Fur Coat and No Knickers
By Moni Talks Chairman and Founder Brendan Beeken FInstSMM
Cryptocurrency has a problem. Okay, it has several, but there is a fundamental one that we, in the industry, have a duty to address.
At Moni Talks, this particular weakness in #crypto businesses has been at the top of our agenda since day one.
I’m talking about #blockchain projects that are all flash and no substance. The #cryptocurrency businesses that mistake flashy graphics, attention-grabbing names, edgy social media posts, and meme culture for a business plan.
Yes, they appeal to the target generation, they can stand out from the crowd, and they reflect the ‘anti-establishment’ ethos behind much #defi philosophy.
But they are also failing their investors, their users, and the industry itself.
Let’s Get Boring
When I launched Moni Talks, we had a vision.
We wanted to create a crypto community which was accessible, engaging, and fun, but was underpinned by solid business principles and a commitment to investors and users.
We wanted to run a business, not something that looks like a side hustle for a bored teenager.
It takes time and money, but it is at the core of our values at Moni Talks.
We have taken our time to ensure every aspect of our legal, regulatory, and moral obligations have been reviewed. We have invested in protections for our users, investors, and staff. We started with the guiding principle of ‘good governance’.
Moni Talks is a cryptocurrency business, but it is, first and foremost, a business, and should be run like one.
Ensuring measures like good governance, robust corporate structure, observation of local laws and regulations, and processes to protect and assist users, exist should be an absolute basic for any new business.
That’s perhaps especially true in cryptocurrency, which is a volatile and uncertain industry where more work is needed to win, or win back, people’s trust.
I don’t think I need to join the dots, but let me just say…FTX.
Not Sexy, But Crucial
While Moni Talks often shares some of the exciting news, developments, and events we are involved in, behind the scenes it isn’t all glamour.
Every day, members of our team are engaged in legal work, contract negotiations, policy drafting, and process planning.
These are topics unlikely to engage Gen Z or go viral on #cryptotwitter, but that doesn’t mean they don’t matter.
Solid business foundations give investors reassurance, users certainty, and the company a future. Yes, we’d get more likes and retweets with an outrageous meme, but this is the substance missing from too many crypto projects which fundamentally undermines public trust and slows the wider adoption of cryptocurrency.
When another crypto firm goes down and horror stories of important corporate officer roles being empty, accountancy processes being ignored, agreements being made on a handshake, and users’ money being moved around like the management’s personal wealth emerge, the industry will suffer another setback it can ill afford.
My Week
Let me tell you a little about what the week has involved.
The senior management team has been reviewing the ‘final’ drafts of our cookie policy, privacy policy, affiliate policy, and terms of use following the latest updates from the lawyers.
We have been reviewing contract terms for an affiliate management partnership, and discussing further international legal protection of our trademarks and intellectual property.
We are crafting policies and guides, for staff and users, on topics including recognising and reporting scams, complaint handling, order handling, risk disclosure processes, and preparations for publishing our roadmap and company mission documents.
In addition, we have been in discussion about ‘best practices’ when it comes to marketing communications and respecting users’ privacy.
No, it isn’t sexy (unless that’s what you’re into), but this time-consuming admin is what will ensure Moni Talks is a robust business, built on firm foundations, that investors can believe in, users can trust, and which will set new standards for operating in the cryptocurrency industry.
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