I believe that the killer app for cryptocurrencies will be a decentralized and automated service providing fiat on/off-ramps. The friction caused by the current methods available is a major deterrent to widespread use.

 

Mike Patryn is a Vancouver-based entrepreneur who has made his name in the world of fintech and digital currencies. He is the founder and chairman of Fintech Ventures Group (FVG), an investment bank concentrating in the areas of digital currency, blockchain, and Artificial Intelligence-focused technology. Prior to founding Fintech Ventures Group, Mike founded QuadrigaCX, Canada’s largest and longest running cryptocurrency trading platform. He is also the founder and an advisor at the World Brazilian Jiu Jitsu Federation, a nonprofit organization run by Marcus Soares, 8 stripe black belt under Carlson Gracie Sr. He also serves on the advisory board at the Lifeboat Foundation, a nonprofit nongovernmental organization. Michael earned his Master’s degree in Social Psychology at the University of California, Santa Barbara.

Where did the idea for your company come from?

I saw tremendous opportunity in the digital currency space, and with blockchain technology in particular. It seemed to me that, with my experience and knowledge, I could advise and nurture startups and make a significant contribution, with FVG, to their development and maturation.

What does your typical day look like and how do you make it productive?

One of the aspects of my career I like best is that I don’t really have a “typical day.” In the morning, I like to go to the gym, updating my schedule, responding to messages, and catching up on industry news between sets. If there’s a project or a task that doesn’t move us closer to our goals, then that task falls down the list of priorities. I am constantly multitasking, always

How do you bring ideas to life?

I plan and strategize. When I have ideas, I’ll think through the execution, discuss them with members of my team, gather feedback, and revise my plan. In my career, I’ve found it helpful to spend time listening to others, synthesizing information, and working on a plan for an idea until it’s as close to an optimal realization of the original idea as possible.

What’s one trend that excites you?

The further development and application of blockchain technology. I think we’re only starting to see the beginning of the myriad ways this technology can be used, and I’m looking forward to seeing what happens with blockchain in healthcare, logistics, and other fields in the next few years. Decentralized financial services are also of great interest to me.

What is one habit of yours that makes you more productive as an entrepreneur?

My ability to focus on what is most essential. For example, when evaluating fintech startups, I look to see whether the company has demonstrated drive and ingenuity, and whether they have a well thought-out plan. There’s so much noise and distraction in the world — being able to focus on what’s truly important has helped me be productive.

What advice would you give your younger self?

I would tell myself to be patient. Live in the moment and enjoy it.

Tell us something that’s true that almost nobody agrees with you on.

I believe that the killer app for cryptocurrencies will be a decentralized and automated service providing fiat on/off-ramps. The friction caused by the current methods available is a major deterrent to widespread use.

As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?

I spend time learning something new every day. It is important to set aside some time to stay on top of developments in your field.

What is one strategy that has helped you grow your business?

Allow people to be creative and do what they do best. You shouldn’t be spending your time micromanaging because that will slow your growth. Make sure you have the right people in the right positions, and then trust them to do good work.

What is one failure you had as an entrepreneur, and how did you overcome it?

We’ve all had failures or setbacks as entrepreneurs. And not to sound trite about it, but it’s whether you learn from those failures that determines if they are really failures. We all can think back and imagine what we would have done differently, but it’s important to take value from that lesson and keep going forward.

What is one business idea that you’re willing to give away to our readers?

I believe that a decentralized derivatives platform for bitcoin would be extremely popular, and is sorely needed. Options in particular is something which I feel is sorely missed in the cryptocurrency world.

What is the best $100 you recently spent? What and why?

Foam roller. Extra firm. I don’t know how I ever lived without it.

What is one piece of software or a web service that helps you be productive? How do you use it?

Trello has been useful in communicating with fintech startups, and for working with colleagues and teams who are remote.

What is the one book that you recommend our community should read and why?

“The 48 Laws of Power” by Robert Greene. I feel as though much of it helps to re-evaluate habits, and strengthen resolve.

What is your favorite quote?

Marx: “Sell a man a fish, he eats for a day, teach a man how to fish, you ruin a wonderful business opportunity.”

Key learnings:

  • Narrow your priorities and focus on what’s essential. What will help move you towards your goals.
  • Set aside dedicated time to learn something new about your field every day.
  • Take value from your failures by reflecting on what you learned, but not by dwelling on your mistakes.

Connect:

Michael Patryn on About.me: https://about.me/michaelpatryn

Michael Patryn on LinkedIn: https://www.linkedin.com/in/patryn/

The 100 Best Books For Entrepreneurs

Sign up for our emails and we'll send you a list of the 100 best books for entrepreneurs, which we compiled by analyzing over 3,000 interviews.

Powered by ConvertKit