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How to Sell on Instagram

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How to Sell on Instagram

Are you looking for creative ways to sell your products and services? If so, you may want to consider using the Instagram app. Instagram is a social media platform that allows users to share photos and videos with their followers.

In recent years, it has become a popular way to promote businesses and sell items with Instagram Shopping. In this article, we’ll discuss how to sell on Instagram. Let’s dive in!

how to sell on instagram

Why Should You Start Selling on Instagram?

There are many reasons to begin selling on Instagram. Let’s take a look at five reasons Instagram users should use the platform to sell products…

  • Instagram is a Popular Social Media Platform. With over 1 billion monthly active users, Instagram is one of the most popular social media platforms. This gives businesses a large audience to reach with their products and services.
  • Instagram is Visual. Instagram is a highly visual platform, which makes it ideal for businesses that sell products that are visually appealing.
  • Instagram Shopping is Easy to Use. The Instagram Shopping feature makes it easy for businesses to sell products directly on the platform. Simply tag products in your posts and stories, and followers can view product details and purchase items without leaving Instagram.
  • You Can Reach a Global Audience. Instagram is a global platform, which means businesses can reach buyers from all over the world.
  • Instagram Offers Insights. Instagram provides businesses with valuable insights into their audience and the performance of their posts. This information can help businesses adjust their strategies to better reach their target market.

How to Sell on Instagram

Let’s take a look at how to begin selling your products on Instagram. Once you do, you’ll begin seeing a shopping bag icon on your photos.

1. Create an Instagram Account

If you don’t already have an Instagram account, you’ll need to create one. To do so, download the app from the App Store or Google Play and create an account.

You’ll want to connect it to your Facebook page if you have one. Connecting to your Facebook Business page will make it easier to share your content and reach a wider audience.

2. Choose a Niche

When creating your account, you’ll want to choose a niche. This will help you focus your content and reach a specific audience.

For example, if you sell women’s clothing, your niche could be fashion-conscious women.

3. Build a Following

Once you’ve created your account, it’s time to start building a following. To do so, post engaging content that appeals to your target audience.

Use hashtags, post regularly, and interact with other users to get started.

4. Upgrade to an Instagram Business Profile

If you plan on selling products on Instagram, you’ll need to upgrade to an Instagram business account. To do so, go to your profile settings and select “Switch to Business Profile.”

From there, you’ll be able to add information about your business, such as your business name, contact information, and website.

5. Set Up Instagram Shopping

If you want to sell products on Instagram, you’ll need to set up an Instagram Shopping account. To do this, go to your settings and select “Shopping.” Then, follow the prompts to connect your account to an Instagram shop online store.

Once you do this, you’ll be able to tag products in your posts and stories.

6. Publish Shoppable Posts to Your Instagram Feed

Next, you’ll want to publish shoppable Instagram posts to your feed and stories. With Instagram stories, you can tag products in your shoppable posts so that users can easily click through and buy them.

To do this, just type “@” followed by the product’s name. When someone clicks on the product, they’ll be taken to a page where they can learn more about it and buy it.

Top Tips for Selling on Instagram

Being able to sell on Instagram is a great opportunity for businesses, but it’s important to keep a few things in mind. Here are some top tips for selling on Instagram:

Instagram ads

Using Instagram ads is a great way to promote your products and reach a wider audience. When creating an ad, be sure to include high-quality images and compelling copy. You’ll also want to target your ad so that it reaches the right people.

User-generated content

Another great way to promote your products is to use user-generated content. This is content that’s created by your customers and posted to social media.

To encourage people to post about your products, you can offer discounts or run contests.

High-quality images

When selling on Instagram, it’s important to use high-quality images. This will help your products stand out and give potential customers a better idea of what they’re looking for.

Compelling copy

In addition to using high-quality images, you’ll also want to use compelling copy. This means writing descriptions that are clear and concise. You should also use hashtags and calls to action to further engage potential customers.

