One Month In… My Thoughts On CoinSmart Going Public

A little over a month ago, CoinSmart became a publicly traded company (NEO:SMRT). Today, I want to share some of my thoughts that I penned down on that day.

TL;DR — And just like that… COINSMART.com is a publicly traded company — $SMRT.

Today is an overwhelming day for me. Not because I can’t keep up with the calls, the emails, Slack, WhatsApp, Telegram, Signal and texts — that’s the normal overwhelming that comes with the territory of building tech companies putting out fires, solving tricky situations, mentoring employees, or simply communicating with those I care about.

Today is different.

Today we became a publicly-traded company on the NEO Exchange, and the love and support have been overwhelming.

As a general rule, I tend not to share what goes on in my personal or business life. This is mainly for the safety and wellbeing of myself and those around me, plus let’s be honest, we all have a lot going on, and all have our lives to live.

But today is different, and I feel it appropriate to share a little slice of the journey 30+ years in the making. Today we arrived at the starting line, waiting for the marathon.

While the journey has been long, and there have been twists and turns at each step, I could not be more proud of what I have accomplished to date. First, and most importantly, I have genuinely enjoyed the journey to this point. As a general rule, I am not interested in doing anything if I can’t have fun while doing it. I have had a TON of fun, and I have the stories to prove it.

By the way, I didn’t quite mean it when I said ‘what I have accomplished because it is not — as it’s not only me who has achieved this.

I know who I am — I am a relentless, no holds barred, an outspoken leader who relies on smarter people in the room to make my vision a reality. I am not great in the weeds, and I know it. And as cliche as it may sound, I think it is a superpower knowing what you don’t know and surrounding yourself with those who do and do well.

I do not want to get into the 15+ years and 4 exits I have been through with my 2 co-founders today (we will save that for a book/documentary/podcast 🙂).

I do want to talk about the CoinSmart story. I was very lucky to start this company with my co-founders and raise money from some very supportive people. We raised a million and a half dollars on the back of a napkin at a $5mm+ valuation. These investors truly did take a risk in an emerging market, and I am grateful they decided to take the ride with us.

We were able to take those funds, move fast, create an incredible product and get to market in a few short months — at the absolute worst time…. The Crypto Winter!

Less than a year later, we spent almost every dollar and were practically forced to close down shop, as no one wanted to lend or invest in us at this time. So, my co-founders and I took it upon ourselves to invest in the company and keep the doors open.

We had to.

It was too early in crypto not to survive and see what was next. Long story short, we were able to turn the company around, became profitable in mid-2019 and have continued that trend ever since.

Fast forward to January this year. The crypto bull run not only drove our business to new heights, but we achieved some pretty significant milestones in the intense 11 months since.

• Registration with the OSC and all CSA jurisdictions.
• Become listed as a publicly traded company on the NEO exchange.
• Raised over $17 million dollars.
• More than tripled the size of the company.

I know those are four quick points, but the work, dedication, and resources that went into making those things happen are staggering. I also have not slept in about that long as well!

Three steps forward and two steps back was the constant theme over that period. But those who know me know that Impossible does not exist in my vocabulary, nor does I quit, even though I came pretty close to throwing in the towel on several occasions. The rules/laws were changing in real-time, and we had to change our business to follow. Although we were told it would not happen, we persevered.

The best part is everyone around me made it happen. It is a great thing to rely on a fantastic team to get the impossible accomplished. So for that, I want to say THANK YOU.

THANK YOU to my co-founders and lifelong friends — Jeremy Koven and Michael Koral.

I know I can be tough at times, I know I make uncomfortable decisions that you grin and bear, I know I am opinionated at times, I don’t take no for an answer, and my expectations are high. That being said, I know you know that I do this to help achieve our mutual goals.

To my team, each of you plays an integral part in what we are all trying to accomplish. You are the ones executing our collective vision, helping it come to life, and I thank you for that. I hope you are proud of what you are doing and what you are building.

To my wife Vivian and two daughters — you are what I do this for. Your support and love are unmatched. I love you.

To my extended family — your cheerleading is outstanding.

To the people who I have worked with 20+ hours a day to accomplish both the registration and public listing. WHAT a battle. We got it done! This one’s for all of us Lori Stein, Zachary Goldenberg, Alan Hutchison, and Shawn Rozansky.

The marathon has just begun, I have the stamina, will, and team of supporters to achieve the goals I have set.

CoinSmart is MAKING CRYPTOCURRENCY ACCESSIBLE!

Where are we going? To the MOON, and we ain’t stopping there. CoinSmart will be THE financial institution of the future.

Let the trend be your friend!

A special thanks to G. Scott Paterson, Alexa Abiscott, Jeffery Haas, Alex Athanasopoulos, Ali Haider, Ruben Sahakyan, Jos Schmitt,