adoption of crypto, and we are absolutely working against it. It will come, with education, compliance and hard work.

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