Choise.com, a platform offering a suite of crypto-fiat services, released its latest update last week. During this exclusive Q&A with the company’s founder, Vladimir Gorbunov, we had the opportunity to gain a first-hand insight into their roadmap ahead, marked with the transition to the unique Choise.ai ecosystem. We discussed the B2B solutions the team would be implementing, the reasons for their latest initiatives, and the challenges they’re expecting in the coming phases.
Vladimir, you recently announced the launch of the Choise.ai ecosystem. In brief, what is it all about?
We’ve indeed added a few extra letters to our name, not to distinguish it from Choise.com in the domain part, but to identify our direction and path. I will refrain from revealing all the details yet, but the full picture of what Choise.ai entails will be outlined over six planned announcements on its official website. Following a niche path where we are already leading, we are poised to undergo some significant changes in tokenomics, strategy, and focus. We’ll share more details step by step in a few weeks from now.
Alright, then let’s move on to what we already know. The first point of the last announcement indicated that Choise.com has made a strategic decision and will now focus on the enterprise and B2B markets. Can you elaborate on this topic?
I think one of our most important strategic decisions outlined in the first announcement is the overall shift of our focus towards B2B and enterprise solutions. This doesn’t mean we won’t deal with B2C solutions, but the function that Choise.ai will perform involves us developing technological solutions in the Web3 domain, centralized, decentralized, and AI solutions, which we will then distribute through B2B and B2C channels.
In essence, the focus remains ultimately on the user, who utilizes the products, solutions, and technologies developed. Choosing to go down this path wasn’t random; it came after considering a number of important reasons. We’re very excited to think of the business world as uncharted territory just waiting for exploration. Current market discussions around trends like RWA, DEPIN, and restaking, which are rooted in the past, contrast with the forward-looking approach that sees the crypto market eventually serving as an alternative to traditional finance. Looking ahead, we’re seeing a trend where more businesses are jumping on board with Web3, DEX, and blending crypto with traditional money solutions.
The interest in such products will increase, yet the major investments in the market are expected to come from the enterprise sector. This is because, currently, companies keen on entering the crypto market lack the expertise, solutions, technologies, resources, and financial backing. They may also be hesitant or lack a clear path forward. It’s not feasible for tens of thousands of companies offering traditional services to independently develop their own crypto-fiat solutions and integrate blockchain technologies. Instead, they will likely adopt solutions developed elsewhere.
We’re setting out on an adventure that involves wearing a few different hats: those of an integrator, developer, and distributor. We’re all about joining forces with the big players who can spread the word far and wide in a single go, aiming to lay the red carpet of mass adoption for the billion new users. Heading towards the enterprise space with wide-ranging demands, we’ve identified a highly prospective niche – the place that’s in a state of need for all-in-one solutions for businesses, bridging crypto and fiat worlds.
Kicking off our adventure with Choise.ai feels like we’re boldly stepping into a world where creating an ecosystem that meets the diverse needs of businesses is more than just a dream. We tread a relatively less-trodden path, with very few walks but infinite potential, so we’re pioneering in a space ripe for change.
As far as we understood, CHO will be the key token in the entire Choise.ai ecosystem. And CHO holders will be able to receive up to 20% of its B2B revenue through the staking mechanism. Could you please explain how this will work?
Indeed, the second and main segment of our initial announcement holds substantial importance for our CHO holders. It’s crucial to understand that this announcement is just one of six forthcoming disclosures that will bring a wealth of updates and news concerning tokenomics. But yes, one highlight is the integration of Choise.com with Vault.
On the surface, when you look at our enterprise-level solution, you might perceive it as a novel direction. However, it aligns with our existing B2C initiatives, albeit now leveraged through partnerships with large businesses. In the end, these solutions are all provided to the retail customer. And we have been thinking for a long time how to create value within our B2B division so that it creates additional value to the entire ecosystem. The forthcoming announcement will detail our significant move to allocate up to 20% of Vault’s B2B revenue to CHO token holders. We are really proud of this because Vault is indeed a leader in the enterprise crypto sector, securing over 54 contracts in the past year, which is a big deal for CHO holders. Vault, significantly expanding, anticipates contract revenues to surge, enhancing our ecosystem’s appeal. Further updates, including implementation specifics, will be announced soon.
You previously mentioned Choise’s transition towards a digital banking development marketplace offering key services like CEX, DEX, AI, and RWA. Can you specify the steps of how this plan is going to unfold?
