The cryptocurrency industry has experienced tremendous growth over the past decade, going from a niche interest to a financial phenomenon. This transformation has been characterized by the emergence of digital currencies, the rise of decentralized finance (DeFi), and a growing focus on the potential of blockchain technology to revolutionize industries beyond finance.
In the midst of this innovative and ever-changing landscape, Changelly has emerged as a leading player. With over 7 million users worldwide, Changelly offers secure and efficient crypto-to-crypto and fiat-to-crypto exchanges. In an interview with Changelly CEO Jake Cormack, a seasoned fintech expert and global capital market specialist, he shares his insights on navigating the evolving crypto industry and emphasizes the importance of user-centric services and Changelly’s role in the industry’s growth.
Cointelegraph: This year, Changelly is celebrating its ninth anniversary. How do you perceive the evolution of the crypto and blockchain industry over the past decade?
Jake Cormack: Over the past decade, we have witnessed the rise of Bitcoin, the birth of altcoins, and the growth of DeFi and non-fungible tokens (NFTs), all of which have reshaped the industry. Despite challenges such as market crashes and the collapse of crypto-centric banks, the blockchain industry has persevered.
Today, institutional adoption of cryptocurrencies has increased, although regulatory obstacles still exist. Efforts have been made to address scalability and interoperability issues, and concerns about the environmental impact of mining have also been raised. Overall, the industry has undergone significant transformation driven by technological innovation, expanding use cases for cryptocurrencies, and evolving regulatory frameworks.
CT: How would you compare the behavior of crypto users in 2015 to today?
JC: There have been three significant changes in the behavior of crypto users. First, there has been wider global adoption of cryptocurrencies, reaching mainstream audiences. Second, digital assets are now being used in a variety of ways beyond just Bitcoin and Ethereum, thanks to educational initiatives that have improved user knowledge. Third, users now prioritize security and custody solutions and have become more aware of regulatory requirements.
Merchants across various industries are also increasingly accepting crypto payments, leading to a greater demand for payment partners. In response to this demand, we introduced Changelly PAY last year.
CT: The crypto industry is constantly evolving with new trends and innovations like DeFi, NFTs, and the metaverse. As an established crypto exchange, how does Changelly adapt to these changing trends?
JC: As a seasoned player in the market, Changelly stays ahead of the curve by expanding its product portfolio, supporting a wide range of cryptocurrencies, and enhancing the customer experience. We have formed partnerships with over 500 crypto companies across different industry niches, from Web3 gaming to pure DeFi, and we are always open to exploring new areas.
As a CeDeFi ecosystem, Changelly aims to combine the best features of both traditional financial systems and decentralized finance, providing innovative and user-friendly Web3-based products with lower fees, enhanced security, greater accessibility, faster transaction speed, and customizable options.
CT: What is your perspective on DeFi and decentralized exchanges (DEXs)? How does Changelly collaborate with them?
JC: We integrate with leading DeFi platforms and DEXs to facilitate seamless cryptocurrency swaps. We actively seek partnerships and liquidity arrangements with DEXs to enhance execution options for our users. By embracing DeFi and DEXs, Changelly aims to provide users with improved accessibility, efficient digital asset management, and the benefits of yield farming and decentralized trading.
CT: How would you describe Changelly’s role in the evolution of the crypto market?
JC: As early adopters, Changelly plays a crucial role in driving cryptocurrency adoption into the mainstream by offering a secure and user-friendly platform for instant exchanges, specifically designed to assist beginners in their first steps. As we celebrate our nine-year anniversary, we are proud to have onboarded over seven million users globally, enabling them to swap between the most popular and trending cryptocurrencies, blockchains, and trading pairs. Additionally, Changelly is committed to blockchain education through our free Crash Course initiative, equipping newcomers with the knowledge to thrive in the Web3 economy.
CT: What are some of the most requested features from crypto users, and how does Changelly address them?
JC: User feedback is at the core of our operations. We continuously strive to optimize the customer experience for our core exchange product through 24/7 live support. Every month, we add over 20 new cryptocurrencies to cater to diverse portfolios.
We are dedicated to simplifying the exchange process through regular updates and improvements to our user interface and design, ensuring it is user-friendly for all levels of expertise. Furthermore, the safety of our users is paramount, and we strictly adhere to security protocols, never storing user funds.
CT: What unique features and dynamics set Changelly apart in this competitive sector?
JC: Stability, price, and speed are the foundations of Changelly’s service, which we consistently deliver to our customers. These principles are supported by world-class security, seamless onboarding, and dedicated 24/7 live support with an average response time of less than one minute. Our proprietary engine and governance have demonstrated exceptional resistance to market pressures. For example, Changelly provided stability to the USD Coin (USDC) even during its depegging last year.
We have seen a growing percentage of mature users (over 50 years old) on our platform, and we believe that our user-friendly interface contributes to their smooth onboarding. Additionally, we adhere to anti-money laundering (AML) standards and collaborate with sanctioned agencies to counter illicit activities in the crypto space. We allocate significant resources to thorough security checks and assist in the recovery of stolen funds through our comprehensive Know Your Transaction (KYT) processes.
CT: Changelly is known for its API solutions. Could you briefly explain what you offer to other crypto businesses?
JC: Changelly provides API solutions that enable enterprises to integrate instant crypto exchange features into their platforms. With Changelly’s API, merchants can offer their customers the convenience of swapping cryptocurrencies directly within their apps or websites, enhancing the user experience and expanding the range of services provided.
Our API connects to Changelly’s liquidity pool and supports a wide range of cryptocurrencies, ensuring versatility and ease of access. Trusted by industry leaders such as Ledger, Trezor, Exodus, Tonkeeper, and Tangem, Changelly continuously expands the variety of available assets, improves pricing, and offers 0% service and flexible exchange fees.
CT: What significant milestones has Changelly achieved over the past nine years?
JC: The most important milestone for us is earning the trust of over 500 partners and more than seven million users worldwide. We continue to diversify our product portfolio and offerings to meet the needs of our customers and partners. We operate in 150 countries, list 100,000 trading pairs, and enable businesses and individuals to benefit from the advantages of Web3 and blockchain technology.
In addition to our APIs, we introduced the Changelly PAY merchant solution, which offers custom crypto checkouts for over 80 cryptocurrencies, with instant settlement and flexible fee management. We also added a fiat on-ramp feature in response to user demand.
CT: What are your future plans as a global trading platform?
JC: Our focus is on further enhancing our products, listing new tokens, and expanding our global presence. We are working towards reaching new markets with tailored offerings. From a business-to-business perspective, we will continue to grow our partner network for exchange APIs and prioritize merchant payment gateways, on-ramp, and off-ramp solutions.
Learn more about Changelly.
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