An innovator normalizing the crypto market through secure crypto banking: honesto AG

In the digital world we live in, there has been a significant rise in the number of crypto traders and investors. If you want to be a part of the extremely volatile crypto market it is highly recommended by the experts to choose the right platform to trade. Globally there are various companies delivering excellent platforms for cryptocurrency trading, but honesto AG stands out from the rest. The motivation originally behind honesto AG by its founder was to make a “Trivago” kind of experience for cryptocurrencies. Fully regulated and with the highest possible Swiss security standards. The honesto Trading App is the first Swiss trading platform for digital assets that provides the full protection of a Swiss bank.

The company also offers its clients, with just one click, the best possible price from over 20 of the leading online exchanges. Thanks to the custody of all digital assets by the bank, honesto normalizes the crypto market and establishes the Swiss legal, regulatory and security standard in the crypto world. The coins are stored in the Swiss Alps and what is used for trading on the platform is additionally reinsured.

In conversation with Sanela Lüscher, Founder and CEO of honesto AG

Q. Cryptocurrency industry is one that is growing quickly, with an increasing number of companies offering an even greater number of online and mobile platforms for transactions. How do you distinguish your services from others?

We have gone the long way through all the regulatory mills to establish the Swiss legal, regulatory and security standard for the entire crypto world. From the ashes of the current situation, platforms will rise with a standard that will enable trust, mass adoption and ultimately, normalization of this entire industry. This is exactly what we at honesto have always predicted. That’s exactly why we created such a platform. We see great opportunities for us and for Switzerland as a business location. Awakening is good and naivety is punished by life. All in all, a very positive outlook.

Tell us in brief about your data management system and compliance.

honesto is qualified as a financial intermediary within the meaning of Art. 2 Para. 3 of the Anti-Money Laundering Act (AMLA) and is a member of the Self-Regulatory Organisation (SRO) Association for the Quality Assurance of Financial Services (VQF) with membership number 100947/SRO. Furthermore, we have attended an AMLA training course in accordance with the requirements of FINMA. We therefore meet all compliance standards. All client data are stored in data centers in Switzerland in full compliance with all Swiss data protection regulations. Access to client data is managed through internal policies. Data security, availability and integrity are ensured through the usage of a redundant cloud infrastructure and a real-time back-up system.

Q. A major problem that cryptocurrencies face is low transaction processing speed. How do you overcome this issue?

In general, we are not directly affected by slow transactions as we are neither a DeFi product nor a decentralized exchange. Customers can deposit FIAT via bank transfer. If deposited within Switzerland before 12 noon, the money is credited on the same day. Once the money has been credited, the customer can buy our listed cryptocurrencies in seconds and later sell them within seconds. We will also be offering credit card payments shortly. Deposits are usually credited immediately upon confirmation 24/7. This means that cryptocurrencies can be purchased immediately. Later, we will also accept crypto payments. These transactions will be confirmed by normal blockchain confirmations. For security reasons, where the confirmations have been programmed into the cryptocurrency codes, we cannot bypass them either.

Q. What are the security measures implemented by you to secure your solutions?

honesto normalizes the crypto market completely. With us, all custody is handled by our partner bank Incorebank AG, which is fully regulated and licensed by the Swiss Financial Market Supervisory Authority FINMA. Everything we don’t need for trading is in the Swiss Alps, deep in the bunker. There is also reinsurance on the coins. This is a totally new security standard that brings such a disruptive and beneficial change towards standardization of this new market worldwide.

Q. Cryptocurrency is volatile. It means that the exchange rate can move extremely quickly. In such cases how do you keep up with the exchange rates?

Our system can scale hundreds of times in ten seconds because we have built the main components on the Amazon cloud. In addition, our software has been built “plug-in play”, so we will soon be able to make any asset manager or bank cryptfit.

Q. Do you have any new services ready to be launched?

The honesto trading app is the first product that you can already download and use in over 40 countries. Normally, one can open a Swiss account at a Swiss bank within five minutes and trade securely through Switzerland, at the best possible price from all liquid markets. But the user never leaves the banking environment. Does not have to get involved with uncertain stock markets.

Q. What does the future hold for your company and its customers? Are exciting things on the way?

We have completed the subordination procedure, which is a prerequisite for obtaining a registration under TVTG (Blockchain Act). The FMA has followed our legal opinion. The goal is a license and registration according to TVTG. Once this registration is completed in Liechtenstein, we will have access to the EEA. You can already use our app everywhere, in over 40 countries. But then we may also actively advertise it abroad. Next year, we would like to gain a foothold in the USA and the EU as well. We are currently negotiating with possible local partners. Our goal is to be one of the largest platforms in the world in ten years. Because we believe we have created by far the best offering in the world. We are an infinitely scalable company that benefits maximally from all the political, economic and monetary conditions. I think we’re going to be extremely valuable soon, because the market is factoring all of those things into the company valuation. We are all looking forward to that.

Meet the leader behind the success of honesto AG

Sanela Luescher, Founder and CEO of honesto AG is a mother of three and strong leader with 20 years of experience in B2B and B2C in the industrial and IT sectors. In-depth professional experience in areas such as finance and accounting, compliance, HR, sales and project management. Working in Fintech and Crypto since 2015, known as a strong and competent personality with innovative spirit. Sometimes speaker at WEF and other specialized forums. In 2019, I made it to the top ten Female Leaders in Cryptofinance. The entire set up and realization of the application was worked out by her. Through her technical background and the realization of a wide variety of projects, including in the IT and finance sector, she has been able to acquire very high skills over the years. The many years of practical experience, supported by a very good network and acceptance in the professional environment, served her in building the setup of the Honesto APP. Well-known partners are involved and actively support the company.

“With just one click, you automatically secure the best price from over 20 online exchanges. This makes crypto investing not only easier and safer, but also more transparent.”