Forbes India 15th Anniversary Special

PayFbit's Kamal Wadhwa driving mainstream Cryptocurrency Adoption with MultiMillion dollars unique payment platform

PayFbit is a smart blockchain-based payments platform for managing both fiat and digital currencies

Published: Jun 9, 2020 01:03:05 PM IST
Updated: Jun 9, 2020 04:53:30 PM IST

CEO & Co-founder of fintech platform PayFbit, Kamal Wadhwa is finally living his dream of bettering humanity by furthering the charge for mainstream cryptocurrency adoption across the world. Headquartered in London, PayFbit's parent company Fortune Returns Limited is a fintech company driving cryptocurrency adoption by developing a digital financial services ecosystem with blockchain technology.

PayFbit is a smart blockchain-based payments platform for managing both fiat and digital currencies. The platform was created to provide a safe, secure and smart payments ecosystem to help everyday people realize the full benefits of cryptocurrency in their daily lives.

Through his fintech solution, Wadhwa aims to drive financial inclusion, reduce the global unbanked population and "provide people from around the world with easy access to digital financial services at near-zero cost."

Like almost everyone else, he set out with the deliberate intention of getting a 9–5 job, a low-risk move he dubs his “best bet at a safer, comfortable life at the time”. After obtaining a Bachelor’s degree in Electronics and Communication in 2004, he followed the proverbial beaten path of the corporate world.

Making a Difficult Decision

Wadhwa started working with Swedish multinational company Ericsson, one of the biggest telecom giants in the world. However, his career took a drastic turn when he began to realize he wasn’t living up to his full potential. He knew he could contribute his part to bettering human life—he wanted to do more. Perhaps inevitably, after more than a decade, he would later leave the corporate world to pursue his ambition of empowering thousands of people.

“Looking back now, I know I made the right choice but at that time, it was a really tough call to make,” he says. “I was stranded for a while. The corporate life has its perks, no doubt, and here I was leaving it all behind because I was trying to follow my dreams."

After his stint at Ericsson, he became actively involved in stocks and commodity markets trading through his previous work experience. It was then he noticed institutional investors always take big profits from trades while retail investors (and traders) lose their funds almost every time.

Crypto Epiphany

“During my time at Ericsson, I had learnt a lot about various strategies of financial management and gradually developed my business acumen. I got curious to know what governs the financial markets, and how they work,” Wadhwa recalls. “I started to take a deep interest in trading, developing successful strategies to ring-fence profits on my trades and minimize losses. I got better at understanding market movements and once I had a sound risk-management strategy in place, I started to close trades with larger trading volumes.”

While he was working at Ericsson earlier in 2015, he got to know about blockchain technology. Although this was a period marked by widespread uncertainty and foot-dragging, he instantly recognized the huge potential of blockchain to shape the future of money (and finance). Through his trading career, he stumbled across cryptocurrency years before the Great Crypto Bull Run of 2017. Kamal put a lot of effort (and time) into studying the cryptocurrency markets, becoming a seasoned crypto trading professional. He even developed advanced crypto trading bots so he could spend less time on trading and focus on his job.

“Once I got deeply involved in the cryptocurrency markets, I discovered it might take some years before we can comfortably use cryptocurrency as a financial instrument,” Wadhwa explains. “I did a lot of analysis in the crypto space and found some key problems which we actually need to address fast, like security and transparency, in addition to the mainstream adoption of crypto assets as a recognized transfer of value. And then there’s the issue of ungodly trading and transaction fees on crypto exchanges and blockchain-based payments platforms respectively.”

Thinking “Big” and Birthing PayFbit

According to Wadhwa, thinking creatively and outside the box has been a major driving force in his life. “In my college days, I read a lot of texts on self-improvement and business development—in fact, I still do. I've also read the autobiography of great Indian businessmen, notably Dhirubhai Ambani and Ratan Tata," he enthuses. “Although ‘think big’ is now more of a buzzphrase than we care to admit, I was greatly inspired by the story these outstanding people shared with the world. Being able to dream without limits has helped me achieve a lot on a bigger scale. When I told my colleagues about my dream, all I’d get was snickers and ‘oh. I’ve heard this before.’ They didn’t share my vision but I was determined to achieve this goal.”

In 2018, he finally quit his job and founded fintech startup PayFbit to chase his dream of empowering thousands of people. Unable to contain his excitement at the prospect, he says “PayFbit will empower people around the world with its intuitive and user-friendly crypto ecosystem that provides a premium experience while allowing them to leverage the potential of crypto assets in different forms and avenues, from trading and investments to payments and remittances. Our ecosystem will help millions of people to enjoy the benefits of secure, zero-charge and borderless transactions using blockchain technology, further pushing cryptocurrencies into the mainstream. By using our crypto wallet platform, users will easily perform everyday 'money tasks' with crypto from their smartphones and other devices.”

Wadhwa believes most cryptocurrency exchanges fail to serve both the expert trader as well as the crypto newbie. User-friendly retail exchanges exist, but they offer poor rates to their customers and do little to educate their users on crypto trading/investment. On the other hand, full-featured exchanges are either too overwhelming or complex for newbie traders to use. PayFbit crypto exchange is secure, transparent and easy to use. It will be the first choice for everyone, from experienced traders to complete beginners. In addition, it will serve as an IEO launchpad for other blockchain projects, allowing them to launch and distribute their own cryptocurrencies on the exchange.

With a global community of crypto enthusiasts at the heart of the ecosystem, PayFbit’s long-term goal is to be the number one destination for people who want to trade, invest and learn about cryptocurrency. They have already raised more than $1 million through the private sale and are hoping to raise $ 22 Million by the end of ICO closure. PayFbit’s public crowd sale is expected to go live in July 2020, with a minimum fundraising target of $2 million and a $22 million hard cap.

Interestingly, PayFbit is already moving to secure key partnerships with companies in the fashion, education and healthcare industries. In addition, they plan to partner with UK universities to offer certifications and degrees in blockchain courses. The project is live, over 20 thousand people are registered on the platform, projected to reach a 500 thousand figure post-ICO.

Backed by PayFbit's unique solution, Kamal Wadhwa aims to bridge the huge gap between fiat currencies and their digital counterparts. He hopes to reduce the global unbanked population, helping millions of people adopt cryptocurrency as a preferred transfer of value.

Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No Forbes India journalist was involved in the writing and production of this article.