Crypto Meeting Review

Photo by Lauren Leem

In early December, Consulate Circle members had the privilege of interviewing Mr. Patrick Yoon, the general manager of the South Korean branch of Crypto.com since September 2021. Mr. Yoon, who studied at Columbia Business School, Harvard Business School, London Business School, and USC Marshall School of Business, has worked in leadership roles at the Standard Chartered Bank, VISA, Morgan Stanley, and his start-up, STC English Ideas. Crypto.com is a global cryptocurrency exchange that offers a wide range of services related to digital assets. The platform is designed for advanced traders, with robust tech infrastructure, deep liquidity across 700 plus trending pairs in the derivatives market, competitive trading fees and reward programs. It is the first platform to offer effortless USD, EUR, and AED deposits, with services open to customers in around 90 countries. Recently, Crypto.com became the leading crypto platform with the support of USD by spot trading volume, and has derivative market open interests approaching 1 billion US dollars. 

Cryptocurrency, as a controversial digital currency designed to facilitate payments and store value on the internet, represents the newest phase in financial technology that is being determined in the present, meaning current regulations and advancements all have great impact on the future of the market. When describing the current state of cryptocurrency, Mr. Yoon further spoke about the potential for Web3, a decentralized extension of cryptocurrency that would allow individuals to make direct transactions with improved security, increasing financial autonomy and access to services. Finally, Mr. Yoon explained how individuals can use cryptocurrency as a tool to increase financial returns by diversifying their portfolio, meaning an investor looks into a diverse array of asset classes (ex. real estate, stocks, cash) to minimize risks of losing large amounts. 

During the interview, the Consulate Circle team particularly focused on asking Mr. Yoon’s perspective as an crypto industry executive on current global events and trends. When discussing the impact of memecoins and altcoins, Mr. Yoon explained that the distinction between these currencies and regular cryptocurrencies was their range of their use, stating that while there were benefits, it is important to research key factors such as the coin’s management, current market demand, use cases and compliance with regulations in order to make a good investment. Mr. Yoon also compared these coins to Nimiq (NIM), stating that despite some success as valuable investment tools, such as the Dogecoin cryptocurrency, generally NIM coins fail to achieve benefits for their investors and become frauds instead. 

Mr. Yoon also broke down some common concerns about cryptocurrency, such as its market volatility, and stated that strategies such as monitoring trading volume to identify price manipulation, identifying and taking action to prevent abnormal or harmful transactions, and conducting regular surveillance on the state of the market are all being implemented or planned for the near future to prevent these issues. During the meeting, he emphasized the role of regulations in cryptocurrency; companies like Crypto.com take great care to work with the government on legislation, such as the Travel Rule, AML, KYC, and tax regulations—especially in South Korea, which has been actively creating strict cryptocurrency legislation in recent years. 

During Mr. Yoon’s career, he learned that managing people is the most difficult part of running a company. When successful, management goes beyond work, creating a safe, inclusive work environment where people feel valued and empowered. Cultivating a culture of experimentation which encourages people to take risks and learn from mistakes is vital to promote stable innovation and growth. 

Mr. Yoon also gave the interview team advice for pursuing personal life goals. Drawing on his own experiences, he described the importance of setting clear goals to be successful, both as a professional and as a person; for example, Mr. Yoon’s practice of setting and achieving one major overarching goal for each decade of his life have led him to make big improvements to his life, such as his goal for his twenties of experiencing diverse cultures pushing him to go to different global colleges and jobs and broaden his perspective. 

Mr. Yoon emphasized how it is crucial to develop a positive outlook and constructive attitude towards one’s mistakes; he advised the Consulate Circle team to "Stay humble, but be very sharp. Be edgy. Keep on pushing the boundaries. Ask a lot of questions. Don't be afraid to speak up. Don't be afraid to fail." Currently, in his early fifties, Mr.Yoon’s new goal is to expand South Korea’s fintech industry to support underserved communities worldwide, as he hopes to give back to his community and leave a positive legacy. Throughout their future lives as college students and professionals establishing their own legacies, he encourages all students to diversify their perspectives and build a strong, supportive interpersonal network, but also to take time to maintain one’s mental health and reflect on personal values.