Startup Q&A: Simon Yu, CEO and Co-Founder, StormX

RTIH talks cryptocurrencies and the birth and growth of StormX with its founder and boss Simon Yu.

RTIH: Tell us about StormX

SY: StormX is the one stop solution allowing users to earn easily through two products StormPlay, and StormShop. Whether users are shopping or checking out new products and services, we allow them to find ways to earn money through cryptocurrency.

RTIH: What was the inspiration behind setting the company up?

SY: Both my co-founder Calvin and I struggled financially growing up, and we were always seeking opportunities to earn additional passive income. We found there were many opportunities online like freelancing, micro-tasking, and other solutions but the payment process was broken. 

As fiat would be so expensive to process due to foreign transaction fees and bank fees it would cost more to send than the actual amount you'd be receiving. Utilising blockchain we found there was an enormous opportunity to allow users to earn easily.

RTIH: What has been the industry reaction thus far? 

SY: As part of a new industry, educating people on the benefits of our product and technology is always the challenge. When we first started the company, people thought Bitcoin was associated with money laundering or drug smuggling because of Silk Road. 

It’s definitely getting better as most people have heard of Bitcoin by now but we’re still in the early stages.

RTIH: What has been your biggest challenge/setback?

SY: Regulatory uncertainty has been the biggest challenge. As we are part of a new technology, it’s difficult for regulators to give clear guidance on what companies can and can’t do.

In the US, crypto companies are mostly trying to predict where regulation will be in the next few years rather than structuring a company based on the current state of regulation.  

RTIH: What's the best question about your company or the market asked of you recently by a.) an investor and b.) a customer?

SY: If you can earn cash back without doing anything, why isn’t everyone using it? Adoption and education are the reasons. Usually when someone offers you free money online, people are sceptical on how it works.

RTIH: What can we expect to see from StormX over the next 12 months?

SY: We’ve paid out millions of dollars to 2.5 million users so far. Our next goal will be to reach the next tens of millions of people who will be able to earn from our products.