Regular posts

Finally, you’ll want to make sure you’re posting regularly. This will help you keep your account active and ensure that people are seeing your content.

Can You Sell Directly on Instagram?

Yes, you can sell directly on Instagram. To do so, you’ll need to set up an Instagram Shopping account and publish shoppable posts to your feed and stories. Once you do this, people will be able to click on the products they’re interested in and buy them directly from your Instagram page.

How Much Does It Cost to Sell on Instagram?

There is no cost to sell on Instagram. You’ll need to upgrade to an Instagram Business account, which is also free. However, Instagram does charge a 5% selling fee per shipment. If a shipment is $8 or less, you’ll be charged a flat fee of only 40 cents.

Do You Need a Business License to Sell on Instagram?

If you plan on selling products on Instagram, you’ll need to obtain a business license. This will vary depending on your location and the type of product you’re selling. To get a business license, you’ll need to contact your local government office.

Image: Depositphotos

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Kevin Ocasio

Happy New Year From FullyCrypto!

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Happy New Year From FullyCrypto!

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3 days agoSun Jan 01 2023 10:49:44

Happy-New-Year-From-FullyCrypto!

Reading Time: < 1 minute

2022 has been a year like no other for crypto. Never before has there been a 12-month span of wall to wall bad news on such a scale – Terraform Labs, Celsius, Three Arrows Capital and, of course, FTX.  These greedy and negligent crypto companies have eroded trust in the entire sector, taking life savings with them, leaving crypto a laughing stock. Not to mention the fact that the space has been firmly entrenched in a bear market the whole time.

Things Can Only Get Better…Right?

The only good thing to come out of 2022 is that the worst is, probably, over. And what that means is that we can hit the big red reset button, wipe all these money-grabbing charlatans from the space and start over.

It won’t all be done in 2023, but we can at least start the rebuild. In the words of Winston Churchill:

…this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.

Here’s to a better and brighter 2023.

From everyone here at FullyCrypto,

Happy New Year!

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Mark Hunter

Newcomer MCC Markets Hires One-time Admiral Exec Michael Chen as CEO

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Newcomer MCC Markets Hires One-time Admiral Exec Michael Chen as CEO

MCC Markets, a forex and CFD broker established in 2022 in Dubai, has appointed Michael Chen, who had previously served Admiral Markets in Shanghai as a Country Director, as its Chief Executive Officer.

Chen, who was previously the Business Development Director of Southeast Asia at GMI Edge, announced his appointment on Tuesday. However, his LinkedIn profile shows he started the role in November last year.

Michael Chen Heads MCC Markets

Chen, who boasts more than 15 years of industry experience, has worked for several brokers throughout the course of his career. Before working at GMI Edge, he was the Group CEO at the brokerage firm CDG Global for a little over a year.

Prior to that, he was the General Manager at an online trading provider FX88 in Shanghai, China, between January 2017 and March 2018. Additionally, he served in Shanghai as the Country Director at MTrading for almost two years before joining FX88.

Check out the recent Finance Magnates London Summit 2022 Session on why a prop trading account is critical to trading.

For nine months between September 2015 and May 2016, Chen worked as the Country Director and Chief Representative of Admirals Markets Group in Greater China. In addition, Chen worked as a Shanghai-based Chief Representative for easyMarkets between April 2014 and April 2015.

Chen spent one of his longest stints at IFX Markets in Shanghai, working as a Senior Account Executive between October 2007 and April 2014.

MCC Markets: A Newcomer

MCC Markets is a new financial services provider developed by multiple financial experts and regulated by the Securities Commission of the Bahamas. The broker offers CFD trading in forex, shares, indices, commodities, cryptocurrencies and other products.

“We provide our traders with the highest quality investment opportunities and most rewarding trading experience with multi-asset trading technology, a personalized view of the markets, access to liquidity and instruments, and support from our experienced, highly qualified team with highly professional customer service,” MCC Markets explained in its LinkedIn description.

