Jay Addison Technical and Media Advisor for CryptoBiz Magazine interviews Jaron Lukasiewicz. Jaron is the Chief Executive Officer of Coinsetter, which offers a high-performance levered trading platform for Bitcoin. Prior to Coinsetter, Jaron was the Co-Founder of Ticketometer, an social media-focused online ticketing platform. Prior to that, Jaron was an Associate at The CapStreet Group, a Houston-based private equity firm, and an investment banker at J.P. Morgan and Madison Williams in their global investment banking groups. Prior to that, he was a summer analyst at SPB Partners, a Las Vegas-based private equity firm. Jaron is fluent in Spanish and Portuguese. Jaron graduated from Rice University on the President’s Honor Roll with a Bachelor of Arts in Economics.
Transcript
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this is Jay Addison from Crypt Biz magazine live in Las Vegas at inside Bitcoins with jiren Lucas AIC the CEO of coin Setter jiren tell us a little bit about coin Setter what you guys do so uh we're a New York City based Bitcoin exchange we've built uh a very robust high performance uh exchange that um has uh low latency high up time uh We've aggregated uh B stamps ordered book into our own so any Trader who is uh trading on on uh coin Setter is trading with the deepest ordered book in the space uh and we also which also gives you more volume I imagine better liquidity absolutely yeah we uh We've you know we launched nine weeks ago um we've grown uh uh substantially since then so you know we're uh our trading volume is currently on par with uh a lot of our us competitors that have been in the market for uh longer than we have fantastic and uh and you know I think uh the platform kind of speaks for itself uh you know people who come on I have a great experience uh if they need help they have great customer support and uh that's the core part of our company um you know I think uh uh you know we also offer three great apis um you know for Bitcoin companies we offer uh fix uh we offer uh rest and uh websockets apis uh they're very full featured and you know I think one of the most exciting things we offer right now is our our fix API which makes us plug and play for 95% of uh Wall Street trading systems automated uh uh algorithms and and whatnot that are being used in other markets uh they're basically now plug andplay for the Bitcoin Market wow that's exciting so you've got a lot of experience in the Legacy financial industry has that prepared you for your work in the Bitcoin space yeah um but but it's interesting because uh what you learn by starting an exchange is how um uh how just much there is to know about Wall Street and about the financial industry um you know when I worked in Investment Banking and private Equity um that was a very valuable experience because I I you know kind of learned I think uh how deals get done how um you know how kind of financial institutions work on the inside um uh you know which is slow uh that would be the answer to that for sure and um and you know but on the other side like you know really we're we're more on the trading side of of Wall Street now um uh as well as the banking side I would say and there you know just given the money transmitter licensing requirements uh involved with our companies um you know I think you learn a lot um and so you know we I think now are very knowledgeable on uh on International banking we're very knowledgeable on uh regulatory Licensing in the US um and uh I mean obviously uh the trading industry it's a huge uh aspect to our business and understanding uh markets and how we can satisfy various different Market participants and customers um you know all of it kind of comes together in what we do um and uh you know I think it's an exciting place to be especially just um you we we really feel that we're at the kind of center of changes on on Wall Street where are you guys located uh in New York City oh you are fantastic you're right in the heat of things right in the heat wow that's exciting with so many Bitcoin exchanges around though what makes coin Setter unique so you know we uh um you know like I said before or I think our our technology really just speaks for itself so um you know when people trade on our platform they're trading on on something that you know is offering them millisecond latency highly reliable uh you know your your account will be there when you try to log into it um you know just on the security side Alone um you know you can do uh you can use fingerprint scanning to protect your account um you know I think these are things that really aren't available on other exchanges so whether it's you know greater account security that you're looking for um you know later this week we're actually going to be uh uh launching a new feature that allows you to see all the login attempts on your account and IP addresses and locations and um you know we're just doing a number of things to really uh you know protect our users accounts um but ultimately um you know we uh I think we are at least a year ahead of a lot of our our competitors just on um on the on the technology aspect and and uh and what that's doing in in terms of attracting people who haven't been in the Bitcoin space but have been looking at um and you know last of all we have very attractive pricing so um you know if you're a Bitcoin company looking to uh you know use an exchange for any purpose um our our pricing is uh you know at an industry low and we really tried to place it uh somewhere where we we felt the industry should go so you know our our lowest uh price Traders are trading at 10 basis points and for Bitcoin to truly be disruptive to a lot of other markets um you know I I think our pricing as a some full limit order book uh exchange needs to kind of be on that level um so you know we're we're excited about how that can also impact the industry now how do you see the upcoming bit license affecting your exchange so um you know uh it's so early on the bit license um you know we'll we'll see how the new uh the second uh um round of proposed regs come out um obviously a lot of the uh you know proposals were uh we're not able we would not be able to comply with them and uh that's a huge problem uh we you know we want regulation that uh we can you know comply with we don't have to make things up we you know we can just report the facts and do uh you know just form a form a great company in general so you know the changes we're really hoping to see are that um you know we it the regulation fits the technology um I I was I was mostly disappointed to see that uh the the regulations were uh they were very focused on things that no one I don't think is really asking for so they were very focused on on custody and transmission of Bitcoin these are things where um you know just on the transmission side Alone um you know there there's a whole regulatory regime around cash uh that would be perfect for this use case and uh and that that wasn't put in place and instead uh you know there were proposed regulations that um you know were uh not supported by the technology so um you know I I hope that uh that was just an initial proposal and that they'll they'll be more realistic uh going forward yeah I hope so too make it easier I mean I think there's got to be some kind of regulation in order for us to get you know your traditional Financial audience to get them to put more money into this but at the same time too much regulation is going to put a you know slow things down let me ask you one question January 1st 2015 what do you think the price of Bitcoin is going to be I know it's a trick question um you know I we're we'll probably be rotating around 2 to 400 for a while is my guess um until you know there are very interesting reasons for consumers to use Bitcoins uh besides the niche market that it currently serves uh you know I I think that the current price reflects Uh bitcoin's current capabilities so um you know what I hope to see is that uh a after regulation becomes more settled and people are more easily able to create companies around Bitcoin uh uh specifically on the consumer wallet side um and then also I I would like to see companies start to to really focus on the consumer not just in making it uh nice to pay with Bitcoin and uh maybe more convenient but uh uh you know really giving uh uh for instance creating uh loyalty uh Point programs and stuff like that that really make Bitcoin competitive for consumers versus the other options which uh are credit cards and you know God knows I love my points and I think most consumers feel that way so uh that that's where Bitcoin needs to go but it's it's uh pretty early and um and and I think we'll get there price will reflect that though and I think uh it'll at least take 12 months for the regulation to be fully hashed out to um to be able to grow I think you're right jiren Lucas sevich CEO coin Setter for our audience how do they get a hold of you yeah so uh you can uh reach our website at www.co.com uh you can also reach out to our team directly at Weare coinsetter docomo Biz magazine live from meckler media's inside bitcoin's conference in Las Vegas remember to subscribe to Crypt Biz magazine at cryptosis mag.com follow us on Twitter at Crypts magag thanks for joining us and learn more at cryptopm magazine.com