Peter Hoang, Finblox‘s co-founder and CEO, recently says to Business Insider that people shouldn’t think of cryptocurrency as a get-rich-quick investment.

He says that those who see digital assets as a way to make quick money are likely to be disappointed. As the asset class is still in its early stages and is therefore subject to high volatility.

Finblox is a Singaporean cryptocurrency lending firm that aims to make financial services more accessible for people. Hoang says;

“Many people believe this to be true because of what they see on social media platforms like Twitter and Reddit, or from influencers in the crypto world. However, the same rules that apply to other investments also apply to cryptocurrency- you will not make a lot of money quickly without taking some risks, and it is better to stay invested for a long period instead of trying to time the market.”

Hoang states that Finblox is a cryptocurrency platform that is built for the long term. And that its goal is to help people invest in digital assets safely and securely.

Hoang adds that confidence in cryptocurrencies could be achieved via clarity from crypto firms. The Finblox boss states;

“Reports, information releases, instructional pieces, and communication may go a long way. The community, on the other hand, does not have the authority to regulate users’ risk tolerances or choices — that duty always rests with the individual user.”

In Southeast Asia, cryptocurrency adoption has accelerated dramatically in recent years. Hoang states that the availability of cryptocurrencies and the promise of potential profits are two major reasons for their popularity; in the region.

“The barriers to entry for purchasing cryptocurrencies have lowered significantly in the last few years. Platforms like Finblox make it easy for users to buy, sell, and store digital assets. Additionally, the high potential returns associated with investing in cryptocurrencies are attracting more and more people to the space.” He went on to say;

“No one can predict when and where the next black-swan event will happen, but we can learn from our past mistakes. We have scaled through several crises created by systemic failures and overreaching financial institutions, but we are still here.”

Finblox is not as big as a company like Celsius. Recently, Celsius has been criticized for predatory lending practices. However, Finblox employees are allowed to be creative because the company does not restrict them. He says;

“They have a lot of lee ways to come up with their ideas and methods, and the founders will intervene to offer input and sometimes challenge the logic of one another’s ideas constructively.”

The cryptocurrency market is currently experiencing a bearish trend. With the total market cap dropping by more than 60% from last year’s peak. Despite this, Hoang is bullish on crypto and believes that the market will recover in the long run.

“The current market conditions are a great opportunity to buy the dip,” he says. “I am personally quite bullish on the long-term prospects of cryptocurrency, as I believe that it will eventually be adopted by the mainstream as a store of value and a means of payment.”

About Finblox

Finblox is a crypto asset management platform that allows users to track, analyze and manage their digital assets. The platform provides real-time data and insights on the performance of different cryptocurrencies. Finblox was founded by Peter Hoang, who is also the CEO of the company.

Hoang is a serial entrepreneur with over 15 years of experience in the technology industry. He is also a co-founder of the Blockchain Association of Canada.

I am sure you do have one or two things to say about this. Because a lot of people think that crypto is another get-rich-quick project. Whatever you think, hit the comment section and tell us your view.

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James Atkins

I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.