An Exclusive Interview with Trustee CEO Vadym Grusha
During the Incrypted Web3 conference in Kyiv, we managed to secure an engaging discussion with Vadym Grusha, the co-founder and CEO of Trustee Wallet. Our conversation covered a wide range of topics, including the unique features and advantages of the Trustee service, its challenges and hurdles, along with Grusha's personal insights on the regulation of the crypto market in Ukraine and the world.
GNCrypto: Could you tell us more about the benefits of Trustee Wallet and Trustee Plus? How does the project generate revenue?
Vadym Grusha: Trustee Plus is essentially a crypto neobank, which serves as an extension of the Trustee Wallet. It provides a more comfortable experience, resembling the typical banking apps, yet it operates with both fiat and crypto assets. Trustee Wallet is a non-custodial wallet, whereas Trustee Plus is custodial.
Vadym Grusha: Trustee Plus is essentially a crypto neobank, which serves as an extension of the Trustee Wallet. It provides a more comfortable experience, resembling the typical banking apps, yet it operates with both fiat and crypto assets. Trustee Wallet is a non-custodial wallet, whereas Trustee Plus is custodial.
GNCrypto: In early March, Trustee Plus announced the release of a cryptocurrency card that could be used at payment terminals. Currently, the project is in the beta testing phase. Why did you decide to implement it now?
Vadym Grusha: That's correct, the project is presently in a closed testing phase. The payment card is one of the planned stages of the project's development. But the priorities were somewhat reconsidered. The reasons are twofold: pressure from the Ukrainian regulator on the crypto market and problems with access to financial services for Ukrainians abroad. The payment card is a great solution to these problems, as you simply need to install the app and issue a card that can be added to Apple Pay or Google Pay.
GNCrypto: What challenges have you encountered in the process of card registration? And will it be somehow integrated with the Diia service?
Vadym Grusha: We have not yet overcome all the difficulties. Legal issues are the most challenging for us. The main problem at the moment is passing Apple's verification. But the system itself is technically very multilayered and quite complex.
GNCrypto: It seems like the "crypto freedom" we enjoyed in Ukraine is nearing its end. In your opinion, what should the crypto regulation in Ukraine look like for the sector to reach its full potential?
Vadym Grusha: The regulation should be designed to foster a conducive environment for crypto businesses and address the existing issues. There's a new draft law currently published in Ukraine, but we, being a pivotal player in the local market, were not invited for discussions. The regulator's intention of advancing the crypto business without involving stakeholders is a mystery to me.
GNCrypto: Could you share your forecast for the development of the crypto market in Ukraine and globally by the end of 2023? How optimistic are you about it?
Vadym Grusha: I maintain an optimistic outlook. I firmly believe that no amount of pressure exerted on cryptocurrencies will succeed in stifling this movement. I'm also confident that the U.S. will figure out a way out of their current situation —- they at least maintain a transparent public dialogue with businesses, which is immensely important.
