The Scenius Newsletter is growing and I’ll be bringing you more original content throughout the year to come. I am a true believer that Mexico and the entire LATAM region is the next big thing in tech and innovation, and none of that will be possible without the many outstanding people building there.
For the first edition of our long-form interview series, I had the pleasure of speaking with TruBit CEO and Co-Founder, Maggie Wu. TruBit is a global crypto ecosystem for the LatAm region. We covered it all in a recent Deep Dive analysis, which you can check out here if you want to learn more.
Born and raised in China, Maggie moved to the U.S.A. in 2005 when she was 22 years old. In 2018, she pursued a Blockchain program at MIT Sloan School of Management, but her entrepreneurial journey started as far back as 2002, when she ventured first into entrepreneurship in China. Around 2010, she expanded into investment in traditional and Web2 sectors. In 2017, she delved into the crypto space, initially with Bitcoin investments, secondary trading, and later moving into primary investments and incubation. During that time She founded Krypital Group, a venture capital firm specializing in the crypto industry.
That’s how she first developed interested in the Mexican and LatAm markets. After doing her research, she was convinced of the opportunity lying ahead and started building. TruBit has since evolved from a crypto-exchange focused on the Mexican market (called Mexo Exchange at the time) to a full-suite of products spanning many countries. They recently announced the closing of their US$ 6.25 million Series A, totaling US$ 16 million in funding since inception.
But behind the headlines lies a real human with her very own story, challenges, personal successes, aspirations and view of the world as it is and as it should be.
Let’s get to it!
Behind the CEO
As a CEO, what are the things you do to keep yourself happy and moving forward every day?
As a CEO, what keeps me going every day is staying passionate, doing things I love, creating value, and making a positive impact on society. I have a passion for learning and exploring new things. I thrive on curiosity, constantly seeking out opportunities to try unexplored avenues and pioneer novel initiatives. This extends to my interests in reading and engaging in profound conversations with interesting individuals, which energize and inspire me. These are the things that fuel my drive.
What is your strategy for learning and staying up to date in this fast-paced technological sector?
My approach involves maintaining a continuous learning regimen. Given the rapid evolution of the industry, I consistently acquire new information daily. Additionally, I will participate in industry events and engage with experts. Adaptability and a proactive approach to knowledge acquisition are essential in navigating the swiftly changing technological landscape.
How did you develop your leadership?
My leadership development has been a continuous journey shaped by various experiences and principles.
Firstly, I place a strong emphasis on learning from both successes and failures. Each challenge and achievement has provided valuable insights that contribute to my leadership style.
Secondly, fostering effective communication is a cornerstone of my leadership approach. Open and transparent communication promotes trust, collaboration, and a shared vision within the team. I strive to create an environment where ideas can be freely exchanged, and constructive feedback is encouraged.
Additionally, I believe in leading by example. Demonstrating a strong work ethic, dedication, and a commitment to our shared goals sets a positive tone for the entire team. I prioritize empathy and actively listen to team members, understanding their perspectives and addressing concerns.
Lastly, I surround myself with talented individuals. Building a strong, diverse team is crucial for success. I recognize and value the unique strengths each team member brings, fostering a collaborative and innovative working environment.
Which of your earliest jobs is serving you most in your current role?
In the early stages of my career, I had the opportunity to be involved in the launch and development of several international brands in the Chinese market. This experience provided me with the chance to develop my management skills. Additionally, my various entrepreneurial ventures during that period taught me how to build teams from scratch, establish profitable business models, navigate challenges, secure funding, and implement effective risk management strategies. These experiences have been invaluable in shaping my current role and decision-making processes.
What is the best possible future invention or discovery for humankind?
Sustainable Earth and Interstellar Habitation: Inventions addressing climate and renewable energy to make Earth more habitable or discovering habitable exoplanets.
Ethical and Advanced AI: Development of highly ethical and advanced artificial intelligence technologies for diverse applications while ensuring safety and privacy.
Healthcare Advancements and Longevity: Breakthroughs in disease treatment, personalized medicine, and longevity-related discoveries for enhancing human health and extending life.
What values are non-negotiable for you?
My non-negotiable values are integrity, innovation, and ownership. Also, kindness is a core principle I adhere to. These values shape my decisions and interactions, both in my personal and professional life.
If you could trade jobs with anyone in the world, who would it be and why?
Elon Musk. His ability to lead groundbreaking companies like Tesla and SpaceX is truly inspiring. Elon's relentless pursuit of ambitious goals aligns with my own passion for pushing boundaries and creating positive change. Experiencing the challenges and opportunities inherent in leading companies at the forefront of technological advancement would be an invaluable and transformative experience.
