Latin America (LATAM) is widely recognized as a leading region when it comes to cryptocurrency adoption, with four countries ranking among the top adopters. The region is fertile ground for crypto businesses and is poised to benefit from diversity and female leadership.
One such business making waves in LATAM is Galactic Holdings, the parent company of Trubit, a crypto trading platform focused on the region. Galactic Holdings recently secured $16 million in funding to empower LATAM through crypto. In this interview, Maggie Wu, CEO and co-founder of Krypital Group and Galactic Holdings, shares her insights on the challenges of the industry, the strategic moves behind securing investments in a competitive market, and her commitment to fostering diversity and female leadership in the tech sphere.
CT: Can you tell us about the moment that sparked your interest in cryptocurrencies and led you to become an early advocate?
MW: In 2017, a friend introduced me to Bitcoin (BTC), and I became fascinated by the concept. I delved into the white paper and gained an understanding of blockchain technology, recognizing its potential to revolutionize the financial landscape. This led me to believe that cryptocurrencies would be the next groundbreaking innovation. I fully immersed myself in the industry and became an early advocate.
CT: How did your academic journey influence your career choices, specifically in cryptocurrencies?
MW: After completing my undergraduate degree in China, I moved to the United States in 2005 and became involved in entrepreneurship and investments in various fields. In 2018, MIT Sloan introduced blockchain-related courses, which played a crucial role in shaping my career. Recognizing the potential of the industry, I enrolled to deepen my understanding. In addition to formal education, I have a daily commitment to learning, which has greatly influenced my self-development, particularly in the ever-evolving field of cryptocurrencies.
CT: In 2017, you founded Krypital Group. What inspired you to start this venture and how has it impacted the cryptocurrency ecosystem?
MW: In 2017, I founded Krypital Group, a venture capital firm and incubator focused on the cryptocurrency and blockchain technology space. At that time, the industry was still in its early stages, and I saw an opportunity to contribute to the development of early-stage projects and provide valuable support. We invested in dozens of projects and incubated nearly 10, positioning ourselves as catalysts and witnesses to the industry’s growth. The experiences from that period continue to guide us on our journey.
CT: You founded Galactic Holdings with a regional focus on Latin America. What was your vision for this ecosystem?
MW: In 2020, I founded Galactic Holdings with a specific focus on Latin America. Recognizing the vast opportunities in the region, we bring in substantial international resources, especially in countries with high inflation. Our vision is to emphasize the borderless nature of the cryptocurrency industry and act as a bridge for positive change. By infusing superior resources, developing outstanding products, and delivering top-notch services, we aim to accelerate the region’s development and contribute to a world where cryptocurrencies are widely accepted and embraced.
CT: Galactic Holdings launched several leading services for the LATAM region, such as TruBit, TruBit Pro, and the MMXN stablecoin. Can you tell us more about what these services offer?
MW: We are building a comprehensive ecosystem in Latin America. TruBit is a wallet that offers fiat-to-crypto trading, conversion, crypto cards, crypto gift cards, and financial products like the Earn+ feature. TruBit Pro provides a platform for professional cryptocurrency traders, offering spot and derivative trading, copy trading, AI trading tools, and more. MMXN is a stablecoin pegged to the Mexican peso, the first and only stablecoin operational in Mexico. It is supported for buying, selling, and trading within our platform.
CT: How do you plan to make crypto a reliable alternative to traditional finance in the region?
MW: We aim to position cryptocurrencies as a compelling alternative to traditional finance by addressing the challenges present in the traditional financial system. Cryptocurrency solutions utilize blockchain technology and offer low-cost, 24/7 transactions with direct user asset control. For example, in the case of cross-border payments, traditional methods involve intermediaries, delays, and high costs. Our cryptocurrency ecosystem streamlines this process, enabling businesses to conduct cross-border transactions more efficiently and affordably. TruBit, TruBit Pro, and the MMXN stablecoin enhance our ecosystem, providing convenient, efficient transactions and a stable store of value. Our compliance efforts in countries like Mexico, Argentina, and Brazil ensure a secure and legal environment, fostering trust in cryptocurrencies as a reliable alternative to traditional finance.
CT: Galactic Holdings recently completed a fundraising round. Can you tell us how you secured investments in such a dynamic and competitive industry?
MW: Our successful fundraising can be attributed to several key factors that showcase the strength and vision of Galactic Holdings in this dynamic and competitive industry. Firstly, the growth potential of the Latin American market played a significant role. With several years of dedicated efforts in the region, we have established a solid foundation across various aspects, including products, user base, and compliance. Investors recognize and appreciate our achievements in the LATAM market. Secondly, our sector continues to show promising prospects. By addressing pain points in traditional finance, we aim to position cryptocurrencies as a viable alternative. Platforms like TruBit, TruBit Pro, and the MMXN stablecoin contribute to building a more flexible, open, and convenient financial ecosystem. We have ambitious plans for the future and are confident in scaling our operations. Investors are optimistic about our direction and believe in our ability to achieve substantial goals. Furthermore, our unique advantages, such as an international background, diverse cultural perspective, robust technology, and innovative capabilities, set us apart. Our team is our most valuable asset, earning recognition and trust from investors.
CT: As a female leader in the crypto industry, have you faced any unique challenges or opportunities, and how have you navigated them throughout your career?
MW: As a female leader in the cryptocurrency industry, I have experienced the scarcity of women, especially in high-level positions. Women in the fintech industry often face biases, struggle for recognition, and may be unfairly labeled, presenting significant challenges. This has heightened my sense of responsibility and compelled me to support more women in making their mark. Our company culture and team are dedicated to creating a female-friendly work environment that promotes gender equality. In fact, nearly half of our employees are women. Despite the challenges, I believe women have unique strengths in creating value. Through continuous learning, fostering professional growth, maintaining self-confidence, and persevering efforts, women can achieve outstanding success in any field. Throughout my career, I have paved the way for more women by using the power of role models and persistent efforts to reshape the industry landscape. My goal is to change the current status quo, provide more opportunities for women, and foster a more inclusive and equal direction for the entire cryptocurrency sector.
CT: How important is diversity and female leadership in the crypto ecosystem, and how does it contribute to innovation and growth?
MW: Diversity and female leadership are crucial in the cryptocurrency ecosystem, working together to drive innovation and growth. Our team’s diversity is evident, with members from the U.S., Mexico, Argentina, and China, among others, representing various educational and professional backgrounds. Female leaders play a vital role in providing unique insights and leadership styles at the highest levels. The combination of diversity and female leadership brings a more extensive, creative approach to our team. In terms of innovation, diverse teams are better equipped to tackle challenges and attract a wider range of ideas. The presence of female leaders encourages more women to participate and excel in the industry, fostering innovative projects and business strategies. Overall, diversity and female leadership complement each other, driving innovation and laying a solid foundation for the sustainable growth of our company.
CT: How do you see the growth potential for female entrepreneurs in the cryptocurrency industry in Latin America?
MW: Female entrepreneurs in the cryptocurrency industry in Latin America have tremendous growth potential. The evolving industry landscape provides active opportunities for women to participate in and lead this dynamic sector. In recent years, I have witnessed an increasing number of female entrepreneurs entering the field, which is highly encouraging. I also anticipate seeing more support for female entrepreneurs from investment firms, incubators, and governmental initiatives in the future. As the cryptocurrency industry continues to develop and gain popularity in the region, more women will be attracted to and integrated into it. Female entrepreneurs in Latin America will have the opportunity to make significant contributions, bringing diverse perspectives and innovative thinking to the forefront of this transformative industry.