MCC Markets, a forex and CFD broker established in 2022 in Dubai, has appointed Michael Chen, who had previously served Admiral Markets in Shanghai as a Country Director, as its Chief Executive Officer.

Chen, who was previously the Business Development Director of Southeast Asia at GMI Edge, announced his appointment on Tuesday. However, his LinkedIn profile shows he started the role in November last year.

Michael Chen Heads MCC Markets

Chen, who boasts more than 15 years of industry experience, has worked for several brokers throughout the course of his career. Before working at GMI Edge, he was the Group CEO at the brokerage firm CDG Global for a little over a year.

Prior to that, he was the General Manager at an online trading provider FX88 in Shanghai, China, between January 2017 and March 2018. Additionally, he served in Shanghai as the Country Director at MTrading for almost two years before joining FX88.

Check out the recent Finance Magnates London Summit 2022 Session on why a prop trading account is critical to trading.

For nine months between September 2015 and May 2016, Chen worked as the Country Director and Chief Representative of Admirals Markets Group in Greater China. In addition, Chen worked as a Shanghai-based Chief Representative for easyMarkets between April 2014 and April 2015.

Chen spent one of his longest stints at IFX Markets in Shanghai, working as a Senior Account Executive between October 2007 and April 2014.

MCC Markets: A Newcomer

MCC Markets is a new financial services provider developed by multiple financial experts and regulated by the Securities Commission of the Bahamas. The broker offers CFD trading in forex, shares, indices, commodities, cryptocurrencies and other products.

“We provide our traders with the highest quality investment opportunities and most rewarding trading experience with multi-asset trading technology, a personalized view of the markets, access to liquidity and instruments, and support from our experienced, highly qualified team with highly professional customer service,” MCC Markets explained in its LinkedIn description.

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Solomon Oladipupo

Credit Suisse’s Cathal Deasy Exits European Banking Co-Head Role

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Credit Suisse’s Cathal Deasy Exits European Banking Co-Head Role

Cathal Deasy, the Co-Head of Investment Banking and Capital Markets (IBCM) in Europe, the Middle East and Africa (EMEA) at Credit Suisse, has left her role at the Switzerland-based global investment bank, Financial News reports. Deasy is leaving the role months after he was appointed into the joint position in September last year.

The senior executive’s departure comes at a period when many top executives have departed from the bank following the impact of the collapse of the family office Archegos Capital on the firm. In addition, her exit coincides with the bank rebranding its investment bank into a wealth management business.

Credit Suisse Makes New Appointments

credit suisse Cathal Deasy

Until the exit, Deasy was Credit Suisse’s Global Co-Head of Merger and Acquisition (M&A). However, his departure means that Giuseppe Monarchi is now the sole head of the IBCM unit in EMEA while Steven Geller is the only Global Head for M&A.

Meanwhile, Credit Suisse has appointed William Mansfield, the Head of EMEA Customer and Retail M&A, to take up Deasy’s role as the Head of M&A, EMEA, Reuters reports. Additionally, the global company has hired Gen Oba, a Senior Banker at Credit Agricole in France, as its new Co-Head of IBCM in France, Belgium and Luxembourg.

Credit Suisse Battles Crises and Losses

For a number of years, Credit Suisse has faced several scandals that have made business difficult. This includes the $5.5 billion loss it recorded in connection with the failure of Archegos.

Recently, the bank settled to pay $495 million in relation to its residential mortgage-backed securities
business carried out during the period of the 2007-2008 financial crisis. On top of that, it recently agreed to pay $234 million to French prosecutors to settle a money laundering and tax fraud
case.

As a result of these crises, the bank has recently disclosed plans to raise $4 billion as part of a “radical restructure” of its business. Moreover, last year the bank declared that it intends to lay off 9,000 employees as part of the plan.

