On August 25th 2018, the OkayKrypto media team was invited to the Blockchain Invasion Live Event to interview the leaders of 8 blockchain companies.
Here are the insights from our interview with the CSO of FiiiLab, Joey Huang.
OkayKrypto: Tell us about your company…
Joey: FiiiLab is developing a POS machine that accepts 1,500 different cryptocurrencies for transaction purposes. We want to make cryptocurrencies very valuable instead of making it all about speculations about investment and so we ask everyone this question, “Why don’t you use a cryptocurrency for daily purposes, like buying a cup of coffee or something in a store?” Have you heard of 92.6 Bitcoin? It was a successful transaction completed within a couple of seconds where 92.6 Bitcoins was paid to purchase a luxurious condominium in the Shenzhen CBD area in China. This transaction was done by us using our POS machine. Apart from a POS machine, FiiiLab has also developed a wallet, FiiiPay and we have something special called blockchain as a service.
OkayKrypto: What got you into the blockchain space and how long have you been in this industry?
Joey: We entered the blockchain industry in December 2017. Previously, we had been using mobile wallets and internet banking systems to make transactions. However, we found a problem because if you want to develop an eWallet system, you have to get a license permit and if you want your eWallet to be available in every single country, you need to have licenses worth at least US$400 million. You need to buy these from the governments of every single country. So, we found an easy solution. Why shouldn’t we participate in the blockchain space since we already have the technology to do so?
OkayKrypto: What’s your company’s unique selling point or differentiator?
Joey: We have many unique products like the POS machine. This machine is actually capable of accepting 1,500 different cryptocurrencies and is capable of mining Bitcoins and our own coin, the FiiiCoin. FiiiCoin is also built from dedicated capacity. In addition, we have FiiiPay. FiiiPay is not a decentralised wallet. It is a hybrid payment network which is semi-decentralised and semi-centralised. Its unique selling point is that Bitcoin can transact into a Hardbit bitcoin wallet. As such, bitcoin transactions are completed faster.
Apart from FiiiCoin, FiiiPay and FiiiPos, we also have FiiiChain which is called blockchain as a service. What we’re doing with FiiiChain is providing a service to every industry and even governments as well as anyone who wants to participate in the blockchain space because at this point, the technology does not have many limitations. Most of blockchain’s limitations surrounds its lack of support to help others who do not know much about blockchain to adopt it.
We also have an exchange platform which is not a regular exchange that can be compared to other cryptocurrency exchanges.
OkayKrypto: What are the major benefits users can obtain and what’s the end result you hope to achieve?
Joey: What we would like to aim to deliver to the markets and our users, is a nice ecosystem. According to some articles and research published in the last 2-3 years, there are around 80 million users who are using cryptocurrencies at the moment and about 100 million users in the blockchain space. Not many people are entering this industry as when it comes to cryptocurrencies, most people speculate about it and are afraid of the fluctuations that occur. The media is playing a huge role in this as everyone is giving contradictory takes about cryptocurrencies with some outlets calling it a scam and a risk. As such, people do not want to step in and take part in this space and we believe our simple idea can encourage them to take this step.
OkayKrypto: Who is your main target market and which market sector do you serve?
Joey: FiiiCoin, FiiiPay and FiiiPos are currently under one whole ecosystem. Initially, we will be targetting traditional bitcoin lovers and crypto fans as they might be holding onto their Bitcoins for many years but have not been able to use those Bitcoins for anything else. Therefore, the first step is to make sure our crypto fans can introduce small merchants into our ecosystem and when they participate, the coin value and the entire ecosystem will improve. The second step is to use the crypto community to penetrate into new markets. I believe that the majority of the crypto community wants to help their friends who are outside the blockchain space enter it and love cryptocurrencies easier.
OkayKrypto: We know right now that you’re in the midst of raising funds for your ICO. What kinds of investors are you looking for?
Joey: We have already started our crowd sales on the 1st of September and this is actually a private sale. So we are looking for private investors and right now, we have a few corporate, blockchain bankers who already want to invest in us which will be announced in mid-September. So the first stage is going to be our private sales and the next stage will be our pre-sales which will be begin on the 1st of October, 2018.
OkayKrypto: If investors are interested to invest in your ICO, how can they reach you?
China Main Office Email: firstname.lastname@example.org
Malaysia Main Office Email: email@example.com