Hello, you're watching Colis Cohen News. I'm Katrin Bruchner and today we will talk about blockchain solutions in banking of the future with CEO and founder of Kesha Project, Kumar Gurav. Meet Kumar Gurav, the founder and CEO of Kesha Holdings and chairman of Oxiz's group Kesha received $33 million during the token sale in 2017. Out of which, $14 million was rejected due to strict AML and KYC policy setup by Kesha. Kumar is a serial entrepreneur who is among the hundred most influential blockchain people in the world and was awarded extraordinary status, O1, by the United States government of his accomplishments in the blockchain industry. Kumar is a popular international speaker on emerging technologies and was invited at IIT, Tycoon, TechCrunch, government parliament and many private and government conferences across the globe. He was recently nominated as one of the world's top 50 innovators from the industries of the future. Before he moved into the world of financial technology, he built computer systems for Ferrari. What children are used to release is about Kesha Project, that will change the banking system by blockchain technology. Brickhole, Kesha raised $33 million with token sale, more than 53,000 people from 119 countries participated in it. So meet Kumar Gurav, founder and CEO of Kesha Project. Hello Mr. Gurav, nice to see you again in a color school in U studio. Let's talk about Kesha's development since the token sale. And for beginning, what is your estimation of Kesha's token sale? Did it so successful, XU expected? Yeah, definitely. I think Kesha token sale, what I consider is a successful sale and not just because we have reached the hard gap, but more than that the team have done a tremendous effort to make sure that the money which we have received is fully compliant so that it does not stop us in future for our create any kind of regulatory issues. We had a hard gap of 32 million, but we reached 23,000 more than 33 million dollars. So obviously in terms of number, it was a success, very clear. But then we went through this vigorous KYC and AML policies, the compliance which we wrote, we tried to follow as much as an international compliance. And because we have more than 100 countries, we have to come up with a very diversified framework. And proudly I can say that the team have done a great effort there and we have rejected around 14.7 million dollars so that to conclude our token sale. On the 12th of May Kesha launched the OTC exchange where the buyer can buy and store tokens. What OTC is and how is it works? So what happened after the token sale because Kesha is a utility token, correct? So and there are many users in the Kesha token sale, I would like to reveal also this number here that we have more than 40% funds actually tokens bought in dollars. And like most of the token sale where you have only cryptocurrencies coming for the purchase, correct? And because we had this diversified and huge number of pool of people who never bought any crypto, but they believed in the Kesha project and they believed that the Kesha is become important in their lives because of the reason they have to use to send money or they have a financial banking problem. So they bought this token sale in the USD or the native currency. So what we realized that most of these unsophisticated users, they are still not ready to go to buy on any exchange. Although we got listed in tomorrow the topic changes, we still received people mailing us that hey we cannot, we don't know what this exchange we never get into the crypto. We believe in a Kesha project and we want to buy tokens directly from the company because in this way we feel it more less demand and more trust worthy. So we came up with a very small module of Kesha OTC where what we did, we are taking the spain point of collecting the tokens from the exchanges, where we are trading and providing our those unsophisticated users directly Kesha token so that they can purchase Kesha token as a utility to use the Kesha application or Kesha ecosystem. You divided OTC launching into three phases. What is the reason and what is the main each of three phases? So in a Kesha ecosystem there are main two projects are there. One is the exchange, exchange between crypto to crypto and exchange between fear to any crypto. And then we have a second application which is our banking application where users can store a fiat currencies as well as cryptocurrency. Correct? Now if we see this in a future how I see that both the projects can, both the products can be merged into one product into a complete Kesha banking application where you can have crypto and fiat can live together side by side. But as long as this is not happening because of the regulatory or because of the lack of framework, we decided to keep this two separate project. One is the project where people can store, save, spend, fiat money and also can store crypto. And the second is the exchange where they can convert fiat into crypto and that is exchange. Now if we take the exchange product and we split it again we divide it into three parts. One is just the OTC where we are decided to sell crypto tokens for the fiat or in different crypto. Then the second part where we will also enable sell and buy both the functions and third where we will not have just the OTC because OTC is like over the counter trade. Which means I have an inventory and you want to buy and I sell you. And the third phase what we did we made it complete fear to fear which means you don't have to go through a intermediary like Kesha as a OTC but users can do it by themselves. But on any exchange if I have a new exchange and I try to do it in a beginning this doesn't work because it's more like a chicken and egg problem that you are going to have a buyer first or seller first. But if you break into three steps like you release the buy option so you have onboarded all the buyers then you onboarded all the sellers and then you have a network where you have buyers and sellers so you gave the community a third product that hey now you can also do by yourself you don't need a OTC. So that's the main reason of splitting into three steps. On the next steps on your roadmap is regulatory approvals and integration with networks in Europe and India. What do token holders much know about these? This is more like an internal you know back back into system so token holder really does not have to worry much about this. This is most the lawyers job which we have. It's my job to go and talk to regulators. You know talk to different governments talk to different compliance and see that how we can bring this ecosystem of Fiat and crypto together. What I can say that in the update in this direction that our lawyers in UK have already started working on it and they are predicting the timeline I end up October November to have all these regulatory approvals and everything on the place. Would you like at something about cash development seeing the token sale? Yeah so obviously if anyone from outside try to see they have put a tremendous amount of efforts in regulatory and compliance. It's being of returning money or doing KYC in 1119 countries creating a very vast framework but other than this on the technology side the product side we have on boarded very good people who have built a fantastic product in a financial industry. We have really simply on boarded people from access bank, ICICA bank which is the largest bank in India people from Barclays people from HSBC people from JP Morgan people from BNP Parivas. So we are really adding a lot of people who can help us to create the next banking solution and we are bringing people from these huge banks who have not just a great experience of working but now they also understand what are the problem in these big banks and how we can as a team and solve this problem and we have already on boarded like our team have grown to 28 people which is planned to be expanded by end of June to 49 people to deliver the solution which we are working on. Thank you Kumar for your time. We will keep in mind your progress because we sure you will make a worthwhile banking more transparency and trustful. Thank you so much. It was Kumar Gaurav founder and CEO of Keshe in the Colorscon Institute. Stay with us.