Mr. Srinidhi Moodalagiri, Co-Founder, flippy shares detailed insights on his exciting platform flippy and how it is paving a path for novice investors to make smarter crypto investment decisions. Also shares his views on the current crypto landscape in India and how is the industry likely to mold in the due course of time.
- Please give a detailed insight on flippy, its USP, customer acquisition strategy and how it is playing an imminent role in helping novice investors make smarter investment decisions. Can you also please give us an insight into flippy’s future plans?
flippy is a a social discovery and investment platform dedicated to diversification in digital assets including cryptocurrencies in a fun and interactive way. The investment platform helps with investing smartly. The product helps novice investors invest with things like easy-to-understand crypto research, diversification and investment themes, and opens up a new way for investors to think about their crypto investments. Many investors who started investing in crypto last year have seen the massive volatility in prices, and even rug pulls, to know that responsible investment is the way to go. flippy helps and encourages responsible investing, with its Daily investment plans and thematic baskets. We want to onboard all the investors looking to invest responsibly into crypto, and provide them with the right research and products to help them.
2. A lot has been happening in the crypto industry recently; please give us a brief on the evolution of the cryptocurrency space in India and how is it likely to impact the global economy?
The last few months have been rough not just for the crypto ecosystem, but for many other industries as well. While macro economic factors may affect the industry in the short term, regulation will play a key role in shaping the ecosystem in the longer run. The recent taxation on trades and profits have significantly brought down the trading volume on exchanges, while the macro-economic factors have led to people cashing out their holdings from exchanges. This has also caused insolvency issues in a few exchanges.
But what I feel confident about is that the space will continue to grow in the background and will be ready with exciting products and disruptions as and when these negative sentiments fade. We have already seen how programmable blockchains can disrupt how people collaborate and interact on-chain. The ecosystem has seen worse setbacks and still managed to survive and mature.
3. Crypto scams have been increasing lately; amidst this increasingly volatile situation, what measures are you taking to ensure data privacy for your users?
Crypto scams are a major reason why many people are skeptical about crypto, and this has always been one of the most common experiences for every crypto investor. Therefore, we emphasize not just on investment research but also good investment practices. We have bite sized summaries of whitepapers (document outlining the details of a token, including the technical and financial summary of how a token/coin derives its value) for every token listen on our platform, including a section called tokenomics, which highlights the key metrics for every token. All the tokens that are listed on our platform are chosen with their market cap in their mind to weed out early stage projects as well as low quality ones.
4. Can you please help us understand the crypto market crash in detail, and what are the predictions for the year?
While it’s not just the sole reason, the fall of LUNA triggered a series of incidents that led to insolvency issues and the market crash. The overall macroeconomic conditions have also compounded the effects of this market. The exact breakdown of the crash is already extensively written about. The market definitely needs time to recover from this crash. The prices might continue to fluctuate the rest of this year. However, a lot of capital has also seen its way into this ecosystem and will continue to drive innovation over the coming few months and years.
5. The startup culture is booming in India; how do you foresee the future of tech-driven startups with blockchain technology playing an integral role in revolutionizing businesses across sectors?
The true applications of blockchain are yet to be realized as we are still in the early stages of the technology adoption. We have already seen it solve one of the hardest challenges of the post-internet era by establishing a truly decentralized digital currency (in Bitcoin). With many general purpose blockchains competing with ethereum, along with institutional interest in the space, this space will see massive change in how data and privacy is handled by organizations.
6. Please give us a glimpse of how you are ensuring your back-end technology is well equipped for integration with leading exchange platforms.
Our backend infrastructure is being built as a modular codebase that can be used to easily integrate with exchanges. We are building a non-custodial solution, which means we never hold users’ assets. To provide users with a way to invest through flippy, we connect with exchanges using OAuth. While the UI of flippy is designed to be extremely simple and novice-investor friendly, a lot of work is put into our backend infrastructure. We are extremely focussed on the real value we can bring, which is in building a product for responsible investment into crypto.