An interview with Andrii Shynkaruk, the co-founder of CryptoStake
Right from the start, I would like to crack CryptoStake's mission code. In other words, describe your ultimate goal.
Our brand uses a compound name, derived obviously from the term "Crypto Stake." Our core mission is to democratize cryptocurrency staking by making it a secure and accessible avenue for anyone to generate passive income through earning rewards on their holdings in digital assets.
We believe staking shouldn't be a tech hurdle; it must be inclusive, open to people from all walks of life. CryptoStake wants to give investors of all calibers an opportunity to diversify their portfolios and capitalize on the unrivaled growth potential of this market while minimizing the risks associated with solo and liquid staking. At the same, we strive to make PoS crypto staking fully transparent in terms of reward allocation, fees, and taxation, as well as compliant with the established regulatory framework.
Could you please elaborate on the regulatory framework and your compliance.
At CryptoStake, security and transparency are paramount. We operate under a Swiss license, issued by FinMA, the financial authority known for its commitment to compliance. Switzerland also fosters a progressive approach towards cryptocurrency, making it an ideal location for our headquarters in Zug, a hub for global corporations.
This Swiss license guarantees the legitimacy and transparency of all CryptoStake operations. It ensures we adhere to the strictest standards, not just within Switzerland, but also aligning with established EU and global crypto regulations. For an extra layer of security, CryptoStake is registered specifically as a provider of crypto staking services, not a consultancy firm. This direct accountability translates to a higher level of regulatory oversight, which is great for credibility.
Let’s move on from the concept to the business end of things. Could you describe your core product and its benefits for staking enthusiasts?
Our flagship product comes in the form of a cutting-edge non-custodial crypto staking app for top PoS currencies, namely Ethereum (ETH), Polkadot (DOT), Cosmos (ATOM), Cardano (ADA), and Solana (SOL).
When you stake in app crypto remains under your control of your assets throughout the process. We utilize a unique system where you can either become a validator with a dedicated ID or participate as a nominator on the chosen network. For added transparency, these validator IDs are displayed on our monitoring network as well as external platforms. This ensures complete accountability and allows tracking your staking performance 24/7, and with total peace of mind.
It’s also important to mention that we’ve put tremendous effort into creating a staking setups across all available blockchains that reduces the risk of network penalties to a minimum, partly thanks to the validator backup across three data centers, which ensures uninterrupted uptime.
The app also functions as a unified cryptocurrency wallet, seamlessly integrating with other popular digital wallets. This flexibility empowers users to manage their holdings and effortlessly withdraw rewards in crypto whenever they choose.
But our solid infrastructure goes beyond the crypto staking app. We understand the value of community. That's why we are building a hub for crypto enthusiasts and investors through our dedicated news website. This platform serves as a valuable resource for staying informed about the latest trends in staking and the broader crypto market, while fostering a lively community of like-minded individuals.
You seem to put specific emphasis on security. Has your product been appropriately tested by independent parties?
To ensure the safety of funds of all those who stake crypto through our product, we actively engage with leading security experts.
In 2023, we partnered with Hacken, a renowned digital security auditor, to conduct a rigorous penetration test. Their assessment aimed to identify any potential vulnerabilities within the app. We're proud to report that CryptoStake achieved a perfect score of 10 out of 10, demonstrating its exceptional resilience against security threats.
Furthermore, at the beginning of 2024, StakingRewards, a respected industry analyst, meticulously evaluated our company and product. Their assessment focused on both security and user experience. CryptoStake received a stellar "AA" rating, highlighting our commitment to both robust security measures and an intuitive user interface. We believe this recognition from these industry leaders speaks volumes about our commitment to providing a safe and user-friendly platform for cryptocurrency staking.
Let’s touch upon the important topic of staking rewards and fees.
At CryptoStake, we keep things straightforward. We stick to the reward rates allowed by each blockchain network, avoiding any gimmicky tactics. Our platform features an easy-to-use calculator for estimating staking rewards, and collecting them is a breeze with just a few clicks. Our revenue comes from network fees, set at a minimal 3%, making us one of the most cost-effective options in the industry.
What is your forecast for crypto staking?
The future of crypto is undoubtedly "staked". Savvy investors will stake crypto more actively as part of their diversification strategies. The growing popularity of spot ETFs will further propel crypto into the mainstream, bringing staking to the forefront for a wider audience. All in all, this form of income generation has a bright future, and we want our crypto staking app to be its vital part.
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