What’s the first thing that got you into crypto?
My initial entry into the crypto space was in 2017. Witnessing the transformative potential of blockchain technology and the decentralized nature of cryptocurrencies intrigued me. The idea of providing financial access to underserved populations, reducing reliance on traditional banking, and enabling borderless transactions fascinated me. This fascination with the transformative power of crypto led me to delve deeper into the industry, ultimately paving the way for the founding of Trubit.
The Startup Odyssey
What are the most interesting/notable things happening in the LATAM blockchain ecosystem right now?
In the current LATAM blockchain ecosystem, several noteworthy trends are unfolding:
Government Regulatory Leadership: Latin America is taking a forefront position in blockchain and cryptocurrency regulation. The regulatory clarity of most countries fosters a positive and friendly market environment, positioning Latin America ahead of many other countries in terms of crypto-friendly regulations.
DeFi Momentum: The decentralized finance (DeFi) space is gaining momentum in LATAM, albeit slightly behind some other regions. Despite this, the sheer size of the Latin American market signifies substantial untapped potential.
Cross-Border Payments and Remittances: Blockchain is actively explored for cross-border payments and remittances. The efficiency and cost-effectiveness of blockchain technology make it an attractive solution for facilitating seamless and affordable cross-border transactions. Our own product offerings, such as TruBit, contribute to addressing the unique challenges in this space.
In the context of LATAM, what unique challenges do you face in adopting and implementing blockchain technology?
Regulatory Landscape: While the overall regulatory environment in LATAM is relatively favorable, especially as mentioned earlier, the industry is still in its early stages. This includes compliance, which is continuously evolving. As early entrants into the industry, companies like ours invest significant time and effort in ongoing research and compliance adaptation.
User Awareness: Given the nascent stage of the industry, user awareness is still developing. There is a need for extensive education to increase understanding and familiarity with blockchain technology and its applications.
Localized Product Suitability: The development of products tailored for the local market is still in its infancy. As a result, there is a lack of a comprehensive ecosystem with diverse, well-developed, and easily accessible products suitable for large-scale applications. This poses both a challenge for users, who may face entry barriers, and for entrepreneurs to address these gaps.
How do you balance innovation with the regulatory uncertainties that often surround blockchain technology?
In navigating the intersection of innovation and regulatory uncertainties inherent in blockchain technology, I believe that being in the early stages of the industry presents a unique opportunity. Historically, the emergence of new financial, technological, or business paradigms often precedes the establishment of comprehensive regulatory frameworks.
Our fortunate position allows us to actively engage with government regulatory bodies, fostering ongoing communication. Through our efforts and contributions, we aim to collaboratively construct a more robust compliance framework. Being at the forefront of the industry provides room for innovation and affords us the chance to actively participate in the development of regulatory structures.
Balancing innovation with regulatory considerations is not overly challenging. The key lies in execution—actively implementing initiatives, learning from practical experiences, and iteratively adjusting our approach.
What was the best moment of your year?
The highlight of the year was the significant advancements made in regulatory compliance across various Latin American countries by our company. Additionally, this progress paved the way for the introduction of several new products, including fiat on and off ramps, prepaid cards, cross-border payments, and successfully securing funding.
With Trubit, what is the most important decision you've made and why?
The transition from exchange to wallet.
We firmly believe that the utility of crypto extends beyond mere trading and should address real-world challenges, particularly in the context of Latin America. Issues like inflation and cross-border transactions are prevalent, and crypto has the potential to alleviate these pain points. That's why we made a strategic decision to develop additional applications to cater to the broader needs of the public.
While we continue to operate TruBit Pro, our cryptocurrency exchange offering a range of features such as spot trading, derivatives, AI bot trading, and copy trading for enthusiasts, we introduced a new mobile wallet app called TruBit. This app is specifically designed for the general public, including novice users. Users don't need to understand the intricacies of trading; even beginners can leverage our wallet for tasks like transferring funds and making payments using cryptocurrencies. This move reflects our commitment to making crypto accessible and beneficial to a wider audience, addressing practical issues faced by everyday users.
With Trubit, what was the feature you developed that did way better than you expected?
One standout Trubit feature that surpassed expectations was our cryptocurrency-powered cross-border payments for institutions. The growth exceeded projections, reflecting a rising demand for seamless cross-border transactions among our institutional clients. This success reinforces our commitment to enhancing these solutions for our B2B users.
It was a pleasure to get the opportunity to chat and learn more about Maggie Wu, you can follow her and Trubit here:
The future is bright for Mexico and Latin America.
Abrazo,
Arnaud