Meanwhile, in late November last year, Credit Suisse revealed that it expects to end the
fourth quarter of the year with a pre-tax loss of about $1.58 billion, continuing the quarterly losses it recorded in 2022.

Cathal Deasy, the Co-Head of Investment Banking and Capital Markets (IBCM) in Europe, the Middle East and Africa (EMEA) at Credit Suisse, has left her role at the Switzerland-based global investment bank, Financial News reports. Deasy is leaving the role months after he was appointed into the joint position in September last year.

The senior executive’s departure comes at a period when many top executives have departed from the bank following the impact of the collapse of the family office Archegos Capital on the firm. In addition, her exit coincides with the bank rebranding its investment bank into a wealth management business.

Credit Suisse Makes New Appointments

credit suisse Cathal Deasy

Until the exit, Deasy was Credit Suisse’s Global Co-Head of Merger and Acquisition (M&A). However, his departure means that Giuseppe Monarchi is now the sole head of the IBCM unit in EMEA while Steven Geller is the only Global Head for M&A.

Meanwhile, Credit Suisse has appointed William Mansfield, the Head of EMEA Customer and Retail M&A, to take up Deasy’s role as the Head of M&A, EMEA, Reuters reports. Additionally, the global company has hired Gen Oba, a Senior Banker at Credit Agricole in France, as its new Co-Head of IBCM in France, Belgium and Luxembourg.

Credit Suisse Battles Crises and Losses

For a number of years, Credit Suisse has faced several scandals that have made business difficult. This includes the $5.5 billion loss it recorded in connection with the failure of Archegos.

Recently, the bank settled to pay $495 million in relation to its residential mortgage-backed securities
business carried out during the period of the 2007-2008 financial crisis. On top of that, it recently agreed to pay $234 million to French prosecutors to settle a money laundering and tax fraud
case.

As a result of these crises, the bank has recently disclosed plans to raise $4 billion as part of a “radical restructure” of its business. Moreover, last year the bank declared that it intends to lay off 9,000 employees as part of the plan.

Meanwhile, in late November last year, Credit Suisse revealed that it expects to end the
fourth quarter of the year with a pre-tax loss of about $1.58 billion, continuing the quarterly losses it recorded in 2022.

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Solomon Oladipupo

SBF pleads not guilty, Class action filed against Genesis, Voorhees eyes 2026 bull run – CryptoSlate Wrapped Daily

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SBF pleads not guilty, Class action filed against Genesis, Voorhees eyes 2026 bull run – CryptoSlate Wrapped Daily

SBF pleads not guilty, Class action filed against Genesis, Voorhees eyes 2026 bull run – CryptoSlate Wrapped Daily SBF pleads not guilty, Class action filed against Genesis, Voorhees eyes 2026 bull run – CryptoSlate Wrapped Daily News Desk · 18 hours ago · 2 min read

SBF will live with parents until October as trial date is set, Genesis under fire from customers, and Erik Voorhees looks to 2026 for the bull market to return

2 min read

Updated: January 3, 2023 at 11:25 pm

SBF pleads not guilty, Class action filed against Genesis, Voorhees eyes 2026 bull run – CryptoSlate Wrapped Daily

Cover art/illustration via CryptoSlate

Haru Invest

The biggest news in the cryptoverse for Jan. 3 is dominated by SBF entering his ‘not guilty’ plea, Genesis hit by class action lawsuit, Bithumb chairman found not guilty, and more in this CryptoSlate Wrapped Daily.

CryptoSlate Top Stories

SBF free on bail for 10 months until trial in October as he pleads not guilty

Sam Bankman-Fried, the founder of FTX, pleaded not guilty to the eight charges filed against him at his hearing at the New York US District Court on Jan. 3.

Furthermore, SBF has requested the court redact the names of the co-signers of his bail, citing privacy and safety concerns of the individuals, according to the latest filing.

