Story of a Young CEO from Korea
Youngsung Chong is the CEO of Dream Chain and TPC Korea Regional Director.
Hey, Youngsung! Awesome to have you on today, and pleased with our recently launched media partnership! Can you give us a quick introduction to your background? How did you get where you are today?
I was studying architecture at Washington University in St. Louis. For me, running my own business was always a strong passion that I had. Even during school, I would be in the library with my friends or back in the dorm with my roommate discussing several potential business ideas. I believe I got to where I am today with the support of my family and a couple of friends supporting me throughout. I would especially like to thank my parents, my past college roommate (Joel), my business partner and friends Jace and Jadon.
Initially, you were majoring in architecture. Who or what motivated you to join the crypto space? Have you been lucky? Did you stumble upon it, or were you convinced that this is the future?
I was in the crypto space even before college. For me, I have been always interested in technology, so I used to manage my own technology blog. I was able to jump into the crypto market right before the craze happened in 2017. Back then, I was in search of ways to develop passive income and become financially independent. That’s how I got to learn about Bitcoin and the cryptocurrency industry.
What do you see in blockchain? Do you think that blockchain technology can change our lives?
Until now, I believe the IT industry was heavily focused and led by front-end applications. By this I mean, products like software usable day-to-day or hardware that we wear or use. Therefore, users never get an impact from the back-end technology. For instance, when you use your mobile phone backed by a strong LTE network, you never say, “Wow, I am fascinated by this new technology that allows for 50 Mbps of download”. You never really get an impact from the technology and you inadvertently use it without the acknowledgment. But, blockchain technology is different. The technology is driving a new paradigm in all sectors of business: fintech, social networking, entertainment and more. When you use a blockchain-based service, you can engage and earn rewards based on the activities such as mining, watching videos, and you can even take out a loan without any long documentation process just by using crypto as collateral. This is what makes blockchain different.
Tell us about your first investment in crypto.
My first investment in cryptocurrency was through investing in a cloud mining platform. Then I also invested in a wide variety of mainnet projects such as Lisk, Tron, QTUM, and EOS.
If you could write your own job description, what would it say? What key job functions are you most passionate about?
I am running a blockchain-focused consulting firm and also directing a trading community for the Korea region. I think, my job description would be ‘A to Z consultant for blockchain-related companies’. The key job function that I am most passionate about is business development. Planning strategies for these Korean projects to expand overseas is truly empowering and exciting.
What do you enjoy most about the day-to-day management of the business? What do you enjoy least?
Brainstorming sessions with different projects are the most enjoyable part of the day-to-day routine of the business. Envisioning a world where my partnering projects can impact millions of people makes my heart skip a beat. The least enjoyable part, however, is keeping every aspect of my company organized. This isn’t an individual company and nor am I working with one partner. Keeping everyone and myself on track to reach our milestones is the least enjoyable part of my day-to-day management.
What do you think about the current crypto market and in your opinion what can we expect next year?
From a trading perspective, I could say that the year-long and dreadful bear market is coming to an end. However, for the market to turn truly bullish, the crypto industry is in true demand for an actual product that can lead to mass adoption. There are hopes that Libra from Facebook is one way to lead mass adoption, but I believe the blockchain industry does not limit to payments. Blockchain-based youtube or blockchain-based messenger, these types of services that can truly create a decentralized economy will help the market mature and grow. I think by next year, many of the projects that provide or are developing such service will survive. Projects that don’t, cannot survive.
Since 2017 you have the idea to bring TPC to Korea because, despite the craze about the industry in your country, professionalism amongst influencers was lacking. Tell us about the journey.
When I first started to learn about Bitcoin and cryptocurrencies, I resorted to online resources. There were a lot of scammers promoting weird projects such as BitConnect and other MLM projects. Then in Korea, we have a good amount of quality KOLs but they were very new to this volatile market. Fortunately, I was able to stumble upon Naeem Al-Obaidi, the founder of the Traders Profit Club (TPC). His insight, knowledge, and abilities in understanding the cryptocurrency market were outstanding. I think of him as my mentor to navigate in this industry and really understand the market. For me, I was fortunate because I can understand his videos, courses, or signals. I wanted to let other people in Korea to also have the same experience. Since then, I reached out to him to propose the idea of starting TPC in complete Korean. This was a two-year-long process, and finally, I am lucky to help Naeem have a greater outreach in the Korean market as well.
Recently you started on your own as almost the youngest CEO in the crypto industry to do professional consulting services for blockchain companies to compete in this saturated industry. Can you explain to us that? What do you offer for whom? What drives you forward? What is your vision?
Coming from a trader’s perspective, I read and did a lot of analysis on multiple projects. I was able to develop a strong sense of deciding which projects will make the most profits for me in terms of the fundamentals. This experience and knowledge help my partnering companies to truly understand what a trader and investor are looking for. Therefore, my company provides Business Development Strategies, Marketing Strategies, Investor Relations, and other Advisory services for the companies to make true value in this market. My vision is that these projects that I work with will lead the blockchain industry when mass adoption of the technology happens. This vision is my driving force.
At 20, you are still very young, what do you want to achieve in your life?
For me, I am lucky to spend my days chasing after my dream of accelerating the growth of the blockchain industry. However, not everyone in this world is given this opportunity to follow their dreams. What I want to achieve is to provide this same opportunity to as many people I can. There is nothing better in life than being driven by the passion and energy you have.
What’s the most important thing you’re working on right now?
For me, it is difficult to weigh a certain project’s importance over another. Each partner that I work with is equally important to me as much as managing my own company. If I had to specifically point out an important project, it would be scaling up my business.
Changes in the crypto space are very fast. Do you get any sleep at all?
Barely. Adaptability is key to succeeding in this market. Therefore, my working hours are always near 12 ~ 15 hours every day. If I am lucky, I’ll get about 6 hours of sleep. Also recently, I had a lot of overseas work, so the only sleep I get is on flights.
If you were your own mentor, what’s the most important advice you’d give yourself?
I would tell myself to, “be loyal to your people, ideas, and vision”. A sense of doubt is important for any entrepreneur to succeed, but doubting your own vision and people are harmful to achieve what you envision.
If you had to give one piece of advice to a new entrepreneur, what would it be?
Stay driven with a specific goal, and never let others have you down. People will always doubt you no matter what. It does not matter how much money you make or the achievements you accomplish, there will always be people doubting your success. If you don’t let yourself affected by this, but have your true passion drive your endeavors as an entrepreneur, that will bring you to where you want.
For new entrepreneurs, I would tell them to just start on their ideas. With any action plan, whether it be for business, personal development, or studying, starting is the most difficult part of the process. If I had worried about all the outcomes prior to starting my own company, I wouldn’t be answering these questions.
Youngsung thank you for your time and answers!