The Future Is Now: Laurence Newman of Coinmama On How Their Technological Innovation Will Shake Up The Tech Scene
Setting people free is the ultimate goodness we can bring to the world. By getting bitcoin into the digital wallets of as many people as possible, we are helping to ensure people are financially empowered with control over their own value around the globe. Not only myself, but a vast majority of the Coinmama team come to work in the morning with a sense of mission to help onboard as many people onto the Bitcoin lifeboat as possible.
As a part of our series about cutting edge technological breakthroughs, I had the pleasure of interviewing Laurence Newman, Co-Founder of Coinmama, a serial entrepreneur and a veteran in the Bitcoin space. After struggling to buy Bitcoin himself, Laurence set out to create a seamless, secure and engaging buying experience for one and all, and hence Coinmama was born. In addition to serving on its Board of Directors, Laurence heads up marketing and strategic partnerships at Coinmama and is passionate about educating the mass of newcomers about Bitcoin and its potential.
Thank you so much for doing this with us! Can you tell us a story about what brought you to this specific career path?
A friend sent me an article about the new currency threatening Europe’s monetary system: bitcoin. Learning that there was an alternative to the flawed, central bank-driven financial system was exhilarating because it meant an opening up of novel opportunities to improve access to finance. Ensuring that everyone has the chance to participate in the cryptocurrency revolution is a big part of what inspired me to start Coinmama.
Can you share the most interesting story that happened to you since you began your career?
At one point, my bank told me that I couldn’t buy bitcoin. The level of control exerted by financial institutions like in this scenario helped me realize how important Bitcoin is as a harbinger of financial freedom. People should be able to make their own financial decisions without an overseer from a centralized institution telling them what they can and cannot do with their own value.
Can you tell us about the cutting edge technological breakthroughs that you are working on? How do you think that will help people?
As the co-founder of Coinmama, a global crypto exchange used by over 2,700,000 people across 188 countries, our goal is to make buying crypto as easy as possible. I firmly believe that Bitcoin is the future, and so it’s essential for financial well-being that people acquire bitcoin. Bitcoin isn’t here to make people rich, it is here to set them free. Coinmama’s mission is to help people get hold of Bitcoin in a smooth and secure way, and everything we do is geared towards improving the experience of buying and holding Bitcoin. For example, Coinmama leverages machine learning-driven risk mitigation on every transaction to offer a secure onboarding experience at scale.
How do you think this might change the world?
The financial system is experiencing a tectonic shift. Money as we know it is changing as more and more institutions and individuals wake up to how decentralized, borderless currency like Bitcoin will change the world by giving people control over their own value. Additionally, with the rise of DeFi, the unbanked are gaining access to financial services like lending, borrowing, insurance, and savings that were not previously available to them. Coinmama supports people from around the globe to acquire their first piece of bitcoin and Ether, gain access to DeFi, and everything crypto has to offer. Finally, the rise of the decentralized autonomous organization (DAO) as a way to manage assets and projects collectively using blockchain is changing industry as we know it. We could see an increased shift from shareholder management to community-managed enterprise as the decade progresses.
Keeping “Black Mirror” in mind can you see any potential drawbacks about this technology that people should think more deeply about?
Personally, I believe there are only positives to bitcoin adoption. However, the benefits of being your own bank comes with added responsibilities such as securing the keys to your wealth. We’ve heard the horror stories of people being locked out of vast sums of Bitcoin, and that’s why we prioritize education and close customer support. On a macro scale, organizations and states can co-opt the underlying blockchain technology in a way that replaces decentralization with domination by making the blockchain private.
Was there a “tipping point” that led you to this breakthrough? Can you tell us that story?
It took me fourteen days to first buy bitcoin. The fact that the process was so arduous frustrated me immensely, because I wanted to encourage my friends and family to participate in this growing digital currency revolution, but how could I motivate them to join in when the process was so challenging? This struggle was what led me to found Coinmama with the mission of making it as easy as possible for people around the globe to purchase bitcoin.
What do you need to lead this technology to widespread adoption?
Mass adoption is unfolding as we speak via the network effect. More people are joining than ever, including industry heavyweights like Elon Musk, Visa, and Paypal. As the regulatory fog continues to disappear and the on-ramps into the crypto economy become more easy-to-use and familiar, the adoption of Bitcoin will accelerate along its trajectory.
What have you been doing to publicize this idea? Have you been using any innovative marketing strategies?
Our community loves us. A big portion of our users comes from people referring us to their friends and family, and we continue to foster a trustworthy brand. We are also participating in virtual events, speaking on podcasts and youtube channels, and publishing op-eds on our perspectives.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
First of all, I’m grateful to Ilan Schuster, who sent me the article about Bitcoin, which set me on this course of being immersed with cryptocurrency and who later became my co-founder. I’m also grateful for Nimrod Gruber, my third co-founder, who never gives up no matter what, and to all of the amazing Coinmama team members, who have so much care and dedication to what they do and how they keep pushing the needle forward.
How have you used your success to bring goodness to the world?
Setting people free is the ultimate goodness we can bring to the world. By getting bitcoin into the digital wallets of as many people as possible, we are helping to ensure people are financially empowered with control over their own value around the globe. Not only myself, but a vast majority of the Coinmama team come to work in the morning with a sense of mission to help onboard as many people onto the Bitcoin lifeboat as possible.
What are your “5 Things I Wish Someone Told Me Before I Started” and why. (Please share a story or example for each.)
- Learn how to say “no”
- Learn how to ask for help
- You can’t do it all alone
- Don’t change you; be more you
- Curiosity is powerful
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
Bringing bitcoin to the masses is my mission. Bitcoin can free people from financial censorship by giving them control over their own value. Bitcoin can give people without bank accounts the ability to participate in the global economy — to save their earnings and generate wealth. Bitcoin is changing the world.
Can you please give us your favorite “Life Lesson Quote”? Can you share how that was relevant to you in your life?
“Time in the market beats timing the market.”
Lots of people reach out to me and ask if now is a good time to buy Bitcoin. Most of them end up saying that they’ll wait for the price to go down, some have been waiting for it to go down since it was $1,000 😉 The same is true for those looking to save on fees, while they wait days for a broker to verify their account or to fund it. Don’t worry about saving a percent here or there; just get in the market. Sometimes, and perhaps especially with Bitcoin, time in the market beats timing the market big time!
Some very well known VCs read this column. If you had 60 seconds to make a pitch to a VC, what would you say? He or she might just see this if we tag them 🙂
Coinmama is a financial service company that makes it fast, safe, and fun to buy digital currency anywhere in the world. Trusted by over 2,700,000 people across 188 countries since 2013, Coinmama makes it easy for anyone to buy bitcoin and other cryptocurrencies with a credit card, bank account, or Apple Pay. Coinmama aims to bring the billions of people currently outside of crypto into the fold. By supporting users with world-class customer service and education, Coinmama ensures no one is left behind when it comes to financial freedom and the opportunity to participate in the rapidly-growing crypto economy.
How can our readers follow you on social media?
You can visit our website to get started buying crypto: https://www.coinmama.com/
And you can follow us on our social media channels:
Twitter: https://twitter.com/coinmama
LinkedIn: https://www.linkedin.com/company/coinmama/
Telegram: https://t.me/coinmamanews
Thank you so much for joining us. This was very inspirational.
The Future Is Now: Laurence Newman of Coinmama On How Their Technological Innovation Will Shake Up… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