The other people linked with the case, former Alameda Research chief executive Caroline Ellison and FTX chief technology officer Gary Wang have pleaded guilty to fraud charges in cooperation agreements.

Crypto OG Erik Voorhees predicts bull market return by 2026

Crypto pioneer and CEO of ShapeShift, Erik Voorhees, predicted the bull market would return within six months to three years.

“It won’t be ten years. If it takes ten years for the bull market to happen, probably the whole thing failed. I’m happy bounding it that way. I would guess it’s sometime in the next six months to three years.”

Summing up the issue, Voorhees said if few people opt for self-custody and intermediaries hold the majority of crypto wealth, “we will never escape the regulation” and “never escape the need to trust humans.”

Gemini Earn users launch class arbitration against Genesis, DCG

Three users of Gemini Earn filed a class arbitration case against Genesis Global Capital, Digital Currency Group (DCG), and Genesis Global Trading, with the American Arbitration Association on Dec. 30.

The case also alleged that Genesis breached the Master Agreement on Nov. 16 and subsequently when it refused to return the assets of Gemini Earn users despite repeated requests. Genesis also breached its agreement by failing to pay the interest due to Gemini Earn users at the end of November, the case alleged.

Lastly, the demand for arbitration claimed that Genesis engaged in the unregistered sale of securities, violating the Securities Act. The claimants are, therefore, seeking related damages.

South Korean court finds former Chairman of Bithumb ‘not guilty’ of fraud

Lee Jung-hoon, the former chairman of the crypto exchange Bithumb, was acquitted by a South Korean court on Jan. 3.

The 34th Division of the Criminal Agreement of the Seoul Central District ruled that the evidence presented was insufficient to incriminate Jung-hoon, as per a local news report.

The South Korean acquittal of Jung-Hoon marks the assumed end of a long-drawn legal battle surrounding Bithumb.

Research Highlight

Research: Only 150K Bitcoin remain in Future OI as switch to risk-off fast approaches

Bitcoin (BTC)  began the year risk-off — as seen in Futures Open Interest (OI) Crypto-Margined metrics.

The decline in BTC Futures OI percentage seen from July 2021 into 2022 portrayed a recovery into a risk-on narrative throughout 2022. However, starting at almost the lowest point in two years, risk is coming off the table fast as we begin 2023.

Approximately 150,000 BTC remains in Futures OI — its lowest levels since April 2022 — as the risk-off trend decline continues to emerge.

To further reveal the distinct switch away from BTC to risk-off and cash, the ‘Cash-Margined’ metric shows a constant incline since April 2021 to a current level of 327,000 BTC — backed by cash as the underlying asset.

Biggest Gainers (24h)

  • Solana (SOL) +17.61%
  • Kava (KAVA) +13.13%
  • Dapper Labs (FLOW) +7.61%

Biggest Losers (24h)

  • MAGIC (MAGIC) -4.94%
  • Creditcoin (CTC) -4.39%
  • Moonbeam (GLMR) -4.26%

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News Desk

Today in Crypto: Ukrainian Pharmacy Partners with Binance to Offer Crypto Payments, Sushi Shutting Down Two Products

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Today in Crypto: Ukrainian Pharmacy Partners with Binance to Offer Crypto Payments, Sushi Shutting Down Two Products
Source: AdobeStock / Michaela Jílková

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
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Payments news

  • Major Ukrainian pharmacy chain ANC Pharmacy has partnered with Binance Ukraine to enable crypto payments via the contactless crypto payment service Binance Pay. The payment option is also available at ANC Pharmacy-operated stores including Kopiyka and Shara, said the announcement.

DeFi news

  • Decentralized finance (DeFi) application Sushi decided to shut down two products, according to chief technology officer Matthew Lilley. “We made the decision to deprecate Kashi (Sushi Lending) and Miso (Sushi Launch Pad). 1. Kashi for a number of reasons, had a number of design flaws, ran at a loss, and had a lack of resources to dedicate to it. 2. MISO, had a lack of resources,” he said, and added: “We have the plan to launch successors of these products in the future once we have the resources to dedicate product teams towards them, but believe that requires focusing entirely on the breadwinner at the time being which is inarguably the DEX.”

