Every week we ask the buidlers within the blockchain and cryptocurrency sector for his or her ideas on the business… and we throw in a number of random zingers to maintain them on their toes!
This week our 6 Questions go to Hugo Renaudin, CEO and co-founder at LGO Group.
LGO is designed to be a good and clear digital asset trade for institutional traders. Previous to this, Hugo labored in FX trading, fairness derivatives and fund administration.
His first enterprise into cryptocurrency was at BitSpread, the place he was a Portfolio Advisor for the $100M+ AUM cryptocurrency hedge fund.
Hugo holds a Grasp of Science diploma from Columbia College and a Grasp of Science diploma from École Polytechnique in France. An skilled on finance, cryptocurrencies and blockchain, Hugo has been seen on completely different reveals from BFM TV to Nasdaq.
1 — What has been the hardest problem you’ve confronted in our business to date?
I’ve been within the area since 2015 after I found Bitcoin as a university pupil… so I wouldn’t say I’ve been within the area so lengthy, however the hardest problem that I’ve confronted within the markets was to launch, develop and scale LGO’s enterprise in the course of the 2018/9 crypto winter.
We created LGO earlier than the 2017 bubble and accomplished our ICO in early 2018, on the peak of the bubble so we had been extraordinarily fortunate in the course of the preliminary part. After a while constructing our know-how and our product, we confronted the worldwide slowdown that most individuals skilled in the course of the 2018 bear market. It was very troublesome on the time to go and pitch our first purchasers into utilizing our trade as a result of most of them had been already worrying about their very own enterprise, and didn’t have any bandwidth to combine with one other spot trade.
It was so troublesome that we needed to watch for a number of weeks after launch earlier than seeing the primary commerce on our platform! Positively a tricky time to maintain the group and our token holder group concerned and motivated. We ended up rising fairly effectively after a number of months, at some extent the place as we speak we’re the #1 institutional-focused Bitcoin trade in Europe, so all’s effectively that ends effectively.
2 — Which two superpowers would you most wish to have, and the way would you mix them for good… or evil?
I’d say the flexibility to return in time, and the flexibility to teleport myself wherever on the earth. Having the ability to transfer throughout all 4 dimensions directly and as I would like. Have breakfast in Paris in 1975 and go for a surf on Bondi Seaside in 2020 within the blink of a watch. Potentialities are countless — good or evil.
The very first thing I’d do although can be to purchase as a lot Bitcoin as doable as early as doable. Clearly.
3 — What’s an issue you suppose blockchain has an opportunity to resolve, however hasn’t been tried but?
That’s a tricky query as a result of folks have been fairly inventive to date with how blockchain can be utilized and I’m fairly positive most concepts have been explored. That being stated, to me probably the most attention-grabbing issues that blockchain clear up must do with making monetary markets simply one other know-how layer.
There’s a quote that I like from Angela Unusual (a normal companion from a16z) who says that “each firm can be a fintech firm” which is kind of the blockchain equal of “software program is consuming the world” — which is one other well-known quote from Marc Andreessen.
I believe we’ll see within the subsequent few years the emergence of corporations — particularly within the DeFi area — trying to make complicated monetary operations easy strains of codes. That is one thing we’re at the moment seeing with corporations like Maker or Compound. However I believe this development will solely improve.
There are two issues that I discover notably attention-grabbing. The primary one has to do with the automation and programmability of cash. Through the use of digital property resembling stablecoins, you may truly create bots and algorithms that automate how cash is distributed to folks and the way transactions are made. I see a big effect on how folks receives a commission, how e-commerce funds are made and many others. It is a true silent revolution as a result of the underlying operations behind cost methods are an precise nightmare of complexity.
One other attention-grabbing utility of blockchain is the creation of absolutely protocol-based monetary providers. Corporations offering saving account with out being banks, by means of mere know-how, somewhat bit like what Compound is doing. That is fascinating: anybody with an web connection will be capable to accumulate wealth, make investments, pay and receives a commission by folks world wide. One other revolution!
4 — What’s the unlikeliest-to-happen factor in your bucket checklist?
I don’t actually have a bucket checklist as such, and if I had I wouldn’t discard something as being unlikely. When there’s a will there’s a means!
I’m a giant fan of music and one thing that I wish to do sooner or later which is nearly unimaginable as we speak due to Covid-19 can be to have an area in NYC or Brooklyn, the place I reside, the place folks can come and take heed to good music. Stay blues music in the course of the day, disco in the course of the night time. One thing like that. It’s not 100% discovered but, however I’m fairly positive this can be checked off the checklist someday 😉
5 — Whenever you inform folks you’re within the blockchain business, how do they react?
This has undoubtedly modified so much. Again in 2015, only a few folks truly knew about blockchain and crypto — and those who did often thought that Bitcoin was solely utilized by drug traffickers and cash launderers, which created, let’s say, attention-grabbing conversations on the time.
It modified a bit in 2017 with the bubble and the large curiosity generated for the area. I keep in mind folks considered me as one other “crypto bro” that found the area a month in the past, which tended to bother me so much… These sorts of reactions lasted some time, not less than till the top of 2018.
Notion is far more optimistic now, persons are undoubtedly inquisitive about the area after all of the noise of 2017, and most of the people perceive what we do and suppose that is cool. It’s truly loopy how a lot this has modified since 2017. Again then, lots of people discarded Bitcoin as an asset and blockchain as a useful know-how. A few of them have fully modified gears in a few years. It actually makes you’re taking a step again on folks’s notion of technological change — and I suppose it’s true to a sure extent for any know-how, blockchain, web, electrical energy…
Whether or not folks prefer it or not, the world adjustments quicker and quicker.
6 — Shut your eyes and consider a contented place. What do you see?
It’s extra of a second in time than a spot. I’d say after I moved to NYC in late 2017. I keep in mind the power, the excitement, the dynamism of assembly new folks, seeing new issues and residing in one of the best metropolis on the earth! It was a particular second for me as effectively, I arrived in NYC to check for a masters diploma at Columbia College however truly began engaged on the aspect for one of many largest cryptocurrency hedge fund on the time, whereas beginning LGO — and residing the life of somebody that simply arrived in NYC and every part that comes with it…
I nonetheless discover that in NYC to a sure extent, Covid has modified issues so much however I’m positive that New York will all the time be New York!