Thomas Alvec, who’s known for his contributions and sharing his expertise as an external consultant since 2014, has recently announced to introduce a new and unique infrastructure to support digital currencies and empower entrepreneurs from around the world who have been working on the tech to build innovative solutions. He has also been helping create several major startups, some of which reached the top 100 industry list.
We are lucky to steal some moments of him and bring the discussion for your readers in the form of an interview.
Q. How did you get your idea or concept for your business?
A. Based on my experience, I have found that a company like Vexa Global can be something unique on a global scale. Nobody has combined: trading, cryptocurrency exchanges, ATMs networks for the sale and purchase of bitcoin and other cryptocurrencies, payment terminals, and own payment system into one. Many companies have the individual of these things, but we have united them all together.
Q. What was your mission at the outset?
A. At the very beginning, I wanted to make it a completely different business model and not connect Vexa Global with the MLM system. But after meeting my friends from this industry, this idea turned up.
Q. When did you “charter” the business?
A. The Vexa Global platform was launched in April 2019.
Q. How many employees do you have?
A. Right now, we have around 40 people working for us. They are based in Tallinn, the United States and some of them work on outsourcing, for example, our 19 traders.
Q. Do you know who your competitors are?
A. The direct competition that combines everything we don’t have, but we have many similar projects that try to imitate us. Nobody can offer so much on the market today as we do.
The most severe difficulty at the beginning for us was the mass of hate on the internet paid for by our competition.
Q. What service(s) or product(s) do you offer?
A. Our main product is our ATMs for the sale and purchase of bitcoin and over 100 other cryptocurrencies that support over 40 languages. We have nine different ATMs models.
Another product is special payment terminals, which you can install, e.g., in a restaurant, hotel, or furniture store, and every customer can pay using a cryptocurrency for a product or service. Of course, we are also developing our VG. Exchange cryptocurrency exchange, we want the exchange to be as large as, e.g., Binance, within 2-3 years. Soon we will also add our cryptocurrency and online casino.
Q. How do you advertise your business?
A. We operate as an MLM platform – that’s why our users advertise us, and we pay them commissions for it. For this reason, we hardly spend any extra money on advertising the Vexa Global platform.
Q. To what do you attribute your success?
A. I think to work hard since childhood. My parents always told me that you have to work from an early age. It seems to me that skill, intelligence, and above all, effort and hard work – all are necessary. Of course, you also need some luck.
Q. You have the vision of the construction of the world’s most extensive ATM infrastructure for exchanging (buying/selling) Bitcoins and several other top cryptocurrencies. How passionate are you about this?
A. I’ve been interested in blockchain technology and cryptocurrencies for many years. I bought my first Bitcoin for $ 100. I believe that cryptocurrencies and blockchain technology have enormous potential that people do not yet see, but that is recognized by the largest companies and countries in the world.
Q. What made you choose your current location?
A. We decided to open startup VG Partner in Estonia for several reasons, but the main dominant factor is the law in Estonia very cryptocurrency-friendly, but the company’s headquarters are in the USA.
Q. Do you work locally or internationally?
A. Of course, I work and think globally. During the week, sometimes I visit 2-3 countries. So I travel a lot around Europe and America. At the moment we are opening actively to the Asian market so that I will go there a lot.
Q. What is the future of blockchain and how it is going to impact the world?
A. Generally speaking, there are myriad of sectors that can derive benefits from blockchain. Businesses are frequently searching for Blockchain solutions that can be used to enhance their operations and help them to gain a competitive advantage. Because incorporating Blockchain technology can be a daunting task, it makes sense to seek out expert help.
The future of Blockchain technology can end severe issues experienced by modern banks. As it currently stands, banks and their personnel manage all client funds and handle money transfers. Thus, they act as intermediaries. Where there is human involvement, there can be lapses in security and transparency. By their nature, Blockchain databases are more secure and transparent and would reduce the possibilities for record-keeping errors as well as make transactions faster and cheaper for banks due to their decentralized aspects. According to IBM, banks are lining up to adopt the tech.
In terms of personal finance and payments, Blockchain technology and cryptocurrencies can rectify the need to rely on third parties (banking and financing institutions) for such purposes. Anyone with an internet connection can create a digital currency wallet and carry out transactions on a Blockchain without having to adhere to regulatory oversight or any geographical restrictions. It leads us to our next point – the further geographic expansion of Blockchain technology, and quite importantly, bringing banking to developing nations.
Q. What is your management style?
A. My management style varies depending on the employee. I’ve found that people are different, so a one-size-fits-all style doesn’t work. Some people respond to aggressive goals; others don’t thrive on pressure. Some people prefer frequent check-ins; others prefer clear direction upfront and then giving them space to get their work done.
Some general rules:
- Focus on hiring smart people with excellent problem-solving skills and good communication.
- Take the time to explain the business value of the work they are assigned ensures motivation.
- And most importantly, having compassion for each person – show the person you value them, show the person you care when things are hard, and invest your time in the person.
Q. If you had one piece of advice to someone just starting, what would it be?
A. Constantly be developing yourself as a person who inspires with choices that respect the people who work for you as much as the company. Be a person of uncompromising honesty, transparency, self-control, ethics, humanity, and wisdom.
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