Legal news

  • The former chair of the South Korean crypto exchange Bithumb, Lee Jung-Hoon, was reportedly found not guilty by the Seoul Central District Court, according to Korea Economic Daily. Lee was accused in October 2018 of fraudulently violating the Act on the Aggravated Punishment of Specific Economic Crimes while negotiating for Bithumb’s acquisition.
  • The Securities Commission of The Bahamas (SCB) has denied the claims made in press and court filings by the FTX debtors representative and CEO John J. Ray III. Among other things, Ray made public statements alleging that the Commission instructed FTX to “mint a substantial amount of new tokens” and did so under “oath” during a court filing before the United States House of Financial Services Committee. “Such unfounded statements have the impact of promoting mistrust of public institutions in The Bahamas,” it said.

Regulation news

  • The Governor of the central Bank Al-Maghrib (BAM) Abdellatif Jouahiri announced that the draft law regulating the crypto market in Morocco is “ready” and will be presented to the various stakeholders within the market in the following days, the Morocco World News reported.  The Moroccan central bank will soon initiate a series of discussions with various players within the ecosystem prior to the implementation of the crypto-regulating document, including the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS).

Gaming news

  • Layer 1 blockchain Aptos is gearing up to launch its first Web3 game titled ‘Gran Saga: Unlimited’, built in collaboration with NPIXEL, a major game developer in South Korea. Per a press release, this will be a massively multiplayer online role-playing game (MMORPG) and will be the first gaming title from NPIXEL’s metaverse ecosystem METAPIXEL to utilize Web3 and blockchain technology. Users will have the opportunity to earn in-game assets and mint gaming equipment as NFTs, which they will be able to trade inside marketplaces built on the Aptos Network. Testing for ‘Gran Saga: Unlimited’ will begin in Q1 of 2023 ahead of the global public release in Q2.

Career news

  • Zodia Custody has appointed former Bitstamp chief and Starling Bank co-founder Julian Sawyer as its new CEO, Finextra reported. Zodia is a subsidiary of the UK investment bank Standard Chartered and is backed by Northern Trust.

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Margarete Fleishman

Moroccan Central Bank to Release Crypto Regulatory Bill ‘in the Following Days’

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Moroccan Central Bank to Release Crypto Regulatory Bill ‘in the Following Days’

For finalizing the bill, BAM collaborated with the International Monetary Fund and the World Bank.

After a series of numerous discussions, Morocco is ready for introducing its crypto regulatory bill. According to the Governor of Moroccan Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, the country might see the release of the final crypto bill “in the following days.”

Abdellatif Jouahiri stated:

“For cryptocurrencies, I can assure you that the project is ready. We worked with the World Bank and the consultant to make it happen. The different chapters are completed. Now we are engaged in the discussion with the different stakeholders. It is long, but necessary to allow everyone to adhere to this project.”

For finalizing the bill, BAM collaborated with the International Monetary Fund and the World Bank. Currently, it is in talks with Morocco’s capital market and insurance watchdogs, which are the Moroccan Capital Markets Authority (AMMC) and the Insurance Supervisory Authority and Social Security (ACAPS).

Abdellatif Jouahiri added:

“Discussions are to be held with all stakeholders, including the Moroccan Capital Markets Authority (AMMC) and the Insurance and Social Security Supervisory Authority (ACAPS),” said the BAM Chief. We proceeded to a specific definition of the cryptocurrency and prepared a general public survey that details the specifics and use of this virtual currency in Morocco.”

