In a Nutshell: Consumers have a number of options to choose from when it comes to buying and selling cryptocurrencies. Genesis Block differentiates itself from many crypto platforms with its bespoke over-the-counter (OTC) service with an entry point much lower than that of other OTC services. The company operates under the guidance of three main pillars: accessibility, trust and reliability, and community. It also provides crypto ATMs to help promote the widespread adoption of digital currencies. Genesis Block also prioritizes educating people about the world of cryptocurrencies, whether they are a client or not.
Cryptocurrency has been the subject of much debate among finance experts in recent years. Is it stable? Is it secure? Is it a sound investment? Will it see widespread adoption?
More than 10 years into its existence, and crypto appears to be here to stay, regardless of where economists may land on those questions.
Crypto coins, exchanges, and other related platforms have been seemingly springing up left and right over the past couple of years. Some have proven to add value to the world of cryptocurrency, and others have faded away just as quickly as they appeared.
In any new industry, longevity often speaks to the stability and trustworthiness of a company. And Genesis Block has been in crypto almost since crypto was invented. The Hong Kong-based company launched in 2012 as a mining operation before evolving into the public-facing, over-the-counter (OTC) crypto trading platform that it is today.
The main difference between a standard cryptocurrency exchange and an OTC exchange is that the latter caters to institutional investors and high net worth individuals.
Genesis Block sets itself apart in the OTC market with a bespoke service with much lower entry-level investment amounts than many of its competitors. This falls in line with the company’s mission to help make the world of cryptocurrency accessible to as many people as possible, according to Genesis Block.
We recently spoke with Genesis Block’s CMO, John Keh, about the company’s approach to crypto, including three main pillars that form the platform’s foundation, ATM services, and its mission to educate people about crypto.
Helping to Make Digital Assets as Accessible as Possible by Focusing on Three Main Pillars
Keh said Genesis Block’s three main brand pillars are accessibility, trust and reliability, and community.
“We want to make Bitcoin as accessible as possible,” he said. “As far as the OTC service goes, our minimum buy-in is $100,000 Hong Kong dollars (about $12,700 U.S.) compared to our competitors where it’s $100,000 U.S. — so that’s more accessible by almost a factor of 8.”
The company’s approach to accessibility extends to its personalized customer service as well.
“Additionally, our team tries to make ourselves physically available to answer your questions as much as is humanly possible,” according to the company. “If you ever have a question or comment, rest assured that a member of our team will respond. Our goal is to always be one click, email, message, or call away.”
This human touch aligns with the bespoke nature of its OTC service.
“We provide tailor-made solutions in trading and liquidity best suited to your needs on an individual level. Once your account is set up we consult you and provide solutions that cater to your desired preferences and outcome,” according to Genesis Block.
Genesis Block addresses trust and reliability by maintaining good business standards, Keh said. Although the company is not regulated in Hong Kong, Genesis Block regulates itself on par with most major banks, he said.
“Hand in hand with the trust we build, we are committed to our reliability. No matter who or where you are, you can count on us to provide immaculate service,” according to the company. “The consistent quality of our service and the dependability of our team is paramount to what we believe is good business.”
As far as community goes, Keh said Genesis Block strives to educate not only its clients but anybody interested in learning more about crypto.
“Whether you are a Bitcoin veteran or new to the space we welcome you and hope you’ll engage with us and our community,” according to Genesis Block.
Collaborating with Binance to Promote Adoption
In May 2020, Genesis Block announced a partnership with Binance, a leading cryptocurrency exchange. The goal is to utilize Genesis Block’s subsidiary, CoinHere, to make Binance’s BNB cryptocurrency more accessible.
“CoinHere is currently the largest Bitcoin and cryptocurrency ATM operator in Asia. With over 30 ATMs in the region, we are proud to help bring BNB into the mainstream,” according to a company announcement. “BNB will now be more accessible than ever with locations scattered across Hong Kong and Taiwan able to sell BNB 24/7.”
This supports Genesis Block’s long-running mission to promote mass adoption of cryptocurrency. Keh said the ATMs also facilitate Ethereum and Bitcoin transactions.
“Both companies aspire to bring cryptos to the mainstream and encourage growth in the market,” according to the announcement. “With the market showing bullish signals for some time, it has never been a better time to enter the cryptocurrency space and purchase BNB. Moreover, it’s never been an easier time to buy BNB.”
Crypto ATMs present a great way for people to enter the cryptocurrency space, according to Genesis Block, because the barrier to entry is extremely low with most transactions taking place with cash.
“This is particularly significant when taking into consideration the 1.7 billion underbanked and unbanked people in the world,” according to the announcement. “This demographic of people would otherwise have no access to financial markets of any form.”
CoinHere also offers advising services for retail and online merchants to set up their POS systems to accept payments in cryptocurrency.
Keh said Genesis Block recently collaborated with several other cryptocurrencies — FFT, Clay, and apM — and has other collaborations in the works.
Educating the Public on Cryptocurrencies
Whether consumers are Genesis Block customers or not, the company wants to help educate people about cryptocurrencies by providing an array of helpful resources.
“When it comes to community, this is kind of the cornerstone of what we do as far as being the first point of contact when you want to learn about cryptocurrency,” Keh said. “We want to be the first stop to show you a safe way to engage with Bitcoin and cryptocurrencies.”
The Genesis Block website features an extensive free library of videos and articles on all things crypto, and can be filtered for beginners, advanced users, and for trader insights.
“Whether offline or online we are growing a community that encourages and inspires people,” according to the company website. “We spark discussions, educate, and engage people in the global Bitcoin and Crypto community in a way that resonates.”
Keh said the goal is to inform but within that, a big part of the company’s motivation behind its educational content is to help cryptocurrency overcome any stigma it may have among certain audiences.
A few high profile scams and widely circulated articles have led some people to be reticent about crypto, he said. But by educating them, they can gain a better understanding of how to approach crypto in a secure manner.
Keh said that, hopefully, Genesis Block can educate people effectively and that they will one day feel comfortable and confident enough to begin purchasing cryptocurrencies.
“Whether or not that’s with us, the real benefit is that more people who adopt Bitcoin and crypto globally the better it is for our industry as a whole,” he said.