The cryptocurrency industry has experienced exponential growth in the past decade, evolving from a niche interest to a global financial phenomenon. This transformation has been characterized by the emergence of digital currencies, the rise of decentralized finance (DeFi), and the recognition of blockchain technology’s potential to revolutionize industries beyond finance.
Amidst this landscape of innovation and change, Changelly has emerged as a prominent player in the industry, providing secure and efficient crypto-to-crypto and fiat-to-crypto exchanges to over 7 million users worldwide. In this interview, Jake Cormack, the CEO of Changelly, a seasoned fintech expert and global capital market specialist, shares his insights on navigating the evolving crypto landscape and emphasizes the importance of user-centric services in driving the industry’s growth.
Cointelegraph: Changelly is celebrating its ninth anniversary this year. How do you view 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 emergence of altcoins, and the growth of DeFi and non-fungible tokens (NFTs), all of which have reshaped the industry. Despite challenges such as crypto winters, market crashes, and the collapse of crypto-centric banks, the blockchain industry has persevered.
Today, institutional adoption of cryptocurrencies has increased, although regulatory hurdles still exist. Efforts have been made to address scalability and interoperability issues, and concerns about the environmental impact of mining have been raised. Overall, the industry has undergone significant transformation driven by technological innovation, expanding use cases for cryptocurrencies, and evolving regulatory landscapes.
CT: How have crypto users’ behaviors changed from 2015 to today?
JC: There have been three significant changes in crypto users’ behavior over the years. First, there has been wider mainstream adoption of cryptocurrencies globally, with digital assets being used in various industries. Second, there has been an expanded demographic getting involved in the crypto sector, with more diverse groups of people participating. Third, users now have a deeper understanding of the industry, thanks to educational initiatives that go beyond just Bitcoin and Ethereum. They prioritize security, custody solutions, and have become more aware of regulatory requirements.
Due to the growing demand for crypto payments, merchants across different industries are looking for payment partners. In response to this demand, we introduced Changelly PAY last year.
CT: The crypto industry is known for its constant innovation and new trends. How does Changelly adapt to these shifting trends?
JC: As a market veteran with nine years of experience, Changelly strives to stay ahead of the curve by expanding its product portfolio, supporting a wide range of cryptocurrencies, and enhancing the customer experience. We have partnered with over 500 crypto companies across various industry niches, from Web3 gaming to pure DeFi, and we are always ready to explore new areas.
As a CeDeFi ecosystem, Changelly aims to combine the best attributes of both traditional financial systems and decentralized finance. This approach allows us to offer innovative and user-friendly Web3-based products with lower fees, improved security, greater accessibility, faster speed, and optimized customization.
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, enabling seamless cryptocurrency swaps for our users. We actively seek partnerships and liquidity arrangements with DEXs to provide more options for our users. By embracing DeFi and DEXs, Changelly aims to enhance accessibility, improve digital asset management efficiency, and offer 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 of cryptocurrencies, Changelly plays a vital role in driving cryptocurrency adoption by providing a secure and user-friendly platform for immediate exchanges. As we celebrate our ninth anniversary, we are proud to have onboarded over seven million users globally, offering them the ability to swap between popular and trending cryptocurrencies, blockchains, and trading pairs. Additionally, we contribute to blockchain education through our free Crash Course initiative, equipping newcomers with the knowledge to thrive in the Web3 economy era.
CT: What are the most requested features from crypto users, and how is Changelly addressing them?
JC: User feedback is at the core of Changelly’s operations, and we continuously strive to optimize the customer experience. We add over 20 new cryptocurrencies every month to cater to diverse portfolios. We are dedicated to simplifying the exchange process through regular updates and improvements to our user interface and design, making it user-friendly for beginners and experts alike. Safety is paramount, and we strictly adhere to security protocols, ensuring the protection of user funds.
CT: What sets Changelly apart in this competitive sector?
JC: Stability, price, and speed are the foundations of Changelly’s services, and we consistently deliver these qualities to our customers. We prioritize world-class security, seamless onboarding, and offer dedicated 24/7 live support with an average response time of less than one minute. These principles have been ingrained in our operations since day one and continue to set us apart. Our proprietary engine and governance have demonstrated exceptional resilience to market pressures. For example, even during the depegging of USD Coin (USDC) last year, Changelly provided stability to the cryptocurrency.
A significant portion of our user base consists of mature individuals over the age of 50, and our platform’s usability contributes to their smooth onboarding. We also comply with anti-money laundering (AML) standards and work with sanctioned agencies to prevent illicit activities in the crypto space. Our comprehensive security checks and Know Your Transaction (KYT) processes help ensure the safety of our users and assist in returning stolen funds.
CT: Changelly is known for its API solutions. Can you briefly explain what you offer to other crypto businesses?
JC: Changelly offers API solutions that enable enterprises to integrate instant crypto exchange features into their platforms. With our API, merchants can provide their customers with the convenience of swapping cryptocurrencies directly within their apps or websites, enhancing the user experience and expanding the range of services offered. Our API connects to Changelly’s liquidity pool and supports a wide array of cryptocurrencies, ensuring versatility and ease of access. Trusted by industry leaders such as Ledger, Trezor, Exodus, Tonkeeper, and Tangem, Changelly continually expands the variety of available assets, improves pricing, and offers 0% service fees and flexible exchange fees.
CT: What are some key milestones Changelly has achieved over the past nine years?
JC: The most significant milestone for us is earning the trust of over 500 partners and more than 7 million users worldwide. We continue to diversify our product portfolio and offerings to cater to the needs of our customers and partners. Operating in 150 countries, listing 100,000 trading pairs, and enabling businesses and individuals to benefit from Web3 and blockchain technologies are also major accomplishments for us. In addition to our APIs, we have introduced Changelly PAY, a merchant solution that allows custom crypto checkouts for over 80 cryptocurrencies, with instant settlement and flexible fee management. We also added a fiat on-ramp feature based on user demand.
CT: What are your future plans as a global trading platform?
JC: Our priorities are to further enhance our products, list new tokens, and expand our services on a global scale. We are focused on expanding our presence in new markets with tailored offers. From a business-to-business perspective, we will continue to grow our partner network for exchange APIs and concentrate on merchant payment gateways, on-ramp, and off-ramp solutions.
Learn more about Changelly.
Disclaimer: Cointelegraph does not endorse any content or product on this page. While we aim to provide important information in this sponsored article, readers should conduct their own research before making any decisions related to the company and assume full responsibility for their actions. This article should not be considered as investment advice.