Ilya Volkov is CEO and co-founder of YouHodler, a Swiss-based Web3 platform providing innovative fintech solutions that bridge fiat and crypto financial services.
With nearly 20 years in the fintech industry, his expertise covers commercial finance, online trading, and Web3 financial services.
In addition to his role at YouHodler, Ilya also serves as a Board member of Switzerland’s Crypto Valley Association and ambassador for Innovaud, an agency promoting innovation and investment in the canton of Vaud, Switzerland.
As 2024 unfolds, what are some trends or industry developments worth following?
Here are some of the trends I’m closely following. The first one is the evolution of regulation – in 2024, crypto regulation around the world will continue to solidify as regulators learn more about the crypto market.
We already have some good examples, such as the EU’s MiCA framework, which will come into force this summer. While many challenges still exist, I believe governments, working with the industry, will pave the way to healthy regulation that keeps the crypto world innovative while in compliance.
The second trend I’m watching is the consolidation of traditional and Web3 fintech. A key aspect of this is major financial institutions’ need for technologies developed by crypto-native companies.
We’re seeing more financial institutions actively engaging with crypto or Web3 technologies – for example, banks like Raiffeisen Bank Austria are introducing crypto offerings.
In 2024, these collaborations will become even more prevalent, allowing traditional and Web3 players to learn from each other. It’s crucial for the evolution of fintech, which is all about building bridges and filling gaps between the legacy and the future of financial services.
The third one is about crypto ETFs. The SEC’s approval of Bitcoin ETFs has profoundly transformed the crypto market by bringing in new investors and capital. We can expect more ETFs to enter the market in 2024, and this will help the market to mature further. While volatility is here to stay, we will also be seeing more opportunities.
Based on the above, do you think 2024 is a year where we can achieve significant progress in the mass adoption of crypto?
I believe so. To echo what I just said above, the market continues to mature while regulation evolves, so the crypto space will become healthier, attracting more companies to participate in innovation and collaboration.
From there, we will see more services and solutions embedding blockchain technology, making it easier for customers to learn more about and access crypto in their everyday lives. Let me share an example – in some European cities, crypto is listed as a payment method at post offices and many brick-and-mortar stores. We will see more of these use cases soon as more merchants embrace Web3 solutions.
Let’s talk about the things worth our caution. From your perspective, what are some of the biggest challenges in the Web3 fintech industry this year?
The market, while evolving at a faster-than-ever speed, is still at a relatively early stage and faces volatility. Speaking from my experience in the fintech industry, I view volatility as both a challenge and a normal aspect of our ecosystem.
Of course, this volatility introduces a layer of uncertainty, posing challenges, especially for startups operating on tighter financial margins.
My advice is that risk management is really important for every player. And it’s not just a fundamental aspect of traditional finance; it’s equally crucial in Web3 finance.
Recognizing and understanding the fluctuations in the market is essential. It empowers us to conduct our own analyses and make informed decisions. From there, we can take better control of our future.
How does YouHodler fill the gaps in today’s fintech industry?
At YouHodler, all we do is about bridging fiat and crypto with a set of essential financial services. On the YouHodler app, customers can easily store, spend, or trade crypto assets on an intuitive interface.
We pride ourselves on offering intuitive and accessible products, ensuring a seamless experience for all. But for those with a deeper understanding of the crypto market, we also provide sophisticated tools, like MultiHODL, that support more advanced trading strategies.
In addition, we also have an array of enterprise solutions that are tailored for traditional banks, digital wallets, and online merchants.
These solutions are designed to be modular and plug-and-play, so they enable businesses to effortlessly enhance their services with support from YouHodler’s robust technological infrastructure.
Are there some exciting updates happening on the YouHodler platform in 2024?
I’d like to share one of the first exciting updates of this year: we recently received our Virtual Asset Service Provider (VASP) registration from the Bank of Spain.
Now, we’re proudly offering our Spanish users, both individuals and enterprises, a secure and reliable gateway to the future of finance.
The VASP status validates our ongoing efforts to provide a compliant and powerful Web3 fintech platform that connects fiat and crypto financial services for everyone.
I see the completion of this registration as a milestone as we develop and expand our services at the forefront of Web3 fintech innovation. And this is just a start – as we prepare to embrace the upcoming MiCA regulation, we will continue with our proactive approach to regulatory compliance in the countries and regions where we operate.
