Although trading in cryptocurrency still seems sceptical to many, some people have made a fortune out of it. Here's a story of a dreamer who does not sleep, Rishabh Jain, the founder and CEO of Shiftal. You might ask what Shiftal is all about?
In a short span of 6 months, Rishabh made his first $300,000 with the help of Crypto Trading. Well, he did lose some too, but this experience made him realize the potential of the Crypto Space. Shiftal is a P2P Exchange and has its coin for trading in Crypto. It is a regulated company registered in 3 countries UK, India, and Estonia. Hopefully, it will become one of the top crypto exchanges in the coming years. At Shiftal, more than 60 employees are dedicated to taking this company to new heights. You can check out the official website of Shiftal here: https://www.shiftal.com/
Exclusive Features that make Shiftal stand out
India is a huge country with huge potential, and Crypto is a diverse but small industry. Therefore, even considering the market share, individuals still have a space for themselves. Shiftal follows a very Customer-centric approach. Recently, Shiftal Exchange has upgraded with some amazing features like Shiftal Coin private sales are on and are going public by Q1 end to mid-Q2 depending on a lot of factors, including regulations coming in. They are also all set to launch their app. The application would be launched in the BETA phase, so we get more opportunities to upgrade and finally roll out the full feature app in early 2022. It would give out exclusive information, and users would see a lot of activity on their Instagram account. When the recent Ban news surfaced in India, Shiftal saw many people switching to their website as it is a P2P exchange. Also, because they use TRON blockchain, processing and transactions are quick and economical.
Obstacles Faced on the Way
The idea was to launch one of India's top 10 cryptocurrency companies. However, the journey was no cakewalk. Initially, very few resources, courses, and study materials were available. It was all trial and error and tests that helped Rishabh understand it. The obstacles were similar that most entrepreneurs in India have faced.
Being Taken Seriously
Firstly, being taken seriously was and has been a major challenge. Even when Shiftal was bootstrapped, we never wanted to engage with Investors at the inception stage because we wanted to ensure we were building something respectable and not taken lightly or controlled by an outsider.
Minimal Understanding among People
Also, the basic understanding of how Crypto Exchange or transaction or valuation works is still new. There are industry experts who have an opinion based on tweets, rumours and therefore, it exhibits a lack of understanding. Rishabh says, "Do I call myself an expert? No, but I did burn my hands and pockets and lost my PlayStation in the bargain so, I am experienced, and I have been breathing, talking, and sleeping with Crypto in my mind for the past decade." Shiftal is strategically working towards solving the obstacles faced. We have a mindset of "Let's call it an upgrade in policies as every delay is a blessing in disguise."
Lack of Investments
Even thinking of starting something so big with minimal investment was a challenge in itself. Additionally, governments worldwide have legal regulations that require hefty commercials to get the appropriate licenses.
The competitors who had too much liquidity could fund marketing; meanwhile, Shiftal lacked such funds. In such a scenario, having a renowned influencer on board was a challenge (with whose help the company did grow more than 3000%). However, the rising valuation of the company from 1cr to 30cr all organically over two years was a huge success. It was purely based on talent and smartness!
Lack of Proper Setup
Another major struggle was running a company and handling 40+ employees single-handedly without an office. The company was getting bankrupt time and again. As a result, I had to sell personal stuff to fund the company. Rishabh Jain belonged to an officer family, and he did not know the A, B, C's of business in the early days. Starting from that phase to making this company a success and making a name in the industry, Rishabh has seen it all with Shiftal.
A lesson for entrepreneurs who are starting out
With all the leanings, failures, and successes, Rishabh Jain is at the right place to guide entrepreneurs who are starting. He says, "Never doubt yourself, Never listen to someone who has a short-sighted approach and Never believe in what reels on Instagram tell you. Basic fact, if one would have invested $1000 in Bitcoin in 2011, they would be billionaires, but the reality is they would have to wait for 11 years to see that happen." In other words, if you have a dream, convert them into a vision, and be realistic, then achieving it would be easier.
Also, he added that there is nothing instant in life. We cannot start a business in 10 days. It is not cheap, and most important of all, having a good financial advisor in place and a source of income because companies take time and profits generating business takes even more. Therefore, be consistent, show up, that's all.