AMA Session with Michael Jeoung from TrustVerse
Guest : Michael Jeoung, Founder & CEO of TrustVerse
Host: Iris at MEXC Global
Iris: Today, we’re honored to have Michael Jeoung, Founder & CEO of TrustVerse to our community to give us a more intuitive introduction to their unique project.
Michael, would you like to say hello and introduce yourself?
Michael: Very nice to meet you! My name is Michael and I am the founder/CEO of TrustVerse. I am super glad to meet MEXC global community and able to share our awesome journey as a blockchain startup who already has a service to scale.
Short introduction of myself. I am a computer science undergraduate who was passionate about how technology transforms human behavior. As a result, I am running a 3 year old startup which we have built 4 enterprise grade DApps that works with crypto, Defi, NFT and CBDC. We are massively scaling with multinational companies across the globe. However, how can all these be possible? In fact, I do come from traditional and versatile background.
Before starting and running my own company, I have almost +12 years of global enterprise, international organization and government experience in high tech field. I have worked for Cisco Systems as the Head of Global Service Provider Cloud GTM strategy where I was managing global service providers such as at&t, Orange, BT and more. Before that I have worked as a consultant at executive directorate, at the OECD in Paris, and smart city public policy analyst at Ministry of Land and Transport, S. Korea. I also work as an advisor/investor to several companies(E.g. Opulous-Music NFTs &DeFi loans). I am intrigued by how digital is disrupting financial world, and wanting to lead the way. I hold an MBA from the University of Chicago Booth in 2017.
Telegram link: https://t.me/trustverse_officialchannel
TrustVerse - Medium
Trustverse (www.trustverse.io) has completed iOS development for Apple (iOS) smartphone users and received final…
Questions about the project
Iris: What is TrustVerse? Can you share with us more in detail?
Michael: It is our first debut to the global arena! and we are excited to share the detail.
TrustVerse is a full-stack digital finance blockchain service platform company. Just imagine that you are dealing with NFT, Defi and crypto but it isn’t very simple to use. Like interface, and mechanism to make sure your private key is kept in a safe way and you are the only one who can retrieve such information even though all the data is lost. We have ready made apps available to solve these issues and we are partnering with institutional grade tech companies such as R3.
TrustVerse offers the world’s 1st all-in-one distributed ledger services from the wallet, non-custodian private key protection & recovery service, digital asset analytics, inheritance/legacy planning, and NFT marketplace. The company has also been selected as the Microsoft startup alliance.
As a matter of fact, TrustVerse became popular as we have won 1st prize at the Futurama Blockchain Innovators Summit 2018. We are partners of Samsung Blockchain, R3, Gartner, UNESCO, and Korea Exchange(KOSCOM). As a token value, we are traded in MEXC, Bithumb, Bitcoin.com and more to come.
But you need to download the apps to really experience it, from www.trustverse.io
All suites of services!
Iris: What triggers you to launch TrustVerse? What are some of the real-world problems/ pain points that TrustVerse aims to solve?
Michael: Yes, we are actually into very serious deal and have already built services to tackle these challenges!
This answer is simple. I wanted to make sure that people are able to benefit from single most important technology. That is smart contract and distributed ledger. Real world challenge we are trying to solve is to make sure people keep their assets safe and also to transfer such digital assets(crypto, defi, nft) as traditional assets.
Uniqueness about our technology is we are using cryptography, cloud architecture and authentication to make sure this enables users and institutions to fully access digital asset MasterKey, offers one-stop service to recover your digital assets when it’s lost. It does not only support one type of wallet, you can even register Metamask or any wallet with Mnemonics to this Dapp to preemptively protect it.
Our MarS wallet also offers In-app browser to access NFT platforms like Opensea and directly link its wallet to android app. Moreover, we will be offering Canvas app and this will give next level experience of bidding/auction NFTized assets directly paying with MarS wallet. All are fully developed.
Iris: What are some of the challenges that TrustVerse currently faces? How do you aim to solve them?
Michael: TrustVerse, at the beginning was concentrating too much into deep tech and commercialization and hence focused less on TRV awareness. Now all the tech and services are ready and TRV is an utility to provide service usability, we will be also be expanding to Defi space in such provide swap function and more.
We are solving issues where people are losing so many BTC and other cryptos.
Not only limited to crypto, it means for NFT and Defi tokens, beyond.
Iris: Are there any exciting news or updates with regards to TrustVerse that you would like to share with the users?
Michael: Yes, we recently have announced partnership with world’s leading research and consulting company, Gartner.
Previously we have announced our partnership with Samsung Global for Blockchain wallet business partnership, and it has expanded to Microsoft, R3 and more enterprise partnerships.
Not only them but there are big 3 accounting/consulting firm whom we have partnered to expand our Masterkey service to the global market. This means that we will be continuously announcing our clientele as they become our partner. We will be announcing another global exchange soon and we will be partnering with them to provide Masterkey to numerous wallet providers.
Along the way, you will see major global partnership news often.
Iris: If you were to summarize your project in ONE word, what would it be? Why?
Michael: Yes surely! Few of these partners are already been announced on Xangle.io and on our website.
Yes, could be little bit difficult to compress the project into one WORD but here it is!
Trustverse is a “SHELTER” that safeguards any kind of crypto assets in the safest way and provides preemptive measures to protect it before using it with simple steps. It provides user freedom from a centralized management system.Public blockchain is built that way. It allows users to control their own asset with their own key, yet not many people are educated to keep their assets in a wallet but leave it in an untrusted exchange or carelessly manage their key.
Q1. Revenue is an important aspect for all projects to survive and maintain the project. How have you been able to build a complete project and what is the way to generate profit? What is the income model of this project?
This is an awesome question. Yes, all business needs to generate revenue. Our business generates revenue from subscription model for MasterKey(Private key protection service), where you can utilize TRV or even Stripe. There is a regular fee model as well as when key is forever lost, we actually charge small percentage to retrieve the key. As we have done survey, it make sense for the users. This is one of our service and other services are fee based models but at the same time consumption of TRV increases it value
Q2. Regulation is very important. Many projects were closed in many countries due to failure to use the correct regulations and permits. In order to go global how does your team deal with these issues?
Yes, regulation is really important and we are working very hard with institutions for such reasons. This is why we are using not only public chain but also private chain like r3 to work with traditional bank, central banks. Moreover this is another reason why we are building usecases that requires kyc/aml and also a report duty. We also work with top law firms for their legal advice for our business services. We are registered in Singapore for this reason as well. We are fully structured. Not in an island.
Q3. For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? Do you have enough fund for it’s developement Can you tell us that how your project generate the profit?
Yes, we have enough fund to grow the team and we are expanding our global team as well. Apparently, last year Dec, we were valued at 50M US$ and received pre-A round investment. This is fast for 2 year old startup. Moreover, we believe very strong on our token which we still hold healthy amount to wait till it in increase in value. Since our project will keep growing. Thanks for the great question! Liquidity and funds are important for startup as always.
MEXC Global: https://www.mexc.com/