HAYVN, a digital asset company in the Middle East, has established itself as a player in the cryptocurrency industry by offering a diverse range of advanced services such as trading, payments, secure custody, and asset management.
Among their many offerings, HAYVN also provides the ability to trade the AED and USD pairing, which has recently experienced significant fluctuations in the ever-changing world of cryptocurrencies.
With a global presence through its international offices, HAYVN is well-positioned to navigate and capitalize on the dynamic nature of the digital asset market.
In a recent interview with UNLOCK Blockchain, Christopher Flinos, CEO of HAYVN, shared his insights on the industry and the growth of HAYVN.
HAYVN and market conditions
When asked about the vision behind the company, Flinos emphasized that unlike most digital asset businesses, HAYVN was not created to be an exchange.
As a matter of fact, there is a surplus of exchanges in the market, which is why HAYVN’s primary focus is on the transformative power of blockchain technology and how it can revolutionize the way the world interacts with money.
Christopher said, “When HAYVN was created, the market was in its infancy, and there were concerns about governments’ involvement in the industry. Despite the initial skepticism from the finance industry, HAYVN saw the potential of blockchain technology to change the way banks settle transactions, the way debit and credit cards work, and how payments are made.”
He added, “Nevertheless, HAYVN has since grown substantially, and surprisingly after the collapse of FTX, the company’s revenues, custodies, and all its businesses have seen tremendous growth.”
When it comes to HAYVN’s clients, Christopher noted that the company primarily serves institutional clients who require regulated custody services, with a particular focus on those involved in the cryptocurrency space. Additionally, it also works with token projects that require a reliable custodian to manage their liquidity flow.
Nevertheless, although institutions are still HAYVN’s main clients, there has been a shift, and non-native crypto interest in the industry has been increasing.
Christopher explained that FTX has definitely set the industry back and with the recent case of Silicon Valley Bank and Signature Bank, people are scared waiting to see what will happen.
He mentioned, “Our financial position has been and remains completely strong and market neutral. We continue to make a market in all our coins.”
He continued, “As a broker-dealer, custodian, and asset manager, HAYVN places the utmost importance on the safety and security of our clients’ funds. That’s why we segregate client funds and keep them in their original fiat currency or stable coin form, with all funds distributed amongst our global banking partners. We maintain complete transparency in our operations and are committed to acting in the best interests of our clients and stakeholders at all times.”
Banking system vs. cryptocurrency: who won?
The cryptocurrency industry is currently facing immense pressure, with both the Securities and Exchange Commission (SEC) and the Democratic Party taking a strong stance against it.
This has resulted in a number of crypto providers starting to pull away from offering services that bridge the gap between cryptocurrencies and fiat currencies.
Unfortunately, the US government’s actions have put the industry in a stranglehold, making it difficult for crypto providers to operate as they once did. HAYVN, however, continues to send millions of dollars worth of fiat into the UAE daily, converting it into crypto, which is one of the hardest parts of the business.
When asked if the banking system had won the war over crypto, Christopher strongly disagreed, stating that the banking system sees the industry as a direct threat.
While blockchain and crypto won’t break Swift, the settlement of bonds and other transactions will be changed in a few years.
Christopher said, “Bringing banks and the world of cryptocurrency together is crucial. By embracing blockchain and crypto, we have the opportunity to not only transform the financial industry, but to make a positive impact on the world as a whole.”
HAYVN’s compliance with UAE regulations
HAYVN is a digital asset business that stands out from the crowd in many ways, but one of its most notable distinctions is its choice to work with the most regulated body in the United Arab Emirates (UAE): Abu Dhabi Global Markets (ADGM).
As CEO Christopher explained, while there are several reputable regulatory bodies in the UAE, the central bank has yet to approve crypto, resulting in two parallel economies in the country until then.
In response, HAYVN decided to comply with ADGM’s stringent regulations, recognizing it as the most advanced, consistent, and toughest regulator, and therefore, the most credible.
Christopher emphasized that this decision was not to “make their lives easier”, but rather harder, in order to demonstrate to clients that the company did not emerge from a money laundering hub.
By choosing to work with ADGM, HAYVN demonstrates its unwavering commitment to transparency and trust, setting the standard for the industry as a whole.
Nonetheless, Christopher stressed that the UAE has long been recognized as a leader in the blockchain and cryptocurrency space, with a progressive approach to regulation that has set the standard for other nations.
He said, “The country has been at the forefront of technological innovation, consistently implementing new technologies in a bid to stay ahead of the curve, making it a hub for blockchain startups and projects, as it draws some of the brightest minds from around the world to collaborate and drive innovation forward.”
He continued, “By fostering a supportive environment for blockchain startups and projects, the UAE is paving the way for a future where traditional banking and emerging cryptocurrencies can coexist and thrive together.”
In a nutshell, HAYVN is a dynamic and forward-thinking digital asset business with a clear vision for the future. As the company continues to expand its offerings, it is now focusing on the payments sector, which is a natural progression for a company that has already completed successful real estate transactions, in addition to the first oil transaction for a government entity in the GCC using crypto.
Looking ahead, Christopher and his team are working towards the goal of an IPO, which requires reaching a specific monthly revenue target.
With their growth trajectory on track to meet this goal by December of this year or January of next year, it is clear that HAYVN is poised to make an even greater impact in the world of digital assets in the months and years to come.