5 Ways That We Can Help Stabilize Blockchain
With Kristoffer Nelson, co-founder and COO of SRAX
I always start my day by reviewing what I need to accomplish and what’s on my schedule. I spend some time reflecting and sitting quietly. I operate based on guiding principles and objectives. The principles keep me consistent and the objectives keep me focused. When I’m home and in town, I always make sure I am home in time to put my son to bed. Even if I need to open my machine after he’s down and put another seven hours in. Putting him to bed gives us a moment to connect, calms me down, and reminds me of what’s most important.
I had the pleasure of interviewing Kristoffer Nelson, co-founder and COO of SRAX, a digital marketing and consumer data management and distribution technology platform company publicly-traded on the Nasdaq: SRAX. He leads SRAX’s wholly-owned blockchain subsidiary, BIG Platform, the first consumer-powered data marketplace where people will own, verify and sell access to their data.
Thank you so much for doing this with us! Can you tell us the story of how you got involved with the Regtech or Crypto markets?
Kristoffer: Being a technology executive in Los Angeles often exposes me to new and emergent tech. I’ve had good friends and colleagues that have been involved in crypto and blockchain since the very early days. I’ve been adjacent and interested for a long time. I was attracted to the opportunity to give individuals more control and power in value exchange operations and the ability to enable more efficient peer-to-peer economies, which I believe will be essential in the fourth industrial revolution. I became most passionate about blockchain and crypto when I began to explore its application to solve issues related to my industry, advertising, and consumer challenges with identity and data sovereignty. Given my organization is a publicly-traded company, I’ve always viewed financial regulation as a good thing. In the United States, SEC regulation seeks to prevent a lot of what transpired in 2017 and early 2018, which we’re just starting to see the consequences of now.
Can you share 5 ways that Regulation and Regtech can help stabilize the Crypto Economy?
Kristoffer: On the side of the business, financial regulation tends to deal with disclosure and accountability. On the investor side, it ensures someone is financially fit to take the risks inherent in investing. Crypto has seen very little disclosure and accountability. Most projects have gone nowhere. A lot of investors capitalized with loans and credit cards and are now well under water.
What are the top concerns that crypto firms should be considering in order to have a competitive edge?
Kristoffer: This isn’t hard. Business comes down to execution. Very few ICOs materialized into actual businesses and products. Any crypto company or dApp that actually executes has an immediate advantage.
Can you share examples of measures you take to prevent internal data breach?
Kristoffer: It’s complicated. Generally speaking, we use sophisticated encryption at both an account and data point level. Because our commercial use is segmented, anonymized data, we can use data level encryption and not sacrifice speed or scale.
Can you share a story of a time when things went south for you? What kept you going and helped you to overcome those times?
Kristoffer: I’ve been running a business for eight years. It’s been eight years of south. Businesses start to solve a problem and new problems arise every day. Seventy-five percent of start ups fail. Running a business is a constant act in problem solving. I always focus on two things: 1) vision, what I’m trying to accomplish; 2) action, do the next thing — do one thing at a time and keep pushing forward. Don’t allow the overwhelm to win.
What are some things that you do on daily basis regardless of how busy you are?
Kristoffer: I always start my day by reviewing what I need to accomplish and what’s on my schedule. I spend some time reflecting and sitting quietly. I operate based on guiding principles and objectives. The principles keep me consistent and the objectives keep me focused.
When I’m home and in town, I always make sure I am home in time to put my son to bed. Even if I need to open my machine after he’s down and put another seven hours in. Putting him to bed gives us a moment to connect, calms me down, and reminds me of what’s most important.
What are the top 3 upcoming conferences you are attending and are excited about?
As few as possible. Crypto has too many conferences. I’m hoping the bear market kills a bunch. Product doesn’t get built at Conferences. Businesses don’t move forward at conferences. Crypto needs real businesses and real products. Stop going to conferences and Start building.
But if you must know, I am speaking at:
IAB Data Symposium on December 4
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
Kristoffer: “I never ‘worry’ about action, but only about inaction.” — Winston Churchill
How can our readers follow you on social media?