British-based cryptocurrency project Electroneum, known for its online payment solutions, has been making waves in the industry with its innovative apps and software. In a recent interview with Coinfomania, CEO Richard Ells shed light on the benefits of the AnyTask platform, the progress of the M1 phone, and his thoughts on the booming DeFi sector.
One of Electroneum’s notable products is AnyTask, a platform that allows the unbanked population to access the global digital economy without third-party fees or bank accounts. Freelancers receive payment in the form of ETN tokens, introducing many people to the world of cryptocurrency.
Ells believes that AnyTask has the potential to be a game-changer in the crypto industry. He stated, “I think it’s going to be one of the most exciting things in crypto, not just in Electroneum but in crypto as a whole.” He emphasized the opportunity to introduce a large number of new people to the world of crypto by capturing even 5% of the market share of existing freelancer platforms.
The CEO also addressed the negative portrayal of cryptocurrency in the media, highlighting the importance of showcasing the positive aspects of digital currencies through platforms like AnyTask. By enabling micropayments worldwide, Electroneum aims to demonstrate the potential of digital currencies to the non-crypto population.
Ells provided an update on the adoption of the M1 phone, a low-cost smartphone that allows users to mine ETN tokens and earn rewards. Despite the challenges posed by the COVID-19 pandemic and regulatory requirements, the M1 phone has achieved some level of adoption. Electroneum plans to improve the distribution process for future versions of the phone, aiming to ship directly from the factory to reduce transportation difficulties.
In terms of DeFi, Ells echoed the sentiments of Ethereum co-founder Vitalik Buterin, expressing caution about the risks involved in locking up large amounts of wealth in a relatively new sector. While Electroneum is open to providing liquidity for DeFi pools, the project will wait for the hype to settle before fully entering the space.
Regarding the Binance listing process, Electroneum has surpassed the user mark requirement but is still awaiting listing. The delay is due to a new section in the application that requires a legal opinion, which the project is currently preparing. Ells expressed optimism about their chances but acknowledged that the final decision lies with Binance.
To boost ETN liquidity, Electroneum focuses on adding underlying value to the coin and garnering support from influencers and media outlets. The project seeks to gain attention organically and maintain a positive reputation in the industry.
As for market expansion, Electroneum is considering targeting the Asian market, given its large population. However, liquidity issues have been a major obstacle. The project is in discussions for a listing on a South Korean crypto exchange, which would unlock access to users in the region.
In conclusion, Electroneum continues to make strides in the cryptocurrency industry with its innovative products and partnerships. The project aims to bring more people into the world of crypto through platforms like AnyTask and expand its reach to new markets like Asia.
