Jaron Lukasiewicz on building a levered trading platform for Bitcoin

0:06this is Jay Addison from Crypt Biz magazine live in Las Vegas at inside Bitcoins with jiren Lucas AIC the CEO of coin Setter jiren tell us a little bit about coin Setter what you guys do so we're a New York City based Bitcoin exchange we've built a very robust high performance exchange that has low latency high up time We've aggregated B stamps ordered book into

0:31our own so any Trader who is trading on coin Setter is trading with the deepest ordered book in the space and we also which also gives you more volume I imagine better liquidity absolutely yeah we've you know we launched nine weeks ago we've grown substantially since then so you know we're our trading volume is currently

0:51on par with a lot of our us competitors that have been in the market for longer than we have fantastic and you know I think the platform kind of speaks for itself you know people who come on I have a great experience if they need help they have great customer support and that's the core part of our company you know I think you know we also

1:14offer three great apis you know for Bitcoin companies we offer fix we offer rest and websockets apis they're very full featured and you know I think one of the most exciting things we offer right now is our fix API which makes us plug and play for 95% of Wall Street trading systems automated algorithms and whatnot that

1:37are being used in other markets they're basically now plug andplay for the Bitcoin Market wow that's exciting so you've got a lot of experience in the Legacy financial industry has that prepared you for your work in the Bitcoin space yeah but it's interesting because what you learn by starting an exchange is how how just much there is to know about Wall Street and

2:00about the financial industry you know when I worked in Investment Banking and private Equity that was a very valuable experience because I you know kind of learned I think how deals get done how you know how kind of financial institutions work on the inside you know which is slow that would be the answer to that for sure and you know but on the

2:23other side like you know really we're we're more on the trading side of Wall Street now as well as the banking side I would say and there you know just given the money transmitter licensing requirements involved with our companies you know I think you learn a lot and so you know we I think now are very knowledgeable on International banking we're very

2:46knowledgeable on regulatory Licensing in the US and I mean obviously the trading industry it's a huge aspect to our business and understanding markets and how we can satisfy various different Market participants and customers you know all of it kind of comes together in what we do and you know I think it's an exciting place to be especially just you we

3:10really feel that we're at the kind of center of changes on Wall Street where are you guys located in New York City oh you are fantastic you're right in the heat of things right in the heat wow that's exciting with so many Bitcoin exchanges around though what makes coin Setter unique so you know we you know like I said before or I think our technology really just

3:31speaks for itself so you know when people trade on our platform they're trading on something that you know is offering them millisecond latency highly reliable you know your your account will be there when you try to log into it you know just on the security side Alone you know you can do you can use fingerprint scanning to protect your

3:51account you know I think these are things that really aren't available on other exchanges so whether it's you know greater account security that you're looking for you know later this week we're actually going to be launching a new feature that allows you to see all the login attempts on your account and IP addresses and locations and you know we're just doing a

4:09number of things to really you know protect our users accounts but ultimately you know we I think we are at least a year ahead of a lot of our competitors just on the on the technology aspect and what that's doing in terms of attracting people who haven't been in the Bitcoin space but have been looking at and you know last of all we have very

4:32attractive pricing so you know if you're a Bitcoin company looking to you know use an exchange for any purpose our pricing is you know at an industry low and we really tried to place it somewhere where we felt the industry should go so you know our lowest price Traders are trading at 10 basis points and for Bitcoin to truly be disruptive to a lot of other

4:58markets you know I think our pricing as a some full limit order book exchange needs to kind of be on that level so you know we're we're excited about how that can also impact the industry now how do you see the upcoming bit license affecting your exchange so you know it's so early on the bit license you know we'll we'll see how the new the second

5:23Round of proposed regs come out obviously a lot of the you know proposals were we're not able we would not be able to comply with them and that's a huge problem we you know we want regulation that we can you know comply with we don't have to make things up we you know we can just report the facts and do you know just form a form a great company in general

5:50so you know the changes we're really hoping to see are that you know we it the regulation fits the technology I was I was mostly disappointed to see that the regulations were they were very focused on things that no one I don't think is really asking for so they were very focused on custody and transmission of Bitcoin these are things

6:14where you know just on the transmission side Alone you know there's a whole regulatory regime around cash that would be perfect for this use case and that wasn't put in place and instead you know there were proposed regulations that you know were not supported by the technology so you know I hope that was just an initial

6:36proposal and that they'll they'll be more realistic going forward yeah I hope so too make it easier I mean I think there's got to be some kind of regulation in order for us to get you know your traditional Financial audience to get them to put more money into this but at the same time too much regulation is going to put a you know slow things down let me ask you one question January

6:551st 2015 what do you think the price of Bitcoin is going to be I know it's a trick question you know I we're we'll probably be rotating around 2 to 400 for a while is my guess until you know there are very interesting reasons for consumers to use Bitcoins besides the niche market that it currently serves you know I think that the current price

7:18reflects bitcoin's current capabilities so you know what I hope to see is that a after regulation becomes more settled and people are more easily able to create companies around Bitcoin specifically on the consumer wallet side and then also I would like to see companies start to really focus on the consumer not just in making it nice to pay with Bitcoin

7:44and maybe more convenient but you know really giving for instance creating loyalty Point programs and stuff like that really make Bitcoin competitive for consumers versus the other options which are credit cards and you know God knows I love my points and I think most consumers feel that way so that's where Bitcoin

8:09needs to go but it's it's pretty early and I think we'll get there price will reflect that though and I think it'll at least take 12 months for the regulation to be fully hashed out to be able to grow I think you're right jiren Lucas sevich CEO coin Setter for our audience how do they get a hold of you yeah so you can reach our website at

8:31www.co.com you can also reach out to our team directly at Weare coinsetter docomo Biz magazine live from meckler media's inside bitcoin's conference in Las Vegas remember to subscribe to Crypt Biz magazine at cryptosis mag.com follow us on Twitter at Crypts magag thanks for joining us and learn more at cryptopm

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