Flitpay
A DYNAMIC PLATFORM TO MANAGE YOUR CRYPTOCURRENCY
crypto trading has become the latest hype across the globe explaining the exponential craze of the cryptocurrency world. Recent research reveals that there are over 100 million global crypto users who are estimated to be increasing by the end of 2025. Now, when the financial institutions have also capitulated to this surge with an affirmative mindset, the cryptocurrency ecosystem will be witnessing gargantuan changes. Recognizing the surging growth in the asset management industry, several institutions are straining every nerve to allocate appropriate capital in the most significant crypto on the planet i.e. Bitcoin.
One such name here is Flitpay – a reliable and efficient cryptocurrency trading platform that avails effortless trading of major digital assets such as Bitcoin, Ethereum ETH, Ripple XRP, Bitcoin Cash BCH, USDT, INR and a lot more. It claims to be the world’s most secure and low-cost bitcoin exchange or other cryptocurrency trading platform that facilitates instant deposits/withdrawals with a 99.9% uptime. As a brainchild of the duo of founders – Akash Bansal and Ashish Sangai who possess a lucrative technological background, Flitpay is all set to stimulate growth in the space with its proactive and user-friendly interface, facilitating prompt transactions.
It all started in 2017 when a group of tech- enthusiasts developed the crypto product – a bitcoin wallet that allowed users to trade bitcoin seamlessly. As the government of India modified the regulations on the cryptocurrency exchange in 2020, the wallet was ameliorated for the exchange of more than 50+ coins & tokens. “Who isn’t fascinated by cryptocurrency? Our long-term vision is committed to allowing enthusiasts to trade, invest and benefit from the crypto space.
We aspire to ensure such ease and efficiency in the crypto-trading process that should resemble the online shopping experience, inculcating cryptocurrency in lives of commonalities. For this, we have brought a few tech-laced solutions that will prove quite revolutionary in improving the overall investment process,” asserts the CEO, Akash Bansal. With Flitpay, the entrepreneurs intend to educate and allow people to get a better understanding of the advantages posed by cryptocurrency in our country. On that note, the adept team of professionals at the company has been toiling day and night to come up with a solution that is robust, scalable, and swift that can even assist beginners to start with their investments.
THE INCEPTION STORY AT A GLANCE
Hailing from the IT space, the duo of entrepreneurs began researching cryptocurrency out of curiosity in 2016. They began with developing a bitcoin wallet that attained a well-acclaimed reputation within 5-6 months only. While working on blockchain technology, they recognized the outstanding growth prospects here and decided to use their technology acumen in transforming the user- experience. At that time, Flitpay was outperforming the rest of the peers but when they decided to come up with their exchange in early 2018, the Indian Government imposed a statutory banking ban, propelling the venture to put all the services to a major halt. It was only in March 2020, when the ban was uplifted and Flitpay resumed its services utilizing its USPs.
IN SYNC WITH TECH TRENDS AND MORE
To help crypto admirers get the best-in-class security at almost negligible cost, the Flitpay application has a customer-centric facet that gives it a leading edge in the market. It has been integrated with advanced security techniques to provide 360-degree protection in the process of crypto exchange. In this direction, they are into leveraging the power of blockchain technology for effective offerings. For the leaders, the propelling force that allowed them to flag this area was the research on blockchain technology only. Back then, they deciphered the golden opportunities that the blockchain advancements can offer crypto space with, ergo, they decided to work on it diligently in future.
Here, they have also partnered with some third-party tech- providers who will be adamantly assisting them in this drive. Moreover, their R & D facility has been committed to recognizing the tech- advancements. The R&D processes at Flitpay have been the motive force that gave a major boost to its growth and in future as well, this process will be facilitating better offerings in the space, asserts Akash.
To get better insights into the crypto world, we conducted a freewheeling conversation with all the luminaries of Flitpay. Each one of them provided us with some valuable nuggets of industry knowledge and some food for thought. Some glimpses of the virtual meet have been mentioned below-
ASHISH SANGAI- CPO BUSINESS CONNECT- INDIA HAS AN IMMENSE CRYPTO COMMUNITY, AND ESTABLISHING COMMUNICATION FOR MAINTAINING A RELATIONSHIP WITH YOUR TEAM IS INSTRUMENTAL. HOW DO YOU BRING THAT INTO ACTION?
