Revolutionizing the financial norm with decentralization: An interview with Akt.io
In 2017, Automata Group launched the AKT.IO project. Gael ITIER gathered a team of experts in traditional finance, blockchain, and tech in order to disrupt retail wealth management to offer users next-generation neo-banking services for wealth development and daily financial needs.
— Earn more from your money while keeping easy access is now possible. —
Since March 2022, the mobile app is available to download (Apple/Android), giving users access to the first feature released (Dedicated IBAN, Wealth Hub, Euro Blockchain Vault, Crypto Market Place, Wealth Card).
In the 2023 roadmap, AKT.IO will release new features including, the Shared Euro Blockchain Vault, a wider marketplace with US & EU Stocks, a Fixed §Allocation Portfolio, and the proprietary Wealth Bot (Multi Algo-layer) to automate investments according to personalized investment strategy.
— Users can earn daily with the Euro Vault, invest in crypto or let Wealth Bot manage their investments and spend with the VISA Wealth card —
AKT.IO is the first financial app focusing on growing wealth while competitors are focusing on spending
In an interview with a team of AKT.IO, we talked about its ecosystem, the mission and vision of the platform, the wealth card, the fiat market, and a lot more.
Q1) What was the thought process for designing Akt.io? Talk us through the vision and mission of the platform.
Like any other project, the first step to successfully design a product such as Akt.io is to solve a problem by providing a clear added value to an existing offer through experiences, skills, networks, and most importantly, technology.
A good example is Revolut, with Nikolay Storonsky (CEO, Revolut) who launched the Revolut MVP by providing a new neobank product, offering the famous ‘’spend abroad with 0% exchange fees’’. As a professional trader, he saw that the fees applied by the bank for retail were too high, and he got a bright idea to build a product to fix this problem for the retail market.
At Akt.io, our process is similar. Gael Itier (CEO, Automata Group owner of Akt.io) united a team of professional traders, legal & compliance experts, and experienced developers to solve the problem. Traditional neobanks focus on spending features (payment disruption) but nothing has been disrupted when it comes to wealth management.
The vision of our platform is to defy the financial norm. The current system makes you think your money is worthless. It’s wrong
Wealth is the DNA of the Akt.io team. The founders worked as professional traders (algo-trading and discretionary research) and designed the first MVP of an automated tool to manage people’s wealth with ease. Gael Itier united the team of experts, from developers to legal experts in order to deliver a world-class wealth app (saving and investing) by leveraging algorithms & blockchain technology.
Using Akt.io is quite simple with the help of the Wealth Hub (multi-custodian settlement) connecting Fiat ramp, allowing each user to get access to a dedicated IBAN linked to a Wealth card, which lets users spend their funds invested in savings or investment vault at any time.
As I said, Akt.io is able to revolutionize the current account, offering people the real freedom to earn daily interest through Defi & blockchain technology and to access automated investment tools for the neophyte. And you will soon be able to pay for everyday essentials from your savings or investment vault by using the Wealth Card.
Talking about the mission of Akt.io. It’s the first one-stop app to optimize the way you save and invest money while keeping your funds always available for spending.
Q2) How has the platform performed since its launch? Could you elaborate on the achievements and hurdles that came along the journey so far?
Fortunately, with the teams, efforts, and hard work, our past road map has been achieved. So, let’s start back a few years ago:
- Starting in 2018 until 2019, Gael Itier united the team of expert founders and the first draft of the Akt.io ecosystem came to be with Automata white paper, launching the first fundraising through ICO.
- During the first two years, the team completed the first seeds through a private round and achieved the MVP (Fiat Ramp, dedicated Iban, automated investment (back-testing). In early 2020 the decision was taken to rebrand the project with the name Akt.io (Automated Key Technology) and to integrate the savings vault by leveraging Defi and a crypto exchange.
- In 2021 the ICO fundraising was completed with 27 Million Euros raised through the presales of AKTIO Coin.
- In March 2022, the Akt.io team was able to deliver the first version 1.0 of Akt.io on Stores (apple/android), offering access to dedicated IBAN, crypto exchange, and saving vault for Euro deposit (EUR/PAR Stablecoin).
