"I believe that crypto firms should focus on insuring loss and promoting vetted projects."
Philip Vu is a frontend and blockchain developer with an avid passion for crypto. As the founder of COMB, he innovated on the idea of passive income using the power of decentralized finance. Furthermore, these same innovation simplified the way for the non-technical audiences to be onboarded on the blockchain.
Philip began is blockchain journey through an exploratory phase in high school, taking web2 technology and migrating them to web3. He entered the space knowing that he wanted to do “The next big thing”. Understanding that the blockchain is young and untapped, Philip plans on pursing it to become of the top blockchain developers
Check out more interviews with entrepreneurs here.
WOULD YOU LIKE TO GET FEATURED?
All interviews are 100% FREE OF CHARGE
Table of Contents
Thanks for doing this interview with us! Could you tell us how you first got involved in the Regtech or Crypto markets?
Philip Vu: It all began with a hackathon, specifically an ETHGlobal hackathon. Introduced to crypto through this hackathon, I was able to explore the intricacies of the blockchain. Through this exploratory phase and watching many different videos on the beauty of the blockchain, I was stunned by the depth and utility the power of decentralization could provide.
After exploring this technology, I was able to dive deeper with the crypto markets, also known as decentralized finance. Through decentralized finance, I found many more different protocols providing different yields through such a complex barrier of entry. Reflecting back on this situation, not knowing where to even start, I made it a mission to make it as easy as possible to bring new users like I once was and lower that barrier of entry for crypto adoption.
What are the five ways that Regulation and Regtech can help stabilize the Crypto Economy?
Philip Vu: I see regulations playing a huge role in the crypto economy.
First and foremost, regulations should lower the number of rug pulls in the crypto economy. This protects the uneducated investor from losing large sums of money.
Secondly, regulations should foster more crypto adoption. With this security, people should feel more comfortable with entering the crypto space.
Third, regulations should provide more clarity in how crypto is handled in governments. With the reduction in time with doing certain tasks like taxes, people will be more active in the crypto economy.
Fourth, regulations should make people feel more insured and not suffer as many losses. Finally, regulations will cut down on the harmful and dangerous projects to the crypto economy.
What are the top things that crypto firms should think about so they can be more competitive?
Philip Vu: I believe that crypto firms should focus on insuring loss and promoting vetted projects. Leveraging familiarity and a reputation is the best way to promote yourself in this space.
What are some things you do to protect your data from being stolen or accessed by unauthorized people?
Philip Vu: Preserving anonymity and unlinking socials to any ties to crypto addresses. This is valuable because finance, although public on the blockchain, should somewhat stay private through anonymity. The power of decentralization is great, but your actions should only be known by trusted individuals.
Can you share a story of a time when things did not go your way? What helped you to keep going and to overcome that difficulty?
Philip Vu: There was an incident with the protocol where scammers found their way in and ended up stealing some of our user’s funds. The scale of this attack was quite large and shook the entire community. It was rough at first, I was unsure how to deal with the situation, I was pacing around and beating myself over letting this happen. I knew that it was something, to myself, was unforgivable.
Although painful at first, I did not let it hurt me any further. After constant reflections, we took responsibility for these attacks, and made sure to never let it happen again. We took this attack and used it as fuel to drive the next step for the protocol. We moved forward, and became one of the largest in the space.
What are some things you do every day, even if you’re busy?
Philip Vu: At the end of each day I spend some time to myself and make to write down a few things about how I can improve myself, the company, or thoughts on other people. I do this as a way to reflect on my current situation, to foster a better mindset and better connection with the world around me. Through the constant busyness that is running this company, I will always try to reset mental state to prepare myself for the next day.
Which upcoming conferences are you most looking forward to?
Philip Vu: Although I wont be able to attend in person, I am looking forward to seeing the Consensus 2022 conference. Looking to see the innovations in cryptocurrency and the in-depth discussions that might occur.
Can you please share with us a life lesson that is important to you? How has that lesson been relevant in your life?
Philip Vu: When you are knocked down, you come back stronger. Throughout my entire life I’ve been through a bunch of different difficult situations. Let that be participating in wrestling, different competitions, or even running my company, I understand that there will be times where you lose.
Being the underdog in most stories, I strive to take those losing experiences to fuel my drive onto the next. I will always reflect on past experiences, and learn to never make that same mistake. Loss is what fuels my success.
If you could start a movement that would help a lot of people, what would that be?
Philip Vu: If I could start a movement, I would begin a movement towards a wide spread adoption of solar. With the current state of the world, we are becoming more fearful of the potential dangers of climate change.
With the adoption of any renewable energy I believe that the world can progress without the fear of being held back by limited resources. In addition, this clean energy can be used towards powering the miners and hardware needed to mine or validate cryptocurrencies.
Jed Morley, VIP Contributor to ValiantCEO and the host of this interview would like to thank Philip Vu for taking the time to do this interview and share his knowledge and experience with our readers.
If you would like to get in touch with Philip Vu or his company, you can do it through his – Linkedin Page
Disclaimer: The ValiantCEO Community welcomes voices from many spheres on our open platform. We publish pieces as written by outside contributors with a wide range of opinions, which don’t necessarily reflect our own. Community stories are not commissioned by our editorial team and must meet our guidelines prior to being published.