The Kingdom of Morocco started working on crypto regulation in the summer of 2022. In June, it was the first time Morocco’s central bank announced its intention to establish a regulatory framework for the crypto market. At that time, BAM’s governor Abdellatif Jouahri said that the institution engaged with the International Monetary Fund (IMF) and the World Bank on specific benchmarks. While the Ministry of Finance and the Moroccan Capital Market Authority repeatedly warned of the risks associated with the use of cryptocurrencies, Morocco keeps growing in terms of crypto users number. It is now becoming the fastest-growing crypto market in Northern Africa.

Moroccan Situation: Status of Crypto

Until 2017, the Moroccan government did not acknowledge the existence of crypto assets. However, with the rapid growth of Bitcoin (BTC), the authorities decided to impose a ban on cryptocurrency transactions. Currently, there is no way for Moroccans to acquire Bitcoin or any other cryptocurrency. This is because there is no cryptocurrency exchange in Morocco due to the ban and the lack of entrepreneurial ventures in this area. But even with the ban, the ownership of cryptocurrencies is steadily increasing in Morocco.

In 2022, Morocco became the fastest-growing crypto market in Northern Africa. It saw growth from 2.4% of the population owing digital assets in 2021 to 3.1% a year later. The number of people owning cryptocurrencies in Morocco reached 1.15 million people in 2022, generating an $8,612 GDP per capita.

As a result of this growth, the Moroccan government realized there is a need for a proper crypto bill. We might see the regulatory framework in the upcoming days, which will give clear guidance on dealing with crypto for Moroccans.

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Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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Darya Rudz

Blockdaemon CEO: Success of crypto is predicated on systemic failure; we’ll see more of that

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Blockdaemon CEO: Success of crypto is predicated on systemic failure; we’ll see more of that
  • All major players should work with multiple infrastructure providers  
  • Companies like Nasdaq will continue to work on Bitcoin, permissioned networks, and stablecoins

Talia Caplan of CNBC Crypto World talked to Konstantin Richter, the founder and CEO of Blockdaemon, about blockchain adoption following the fall of FTX and what 2023 holds for crypto. Richter also broke down whether crypto’s adoption rate would slow down after FTX’s failure.

Institutionalizing the chaos 

Talia Caplan: How do you serve your customers?

Konstantin Richter: We are a middleware platform. We make the process of buying crypto seamless. These networks are all open source, thousand of users control them. We institutionalize the chaos.

TC: You wanted to work with FTX but they insisted on running their blockchain infrastructure in-house… 

KR: When it comes to transparency and reliability, it’s important for all major players to work with multiple infrastructure providers and not only rely on their in-house infrastructure because it breeds the potential for abuse. 

Will crypto adoption increase? 

TC: This year we saw increased institutional adoption. Wall Street firms like Nasdaq are moving into crypto. Do you see more of this happening in 2023? 

KR: I don’t necessarily see a slowdown in institutional adoption. Companies like Nasdaq will continue to work on Bitcoin, permissioned networks, and stablecoins. We will see continued growth this year. There is more focus on quality, on large cap tokens like Bitcoin and Ethereum. I think volume will be a little lower; slower consumer adoption in 2023. 

TC: What will it take to turn that around?

KR: Regulation is part of the answer. I can’t speak for the industry as a whole. Regulators have the responsibility to do a lot more, to protect consumers by providing a clear framework that companies can adhere to. Otherwise you have companies like FTX who claim to be regulated, but really aren’t. The other factor is general macroeconomics, rising interest rates…general equities will be more impacted than crypto. 

TC: What advice do you have for centralized entities and DeFi after the collapse?

KR: These entities should be public and open about the board of directors, who the people involved are, who the main investors in the entity are. It’s important to understand what motivates stakeholders. That would have been hugely beneficial in the case of FTX. I can’t say enough good things about Coinbase. You have ultimate transparency, they’re a public company. 

He added that DeFi was the solution to lack of transparency because it offered software that was externally verifiable. The problem for him is that DeFi is complicated. He said it was community-driven and there was no clear regulation at this point. 

