2022 was an important year for the crypto market’s development, marked in everyone’s memory with a number of red flag events. Among other things, the bankruptcies of major global companies like Luna, Celsius Network, FTX, BlockFi, and others, that left investors with massive losses and reflected heavily on the general mood of the market.
It showed clearly that more transparency is needed from companies that take responsibility for other people’s money and that money management strategies need to be formulated very clearly. Different approaches need to be used for tracking company assets, overseeing their liquidity and providing collateral for obligations instead of blindly placing faith in a company because of its size.
2022 has been filled with many great and weighty events, and now that it is drawing to a close, I felt it important to give the word on the path that Choise.com has walked over the course of the year.
I’ve taken the opportunity to write this letter as a way of reflecting on our main highlights so far: what the team has accomplished and what kind of vision we have adopted for the upcoming 2023.
Choise.com’s Events of the Year: MetaFi Concept Introduction, Successful Token Listings, and Notable Industry Panels
This year, we launched Choise.com. As we transitioned from Crypterium to Choise.com, our mission broadened from making cryptocurrencies accessible to creating new ways for users to earn more on their digital assets. Our company is actively evolving into the first MetaFi ecosystem that gives the crypto community exposure to the best elements of both CeFi and DeFi through yield farming, DEXs, liquidity pools, lending protocols, crypto cards and other products demanded by the market.
We greatly expanded our range of services, with fantastic results being achieved in the B2B sector. There is no let up in demand for companies to launch their own cryptocurrency solutions, and unless you have $10m in your back pocket and a few years to spare, for most companies the best way to do this is through somebody else's solutions. We are now recognised as one of the leaders in this space, offering not only crypto solutions, but also bank accounts and bank cards, all under the brand of our customer, for their own users. We now have more than 50 partnerships, the income from which was a major contributor to growing our revenue in 2022, but will also have a major positive impact in the years to come.
It’s been a good year for Choise.com’s native CHO earning token, which launched on major DEX exchanges (Raydium and Uniswap) in June and on CEX exchanges (Lbank, MEXC, Gate.io, CoinTiger, and Bilaxy) a few months later. Despite launching during a market downturn, CHO increased in value more than 450% from the initial IDO price.
Likewise, the CRPT token got listed on a number of CEX exchanges including Coinbase, Huobi, Crypto.com, LaToken, CoinEx, and Bitrue.
As the world moved beyond covid lockdown, crypto conferences came back bigger than ever before and we certainly played our part. Our team was asked to speak at several major events, such as Metaweek Dubai, Future Blockchain Summit, Token 2049 and many others and those we didn’t speak at, we tried to have a presence. If you have time check out some of the conference highlights on our Youtube channel.
Adjusting To The Winter Market And Delivering Relevant Products
Another major lesson that we’ve seen proven yet again is that companies that grow only during positive times are growing on hype, with a lemming-like willingness of people to follow everybody else to their unfortunate demise. This is not our first crypto winter, and you can only really get a feel for the success or otherwise of a company once they come out the other side of at least one crypto winter.
Those companies that wished to survive the harsh changes in the crypto market realities this year had to be extremely flexible and adapt quickly. The most important thing was to focus on their clients’ objectives and to offer products that would alleviate some of the fear and uncertainty that had investors in their grip over the course of 2022.
In this regard, I’m proud to say that Choise.com has done a good job of predicting what products the market will be interested in and preparing them in advance.
2022 Highlights: New Product Launches, Partnerships, and Expansion Plans
A market downturn is a time to develop new things, and we were certainly busy this year with new products To begin with, we presented Web 3.0 Interest Accounts, a product that allows users to earn high yields on their USDT/USDC assets and provides investors a higher yields deposit option for Choise.com’s native CHO token.
We did not stop at that and launched a Crypto Price Insurance service that helps users protect their digital assets against market volatility and unfavorable price movements.
And of course we launched Charism DeFi platform, the first of its kind CeFi killing earnings aggregator. DeFi has been the market buzz word this year, and we had already started on building something special back in 2021. Rather than just offer another form of earnings account, we saw the potential of DeFi as a marketplace, and quickly realised that if it is to supplant CeFI as the go to earnings sector, it needed to be simplified. Now with the click of just one button, customers can use almost any asset, on any chain, and get instant access to savings accounts anywhere in the DeFi sector. It has the potential to be a gamechanger and we are now attracting a lot of interest from many DeFi exchanges and earnings platforms to integrate our solutions into their services. Similar to our CeFi retail app being expanded to White Label companies, the same can be done for Charism. Why have just one company changing the way DeFi works when we can take a slice of potentially hundreds doing the same thing.
We have also done something nobody else has ever done before, we launched an NFT Token Offering (NTO), a market changing token distribution that introduces a new asset class; overcollateralized NFTs. The launch was accompanied by Chobies, the first NTO Collection, that is gathering speed just right now.
This year wouldn’t be so memorable if it weren’t for new partnerships with industrial giants Beefy and Occam as part of our new growth strategy. Together, we’re committed to simplifying earnings by making our platform more user-friendly.
This is part of a much wider Choise.com fundraising of $33M, the money from which will be used to grow our user base and let the wider world know about our great products and services. During the early rounds we had more than 20 investment funds joining our group including VC gurus such as Grupo HS3 and Geekcartel.
All winters turn to Spring and then Summer
In spite of all of the turmoil facing our industry, I strongly believe that we are in a good place. Those that have been part of crypto for more than just a few years know that it is very cyclical and the next stage, this time positive, will start sometime during the 2nd half of 2023.
2022 had more than its fair share of crypto disasters, but even the fall of a top 5 stable coin (Luna), top 5 earnings platforms (BlockFi and Celsius) and a top 5 exchange (FTX) had very little impact on the total market size. Yes the market is down 75% on its highs of early 2021, but almost all of that fall can be put down to the cyclical nature of the market. All those failures contributed no more than a 10% blip. And every one of them can in turn be put down to simple greed or bad management.
The equities market did not collapse when Bernie Maddoff was exposed as a fraud, and neither will the crypto industry be affected by similar short term failings. Our industry is on a very clear path to growth, and as the next BTC halving approaches, and with a bit of luck, global economies pick up, we will see a new rally and I am confident that the highs of 2021 will soon look like the highs of 2018 did in 21.
I’m proud of what we’ve built so far, and I’m excited by what comes next. The past 18 months have seen incredible market enhancements; new technologies and ways of working with crypto and blockchain that even 5 years ago nobody had even thought of. Let’s not forget that crypto is not just about market caps and making money, it really does have the potential to change the way we interact with each other like almost nothing before it. It’s certainly something I want to be a part of.
Building ambitious crypto projects is not an easy task. But it is a worthwhile one. At Choise.com, we continue to adhere to the idea that everyone deserves a chance to be included and earn more, and we will continue to push forward and develop more products to this end.
I am very excited about the next step of our journey, and I would be happy to share it with you.
Choise.com Founder and CEO