Giorgi Shonia On How Crypto Industry Can Move Forward (and Do Better)

Giorgi Shonia’s Vision for a Secure, Transparent Crypto Future

There’s little doubt that the crypto industry has ever been more attractive. The range of investors has never looked so diverse, with seasoned professionals joined by curious newcomers almost daily. There’s a problem, however, that the turnover rate of new entrants in our industry is higher than most others: the rapid expansion put a spotlight on several significant shortcomings, leaving many new users frustrated, distrustful, and dropping their attempts at trading. 

This article explores a conversation with Giorgi Shonia about a New Era for crypto and what fundamental shifts are necessary to make in how exchanges engage with their users so the current growth the industry is experiencing is sustainable long-term.

Shonia has worked in the tech industry since he was a teenager and brings a decade of experience in digital asset management to his role as CEO of Nordom. He has firsthand experience with the challenges traders face with current trading platforms, especially when getting started. We’ll discuss the struggles with user-friendly experience, overly complicated platform interfaces, inadequate security measures, hidden fees in the fine print, and, most importantly, how the industry should deal with them if long-term success truly is the goal.

Giorgi Shonia Has a Vision- and It’s All About Addressing the Crypto Market's Core Issues

Tackling the issues with transparency and friendliness of user experience, In Shonia's view, is the key to unlocking the full potential of the crypto industry. His version of crypto’s future prioritizes the user's needs, builds a relationship on trust, offers transparency and openness. Shonia truly believes that providing clear, upfront pricing and eliminating hidden fees could create an environment where trading is done with confidence. That’s the major goal for deploying Nordom - to give both new and experienced traders, a platform they can trust.

Security is another critical concern for Shonia and his team. There’s no use in denying that the threat of cyber-attacks is stronger day by day and requires strong, fast-developing measures to protect user assets and sensitive information. Nordom has stuck its fate on advanced encryption techniques, cold storage for user funds, and regular security audits to identify and address potential weaknesses. No platform is ever fully secure from an attack, but Shonia believes that, as with everything else crypto, diversifying is the answer here as well: the more variety to measures, the higher the chances that the platform will be able to fend off the attack.

But Shonia freely admits that while crucially important, it’s not security concerns that have impaired the widespread adoption of cryptocurrencies - it’s low accessibility and lack of user-friendliness. No industry can thrive without a regular flow of fresh blood, and current exchanges do not cater to users of all skill levels and backgrounds. Building intuitive, streamlined interfaces and comprehensive educational resources is critical to getting people interested in not only trying their hand at trading but keeping them at it. 

There Can Be No Future Without Transparency. Crypto’s No Exception

In the end, that’s what Nordom of Shonia’s vision is all about: identifying the gaps in the existing market and then providing a resource that fills those gaps. But even prioritizing user experience and engagement can’t solve all problems. 

Navigating the crypto landscape successfully requires a deep understanding of market trends and cycles. People getting into crypto need to know what they’re signing up for - and need to be ready for it. We’ll lose them otherwise. 

And there’s no denying that our industry is a volatile one: prices are sensitive and can fluctuate wildly in response to regulatory changes, technological advancements, shifts in market sentiment, etc. For those interested, these fluctuations are often referred to as "bull runs" (a sustained increase in prices, often due to positive news) and "bear runs" (prolonged periods of falling prices, typically due to negative news) in the industry - and significantly impact overall market stability (along with the investors' portfolios). You can read more about Bull & Bear Runs here on Nordom's blog, but the point we’re trying to make is that new traders need this knowledge - broken down into accessible terms - to even stand a chance at succeeding, and if we’re ever to stand a chance at retaining them. 

The truth is the crypto industry stands at a crossroads - it has shown great potential for rapid and long-term growth, but it has also shown that there’s a risk of quick and terrible fall-off if we do not address the growing concerns many investors have shown, and focus on security, transparency, and accessibility. Under Shonia’s leadership, Nordom is shaping up to be just that. What Shonia is truly hoping for is that other platforms will start addressing these concerns as well, so that crypto can have a future where users trade with confidence, knowing that their assets are secure, their transactions are transparent, and the platform they are using is designed with their best interests in mind. It’s what the successful widespread adoption of cryptocurrencies hinges on.