For those hearing about Web3 for the first time, it can feel like an entirely different world. The concept of decentralisation takes some time to understand, and its benefits aren’t always readily apparent.
To a traditional businesses, it might seem that the effort of adopting this technology outweighs the rewards which it offers. Adam Ihsan launched SUBX Finance Lab with hopes of changing this outlook.
“When people think of online payment integrations, they think of Stripe and Paypal,” Ihsan says. “In five years, when people think of Web3 integrations, we hope that they’ll think of SUBX.”
The platform was created to help businesses adopt blockchain technology. It offers services such as NFT minting, token creation, governance systems, and staking. These are all fundamental to the decentralised world.
With a platform like SUBX, traditional businesses can derive benefits from these systems without having to delve into the technicalities of coding and setting up smart contracts.
Which industries will benefit from blockchain technology?
The potential utilities of blockchain technology stretch across industries. From finance to healthcare, there are use cases which cater to the secure transaction of data and currency.
“I believe that all industries are likely to embrace blockchain technology,” says Ihsan. “Many have already started doing so.”
Currently, SUBX offers its services to a broad clientele. It has set up staking systems for gaming startups such as Pomeranaut and Meta Loop.
It has also created a deployable interface which allows users to connect their crypto wallets and purchase the native tokens of their clients’ websites. BeSmart, an educational platform by European IT company Beurop, is one of the more interesting platforms to make use of this service.
Those who hold Beurop’s crypto token get access to a variety of curated courses on BeSmart for free. Such a business model provides more incentive to users than traditional subscription services.
In essence, users are being encouraged to invest in the company rather than directly paying for the courses. This way, they get to reap the rewards if the company grows and the Beurop token goes up in value.
Accepting payment in cryptocurrency
Much like many of its clients, SUBX itself accepts payments in cryptocurrency. The company has its own utility token $SFX, which can be purchased from crypto exchanges. Businesses can make use of SUBX’s services using this token.
We get to bypass fees from payment gateway services, as well as avoid potential wait times arising from cross-border transfers. Transactions using our tokens are also irreversible by nature of blockchain technology.
– Adam Ihsan, founder of SUBX
Put simply, the use of this native token allows SUBX to operate in a more efficient and secure manner.
In addition, there are ways through which this can benefit the customers as well.
“It allows us to explore new monetisation models that are made possible by blockchain technology. Instead of paying directly, customers can hold or stake tokens in order to have access to our products.”
This serves as an example of how decentralisation is changing the traditional relationship between businesses and customers. As this technology grows, people are likely to have a more vested interest in the products and services they use.
Brand loyalty could become stronger than ever as customers begin to derive monetary gains from the success of a business.
Singapore’s future as a crypto hub
Since SUBX doesn’t offer any regulated services at the moment, it is free to operate in Singapore without a DPT (digital payment token) license.
However, with the way things are shaping up, it stands to reason that the company could face regulatory challenges in the near future.
“Although we are not directly impacted by regulations yet, we are members of fintech and blockchain trade associations such as SFA and ACCESS,” says Ihsan.
He explains that the members of these associations who provide DPT services were taken aback by Monetary Authority of Singapore’s (MAS) new guidelines which banned them from advertising to the public.
“They feel that some of these regulations might put them at a disadvantage against other competitors who are not regulated by MAS.”
Despite this, Ihsan is confident in Singapore retaining its status as Asia’s crypto hub.
“In my opinion, regulations should be carefully crafted to protect consumers, while at the same time allowing crypto businesses to innovate and stay competitive. I am sure it is a difficult challenge to keep both sides happy, but I have confidence in our regulator’s ability to achieve that balance,” says Ihsan.
Featured Image Credit: Adam Ihsan