Ashish Sangai- We have an open-door policy in our office for all C-Suite executives. It gives us the approachability to initiate a relationship that delivers a fruitful result. I am dedicating my services as Product Manager, Marketing Manager, Content and Communication Manager, and Compliance Manager, usually sharing the meeting room for brainstorming ideas more productively on how we can be at the centre of the ground addressing the people of India.
BUSINESS CONNECT- PRIVACY IS A CONCERN FOR MANY CRYPTOCURRENCY ADMIRERS AND SAFEGUARDING THEIR DATA IS CRUCIAL. HOW DO YOU MANAGE TO BRING ALL UNDER ONE ROOF?
Ashish Sangai- Begin ahead of the curves is what makes Flitpay. We are in a constant phase of learning, improving, and implementing new technologies with high-end security features that help us secure the user- data. With timely system upgrades, we modify our security structures ensuring to leave no space for the illegitimate activities of malicious users.
BUSINESS CONNECT- WITH THE INTEGRATION OF NEW BLOCKCHAIN TECHNOLOGY, WHAT BUSINESS MODELS COULD BE ESTABLISHED BY YOU?
Ashish Sangai-The future is blockchain. But as of now, there are no such plans. Currently, we are widely focusing on launching our token FLT with the already existing technology. In future, the tables might turn, and you might come across something unforeseeable.
BUSINESS CONNECT- DO YOU SEE THE INTERACTION BETWEEN AI AND BLOCKCHAIN FOR ADVANCING YOUR EXCHANGE TO THE PINNACLE?
Ashish Sangai- We are dealing with the two major disruptive technologies, i.e., AI and blockchain. Although both are the two dice on the same board manifesting different numbers, the integration of AI in our system gives us an impeccable opportunity to solve user problems. Confidentially implementing AI and maintaining that trust and security using Blockchain-based models is pivotal. We have already started seeing that and looking for more profound and unforeseen results in future.
LALIT MOHAN GEMINICTO BUSINESS CONNECT – HOW DO YOU KEEP UP WITH THE LATEST TECHNOLOGIES TO SECURE USERS’ DATA?
Lalit Mohan Gemini – From day one of development, we have aimed and implemented one such trading engine that is fault-tolerant and fast. We are improving our order matching algorithms every day to make it faster than the previous version. We don’t believe in implementing an already existing coding module as it is in our codebase so, we avoid using any existing module and even if we do use any we always modify it to suit our needs and to make it match our coding standards.
SHASHANK SINGH – VP – BACKEND ENGINEERING BUSINESS CONNECT- HOW DO YOU KEEP UP WITH THE LATEST TECHNOLOGIES TO SECURE USERS’ DATA?
Shashank Singh – With new tech coming up day in and day out, we try keeping up with it by studying and implementing everything and anything that can help improve the security of our user’s data. Always keeping ourselves a step ahead of the malicious users. Be it implementing a new type of database structure or a new type of API. We are in a constant phase of learning, improving, innovating, and implementing new tech and security features so that by the time a malicious user understands a little bit our structures and schema, we have already replaced or modified it with something new.
SUDHANSHU PORWAL-VP – FRONTEND ENGINEERING BUSINESS CONNECT – WHAT DO YOU THINK CONTRIBUTES TO THE SUCCESS OF THE FLITPAY APP?
Sudhanshu – Our way of developing the frontend has always been keeping in mind the user experience and how we can make it easier even for a user who has no experience with cryptocurrency exchanges. As far as the tech is concerned, we needed to have something that can fit our needs to cope up with the tech we are using in the backend so we haven’t used an existing framework as it is, we have modified, improved and implemented our features that the said framework doesn’t support. We are constantly making changes to the existing structures and schemas of these frameworks, innovating to make it our own and to give an even better experience to the users.
ABHISHEK TIWARI – HEAD OF PRODUCT & STRATEGY BUSINESS CONNECT- DO YOU BELIEVE THAT DEMOCRATISING PAYMENTS USING CRYPTOS IS A MORAL OPTION?
Abhishek – I believe that bringing a payment method or a financial system that not only criticizes pseudonyms but also gives space to transparency and disruptive adoption is the need of the hour. For instance, SpaceX announcement on a rideshare mission to the moon is the first-ever space mission fully funded by cryptocurrency, i.e., Dogecoin. And, such disruptive technology participating in space missions provides a solid rationale for believing in the decentralized future.
BUSINESS CONNECT- TAKING THINGS TO THE DRAWING BOARD IS EVERYONE’S IDEA. WHAT DO YOU THINK GIVES ACCESS TO THE NEW ROOM FOR AGGREGATED CUSTOMER FEEDBACK, ESPECIALLY IN INDIA?
