Make it Dumb, says Sukesh Founder at Kryptos.io
Host: Abel Maloum (Co-Founder @ DOT)
Hosted by Abel Maloum (Co-Founder @ DOT Ads) and joined by Sukesh Tedla (Founder @ Kryptos.io) 📖 Read the Highlights
Sukesh: I would suggest every single founder to do this, is to simplify the user experience and make it like dumb so that anyone can use it.
Don't make things complicated. Just try to make it as much simple as possible and reduce the number of steps that people has to take to go through certain things. So I think that's a huge issue today in this space. Some projects who cracked it are really successful today. And especially I think a great example is Solana ecosystem. If you look at it like every single project has a super good user experience.
The most untapped market in crypto today and not a fun topic is the regulatory aspects, the tools surrounding the regulatory aspects of crypto, compliance and taxes and all these different things. I'm biased but I think this is a huge opportunity because if you just look at the market size out there, there's like more than just based on the recent reported numbers from crypto.com, they estimate it's 500 million users already using crypto in one way or the another or have used crypto at least once in their lifetime.
In Sweden we have something called the Lagom Way, right? Kind of like on the fine line between, I would say, good and bad or the neutral position that Sweden is in for two decades right now. So it's just the right amount.
You kind of have to, want to try to be compliant with the rules and regulations. You have to do your part as much as possible, I would say, because. I have met with companies who are billions of dollars worth, but they try to avoid these things in their early stages, and then when the time comes to either sell the company or do any kind of deal, these things kind of become complicated. And it's gonna cost you huge amount of capital at the time. And possibly like if you're doing something bad, then legal risks as well for you as founders. [00:02:00] So I think it's better to be safe than sorry.
Find a jurisdiction where things are much more clear, do things from there. And yeah, always keep track of all your transactions, don't try to avoid certain things, because it's just too painful to track everything.
Yeah, just keep all your books organized, because I think that's the fundamental rule of running a business. If you want everything to be well and good. So just follow the basic principles and you'll be fine.
Abel: That makes sense. So, actually tell us more about Kryptos. Who should really pay attention to what you're doing?
Sukesh: So Kryptos kind of started with a huge pain personally and professionally running businesses in crypto space. The biggest challenge at that time was to do your own taxes and be compliant with the regulations because I didn't realize that when I started with crypto and investing in crypto ICOs and things like that, I have to pay taxes.
I thought this is just like a fun asset that I just give Yeah, exactly. Right. Like betting. But then, once I got to know, like I had almost 2000 transactions over the last couple of years and, for a period of time, I actually stopped investing and trading because of, I was so afraid to do my own taxes, and because it's huge. And at that time, like in 2018/2020, like in Sweden there's no clear clarity on taxes, legislation, the accountants doesn't know anything, what they have to do with crypto, and even, like
Abel: They still don't.
Sukesh: Yeah, they still don't.
And the softwares out there, I think some of our competitors were the early movers, but, even they were still trying to figure it out. So. It's too early. So I thought maybe we need a solution that fits my purpose. So I start, because of my technical background, we started doing some small scripts and stuff just to help myself. And that kinda soon evolved into this big thing that we are today and we bootstrapped the company since 2020.
And that's kinda what we do at Kryptos. So we basically simplify the whole experience of tracking your crypto assets and then also generating reports or being in compliance with the local taxes or lesgislative regulations, if you're a business accounting, bookkeeping services as well. Or if you are an accountant, if you wanna manage all your clients and provide services, we help you do that through our software. So we basically providing this simple Web3 finance solution that helps you manage and track your crypto assets .
Helping users out when it comes to educating them and also making them be compliant with the regulations. So, primarily social media and blog and guides, that's what we do. And we also have a secret sauce where we track every single post and mention of taxes and crypto associated words. We basically scour the whole internet every single day and we get like a daily report on who is talking about crypto and taxes and legislations [00:05:00] regulations, so we have a huge data to go through every single morning, and that's something I do personally. So that I go and respond to whether it's our own customers talking about our own brand or it's talking about our competitors or new regulation that's coming live or going live in India or anywhere in the world.
So we get that news every single day. So we keep up to date ourselves. And then at the same time we educate users through that as well.
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