The majority of people lack confidence in cryptocurrency’s safety and reliability. What should we do about this – replies the expert.
Cryptocurrency markets are encountering significant challenges such as value declines, corporate bankruptcies, lawsuits, and regulatory threats. A Pew Research Center survey conducted in mid-March found that 88% of Americans are aware of cryptocurrencies, yet 75% of them lack confidence in the current methods for investing, trading, or using these digital assets.
Alona Dobshynska is a Senior Product Manager at Collabera, currently working on Visa Inc.’s project, Master in Business Management, specializing in Foreign Economic Activity, certified as the Scrum Product Owner and AI Product Manager. Her previous roles include Chief Product Office at CEX.IO and Chief Product Officer at Baanx Group LTD in the United Kingdom, Alona shares her extensive experience by illustrating how the Cryptodraft feature of the CL Card, one of Alona’s most triumphant products, which she built from scratch and launched successfully, can impact the buying experience.
Cryptodraft is a remarkable achievement in the realm of payment systems for the crypto industry. As an expert in cryptocurrencies and product management with over 10 years of fintech and innovation experience, could you elaborate on how this innovative feature, integrated into the Ledger ecosystem, was conceptualized and developed from its start?
The complexity of using cryptocurrencies can be a barrier to entry for many users, limiting widespread adoption. As an expert, I profoundly understand user needs and can translate those insights into a practical, user-centric product. It helped me to identify a critical user need and develop a unique product to address it, allowing people to pay for goods and services while retaining their crypto assets. This is how Cryptodraft started, a groundbreaking feature integrated into the Ledger Live application—Ledger CL Card. This product meets significant market demand and demonstrates the potential of combining advanced technology with thoughtful product design to create truly innovative solutions. As a Chief Product Officer of Baanx Group LTD, I built the CL Card product with the Cryptodraft feature from scratch to the production launch and its commercial usage, including specific functionality to the admin portal for supporting my product. Based on my 10 years of experience in product management for crypto and fintech projects, I have developed a deep understanding of our target audience’s needs, allowing me to successfully lead the strategic direction and execution of product development.
The Cryptodraft credit line is truly innovative because it addresses a fundamental need of crypto investors and traders: the desire to retain their crypto assets. How does Cryptodraft address the reluctance of crypto users to spend their digital assets on everyday expenses?
People are often reluctant to part with their cryptocurrencies, as they expect favorable market movements and want to keep their assets available for potential gains. Holding onto crypto, rather than converting it to fiat currencies like dollars, is crucial for them.
Moreover, crypto investors and traders are particularly averse to spending their crypto on everyday necessities and ordinary goods in stores. They prefer to preserve their digital assets for significant investments and market opportunities rather than depleting them on routine expenses.
Cryptodraft solves this problem by allowing users to access a line of credit secured by their crypto holdings. This way, they can make purchases, pay for services, and withdraw cash without having to sell their cryptocurrencies. This innovative feature ensures that their crypto remains intact, ready for future market opportunities, while still providing the liquidity needed for daily expenses.
The uniqueness of Cryptodraft lies in its unparalleled functionality, which is not available with any other company worldwide. The CL Card is currently available in the United Kingdom and the European Economic Area, providing users with exceptional financial flexibility and security. Due to its success in these regions, plans are underway to expand its availability to more countries in the near future, broadening its reach and impact globally. Even competitors offering similar crypto cards do not provide this level of innovation. Cryptodraft is a unique product, setting a new standard in the industry.
Working on this project, you created a comprehensive Go-to-Market strategy. How did your leadership in the strategic direction and execution of product development contribute to the overwhelming response and large number of clients on the waiting list for the Ledger CL Card crypto card?
That’s right, I efficiently led the strategic product management direction and execution of product development. Thus the success of the CL Card powered by Ledger was expected and became clear from the immense reaction it received following its initial announcement. After unveiling the product, an astounding 400 thousand clients expressed their desire to order the card, joining the waiting list. This remarkable level of interest highlights the strong demand for the innovative features offered by the CL Card. The product’s ability to meet the needs of crypto investors and traders, who prefer to retain their crypto assets while still having access to liquidity, has resonated with the market.
The enthusiastic reception and high number of clients on the waiting list underscore the product’s potential to make a significant impact in the cryptocurrency space. This success sets a new standard for innovation and user-centric design in the industry.
How can individuals best prepare themselves in the evolving world of cryptocurrency, and what role does engaging in industry events and training sessions carried out by you play in this preparation?
As the world of cryptocurrency continues to evolve, individuals need to prepare themselves by understanding the right questions to ask when choosing a crypto project of their interest. Being well-informed can help you make better decisions on your investments and avoid potential pitfalls. I am deeply committed to developing my professional expertise and to training young specialists, which is why I actively participate in conferences and conduct training sessions at work. By engaging in industry events and sharing my knowledge, I aim to inspire and educate the next generation of professionals.
At conferences, for instance, Cyprus IT Forum, and Barcelona Trading Conference, I presented the new product I developed and focused on discussing with partners the trends and developments in the crypto industry and crypto products. These events provide a platform to discuss best practices, share insights, and foster a collaborative learning environment. I never stop developing as a professional. Alongside my work in the crypto industry, I am actively advancing my skills in product management and artificial intelligence. Recognizing the high demand for my expertise, I plan to mentor young professionals in these fields further.
How do you foresee advancements in technology, regulatory support, and user adoption influencing the global acceptance and integration of cryptocurrencies in everyday transactions over the next 5-10 years?
I am confident that in the next 5-10 years, cryptocurrency will change how people pay for things. It will be accepted by more stores and businesses worldwide. Big shops, both online and offline, will allow customers to pay with cryptocurrency. This will make it simpler for people to use digital money for everyday shopping, making it more popular. Moreover, websites and apps will be designed to help people understand and use cryptocurrencies easily.
With better technology, support of respective regulations, and more people using them, cryptocurrencies will provide safe, fast, and fair ways to pay for goods and services. This will change how people buy things and do business on a global scale.
