Case-Study: Cryptospace Overcomes Banking Biases with Agile Business Development

Background

The young brick and mortar exchange out of Los Angeles,  Cryptospace, has fought an uphill battle. Cryptocurrency is a still a nascent technology, and most of the banking system has biases against it. Creating a friendly atmosphere for trading has been a Herculean obstacle, full of roadblocks.

Challenge

The company has dealt with banks closing their accounts — even their personal accounts — because they are promoting and trading crypto. They’ve also had payment processors like Venmo and Paypal nix their login credentials. Legacy and establishment agencies simply dislike their vision of a crypto-friendly world.

Another big challenge they’ve had to overcome relates to market trends and their business. For instance, when the crypto market collapsed, Cryptospace had to leverage their network and ingenuity to survive the bear market. A crypto exchange, really struggles when the markets aren’t performing and no one is trading.

A final challenge they’ve had related to customer discovery and marketing. Cryptospace reaches many customer segments. They had to determine which segment fits their business model, and whether they are primarily business-to-business or company-to-company.

Even among the onerous rules and other business challenges, the company has still made themselves into a force for modernization. They’ve trudged onward with the odds stacked against them. 

to receive our new client starter guide

Approach: Rolling Out a Modern Infrastructure

So how are they winning?

Cryptospace nailed their business strategy early on. They chose to enlist the help of several powerful and friendly allies. First, they entered into an alliance with Vault Logic. Then, together with Pathfinders, they partnered with bitcoin.com and expanded their business development operations. Lastly, they pieced together some alliances with crypto-friendly banks. Overall, they have reached many milestones and achievements.

Achievements

  • They did not give up when things got really tough. There were times when they could could have quit. Banks, payment processors, and exchanges pulled the rug from under them many times. Instead, they developed systems and strategic business relationships to help us weather the storms.

  • They brokered a deal with Simon Malls. They managed to put two Smart Bitcoin Teller Machines in some of the most desirable hard-to-get locations on the planet. These include, the strip in Las Vegas, Caesars Palace, and the Aria. 

  • Some of their Smart BTM’s have the highest volume ever recorded right out of the gate.

  • They stuck to their mission of providing real solutions by real humans. They did not rely on call centers to help the 1000’s of people who call them with crypto issues. Every single person at Cryptospace takes phone calls, helps set up wallets for people and educates them on how the monetary system really works and make them take responsibility for their own keys. They don’t make money from that activity, but it was important for their success and development of social proof. 



The Evolution and Future of Cryptospace

Overall, Cryptospace leveraged their alliances to prepare the world for the coming crypto revolution. Even with all the help, the established authorities have tried to stop them, but to no avail. Their perseverance has paid off. As a result, they have been able to put the pieces in place for building out a modern infrastructure.

Cryptospace US — in alliance with Pathfinders, Vault Logic, bitcoin.com, crypto savvy banks, and  Simon Malls — have now installed 7 BTM’s. They have 4 more being prepped for installation.

The company set themselves up for further success by maintaining a network of business professionals who love crypto. They also keep abreast of changes across the market and industry. They take a perspective that agile business development is an essential factor to growth in a market still rife with stigma toward crypto products.

>