Welcome to our comprehensive interview series – Humans of Blockchain™ where we get the best in the business to answer a diverse set of questions.
This series will clear the air of doubt in the blockchain space today by focusing on bringing more transparency to the readers.
Our guest, today, Tory Reiss – Co-Founder of @TrustToken, CEO of Harvest Money and an influential personality in the Blockchain space.
Not wasting much time, let’s hear it out from Tory himself.
1. Could you tell us more about yourself Tory? A basic introduction and How you got into the Blockchain industry?
Long Story. I am one of the Co-Founders of Trust Token. I met my Co-Founders and the rest is kind of History. I have been interested in crypto for a long time. I started buying Bitcoin when I was in college, back in 2012 and since then I have watched the space evolve over the years with multiple innovations.
2. Can you tell us more about TrustToken and TrueUSD?
Our first product is TrueUSD. It was launched in March last year and it was the first U.S. Dollar backed stablecoin which was regulated and protected users both from a legal standpoint and also a technology standpoint. We have been really fortunate as we grew over to a $200 Million market cap in a very short period of time. So, now we are working on What’s next? We have got this technology on the table, we have got great adoption, we are looking at other financial services which fall in adjacent categories around True USD.
3. Is Jurisdiction/ Regulation a Supportive or Pulling factor in terms of your project and the stablecoins sector all over?
We actually see it as a Supporting factor. We were looking for places where there was somewhat of like a Regulatory Arbitrage. Places that are welcoming but somewhere that creates an outsized value for the people that might be able to use our technology. So, we look at it as an opportunity because it creates a mo (Modus Operandi). Right? So the more we can actually be compliant and build a really strong legal compliance team and regulatory team, it gives us an ability to compete more effectively.
4. What are your thoughts about the recent market crash?
I think that, you know, the nature of this space is that there is a lot of volatility. Now that’s on the Trading side but for us, it doesn’t really impact our company except that there is more demand for TrueUSD during a Bear market so it actually helps the product in that regard but at Trust, we don’t really look at market prices as a good/ bad indicator. We are more focused on fundamentally delivering value to customers and to users. So the more we do that, I think, long term, we will be successful regardless of any market movements.
5. Are there any shortcomings that you would want to improve in Blockchain as a technology?
I think everyone has talked this to death but Scaling Ethereum is the biggest thing hanging over everyone’s heads. Right now, it’s not that big of an issue as the Network has not reached that much amount of transactions where anything is going wrong but I think that if we get major adoption, then we will need a platform (Blockchain) that can scale and support the number of transactions. There are creative solutions such as Sharding, Side Chains and all sorts of options but we’ll see what happens. I am pretty confident that Scaling will occur before full-scale adoption happens, that way they are proceeding hand-in-hand.
6. What do you think the year 2019 is holding for the Blockchain and Stablecoins Industry?
2019, I don’t anticipate it being like a Blockbuster year from a markets perspective but I think from like actual products being built and potentially adopted, I am actually pretty Bullish. I think that a lot of the teams that have been working for a long time have a much deeper understanding of the space and of the technology and of what it takes for adoption. So, the companies that have survived, this is gonna be the year where they really have to execute. I actually think that those types of constraints like Survival is one of the best motivators. I am actually really bullish that we will see some really exciting products.
Any ending remarks from your side for the Stablecoins Community?
Keep your head up, it’s like there will always be a lot of Media Excitement and Media Paranoia. The headlines are always gonna be trying to scare you or excite you. You basically have to ignore all of that and just focus on helping solve a problem. The main message is FOCUS.