Velic is not a cryptocurrency exchange, it's an integrated financial platform for cryptocurrencies
[Join:Deep Talk] Sean Kim, COO of Velic Representatives of Velic and Webloc, members of local blockchain platform ICON, met with JoinD. Let's find out more information about Velic first. Velic is a cryptocurrency exchange. But there is so much more to it to than just an exchange. It says it hopes to become an integrated financial platform dealing with digital assets. It has been less than four months since the exchange opened, but it is penetrating into markets using a fresh strategy — or at least it claims it is. If you want to see the whole interview, please refer to our video clip. Q What is Velic? Hi, I am Sean Kim, COO of Velic. Velic is short for Value, Exchange, Loan, Investment and Crypto. A grand meaning lies in the name. We refer to ourselves as an integrated financial platform for cryptocurrencies. We do everything that deals with our customers' digital assets. We are planning on introducing various new services in the future. Currently, we offer services related to cryptocurrency trading, consignment, loans and asset management. Q. What are your future service plans? We plan on starting a participant reward service through a public representative, which is in charge of verifying the ICON blockchain network and making key decisions. We also plan to introduce a staking service. Staking refers to offering incentives to participants that contribute to ecosystems like Cosmos and Tezos. ICON, the blockchain network platform used by Velic, will start rewarding contributors from this year. In line with the timeline set by ICON, Velic is also preparing to offer related services. Rather than simply taking over the staking task, we will introduce a groundbreaking service that relieves users from having their tokens tied up for a long period of time. The new service is due to be released in September. In the future, our service will support not only ICON but other token staking services. Q. How does Velic's loan service work? You can loan out tether with bitcoin as collateral. All costs incurred including interest are calculated automatically. Q. Cryptocurrency exchanges are under pressure to take more responsibility in fighting money laundering. How is Velic preparing in this regard? We have our headquarters in Singapore. So we are closely observing the guidelines of the Monetary Authority of Singapore. Singapore has stricter guidelines than you think. Q. What are some benefits you gain from the ICON DApp? Our goal is to take care of overall financial tasks from various projects run by ICON. We've already processed listing activities in cooperation with ICON DApps. One of our goals is to offer long-term asset management services to the DApps, rather than just helping with public listings. Q. Do you take cryptocurrencies other than bitcoin as collateral? We only take bitcoin for now. Later on we plan on taking ethereum and ICON as well. Q. What is the secret behind the 0 percent commission when you purchase cryptocurrencies via credit card? To be frank, it's not exactly 0 percent. We partner with payment gateway companies to enable transactions with credit cards. The commission requested by the payment gateway companies amounts to roughly five to eight percent. You can get some of the bitcoin you purchased back via a utility token called Velt offered at the Velic exchange. It's similar to the concept of payback service. In the end, Velic essentially takes no commission from customers, apart from commission taken by payment gateway companies. Q. Is there an upper cap to loans? It is 20 million won per person. We put a cap because we are offering a beta service for now. When we start official services, we plan on raising that cap.