Interview conducted by the Fundación Santa en las Calles de Valencia, with Víctor Romero, Venezuelan, CEO of Mercury Cash a financial institution that offers the wallet service for cryptocurrencies, below he shares his story and about what his company does.
- 1 Where are you from and what did you study?
- 2 Share with us the lessons of your experience in military aviation
- 3 How did it start and what is Mercury Cash?
- 4 What do you think are the main challenges for the cryptocurrency or wallet sector in the future?
- 5 What new projects is Mercury Cash developing or what are its new projects? Both short or long term
Where are you from and what did you study?
I was born in San Cristóbal, Táchira state, I lived there until I was sixteen, then I decided to undertake in the military world, I graduated from the Air Force as a Lieutenant, I decided to retire as soon as I graduated in the military world to venture into the business world; I have created several companies since then, I also did a postgraduate degree in Public Management, State Management, which helped me get good skills for managing management indicators and management methodologies to lead teams, and I believe that this is one of the things that have helped me the most to be successful in companies, being able to handle Management with a metric system that I like a lot.
One of the greatest gains that my military career could leave me is discipline, the fact of being able to create a routine, of being able to create a habit, of having certainty for the things that one does is what has allowed me personally and has allowed teaching my corporate team that works today in the business model that we have, to learn and help teach discipline because without that it is very difficult to achieve the objectives. There are many who want and few who can because maintaining discipline over the long term is quite difficult, it is generally said that companies are successful after five years, in the United States the average is managed to go public up to thirteen years, then if one cannot maintain a discipline for that whole period of time, the possibility of giving up that goal or that objective is very high, then the fact of being able to persist, insist, resist any adversity is what has us allowed to be successful, I believe that this is one of the main lessons that the military world left me.
How did it start and what is Mercury Cash?
It is a multinational financial institution because we are in several countries, we are dedicated to offering various types of services, among them we offer digital wallets so that people can handle dollars and euros from countries where it is not easy to obtain a bank account in euros and dollars, we offer digital wallets to handle Bitcoin, Ethereum and Dash which are cryptocurrencies and we also offer the exchange service between them and vice versa. Mercury Cash has been characterized by becoming what is called a “Digital Bank” without physical headquarters, where everyone can manage their money internationally and can send money to each other with just an email. We are regulated under the United States Office of Financial Regulation in Florida and under the Estonian Financial Unit, we have regulation in both the United States and Europe; We have around twenty thousand clients and Mercury Cash today processes close to two hundred million dollars in payments a year, this has helped us to gain a reputation, gain the trust of all our clients, to improve and have a strong commitment with each of the users who use our platform so that they feel the ease, that is, even our grandmothers and our grandparents can have Mercury Cash and it is easy to use, that they do not get frustrated because the use of technology is difficult, there is a lot People who are afraid of it always want someone to help them, but no, there is everything, you can visit the YouTube channel there is how to open an account, once you download and start doing it the system is super intuitive and it will teach you to do Everything, that has been our main role at Mercury Cash. We are considering transforming ourselves into a digital bank, what is called in Europe as Electronic Money Institutions to issue bank accounts in euros to our users, so that is a function in which we are working and soon it will also come which motivates us a lot because there are more and more functions that Mercury Cash has.
What do you think are the main challenges for the cryptocurrency or wallet sector in the future?
There are many challenges in the industry today, I think that the most difficult is the regulatory framework that each country has because the world of cryptocurrencies is almost considered the transmission of money throughout the world, there are a couple of countries that do not consider it that way, but obtaining the licenses to be able to transmit money in the countries is quite difficult and these processes are quite expensive, we were lucky to be one of the first companies to obtain the license in the United States in the State of Florida, It was quite a hard job with the Florida commissioner, we had to provide a lot of documents that were not easy to do, but once you get the hang of it in each country it will become easier for you.
From the technological challenge, the challenge of creating and innovating new and easier-to-use technologies for people is great, people who develop software know that it is very difficult to synchronize so much talent and more if you have the remote variable, plus the COVID pandemic variables and all those things that are adding to the day to day, then the fact of having to synchronize the equipment in different time zones, between America, Europe, Asia and be able to carry out a single project, and to be able to synchronize and achieve innovation technological is another big challenge.
To start and start the business you need a financial muscle that is not easy to get either, you have to have a good idea and sell it to adventure capitals so that with this adventure capital you can start; we have had scalability challenges, once you start to have enough users, scalability challenges come, and increasingly implementing more features within the software are more and more difficult to implement, but nobody said it would be easy, and we really want to continue working and we will continue to solve all the challenges that the industry puts on us.
What new projects is Mercury Cash developing or what are its new projects? Both short or long term
We are currently working on a project for January 2021, which is to license the software that we have; I am going to list several challenges that we have experienced, why we are going a little to this business model, it does not mean that we are going to change our business model, we are simply opening as a new area in the company, one, it can take us a lifetime trying to reach all countries and we are going to die before reaching a license in each country because it is very difficult, there are many countries, the world is too big; two, many entrepreneurs in many parts of the world are strangled in the software development part and give up very quickly, and for the adoption of cryptocurrencies to pass we need good platforms in all countries of the world, so we have seen that many entrepreneurs have raised a lot of money, they have raised millions of dollars and they have not managed to consolidate good platforms which leads them to failure, so we, seeing these variables that are already there, and knowing that we already have a solid and proven technology, we decided to license the software to all countries, that is, we are going to license the digital banking software that Mercury Cash has created so that entrepreneurs can easily have their own digital bank in two weeks, obviously they are going to have to take care of their licenses and to manage their custody, but we are going to facilitate the technology. We are going to offer you all the functions that the software has, registration for companies and individuals, you will have your shipping section, your contact book, access to account statements with international accounting formats, telephone verification, add roles user with different permissions, the account certification, notification bell, referral program, iOS and Android applications will automatically be generated, the administrative panel will come with all its functions, and the anti-legitimation monitoring program of capital.
We are going to launch a fairly aggressive offer for January 2021, which will be Latin America, Africa and countries with hyperinflation, which will have a 50% discount on the price with which we are going to go to the market, and there is no contract, that is, the Entrepreneurs will be able to cancel whenever they want so that they do not feel hanged in the event that they are getting financial strangulation, we will be quite collaborative, we will provide support, we will give with this launch package a package of hours so that they have their support and can have the successful launch of their product because what we are most interested in is that they can be successful in the launch of their product.
If you want you can see the full interview here:
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