Storiqa Co-Founder Wants to Make Online Retail an Easier Sell

ThirtyK: And with international reach.

Galkin: We want to help the seller sell goods internationally.

ThirtyK: Given the volume and range of goods your platform may process, what is Storiqa’s potential impact?

Galkin: We are trying to take e-commerce to a higher level, to bring more transparency to relations between the seller and buyer. For example, if there are any refunds, you can see that.

True Threats to Commerce

ThirtyK: Do you present a threat to e-commerce companies?

Galkin: If you’re trying to sell a table on Amazon, you pay a monthly or per item fee. If you want to sell your product online from your website, you need to have good marketing and customer support, good localization (and a) payment system. If you want to do all that, you need money for operational expenses. These are the main threats (to e-commerce).

ThirtyK: Can you challenge Amazon?

Galkin: We raised $25 million from the token sale. Amazon has a capitalization of $160 billion. Twenty-five million is peanuts compared to them. We know our place.

ThirtyK: Your platform also addresses delays in payment.

Galkin: I have a friend who used to work with a site, and they were trying to sell their goods. The first payment was 60 days. If you invest a lot of money in online marketing, in promoting your goods and then you’re going to wait 60 days to get your money, this is the main threat to setting up your business. With cryptocurrency, you can get the payments the same day.

ThirtyK: Do you accept multiple currencies?

Galkin: The payment system is multi-currency. We have fiat payments so you can pay with your credit card or debit card. You can pay with bitcoin (BTC), ethereum, other cryptocurrencies. We have our own token.

ThirtyK: What type of token?

Galkin: We are a utility token STQ, which is built in the system and not a security. If you want to sell something on our platform, you need to make the transaction in STQ. If you’re listing your item on our platform, you have to pay fees to the platform. Those fees are one STQ. If you pay with our token, there are bonuses.

The Main Challenge

ThirtyK: What if a seller or buyer encounters difficulty?

Galkin: We have 24-7 support.

ThirtyK: How does your company handle marketing globally?

Galkin: One thing is a localization of the product. You need to show it to people in the way they are used to seeing it in their country. You need to use tools they’re used to using because marketing is different in every country. The token makes it easier for the seller to list their product on our platform.

ThirtyK: What is Storiqa’s main challenge?

Galkin: The main challenge is the release in the second quarter of the Minimum Viable Product (MVP) because we have to include a lot of things in the MVP.