Interview with Peter Sumer, the co-founder of new crypto exchange
The phenomenon of the last five years in the world of finance and investment has only one name – the Cryptocurrencies. For the last five years, Peter Sumer has been working in the dynamic world of fintech and trading. Based in Dubai and originally from Europe, this young innovator with leadership drive has come up with a project to move the cryptocurrency market forward – from a specific fan audience that know how the blockchain algorithm works to a wide retail public, and to the people who understand that the cryptocurrencies are filling the gap which gold, fiat money, and other means of exchange have failed to do so in thousands of years of their existence.
Cryptocurrencies are nowadays being referred to in every kind of way. Can anything new be brought to the market?
When I started Bitmarkets.com project, I was mainly thinking about the way how to make it the most accessible, user-friendly, and secured for everyone. For the potential clients that are yet to discover the benefits of cryptocurrencies, those three terms will play a huge role in their minds when deciding which crypto exchange to go with.
How are you going to achieve such a simplicity and clarity when the world of blockchain is still mysterious for non-professional clients? As the technology and its terminology is evolving and changing rapidly.
The financial market is itself very dynamic and fast-paced environment. With the introduction of new technologies and using more complex instruments like derivatives, retail and professional traders are constantly being exposed to learning new things whether they want to or not. Education is the most important part in trading and thus, besides my project, I am also trying to raise the awareness of trading derivative instruments as they are being utilized by millions of professionals and institutions. Therefore, I presented the benefits of futures contracts at the last Forex EXPO 2021 in Dubai.
Anyway, back to the Bitmarkets.com, in order to provide our clients with a simple and secure environment for trading cryptocurrencies, I put together a great and dedicated team of professionals in tech industry and cybersecurity as well as in financial compliance and legal department. As you mentioned, the world of blockchain is a mysterious place for a non-professional client, therefore, my team and I have been analyzing the crypto market sufficiently enough to figure out the best trading conditions for each one of our clients irrespective of their cryptocurrencies and blockchain experience.
Global security, local support
Support and communication with clients are becoming automated and robotic everywhere in the world. Are you going down the same road too?
Our intelligent management systems for providing our clients with the best trading experience cannot be left out. With so many clients from around the world, we make sure that each one of them will get the required services they are looking for. Also, from my front office experience, I believe that the personalized approach and regional specificity, including the use of local languages in each market area, are one of the main parts that will make our crypto exchange available to a much wider group of investors and traders.
It seems that your project has the ambition to reach the high scale, which requires more capital. Who’s funding you?
I run the project and I’m also one of the founders. I also have investors who are willing to support the idea of introducing a brand-new crypto exchange, although, not only for the idea and the detailed plan to make it all happen, but also, for my track record of fintech and investment management activities, which are yielding long-term results.
You obviously have the vision, the drive, and the experience. How did you actually get into the investment world and what did you do before starting the crypto project?
I studied Business Management at City University of Seattle, where I got involved in the world of finance including the investment analysis or use of quantitative methods. Besides that, I had been developing my knowledge in both fintech and blockchain technology, including cryptocurrencies, while working for international investment firm at the portfolio management. Most recently, I worked at Dubai based brokerage company, an award-winning investment firm, associated with the largest derivatives exchange in the Middle East, where I managed to implement new sales strategies for online trading and got to know the specific needs of not only retail, but also institutional investors.
What is the timeline for the launch of your project?
We are launching the crypto exchange, Bitmarkets.com, in early January of 2022. All tasks and work related to the key areas, such as flawless technical and software functionality along with legal and cybersecurity safeguards, have already been successfully tested and completed. We will start operating in more than 20 languages. And, additionally, we will add more features and attractive programs for our clients during 2022, which I can’t reveal right now, so definitely stay tuned and expect lots of great new things to come.