Abhishek – We are still in the early phase of the development. See, even after five years of establishment, we are still developing. But to be in an astute state, the exchange still needs to pass the phase of leveraging aggregated customers. In India, people are not much open to being called in a session for discussion or feedback. Still, we have a set of people finding a better way to go at the centre of the ground, ask, and pen down the concern and proceed accordingly.
BUSINESS CONNECT- DEPENDING ON A BUSINESS CASE, HOW DO YOU FIGURE OUT OR WHAT PATHWAYS DO YOU HAVE TO DEAL WITH IN TERMS OF ANALYTICS AND SALES?
Abhishek – As of now, we are on the ground. And if you ask me what it would be 10 years down the line, my answer will be the same. We are an exchange for people. Moreover, a business indeed runs on profit but in the end, if the user is not getting the outcome they thought before choosing us, then all our struggle to lead Southern Asia and making them use the disruptive technology that we foresee as the coming future is all vain.
We provide a 99.9 percent server uptime rate, and this sets us uniquely apart. That was my answer for sales. If I talk about analytics, for instance, we have the last week’s new user base of 100, to which at least 48 per cent are the daily trading new users. What does this show? It shows that 48 new users are trading on Flitpay daily, meaning we have a potential contribution to the cryptocurrency industry in India.
BUSINESS CONNECT – FOR INSTANCE, IF THINGS BECOME AMBIGUOUS, HOW DO YOU (AS THE WHOLE FLITPAY) ADOPT THE THINGS CHANGING AT A FASTER PACE?
Abhishek- India is now the 3rd largest ecosystem for start-ups in the world. Looking at the data released by the government in 2018, there were about 50,000 start-ups with an expected YoY growth of 12-13 per cent. In 2019, there were 1300 tech start-ups launched. Significantly, the number of women entrepreneurs stood at 14 per cent in 2019, from 10 per cent and 11 per cent in 2017.
Everyone is doing their job, and so we are. Answer in terms of the cryptocurrency . For now, the change is ambiguous. We are trying to enrapture our users with disruptive updates to make their trading experience steady and fast. For instance, we are the first in India to make our users eligible for the Practice Account, Instant Deposit and Withdrawal, and UPI Transaction. It is what we have in hand right now, and our efforts are to make the best out of the opportunities.
MANSI PATODI- HEAD – CONTENT & COMMUNICATIONS BUSINESS CONNECT- HOW DO YOU DETERMINE THE STEPS THAT FOCUS USERS’ INTEREST IN AN UNDER DEVELOPING COUNTRY LIKE INDIA?
Mansi- Keeping things aligned with the content in a developing country like India is no cakewalk. You need to bring all facets under the umbrella before you decide to deliver something that is meaningful and also uniquely presented. We need to focus on user behaviour in India before coming up with the final copy. Moreover, content is no longer the same that we had in the mid-80s and early 90s. The tone has changed the delivery and the writing paradigms have also changed, making it a whole new approach for presenting who we are as a company or product.
JABEEN DAYAR-HEAD – COMPLIANCE BUSINESS CONNECT – CAN YOU MENTION THE ABILITY THAT HELPS YOU FIND AND FIX FLITPAY’S LEGAL, POLICY, AND ETHICAL ISSUES?
Jabeen Dayar- It is more of a dicey question that has come in my court. Well, with my past experiences, it’s all the game of educating oneself and industry research. There are many facets you need to pass by or make a mosaic combination for protecting the influx and company, working in parallelism for balancing both.
MANISH DHAKA-HEAD – LEGAL AFFAIRS BUSINESS CONNECT – HOW DO YOU ALIGN THE LEGAL RESPONSIBILITIES WITH THE COMPANY AND USER BEHAVIOUR?
Manish- Keeping track of illegal activities and forgery is a quite challenging task. To resist such acts, we have developed a robust onboarding process where all the legal documents of a user are verified through our three-step verification process. Other than this, we keep conducting regular inspections of our user’s trade activities to prohibit unethical behaviour.
RAKESH KUMAWAT-MANAGER DIGITAL MARKETING HOW IMPORTANT IS DIGITAL MARKETING FOR A BUSINESS NOWADAYS?
Rakesh- Well, marketing plays a vital role in the success of a business. It has experienced a significant transformation and advancement in the era of evolving technologies, which we call digital marketing today. Through this evolved way, customers can be made and reached worldwide in a wide range. It has made things possible that were nearly impossible from traditional marketing techniques.
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