In an exclusive interview, CryptoNinjas spoke with Vytautas Karalevičius, the Co-Founder, and CEO of Spectro Finance Ltd, the company behind SpectroCoin.com, an all in one solution for bitcoin and other cryptocurrencies.
SpectroCoin has four main products: Bitcoin Exchange, Bitcoin Wallet, Bitcoin Debit Card and Bitcoin Payment Processor.
The company has 29 employees and will be launching 24/7 support for users this year, something very unique in the sector according to Mr. Karalevičius. The CEO talks how the company’s strength lies in promoting the adoption of bitcoin as a method of payment.
Mr. Karalevičius is looking for exchange rates of top cryptocurrencies to stabilize over the next 5 years, which he believes will coincide with the further growth of payment volume. SpectroCoin should be well suited to help accommodate this increase through its unique product and service mix.
The last we heard from SpectroCoin came last December when you integrated with Skrill, what has the company been up to in Q1 2017?
Vytautas: We have released a public API with functions such as bulk payment allowing to send mass payments. It is very useful for projects which have to make payouts. Also, we have introduced deposit support for most of the popular cryptocurrencies. Now we are focusing on improving our bitcoin debit card solution, which should dramatically lower costs for our end users as well as improve the experience for them. Also, we will soon release SpectroCoin in 5 new languages to improve our localized solution.
Do you plan to offer any margin trading services or only focused on fiat to crypto exchange?
Vytautas: We are mainly focusing on the aspect of cryptocurrency as a method of payment, so currently we are not thinking about margin trading.
Do you have a physical office?
Vytautas: Actually, we have two physical offices, both in Lithuania, one focusing on IT development and support (we are launching 24/7 live support this month, which is really unique in this market) and another one for business development. However, we are still a small team of only 29 people working for SpectroCoin.
Has GBP depreciation in the wake of Brexit boosted sales of BTC?
Vytautas: I doubt that Brexit had an effect for bitcoin as the lower GBP exchange rate is not a motivation for main holders of GBP (UK businesses and individuals to move to bitcoin). The key boost of sales of BTC is the increased usage of bitcoin as a payment method, which can be clearly seen from increased transaction volume on the blockchain.
Talk more about your merchant services for retailers, you already supply integration with popular online e-commerce software, is it fully developed for brick and mortar?
Vytautas: It is developed with a focus on eCommerce as we believe that Bitcoin is a currency for the internet. However, we have developed support for brick and mortar where a shop owner can allow its staff to create orders on their phones or tablets.
Any plans on expanding upon the bitcoin debit card, is this service available for US users?
Vytautas: We are looking for opportunities to expand to the US in the near future as we think we have developed a strong enough product to enter new markets.
When was the company founded, and how do you see the cryptocurrency industry developing over the next few years?
Vytautas: The company was founded in early 2013. We believe, that the prices of cryptocurrencies will stabilize in the next 5 years or so and they will predominantly be used a payment method rather than an investment or trading tool. We see cryptocurrencies as a payment/clearing layer between different payments providers.