Interview with Frank Amato
Stakenet Trading Platform Advisor
Question 1. How did you first become involved in the cryptocurrency industry? Please tell us a bit about your background.
As I was a former gold dealer for JPMorgan for most of my career, I was drawn to Bitcoin and its similar store of value properties. I initially bought in 2013 and then again in 2014 at the US Marshals Auction of Silk Road coins. I also joined Blockchain Capitals Angellist syndicate at that time and invested directly in around 15 blockchain startups (thinking “picks and shovels”).
Question 2. When did you first hear about XSN? What sparked your initial interest in the project?
Custody is such an important topic in crypto and I was initially drawn to the innovative Trustless Proof of Stake idea. Since then, the team has continually impressed me with their professionalism and dedication.
Question 3. Please tell us more about your advisory role with XSN. What have you been working on since joining the team back in May?
So far I have been assisting the team with vetting synergistic opportunities. We are at the initial stages of the DEX and are currently in big picture discussions around the features that it should have. Like most things in crypto, there is a give and take. With a DEX, pure decentralization can have an impact on latency / liquidity and fairness of execution. We recently polled some of our Discord community to feel what our users think is most important.
Question 4. How will your experience at companies such as JPMorgan and Bear Sterns help in your advisory role and the development of XSN DExchange?
I’ve been an institutional trader for most of my career. Many of the larger crypto exchanges lack basic simple features of traditional exchanges and I intend to work closely with the team to attain a more professional solution.
Question 5. How will XSN DExchange differentiate from other DEX’s in the market?
XSN is an ecosystem and the DEX will be a part of the larger vision. We are still at initial stages of discussion the features of that ecosystem, but have some great ideas around a decentralized “banking” environment.
Question 6. Based on your previous experience, have you identified any issues in the cryptocurrency industry that could affect mass adoption?
An unclear or uncertain regulatory environment will negatively impact mass adoption.
Question 7. Within the next 5 years, do you believe cryptocurrency will be an accessible payment method across mainstream channels?
That is the trillion dollar question. Again, depends on the regulatory framework and willingness of incumbent players to adapt. I can’t make a prediction on the time-frame of going mainstream but I will say that you will start to see those incumbent players starting to fund or outright acquire good projects with good teams ahead of that (Goldman’s venture funding of Circle is a good example of that).