What do we know about crypto hybrid exchanges, and how will Monitok revolutionize crypto trading for millions of users? Find out the answers in our new interview with Eimantas Barauskas, the CEO and co-founder of Monitok – a revolutionary hybrid crypto exchange that merges the best features of centralized and decentralized exchanges and aims to provide users with the most powerful, secure, and user-friendly trading experience on the market.
Eimantas has a storied career that involves managing elite clientele in traditional finance and has been a strong crypto advocate since 2016. Eimantas shares his thoughts on Monitok’s key features, milestones, and how the hybrid crypto exchange stands out in a competitive landscape. Don’t miss this piece!
Crypto Daily: Monitok is described as a hybrid exchange, merging the best of centralized (CEX) and decentralized exchanges (DEX). Could you elaborate on how Monitok strikes this balance, and why this model is essential for modern crypto users?
Eimantas Barauskas: I originally wanted to build Monitok as a safe and user-friendly crypto gateway, where retail users could get involved whilst learning about this fascinating new industry — all under one intuitive app-based platform.
However, after assembling the base for our team, and obtaining European and US licenses, while working on the front end of the app, I had a chance to meet Laurent Bourquin who is an on-chain trading wizard, he runs a very successful DeF hedge fund called MEV Capital. It was Laurent who actually acknowledged our great, easy-to-use front end but said that we should start thinking out of the box and build our app on a decentralized backend. At the end of the day – he said – the blockchain was created to eliminate intermediaries out of human transactions.
This idea was stuck in the back of my head for a while, until like two, or three months later – the FTX crash happened, Celsius went bankrupt and we as a team spotted a massive upward trend towards self-custody and decentralized trading. It became very clear to us at that moment, that it’s a perfect time to pivot and build something different. That’s how the idea of a hybrid exchange actually came to fruition.
We decided to take our user-friendly, feature-rich front-end with EU and US licenses. These licenses allow us to have seamless fiat integrations with personal IBANS, contact payments and debit cards. Connect it all to a decentralized back-end that’s built on EVMs – Ethereum, Arbitrum, Polygon and Base while issuing our users account abstracted self-custody wallets, that grant them full asset control, transparency, and the possibility to pay gas and swap fees with over 80 different tokens they hold in their wallets.
Monitok is also a DEX aggregator that aggregates over 100+ decentralized exchanges, which promotes peer-to-peer trading without any intermediaries. To top it all off, we are introducing smart contactless bridging, which will allow users to move their assets from one chain to another in a very cost-effective and time-efficient manner, without any risks of being hacked. The goal at the end of the day became to create a one-stop shop for everything crypto, where we allow our retail users to trade on-chain, without even realizing that they are on-chain.
Crypto Daily: One of Monitok’s key selling points is its self-custodial nature. Can you explain how this model improves user security and control compared to traditional CEX platforms?
Eimantas Barauskas: We’re really passionate about putting control back in the hands of our users, and this is at the heart of our self-custodial model.
Traditional CEX platforms require users to hand over control of their private keys, which means the exchange is essentially holding their assets. While this might seem convenient, it comes with major risks, and we’ve seen what can happen with situations like the FTX collapse. With Monitok, we are trying to change that narrative.
By giving users control over their own private keys, we’re ensuring that they always have ownership of their assets. It’s not just about security though, we want to empower users to take charge of their finances and always know their money is where it’s supposed to be. We want to promote true decentralization and trading without any intermediaries which is why blockchain was created in the first place.
We didn’t just want to build a secure platform — we wanted to make sure it’s also a convenient one.
One of the challenges with DeFi is that while it offers control and peer-to-peer trading, the user experience can be pretty intimidating; especially for people unfamiliar with blockchain. So we set out to change that with monitok.
Crypto Daily: As the crypto industry faces increasing regulations, especially around anonymity and security, how does Monitok stay compliant while still offering the flexibility and user empowerment that decentralized platforms provide?
Eimantas Barauskas: At Monitok, we know how important it is to stay ahead in an industry where regulations around anonymity and security are getting stricter every year. That’s why we are taking a proactive approach to compliance, making sure we meet all the rules without losing the flexibility and freedom that come with decentralization.
On one hand, we’re fully compliant with local EU regulations, and we’ve built Monitok to be ready for the upcoming Markets in Crypto-Assets (MiCA) regulations, which will create a standardized framework for crypto regulations worldwide. These rules are crucial for bringing more safety and transparency to the crypto space, so both investors and users can trust that their assets are protected and that platforms are legally sound.