Still bullish on crypto

When asked if he still felt bullish on crypto, he said he felt more bullish than ever, adding:

I was talking to investors earlier and the general consensus is that what happened to crypto is really bad. We all thought FTX was a lot better. It’s a great reminder not to trust individuals, but to verify. FTX was a one-man fraud that was using components of crypto to solicit funding. The promise of crypto in taking out middlemen…is truer than ever. The success of crypto is predicated on systemic failure and we’re going to see more of that. The use case of crypto is more relevant than ever.   

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Daniela Kirova

Five construction leaders win New Year honours

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Five construction leaders win New Year honours

Bill Robertson

The New Year Honours List has recognised five industry stalwarts for their contribution to construction.

Bill Robertson (pictured), the founder and executive chairman of construction giant Robertson Group, has been knighted. Robertson, who was already a CBE, was made a ‘Sir’ for his services to the construction industry and charity in Scotland.

He founded Robertson in his hometown of Elgin, Scotland, in 1966 and has built the firm up to be one of the UK’s largest contractors. In the latest CN100 list, Robertson ranked 29th with a turnover of £588m.

Robertson said he was “thrilled, but deeply humbled and honoured” for the recognition.

Elsewhere on the list, Robert Oliver, the former chief executive of the Construction Equipment Association (CEA), has been made an MBE. Oliver, who retired as the CEA’s boss in 2021, was given the honour for his services to the construction equipment manufacturing sector.

Professor David Mosey, a former director of the Centre of Construction Law & Dispute Resolution, has become a CBE for his services to the construction industry.

Mosey spent 33 years as a specialist construction lawyer until joining the centre in 2013.

He currently teaches construction law and procurement at King’s College, London.

Terry Stocks, UK head of public sector and education at consultancy Faithful+Gould, was awarded an MBE for services to construction innovation. Stocks has spent nearly eight years at Faithful+Gould. Before that he worked at the Ministry of Justice for 24 years overseeing estate projects and programmes.

Finally, Andy Hill, founder and chief executive of housebuilder Hill Group, has been awarded an OBE for services to affordable housing.

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James Wilmore

Carillion staff’s second compensation bid fails

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Carillion staff’s second compensation bid fails

Carillion-head-office-logo_2_660.jpg

More than 140 former Carillion staff have had their plea for compensation rejected at an Employment Appeal Tribunal.

The workers all lost their jobs when the £5.3bn-turnover contractor plunged into compulsory liquidation in January 2018, shocking the construction industry and tearing chunks of financial buffer out of the sector.

Represented by Unite, in November 2020 the 143 workers argued that they were not properly consulted on the redundancy process. But they were not granted compensation on the basis that they were informed in time about the decision to move towards redundancy and they had accepted that in official correspondence with Carillion’s administrators.

However, in the latter half of 2022, the 143 former staff members appealed the decision, saying that Carillion retained them as workers right until the company failed, without telling them of the decision to go into liquidation.

But the appeal judge ruled that the case represented a “second bite at the cherry”, adding that decisions would only be changed if “the tribunal has missed something important” or if new evidence has been put forward. It ruled that the circumstances had not been altered, and so it would not reconsider the application.

“A tribunal will not reconsider a finding of fact just because the claimant wishes it had gone in his favour,” the latest ruling said.

Construction News approached Unite for comment.

In July, three former Carillion directors were fined nearly £900,000 for “recklessly” publishing misleading accounts. The Financial Conduct Authority (FCA) also said that if it wasn’t in liquidation, Carillion would have been fined £37.9m for the same offences.

A month later, the FCA released four lengthy reports, totalling nearly 300 pages, which detailed what happened at the company in the build-up to its collapse.

The reports document directors keeping crucial information from their audit committee and board, and changing their financial policies to paint a more positive picture of an increasingly desperate sink into collapse.

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Joshua Stein

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