- One month later in April 2022, the team listed the AKTIO Coin for the first time on CEX Bittrex Global at the Paris blockchain week Summit, integrating the utility of the AKTIO Coin into the core of the app (staking program – fees reduction – access to a better return on akt.io tools)
Talking about the accomplishments that we achieved only in a few months: There were 133K+ downloads and 500 app downloads daily. Additionally, in just a few months of our launch, we had 65K+ active users, 6K ambassadors, and about 6K Eur Vault accounts opened.
Q3) How does Akt.io upgrade and transform the traditional financial sector?
To answer this question, there are two axes:
On one hand, optimizing the user experience by following the paths of the current fintech actors such as Revolut, N26, or Lydia. They use a simple app experience to help users manage their daily financial needs (payment or saving/investment).
Akt.io develops a user-friendly app for everyone to manage their money in one tap. Traditional institutions are late in this field and the recent fintech actors are providing less accessible investment tools as an add-on to the current account.
On the second hand, providing innovative technologies in saving and investment to optimize Wealth from the first Euros deposited in the app without complexity. Akt.io already deployed an alternative to the traditional savings account by deploying an easy-to-use blockchain Euro vault with no deposit limit, interest paid in EUR daily (current average return is around 3.70% APY), and access to withdraw at any time.
Akt.io is about to deliver the first automated trading bot on crypto (multi-algorithm layer- Wealth Bot), which will be presented at CES 2023 in Las Vegas.
By bringing alternative wealth tools, users will be able to quickly grow their wealth by activating our product in one tap. Physical banking agencies and useless investment advisors will then become obsolete.
Q4) Talk us through the innovative products of the platform. How are these products in sync with the concept of decentralization?
At the core of Akt.io’s organization are transparency & efficiency. We are on a mission to transform the traditional investment landscape with the most innovative products, and while the road is still long, from day one, our team has been holding on to this key vision.
Decentralization allows the ability to record, track and activate any financial transaction from the user and the organization into a decentralized register such as a blockchain.
In this way, any transaction from the user or any transaction fees from the organization will be fully transparent and registered into the blockchain, via smart contract or equivalent. We do believe that this will be the major transformation of the traditional financial system.
Previously, we have worked closely with the Hedera HashGraph team to design the first draft of this technology using the HashGraph layer. We are determined to continue our participation in this revolution throughout the coming years.
Q5) What utility does the AKTIO Token offer to its users and how does it impact the overall ecosystem?
First of all, the AKTIO Coin utilities are flexible in a way that we are still building the interaction of the coin with the ecosystem.
Firstly, holding AKTIO Coin offers exclusive advantages within the platform through the Ambassador Status upgrade (500 AKTIO Staked) such as :
- Trading fees reduction (-30%)
- Exclusive staking program on AKTIO (15% APY)
- Unlock the EUR blockchain vault maximum earnings up to 8% instead of 4%
It is important to remember that the current utility adoption program is evolutive and offers a win-win deal. Indeed, Akt.io has a very limited supply available (100 Million only). In order to reward users joining our revolution, we’ll be activating a bullish pressure quickly once we get a high client acquisition momentum (more new users, more ambassadors, higher price of the coin). And for the company, this will give us the reserve capacity for development and the community as well.
In 2023, we are studying the integration of the AKTIO Coin into the Defi space by listing the Coin in DEX to build new functions such as Dex SWAP, Liquidity Pool reward program, and worldwide community utility with future partners.
Q6) Recently, Akt.io also got an invite to be a part of the CES Las Vegas from 5-8 January 2023. How will this event benefit the overall growth of the platform?
That was a very good surprise for us to be selected to participate in the CES 2023. Especially, when you consider the caliber of the other participants in the event.
It is, for us, the first significant recognition we get for the innovation we are developing, bringing also a lot of legitimacy to our organization. It will offer our company significant cover in the tech media and also encourage further investment that the company is seeking with VC for the next fundraising round.
Count on us to let you know how it goes in January when we are back from the US.
Disclaimer: This is a paid post and should not be treated as news/advice.