But here’s the key part — we’ve done all of this without compromising the core values of decentralization. Monitok uses a self-custodial wallet model, meaning users always have full control of their assets and private keys. This way, we combine the security and autonomy that DeFi is known for.
Crypto Daily: Monitok recently achieved several key milestones, including securing EU and USA licenses and raising significant investments. Can you share more about how these developments position Monitok for future growth in the crypto space?
Eimantas Barauskas: From day one, my goal was to invest my own resources and gather investments from my own circles to build a solid team base and develop a functional platform before reaching out to venture funds, to show them that Monitok is here for the long run, and is not just another short-term project.
Once we had that solid base, we raised around €900K in our Friends and Family (FNF) round, which was crucial for building the strong team that has become the core of everything we’ve done so far. We then secured an EU grant of €102K, which besides funding, was Monitok gaining recognition from a leading institution, which has and will help our platform in its global licensing pursuit.
Recently, we closed a pre-seed round with an additional €420K investment. This helped us launch a fully functional platform with real use cases in the market and prepare a solid TGE (Token Generation Event) with additional post TGE strategies.
So unlike many other projects that enter the market without anything tangible, this early funding not only helped us to build a self-custodial hybrid exchange that actually meets users’ needs. This support also reaffirms that we’re building something special that others believe in.
Crypto Daily: With the $MONY token launch on the horizon, can you discuss the role of the token within the Monitok ecosystem? What unique utilities will it offer to users?
Eimantas Barauskas: I’m really excited about $MONY as it’s more than just a token — it’s going to be the backbone of our platform and a key driver of future growth. One of the key benefits of $MONY will be the ability to reduce trading fees while paying them with our native token. Our users will also be able to stake their $MONY tokens to earn rewards like enhanced debit card offers and different levels of cashback. Additionally, $MONY will give users access to premium features such as advanced analytics tools, taxes and AI features, which will really make a difference when it comes to increasing user engagement and providing higher quality of features to our end users.
We’ve got quarterly airdrops planned, as well as a buy-back mechanism to keep the token supply healthy and support its value. Ultimately, we see $MONY as a way to create a deep connection between our users and the platform, ensuring that they’re part of our continued success and growth.
Crypto Daily: Monitok’s market opportunity is substantial, with a serviceable obtainable market of $4.13B. What strategies are you implementing to capture this market share, and how will Monitok stand out in a competitive landscape?
Eimantas: To scale globally and reach a broad retail audience, we are employing tailored strategies based on user preferences (including self-custody) and geographical markets.
Since there is a growing DEX market and TVL (Total Value Locked), Monitok’s feature-rich and user-friendly app will offer full control over user’s funds, with seamless DeFi trading, and cost-effective fiat integrations (like IBANs and debit cards) to complement this.
Our app is available in 174 countries on Android and iPhone and supports 120 local currencies. We’re also fully licensed and are targeting global expansion through direct marketing in major economies. When it comes to Web3, our focus is on regions like South Asia and Africa, while our Web2 efforts target high ARPU markets like the EU and USA. Either way, our go-to-market strategy for both is to focus on fuelling growth, building reputation, and driving user acquisition and retention.
To date, we’ve already attracted an organic community of 50K users.
Crypto Daily: As you prepare for the future, what are Monitok’s next major milestones? Can you share your vision for the platform and how you aim to revolutionize the crypto trading experience in the coming years?
Eimantas: Our next major milestone is building a “DeFi aggregator of aggregators,” a platform designed to be future-proof and capable of onboarding another billion users.
In terms of how we will be revolutionizing the crypto trading experience, put simply, we aim to enhance Web3 and financial features, while simultaneously maintaining simplicity and usability. This will revolve around offering sophisticated, seamless trading experiences for both experienced users and newcomers alike.
We are committed to creating a platform that evolves with crypto market demands, helping to revolutionize how users interact with crypto trading while focusing on accessibility and user empowerment.
Crypto Daily: Thank you for taking the time to speak to us Eimantas. If you are excited about what Monitok is building, then the upcoming $MONY token sale is something you may want to keep your eye on. As described by Eimantas, $MONY will be the lifeblood of this revolutionary crypto hybrid exchange and will offer early investors an opportunity to grow alongside the platform, whilst allowing them to enjoy all of the attractive perks on offer.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/11/crypto-hybrid-exchanges-are-the-future-interview-with-monitok-co-founder