Jason Fernandes

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While DeFi may be the wave of the future, the industry can still learn smart practices from leading CeFi companies. Pioneers and insiders of the decentralized finance industry strongly believe they are the vanguard of a new and better way to handle financial transactions. Still, it doesn’t mean they have nothing to learn from centralized finance companies. While CeFi has the advantage of more familiarity and a long history, those aren’t the only reasons it can still outperform DeFi when it comes to attracting new users. It’s not a disservice (or disloyalty) to DeFi for its leaders to look closely at what users rely on and value in CeFi services. Below, nine members of Cointelegraph Innovation Circle discuss lessons DeFi companies would be wise to learn from CeFi companies, and how doing so could boost their chances of success.

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Before reaching out to a potential banking partner, it’s wise to know both what they can offer and what they’ll expect. Choosing the right banking partner can be a particularly tricky process for a crypto or blockchain company. While there are many options in the market, only a few will possess the experience, commitment and risk tolerance companies in a young and tech-forward industry need. And simply making a choice won’t seal the deal: Crypto and blockchain entrepreneurs must have the detailed information banks will demand at their fingertips and be ready to reciprocate the transparency they themselves expect from a financial partner. There’s a lot of homework to be done before beginning any sort of outreach, so knowing what to look for as you begin the research is a helpful head start. Below, nine members of Cointelegraph Innovation Circle share their advice for crypto and blockchain companies that are beginning the process of choosing a banking partner.

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Proper vetting of potential Web3 partners includes looking both at traditional business fundamentals and industry-specific USPs. When considering Web3 partnerships, the background and perspective of the evaluator may lead to blind spots. Traditional companies and investors may know the business fundamentals and financial metrics to examine but be unclear on industry-specific “must-haves” such as necessary tech capabilities and a committed fan base. Industry insiders, on the other hand, may be impressed by a potential partner’s community presence and the features they promote but overlook the health of the financial and advisory foundations.    To ensure a profitable partnership that brings value to both parties and to end-users, it’s essential to examine both the big picture and the telling details. Below, 17 members of Cointelegraph Innovation Circle share tips for companies and individuals engaged in evaluating a potential Web3 partnership.

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Remember that blockchain investors aren’t as interested in the journey as they are in the destination. When it comes to the blockchain space, entrepreneurs and potential investors can both end up stumbling over the underlying technology. While industry insiders are clear on, and often passionate about, how blockchain works, investors are more interested in what it can achieve.  If either side gets bogged down in technical details, it’s unlikely an investor will be able to grasp the impact and potential ROI of investing in a blockchain project. Here, 17 members of Cointelegraph Innovation Circle share ways blockchain companies can better explain blockchain projects to, and earn the confidence of, potential investors.

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A bear market may not be the best of times for a crypto startup, but it’s not an insurmountable barrier, either. Launching a startup in any industry is hard. Launching during a bear market is even harder. Launching a startup in a bear market in a relatively new industry like crypto — which many investors don’t fully understand and which has had its share of recent negative headlines — brings a whole additional slate of challenges. But as many industry pioneers have proven, it’s not impossible, as long as founders follow a few smart strategies. Many of the members of Cointelegraph Innovation Circle are startup founders themselves, and all are longtime industry veterans and market watchers. Here, 18 of them share their tested tips for crypto companies starting out during these volatile times.