All-In-One Crypto App Venga Hires Web3 & DeFi Expert Michael Stroev As Its New CEO

Venga, the self-styled “all-in-one” crypto app that’s looking to help onboard more people into the wonderful world of Web3, has announced that former Nebeus Chief Operating Officer and Head of Product Michael Stroev has taken over as its new Chief Executive. 

In his new role at Venga, Stroev has been tasked with leading the company’s efforts to bridge the innovations of decentralized finance with the traditional financial industry, in order to accelerate the adoption of Web3. 

Venga believes it can play a key role in driving the growth of Web3 by solving what it believes are the most pressing challenges that prevent regular people from exploring the growing universe of decentralized applications that promise to give them more control over their financial destiny. 

The company says that one of the most difficult hurdles is related to user experience, with the intricacies of blockchain technology resulting in hundreds of DeFi apps characterized by a high level of complexity. The complicated nature of many DeFi apps puts off new users, and Venga aims to eliminate this knowledge gap by presenting Web3 in a more traditional, easy to understand UI. 

Other problems identified by Venga include the weak technology that underpins Web3, which is often littered with bugs and handicapped by slow functionality. It also aims to overcome the lack of transparency, security and compliance in crypto apps, and remedy what it describes as an “education gap” by teaching people how to use crypto in a more effortless and enjoyable way. 

To do this, Venga has built a kind of “one-stop-shop” for all things Web3 that makes it easier for everyday users to buy and sell crypto and navigate the world of DeFi. It wants more people to discover the advantages of crypto and digital asset ownership, and ultimately help to bring Web3 into the mainstream. 

It’s a powerful and ambitious vision that’s shared by Venga’s new CEO Stroev, who will oversee the company’s efforts to build its brand, expand its team and get the first version of the Venga app ready for launch. Although the app has already been approved for release in the Apple App Store and Google Play store, it has not yet been widely released. The company is currently ironing out a few kinks in its design to deliver the perfect platform for users to get started in more rewarding DeFi activities, such as staking crypto and swapping digital assets. 

Stroev said he’s very excited about the imminent first release of the Venga app, which is only the first step in what the company has planned. Eventually, Venga hopes to become the “go-to crypto app” in Europe first of all, and later the entire world. 

“We have the team, the tech, and the creativity in place to achieve this, and our community is already starting to form,” Stroev insisted. “As these elements converge, Venga will supply DeFi and web3 services to a new wave of users who are empowered to take full control of their finances and discover the many possibilities that crypto has to offer.”

The new CEO has the right background to help Venga achieve this, having played a pivotal role in helping expand Nebeus from its roots as a simple peer-to-peer crypto lending app to a more comprehensive offering that integrates with traditional finance. With Nebeus, users can connect a personal EU IBAN or U.K. Sort Code with an entire crypto ecosystem, where they can earn rewards via staking and lending, or borrow crypto assets.  

Stroev said his experiences at Nebeus will be critical in helping Venga expand its portfolio of cryptocurrency licenses. The company has already registered as a Virtual Asset Service Provider with Spain’s Central Bank and Poland’s Ministry of Finance. Stroev said the next step is to become fully licensed under the EU’s new Markets in Crypto-Assets Regulation, in a move that will enable Venga to expand its operations across Europe. 

Fortunately for Stroev, he’s backed by an experienced and highly qualified team, which includes Venga’s Chief Information Officer Mikhael Soschin (formerly CTO at Infintec), Head of Compliance Ana Caroline Oliveira (previously an analyst Blockchain Solutions Ltd.) and Money Laundering Reporting officer Barbara Ippolito (a former analyst at Binance).

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.