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Adel Co-Founder: “Blockchain is a foreign concept for VCs”

Traditional venture capitalists don’t understand blockchain, according to Adel Co-Founder Gabriel Dusil. In an interview with IBS Intelligence, he cited the lack of familiarisation with the technology as a reason why blockchain startups struggle to achieve funding.

“Blockchain technology is such a foreign concept to [VCs], let alone cryptocurrency and Bitcoin, and the nuances and benefits that these technologies represent for their respective industries,” Dusil added. “For some VCs, key backers and angel investors, it may not be something of interest for them because it’s very different from [what] they’re familiar with.”

Dusil firmly believes in the capabilities and potential of blockchain, but he thinks that these factors are holding it back. Adel attempts to bridge that gap by providing a community and a platform where investors and entrepreneurs can obtain advice, guidance and support. It believes that the traditional notion of an investor-entrepreneur tug-of-war-style relationship is outdated, so the development of blockchain-based projects is democratised, allowing the whole community to contribute with ideas and fund these projects.

Adel is opening its doors to new members on its Initial Coin Offering (ICO) on 1st May,  in which the first round of its own cryptocurrency will be released. You can read more about the ICO here and here.

P2P ATM

Among the projects that have been presented so far to kickstart the community development process, a P2P ATM system will stand out for IBS Intelligence readers. This will allow individuals to provide other people with cash, as a way to bypass brick-and-mortar ATMs and cards. According to the project overview, it would make the acquisition of cash and other currencies more available, as well as lowering transaction costs and allowing for the sale of cryptocurrencies. Users will even be able to rate other users/cash dispensers.

“As internet access becomes a fundamental component for any economy’s growth, the need to utilise peer-to-peer networks for financial services is greater than ever,” Dusil says in the project’s synopsis, “[Through this system] users can foster a decentralised system of integrity and trust for currency exchange by establishing a network of like-minded users.”

Some other companies, like Spare and Switchware, have launched similar P2P ATM ventures. In the past, IBS Intelligence has also reported on cardless cash services in ATMs.

Related IBS Intelligence Research

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