In Conversation with StrikeX CEO Joe Jowett on Online Retail
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By Joe Jowett, CEO of StrikeX
What is StrikeX?
StrikeX is the result of a group of experienced traders who were unhappy with the retail landscape. Together, we have harnessed blockchain technology to develop an all-new multi-asset trading platform based on transparency and ease of use, with the aim of democratizing the market and putting the interests of retail investors first.
What prompted you to launch StrikeX?
A key trigger was the GameStop saga in January 2021. Young online investors created short pressure by buying up GameStop shares, buying enough shares for short sellers to close with massive losses. As a result, many platforms restricted GameStop stock transactions, leading many in the retail community to believe that the system was unfair and intentionally designed to work against them.
This was the catalyst for us to launch StrikeX. Platforms had taken power away from investors, and we wanted to bring it back. Along with this, we have been fueled by the inadequacy of current trading platforms to meet the needs of retail investors and the lack of interest from large players in meeting these necessities.
How do you see the e-retail market evolving?
The market boom was heavily influenced by the economic uncertainty of the pandemic. We are in a similar situation today, with inflation a pressing concern. It is likely that more people will see the benefits of investing and trading online, creating an appetite for crypto and other assets to be more accessible.
But online retail merchants demand platforms that are not only accessible, but also secure and, most importantly, transparent. Young traders have already been burned once, and exchanges need to rebuild trust with their users. I see retail investors as the future of online trading and platforms that can meet their needs will thrive as the market grows.
Your online platform TradeStrike will be released this year – what makes it different from other trading platforms or crypto exchanges?
Using tokenization, Tradestrike will offer a diverse and accessible range of assets, ranging from crypto and stocks initially, to a myriad of other real-world and digital assets in the near future. This eliminates the need for multiple accounts on different platforms and allows for more diverse portfolios without additional effort or cost.
Transparency is reflected in our philosophy – StrikeX is for people, and it’s important to us to listen to what users want. We follow a user-centric design, maintaining very close relationships with our investors and our community. We know many are new to investing, so the vast majority of our resources go into making our products easy to use yet feature rich; strike a difficult balance with existing platforms. This is essential to help and empower investors to trade responsibly, while attracting and retaining users.
Why is real-world asset tokenization important?
Tokenization is one of the most significant technological developments in blockchain, with vast untapped potential. The ability to split ownership of any real asset and make it on-chain tradable via a liquidity pool is just one of the exciting benefits of tokenization.
Yese recently celebrated your first birthday – what does this mean to you?
Passing our first year is a huge accomplishment. Tech startups have the highest failure rate at 63% with one in five startups failing in their first year. As part of our transparency efforts, we have shared our roadmap with our user base. We are of course ambitious and plan to innovate in the coming months, and we will expand our core team as needed to do so.
We are extremely proud of everything we have accomplished in these first 12 months; launch our TradeStrike Lite decentralized exchange and be the first cryptocurrency to be launched into space. Given that we are about to launch our own crypto wallet, our second year as a company is shaping up to be even more exciting!
What can we expect from StrikeX in the future?
Our immediate priority is the release of our StrikeX DeFi wallet, which will launch in the coming weeks. The wallet will allow users to on/off ramp with fiat currencies, store and trade cryptos from multiple
Channels and track their global portfolios from a single app.
We are also replacing our current decentralized exchange with the highly anticipated TradeX DEX. We continue to work hard on our flagship product, the TradeStrike platform, which we hope to unveil in demo form in the coming month.