By @SimonCocking interview with Scott Douglas, Founder of CIF.
What is CIF?
CIF is building technology which will enable merchants to transact in cryptocurrency, in a similar manner to how PayPal and ApplePay have augmented the traditional systems of Visa, Mastercard and Amex.
CIF will start the sales cycle by offering education to businesses on the various technological aspects of cryptocurrency and blockchain technology. We will use this relationship to sell and implement cutting edge software to these businesses which enables merchants to integrate and profit from this emerging asset class with no upfront CapEx or technological proficiency required.
— CIF (@CIF_Team) December 19, 2017
Why do you think it will do well?
Currently the cryptocurrency space is predominantly occupied by companies that operate outside the scope of what traditional successful ventures would deem to be “the norm”. Poor customer service, lack of product quality or support and a lack of vision or true strategy has been accepted by the industry at large simply because there has been a monopoly by a few major players since the cryptocurrency industry emerged in 2011.
After having significant personal passion and interest in this space, I have come to realize that there is a significant disconnect between traditional markets, and business and the emerging blockchain/cryptocurrency market. I have an intrinsic understanding of how the technical side of businesses operate in a variety of different markets. All businesses from small to enterprise take relatively conservative views on emerging technology and require education and consultation in order to help their own internal IT (or owner, if small or medium sized) to implement any changes to their existing environment. It is the minority of businesses who proactively source out new technology. Evidence of this is as follows, the most widely used CRM is Microsoft Excel and the most popular phone system (On-Premise PBX) is still the Nortel Norstar (even though they went out of business 10+ years ago).
I have taken my understanding of the traditional technological sales cycle in B2B markets of any size and am incorporating it with a software offering allowing businesses to integrate their crypto into their existing eCommerce environment. I have been a study of cryptocurrency and market trends and technologies since roughly 2013. By bridging both my personal passion as well as my formal professional experience I am well equipped to champion this project and successfully deliver on CIF’s objectives.
— CIF (@CIF_Team) December 17, 2017
How are you different?
Currently there are companies who offer payment gateways, and companies that offer educational resources however there are no competitors in this space who offer a collaborative effort to utilize both tools to fully integrate new clients into the space and provide them with a revenue generating tool (software) which allows them to actually profit from this industry.
CIF bridges that gap by offering the educational resources and the complimenting software. This sales technique will be a welcome addition to the industry, with the potential addressable market being enormous considering current market penetration.
We have also utilized the technology we speak about to strengthen our sales position. We have created a coin which will be actively trading and generating value on cryptocurrency exchanges. By creating this coin we have created a piece of technology which can act as a loyalty rewards program for businesses, ensuring that businesses not only understand and have the tools to integrate crypto into their existing ecommerce environment, but are rewarded for doing so.
— CIF (@CIF_Team) December 14, 2017
Where are you based?
We’re based in Toronto, Canada. Proudly Canadian, Canada is on the forefront of blockchain technology and innovation. I’m extremely proud to be one of several Canadian projects who are launching projects which are positively benefiting the furthering of blockchain technology and cryptocurrency – competing with other tech giants on the world stage.
When was the company launched?
I have put significant time, energy and personal resources into getting the CIF project to where it is today. The company was officially launched earlier this year and has gained tremendous popularity in a very short period of time – as this space is extremely hot right now. I’m extremely grateful that the cryptocurrency community has taken so well to my project and the vision I have for CIF. It also speaks to the requirements for programs such as what we’re trying to accomplish in this ever-evolving space.
What have been your biggest wins to date?
I am extremely pleased to have aligned with several leading fintech developers who will be developing the software for CIF which we will be delivering to businesses. I’ve always felt as though a poor quality product can kill a business before they even get off the ground. By aligning with the best, I have no doubt that we will be able to over deliver on our expectations and successfully carry out our business plan.
Who are you trying to attract to your product?
We’re going to be reaching out to businesses, all markets – small to enterprise (or F500) as they’re primarily referred to in the US. This aligns with the goal of our project, to bring help bring businesses to the blockchain.
What tips would you give to others looking to build their business?
One of the most important things that will be echoed by almost every entrepreneur who you speak with is that you must have sincere passion for the project you’re undertaking. Aspirations must never be fuelled by the ambition to achieve financial success. The amount of work required to be truly successful. Although the life of an entrepreneur may seem glamorous it is one filled with hard work, sleepless nights and personal sacrifices which will only make sense to an entrepreneurial individual that loves what they are doing. Although there are many lessons that can be taught which help individuals succeed in their own projects, I would say that this lesson is probably the most important lesson of them all.
Tell us about your team?
One of the things I pride myself in, is being able to bridge markets and ideologies. I always say that I have one foot in the real world and one foot in the cryptocurrency world. One of the strangest phenomena which we are seeing in this market is the collision of two worlds, the cryptocurrency world versus traditional capital markets. As the popularity of cryptocurrency increases and the market capitalization of all assets continues to boom, the merging of these two worlds will become more prominent. Right now I see many projects that attempt to sit on one side of the fence or the other, both of which miss the mark. To assemble a team in this space, you must hire talent from traditional verticals as well as bridge minds and views from the cryptocurrency space. I am extremely fortunate to have such a team with CIF. I am fortunate enough to have experts, advisors and team members from traditional capital markets who are expert business strategists, sales leaders, financial experts and software developers, as well as individuals who are more familiar with the nuances and intricacies of the cryptocurrency space – some of which are lost on the average individual who isn’t accustomed to the new market. In my opinion, by bringing individuals from both sides of the fence into the fold, you will ensure that you have the expertise required to both drive business in the traditional sense, as well as ensure that expectations and objectives are favourable and fall in line with what is seen as acceptable in the cryptocurrency and blockchain community. By merging both of these worlds – my team will be able to address any potential scenario it finds itself in.
What are your plans for the future?
The final concept will be for CIF to be a one-stop-shop for all things Business & Blockchain offering a plethora of products associated with this space tailored to business clients. I realize that we must grow organically and really take it “one step at a time” but I think the requirements for business will only increase as this market gains popularity and I envision CIF being at the forefront of this disruptive economic market shift.
What are your favourite tech gadgets?
A good friend of mine is currently developing a variety of products that are tailored to the cryptocurrency industry. Obviously I have a biased point of view since I’m engaged in the industry, but he’s working with several concepts such as crypto mining watches and crypto slot machines. To me, these are all extremely exciting projects.
— CIF (@CIF_Team) December 21, 2017
How do people get in touch with you?
I am almost too accessible sometimes, as I always try and answer emails or engage with the community as often as possible. That being said – if anyone ever wants to reach me.
CIF Community Twitter.com/CIF_Team,
Personal Telegram: t.me/AdminCIF,
CIF Community Telegram: t.me/CIF_Team,
Email: [email protected],