That’s a really good question. Vault managed to nail 54 contracts, not to mention launching a number of partner solutions. Each of these is pointed at some particular target audience, hence serving as its own channel through which we distribute our products. Our lineups got it all – from crypto cards and licenses to easy buy-sell options, not forgetting reliable storage solutions alongside plenty of different deposit options. However, our vision does not remain confined to the status quo. While we acknowledge that Vault cannot create every possible solution independently—much like Amazon cannot manufacture every item it sells—we recognize the importance of being a central marketplace that not only produces a select range of products but also facilitates the distribution of a wider array.
Thus, we’ve chosen to pursue the path of becoming a marketplace, which will enable us to amalgamate premier and top-tier solutions in the realms of CEX, DEX, Web3, AI, and RWA. As a result, it will allow our partners to develop more complex products based on our platform. And finally, it will open up a critical avenue for development teams. This is particularly relevant for developers who have created, for example, a highly reliable wallet but need a distribution channel or are seeking scaling opportunities due to limited marketing resources. As a result, we can show off their product, integrate it with our solutions, and give our partners the ability to implement its functionality right into their own offerings.
When you think about a marketplace, it’s not just a spot where you buy and sell things. There’s a lot to this concept, from investment opportunities, yield-earning and staking options, deposit and credit products, to cutting-edge restaking technologies, decentralized wallet solutions, exchanges, and exchange engines, among many others. Right now, we’re having conversations with some companies who are keen to share their innovative solutions by plugging into our big partner network through our marketplace. Imagine we’re setting up something like an App Store, where you can find all sorts of services, both centralized and decentralized. By gathering them all in one spot and crafting business tools on this foundation, we’re really stepping into new territory.
You noted that the niche is relatively new, but how do you assess your competitors here, if any?
Even with the current high entry barriers, increased competition within this niche is inevitable. Presently, launching even a simple crypto banking solution incurs costs running into millions, sometimes even tens of millions of dollars. For businesses mulling over a similar path, it’s absolutely crucial to get the lowdown on what resources they’ll need to tap into. For those aiming to develop an infrastructure product capable of seamless integration with a wide array of traditional financial services—including banks, processing companies, fiat providers, IBAN solutions, and core banking infrastructure—while also supporting a diverse range of cryptocurrencies, the financial, logistical, and regulatory demands are steep.
This involves obtaining due licenses, developing an efficient team of not less than 70 to 100 experts, and threading through the complex web of industry-specific challenges all of which add to the high costs, which deter many companies from pursuing this direction. On average, integrating just a single card partner can take between six to eight months and cost around $500,000 to $700,000, not including separate expenses for KYC/AML solutions, which run into millions of dollars. Beyond development costs, establishing a basic yet competent version of a crypto-banking solution—complete with licenses, reliable products capable of passing audits, and ensuring high security—is a substantial investment, typically ranging from $10 to $20 million. And that’s not all—you also need to ramp up your game with more tech, better safety features, and top-notch quality.
Over the past five to seven years, we’ve invested between $30 to $70 million in building our infrastructure alone. Notably, our solutions significantly reduce costs for clients, offering onboarding and monthly tariffs that, over three years, amount to approximately $500,000—dramatically cheaper than developing in-house products. Consequently, we can deliver our solutions not in years, but in a matter of weeks or, at most, a month and a half.
Moreover, let’s not forget the global scale of our operations. We offer more than a single license or core banking partner, offering a complex, technologically advanced product with simultaneous integration of diverse solutions under one roof.
Sure, we’re seeing a bit of elbowing into our space from some companies lately. Even so, we’re still at the front of the pack because our wide range of services and strong position in the market keep us there. Our extensive contract portfolio time and again sees new customers choosing us over smaller competitors. They’re coming our way, drawn by how seamlessly our solutions fit into their world, sealing deal after deal with enthusiasm.
In conclusion, please tell us about the plans you have for the future.
We do not have a structure of announcements based on the principle that the first announcement is the most important, or the sixth one is the most critical. They all paint another stroke on the canvas of our bigger picture. There will be a lot of new and interesting things for everyone – whether you’re our existing customer, thinking about joining us, or if you’ve got some CHO and even CRPT tokens in your wallet.
Once again, I’ll refrain from delving into specifics at this juncture, opting instead to look forward to the series of announcements we have lined up. But I will say that at this moment, we find ourselves in an especially promising phase of our journey. Of course, we love hitting milestones, but more importantly, when those wins feel like a group hug from the community at large, that’s what makes us happy.
