We recently caught up with Andrew Kiguel, CEO and Co-Founder of Tokens.com to find out more about what they do and how they are taking their business public.
What is your business called and what does it do?
Tokens.com is a blockchain technology company involved in the validation of transactions for various digital assets.
What made you want to do this work?
We wanted to find a solution to the vast energy being used in the technology that enables traditional crypto-mining. With climate issues being top of mind, people who are interested in investing in cryptocurrencies may hear that the energy used to mine Bitcoin produces is intensive. In fact – a recent analysis by Cambridge University revealed that bitcoin has an annual carbon footprint greater than several countries including Argentina and Sweden. By contrast, the technology we use is 100% environmentally friendly.
What problem did you want to solve with the business?
The world is digitizing. Decentralized finance is revolutionizing the way we bank and NFTs are changing the way art, music, and collectibles are built and exchanged. Our technology is the backbone that enables this revolution to progress.
Who are your clientele/demographics?
We are unique in that we don’t have clients, we service blockchains. However, we do have shareholders and trade publicly in Canada under the ticker COIN.
How does your business make money? How does it work?
The blockchains we service compensate us in additional digital assets. For example, we support the Polkadot blockchain. It compensates us in Dots that we can hold or sell.
Where in Toronto can we find your profession?
While we are headquartered in Toronto, our operations support worldwide networks. We recently began trading our stock on the NEO Exchange in Canada. We are unique in what we do here in Toronto, however, Canada has become known globally as a first-mover when it comes to digital assets with Toronto firms leading the way.
What is the best question a prospective customer could ask a member of your profession when comparing services? Give the answer as well.
Since we don’t have customers, I’ll use a prospective investor. The key questions would be if we are environmentally friendly and support useful blockchains that have technological value – the answer is yes to both.
What is the best part about what you do? What is the most challenging part?
We like bridging the knowledge gap between blockchain, which can be confusing and previously inaccessible, and traditional investors. We provide a means of exposure to people who are learning about blockchain technology and want to invest in the sector. The most challenging part is explaining what we do.
What is your favourite joke about your own profession?
We sometimes gawk at the impact certain billionaires have on Twitter to move the value of digital assets up and down.
PAY IT FORWARD: What is another Toronto business that you love?
We love 3iQ, Clearco (formerly Clearbanc) and Stack. We are a bit biased as our board of directors are all founders and executives at these companies making an impact not just here in Toronto, but across North America. My favourite local business right now is Impact Kitchen which keeps us feeling healthy during lockdown.