New student startup wants to make buying cryptocurrencies easy
Students Julien Protain and Samy Tessier have founded Clockwork Trader – a platform that will give Danes easier and cheaper access to buying cryptocurrencies like bitcoin and Ethereum. The company has received an investment of DKK 225,000 kroner from ITU Business Development and Syddansk Innovation and is planning to launch later this year.
EntrepreneurshipstartupsfintechBlockchainITU Business Development
Written 20 March, 2018 10:08 by Vibeke Arildsen
Cryptocurrencies have become widespread in the past year, but investing in them is still both costly and inconvenient. With the new platform Clockwork Trader, two students want to make trading with digital currencies like Bitcoin, Ethereum and Litecoin easier for the Danes.
"We want to make cryptocurrencies available to anyone who wants to try them. To do this, we need to offer easy-to-use payment methods, and therefore our users will have the opportunity to purchase digital currencies quickly and easily in Danish kroner without paying high fees," says co-founder Samy Tessier.
Both he and his business partner Julien Protain are French - the two met each other at the French-speaking Prince Henriks School in Copenhagen. Today, Samy studies mathematics at the University of Copenhagen, while Julien studies Global Business Informatics at the IT University of Copenhagen in addition to running their startup project for the past year.
Not another crypto exchange
Rent-free office space is one of the perks of ITU's Startup Programme.The original idea behind Clockwork Trader was to develop a platform that allows users to buy stocks with cryptocurrencies, and offering this service is still their long-term goal. However, a license from the Danish FSA, which will take at least a couple of years to obtain, the two entrepreneurs estimate. They are already in dialogue with the Danish FSA about how to comply with all legal requirements.
"The end goal is not to become yet another crypto exchange, because this already a saturated market. In its current form, the platform is a stepping-stone and a source of income on the way to the final product," says Samy Tessier.
As participants in ITU's Startup Programme, the two students have received support from professional business developers and mentors like ITU Professor Roman Beck. They are hoping to be ready for launch later this year.
Bringing the world closer together
The recent fluctuations in the price of bitcoin – the most well-known cryptocurrency – has prompted much skepticism about digital currencies. However, the two Clockwork Trader founders still see enormous potential in digital currencies and, in particular, the underlying blockchain technology.
Blockchain technology, which is behind the cryptocurrencies, can potentially make the middle men in the banking world superfluous when transferring money from one continent to another.
Julien Protain, co-founder of Clockwork Trader
They emphasize that the goal of Clockwork Trader is not to encourage speculating in cryptocurrencies. Instead, they hope to unleash the potential of digital currencies for bringing the world closer together.
"When I send money home to France through the bank it takes 2-5 days and costs me 20 kroner each time. With cryptocurrencies, people can send money to other countries in 10 minutes without paying bank fees. Blockchain technology, which is behind the cryptocurrencies, can potentially make the middle men in the banking world superfluous when transferring money from one continent to another," Julien says.
Vibeke Arildsen, Press Officer, phone 2555 0447, email viar@itu.dk