Antonello Cugusi (Coinbar), the importance of regulations in blockchain business

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Antonello Cugusi, a successful entrepreneur and now co-founder of Coinbar, answers to some of the most recurring questions about his the Coinbar project.

Coinbar is a new exchange which features physical points in the form of cafeterias, where it will be possible to make purchases in crypto.

Why did you choose to create a centralized exchange rather than decentralized one?

“We opted for a centralized exchange for a normative issue. Decentralize exchanges have a hard time identifying their users, which can make comply to anti-money laundering regulations problematic”.

“Beside that, a centralized exchange is better capable to offer security and transparency to its users. It is true that decentralize exchanges fit better the value of crypto (to be able to manage its own resources by yourself), it is also true that with the current state of the technology, transactions are expensive. When the time will come we will consider the option to allow direct exchanges between wallets, without going through the exchange. On top of that, a centralized exchange allows us to offer additional merchant services. I am talking about the integration with the physical outlets in particular”.

How are you going to give confidence to the investors and credibility to the project?

“First of all we found collaborators and professionals who were already prepared for such a project. The team of Coinlex (lawyers and tax consultants) that follows us, had already had a lot to work with companies, are experts in this subject. We decided to do the deed of establishment of the SPA in Milan with one of the few Italian notaries experts in the field, instead the headquarters is in Rome where we have all the complex of our activities. The project is 100% Italian as far as management is concerned, but breath on an international scale. Developers are international. In Italy there are valid developers but they are still too few. We have an advisor who then became a member and participates directly, a strategic consultant for a very important company. We certainly have the management know-how to carry out the project successfully and every day we are acquiring new skills within the team. We have a great ambition that it is not only that of being an exchange that works but also that of bringing the crypto world closer to the people. And then also that of giving collateral services, the blockchain was born not only to move value but also to move services in a more efficient world”.