Cryptocurrencies have largely existed in isolation from the traditional financial system. This disconnect has created a number of challenges that have held back the adoption and mainstream use of digital assets.
Enfineo, with its visionary CEO Alin George Luca at the helm, aims to bridge this gap. By partnering with established financial institutions like Mastercard, they’re creating a single, unified platform where fiat and digital assets are unified.
In this exclusive interview, we explored the challenges that Enfineo tackles, the solutions it offers, and the ultimate destination it envisions for our financial landscape.
Hi Alin. Can you tell us about yourself and what led to the start of enfineo
The concept of enfineo came about as an answer to all my own needs as an entrepreneur. I have been using every fintech app out there, and I noticed that, as your financial management needs get more complex, the more apps you need to use.
Also, I love crypto. I love the idea of it and it’s amazing potential. So, why not come up with a financial app that fills this need – be everything in the shape of a personal funds manager AND create better access to the crypto space?
How would you describe enfineo and the core vision of the platform?
enfineo is designed to become THE financial management platform where you can do everything with your fiat and digital assets. You will no longer have to use additional services to exchange crypto, go through strenuous KYC protocols, get turned down by banks, or worry about compliance. We do that all in the background. You enjoy the freedom of using, sorting, and investing your assets however you like.
In your view, what are the biggest challenges hindering the wider adoption of crypto payments?
The mentality of consumers hinders a broader adoption of crypto payments. But it is important to understand that, in reality, the current political and economic structures are feeding this mentality and people’s distrust.
In brief, people who are reluctant about crypto are this way because governments and traditional banks are still opposed to a system they cannot control like the traditional one. On the other hand, the people who are open to crypto are overwhelmed by everything that has to do with crypto, and the ones who understand the system still see it as more of an investment instead of a day-to-day usage type of digital asset.
How do you see enfineo contributing to overcoming these challenges and mainstreaming crypto payments?
I have gathered around this product a handful of people who know the crypto sphere inside and out. These are people who have learned how to manage, how to work around difficult issues, and how to find innovative solutions. enfineo combines the experiences and knowledge of all these people and absorbs the challenges and obstacles newbies and experienced users find along the way.
Therefore, from buying their first crypto to further investing, swapping, and trading crypto, users will get a “manicured” experience with no hassle of dealing with the banks, identification protocols, and other procedures that make the entire experience frustrating. We cover compliance; we take care of having all legal requirements set in place, we handle security, and we make sure to align with all current legislation affecting the industry. This is our experience put to good use so that our users can only say, “Wow, it’s so simple!”
One challenge with crypto payments has been volatility. How does enfineo address this issue to ensure smooth fiat conversions?
enfineo conversions are secure, simple, smooth, but, most of all, fast. The greatest advantage of using our platform is that we will not handle exchanges in several business days but in several clicks. How do we handle volatility? In a speedy manner.
Where is enfineo based? Is it open to global users?
enfineo is a global company, but it is based in Ireland. We chose this country because they are very diligent and strict regarding digital asset legislation, and we know it would be a vote of confidence to have our users know we come from a place where legislators are tough.
Yes, it will be open to all users, eventually. We have a market roll-out plan in place, and we will cover all markets. However, keep in mind the fact that being a fintech, we need to comply with different national regulations when entering a market.
What are transaction fees and speed on enfineo like compared to other platforms?
Transaction speed will be the best on the market. This is our main selling point. Well, this and the premium user experience. And fees will be advantageous. Moreover, our packages will encourage people to use the platform more and more, creating even better opportunities to get discounts and special services.
enfineo recently announced the opening of its PreSale 3 session. Can talk more about it.
We are currently in the fundraising stages of our project. With the app well underway in its development, we have to come up with the money to support the launch logistically and in terms of marketing. And, while taking the pulse of our community, we noticed that there is still interest among those who have joined after the first PreSale sessions to join the project as investors as well as people who already are investors and who would like to get in even more. This opportunity presented itself to potential investors and us at the perfect time.
enfineo is partnered with Mastercard. How does the partnership benefit enfineo’s users?
The main benefit of this partnership is the possibility of issuing cards using their tried-and-tested infrastructure. Logistically, this takes a huge weight off our shoulders. Not to mention the security issues that a company of the size and reputation of Mastercard already covers.
How does enfineo navigate the ever-evolving regulatory landscape surrounding crypto?
We go right through it. As a matter of fact, we are quite happy that the industry is being more regulated because it builds trust for regular users and forces traditional state and banking institutions to accept the fact that people are interested in using digital currencies and that this is a reality they must come to terms with and make room for. That is, if they wish to remain relevant.
Are there specific challenges enfineo faces due to its combined approach to digital assets and digital banking?
Absolutely not. We view all asset management as a whole, and we are trying to help users who are now being forced to see every aspect of their financial lives in different settings. They must have their fiat, administer that in one app, with one bank, and then if they want crypto to go to other providers, tap into the first apps, transfer, and exchange. And if they are looking for trouble, they start to invest and need another platform, tap into the ones they use to administer fiat and crypto. It’s a mess!
We don’t see it as a challenge when this is exactly what we are trying to do. Bring it all together for easy management.
Any closing thoughts?
It’s actually very simple. Emphasis on simple. We (my colleagues and I) have already jumped through the hoops; we’ve learned by ourselves what crypto entails. And we want more from it. But we can only have more from the system if the system is forced to grow from within. How do we do that? We get more people using it. We force the change we want to see.
By making crypto more accessible and easier to manage, we offer this opportunity to new users and support existing users in going further with their investments. We can only do that if we make it simple.
And I don’t even have to tell you that making something simple for someone else is the toughest and most complex thing you can do.