Yuriy Kovalev, CEO of Zenfuse, talks about building an all-in-one trading platform
He argues that ease of use and providing a streamlined user experience is the key to driving mass adoption and uptake of cryptocurrencies and blockchain.
CryptoSlate recently had the opportunity to chat with Yuriy Kovalev, CEO of Zenfuse, a global cryptocurrency trading platform aggregating over 90 exchanges.
Yuriy is an experienced developer having previously held roles as a Front-end Developer at Upwork and as Creative Director at China’s first mining pool F2Pool.
In the interview, we discuss:
- How Yuriy got into crypto
- What he learned about the industry at F2 Pool
- Zenfuse’s goals and objectives
- The benefits of using Zenfuse
- Why ease of use is so important for on-boarding new users
- What made him decide to build Zenfuse
- Controversial opinions
- Yuriy’s crypto predictions for 2021
Interview with Yuriy Kovalev, Zenfuse Founder
What is your professional background and how/when did you get into crypto?
I have been in the Digital Currency space for well over five years. I worked originally as an investor/trader. I understood the concepts of cryptocurrency quite easily. However, over a period of time I realized the amount of effort I put into getting into the informational side of cryptocurrency, there were a lot of difficulties along the way.
I always wished for an easier way to simplify and manage my assets, and holdings. I searched for a long period, and although there were projects that had similar ideas, the vision I had was something different. That’s where Zenfuse came in.
What did you learn about the industry at F2Pool and how has this helped Zenfuse?
Working at F2Pool, I gathered the importance of building connections and learning new information on a day-to-day basis. Those connections allowed not only myself but for the future of my company, Zenfuse, to have a much more promising structure and foundation built before our initial release.
Being surrounded by and working alongside the management of multiple million-dollar companies created a much clearer path and opened many doorways for the future.
What is Zenfuse and what services does it offer?
Zenfuse strives to simplify trading for the average cryptocurrency user. Our overall platform will allow the simplicity of trading and adaption among CEXs, being able to cross-chain and access from one space.
Similar to Apple wallet allowing you to store your credit card information and making transactions with any payment you want, Zenfuse will allow you to access any exchange securely through the CEX APIs connected to our platform, allowing traders to access the service anytime and anywhere they want.
With the ease of a panic sell button, if anyone needs it, Zenfuse’s overall goal can best be stated as offering simplicity. We want to be able to make trading easier and smarter for investors around the world.
What is the utility of the ZEFU Token?
Starting off, the incentive for holding ZEFU is in the product itself. The features that will be provided along the platform will allow users to want to purchase our tokens due to everything we will offer.
Simplicity is something we’ve worked towards for a very long time. My entire team and I have been investors and most importantly traders as well. The uniqueness of our platform and the use cases for our Zenfuse tokens come in one, so those who will have more Zenfuse tokens will have more access across our entire platform.
On top of that, Since October 2020, our contract code has already been staking tokens for our community members from the second they purchase. So, anyone who is already holding ZEFU is earning 24% APY and those tokens will be a bonus reward upon the deliverability of the platform. Overall revolutionizing the entire use case of Zenfuse plus staking.
ZEFU is deflationary, the more holders who are using the platform, the fewer tokens that will be available to the market, increasing the price drastically over time. And if that wasn’t enough, once our platform is live, we’ll start charging fiat/crypto, and 25% of those profits will then be used to buy back our tokens and BURNING it forever out of the official supply. If Zenfuse is accepted as a form of payment, 75% then will be redistributed between token holders, and 25% will be burned.
What led you to build Zenfuse?
What led me to build Zenfuse is first my own user experience with digital currency. I noticed although, after a good amount of time I was overall familiar with the understanding of cryptocurrency at the time, there was always something that came along the way that would be new and difficult to adapt to.
One of them being, the creation of multiple CEXs. At the time it was difficult to manage your assets from multiple exchanges, based on what currencies supported the exchange, and I always felt that if I were to explain this to someone in the future, their first impression would be, the idea of it all was far too time-consuming.
So, what I aimed to achieve was simple. Simplicity throughout cryptocurrency, and a trading platform that would do just that. That is Zenfuse.
How does Zenfuse make it easy for newcomers to crypto ?
For newcomers to cryptocurrency, Zenfuse will be paradise. The entire idea of Zenfuse is to push the narrative of simplicity and the full understanding of accessing and linking your accounts from multiple exchanges to one. For newcomers, this would be something they’ve been wanting for a long time, without them even knowing they wanted it.
Why should a project or individual choose Zenfuse for trading over other platforms?
This question is quite self-explanatory. In life, short cuts are made to make things easier, rather than difficult. We can all do math by ourselves, but the calculator was made to make it easier. Zenfuse is made to make crypto easier.
Do you have any blockchain and/or crypto predictions for 2021 and beyond?
Zenfuse plans to shake the world in 2021, and we’re on that exact path right now. We will have a fully developed roadmap very soon, and we’ll be excited to share with you all the journey of what’s coming our way.
What is your most controversial opinion relating to blockchain and/or cryptocurrency?
The most controversial part of blockchain has always been the fees. If a system is created to make things easier, then why do not all networks try to simplify and reduce the fees?
I understand the profit margin of it all, but there should be no reason someone can pay $50 to one place, and then 0.01% of that fee somewhere else. I think fees in crypto are controversial.