28 May 2021 – We interviewed Coinstash’s co-founder Ting Wang about the company’s plans and his opinions on the crypto market.
Coinstash.com.au is an Australian based cryptocurrency exchange where you can buy and sell Bitcoin and 21 other cryptocurrencies. Following a substantial capital raise of A$2.8 million, the company has big plans for the future – looking to revolutionise the way we use crypto in Australia.
Q: It has been a bit over a month since your capital raise with Birchal. Can you please give us a brief update on how the team has progressed since then? What are the team’s plans to continue to grow the business?
A: We’ve been working on growing the business by engaging legal professionals, mapping out operating models, and hiring new developers – planning to double from 6 people to 12 people.
Australia doesn’t need another crypto trading platform. Coinstash is trying to make crypto easier to spend and revolutionalise personal and business crypto financial services products.Coinstash Co-Founder Ting Wang
We have plans to introduce new financial products such as spending, earning interest and borrowing against your cryptos. To achieve this, we are working with legal professionals to obtain all the accreditations we require. This space has a high barrier to entry and we’re making sure 100% that we tick all the boxes, so due to regulations it might take some time to get these products out to market.
Q: What’s your current market outlook? In particular, who do you think is benefiting from the sudden fall in price, and what opportunities are there for those interested in entering the space?
A: My perspective is that Bitcoin is still up heaps since the start of the year. The recent FUD is caused by regulatory pressure in countries such as Turkey, India, and of course China. As Binance, OKEx and Huobi traders are mostly from China this has caused a shockwave effect on liquidations, causing the market to dip. China cracking down on mining operations also affected the price – this might be bad for BTC in the short term but should be good in the long run as the network becomes more distributed.
It’s too early to say that the bull market is over, although you need to tread carefully in the current market.Coinstash Co-Founder Ting Wang
I’m not a financial advisor, but my personal approach is instead of timing the market, invest a recurring amount into major coins, then just hold it, and if it drops, stay calm and don’t panic. In the past, this strategy has well-served many people I know. Coinstash has plans to introduce recurring buys and top coin bundles soon to help you participate.
Q: With tax season around the corner, any tips on what Australians should prepare for?
A: Firstly, you should get a good accountant, one that knows about crypto. Then the simple thing you can do is keep your records, which can save you a lot of headaches down the track. Record the date, transaction amount, buy or sell, the fees, and crypto used. Also, take a note of all the exchanges and wallets you’ve been using. I’ve found this to be helpful if you’re using many different ones. Coinstash offers a free download of all transaction history for the year so you can send it directly to your accountant.
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.