Meet the CEO: SCRYPT’s Norman Wooding talks trust in DeFi

Tell us about your company. How was it founded and is there a history there?

We launched SCRYPT in 2019 with the mission to be the trusted digital asset partner for institutions everywhere. Our vision is to accelerate the world’s transition to a new global financial system. SCRYPT’s co-founder, Sylvan Martin and I knew that to support this transition, access to digital assets at the institutional level had to be reliable, efficient, secure and foolproof. Since we both come from entrepreneurial backgrounds with extensive experience and knowledge of crypto, we knew we had to dive into the FinTech space.

We have experienced phenomenal growth over the past two to three years, both in terms of customer success and talent.

How did you get into the fintech space – what led you to it?

I am an early adopter of crypto and have seen this area develop since 2015. At the same time, I am an entrepreneur at heart and have always been interested in building value-driven solutions.

Before SCRYPT, I started mining Bitcoin as a hobby at university, which aligned well with my social, economic and political beliefs – buying ASIC hardware devices made me feel like I owned a “mini central bank” and I was rewarded for validate transactions and increase the supply of this new “economy”. After this I carried out academic research on the use of Smart Contracts in Corporate Governance and also started trading (Arbitrage Strategies) as well as hosting various Masternodes. I quickly became engrossed in all things crypto – so much so that I taught courses at the London School of Economics on cryptocurrency and disruption.

Since starting SCRYPT, I have also co-founded Yield 3, a DeFi data analytics firm, and act as an advisor to Tier 1 regulated entities, such as DCAP.

Tell us about your role. What does that entail?

I create and develop the strategic vision that drives everything we do at SCRYPT. This requires building and leading high performance teams to achieve their best by fostering agile and entrepreneurial work environments: I encourage our teams to be honest and direct (much like blockchain). When it comes to the day-to-day business, I like to build and am heavily involved in all our products – and like all entrepreneurs, I represent the business and drive development forward on all fronts; regulation, fundraising, customer relations, partnerships and infrastructure.

Crypto is a constantly changing space. Does this lead to complications in terms of management?

Being a good manager is always a journey, whether in fintech, alternative investments or education. While it’s true that crypto is evolving at a faster pace than many other industries, as seasoned entrepreneurs, Sylvan and I thrive in dynamic environments – it’s what we live for. That said, the industry is extremely volatile compared to others, due in part to its inception and regulatory evolution.

You have to adapt, pivot and follow your intuition – I wouldn’t be in any other position, and neither would my co-founder, albeit at the expense of sleep and social life. I also believe that being a good leader is surrounding yourself with the best people, and listening, assimilating, analyzing and processing all forms of input.

What I like most about starting this with a co-founder is holding each other accountable, being complementary, and consistently challenging each other.

We work together to focus on the vision, communication, integrity, empathy and overall “success” of the company. Although many mistakes and constant improvements may look like decisive confidence, I can assure you that it is much more than that, and what you don’t see is all the work that happens during tough times and during long weekends.

What’s happening with SCRYPT at the moment – any big projects we should know about?

With each milestone, we always look towards the next one, and we want to do more and better. We’ve recently announced a number of partnerships that expand and enhance our service offerings, and have hired new leaders to strengthen our teams, with more exciting developments in the pipeline as well. We’re in “springboard” mode at the moment and getting ready to launch, so stay tuned and read about these as we announce them.

What changes would you like to see in your particular sector this year – and why?

As a British citizen, I was excited by the prospect of London becoming a world-leading crypto hub. Unfortunately, the Financial Conduct Authority (FCA) has failed to provide clear rules and oversight for businesses operating in the sector in the UK. Progress has been slow and the lack of clarity is putting off many UK fintech business owners, who see more advanced regulatory environments in other countries as more attractive. This is a shame. Regulation is becoming increasingly important in the crypto market and I wish the UK government would start to take notice and bring some stability to the DeFi sector, especially after the fallout from last year’s crypto scandals.

I hope to see a shift in the market towards self-sharing and the ability to act without giving up ownership of assets, as a result of market maturity and innovation triggered by crises. This trend will be a positive sign that the market is maturing and becoming safer for investors, and something we at SCRYPT are working on.

What is on the horizon for SCRYPT in 18 to 20 months and where do you want the company to be?

We are optimistic about the future. Signs are that with every bad player being weeded out, the market is consolidating around those who are reliable, transparent and innovative. Through our partnerships with other leading vendors and our commitment to providing a complete best-in-class suite of services to institutions, we know that SCRYPT will continue to attract top customers, top partners and top talent. With these ingredients, we can continue to build and scale an exciting, secure and valuable business.

We want to deliver more value to our customers, which involves building and improving our technology, team and products to become the one-stop place for institutions to access digital assets. Of course, this can be quantified into specific metrics and internal milestones / KPIs we have for the firm – but let’s not remove the lid for now.

What inspires you in the fintech space right now?

Something I have repeated since I did my bachelor’s in economics and politics is that “Each generation has the birthright to reinvent society as they see fit”. This is what trends like DLT (Smart Contracts, New Protocols, Supply Chain, Voting, Digital Assets, Tokenization, Self-Custody, AMM, etc) and AI are – I believe that financial systems are at the heart of everything and that to bring change and shifts in all paradigms, fintech is the catalyst.

For me, fintech is about the opportunity to disrupt and transform old structures and entrenched ways of doing things. By seizing the many opportunities in this area, we can open up the world of finance to millions of people who were previously excluded. New developments such as Proof-of-Stake are changing consumers’ perception of the blockchain, strengthening trust through the security it provides in consumer transactions. Banks have used the KYC registry by incorporating blockchain to save time when validating data while staying within regulations – crypto’s answer to institutions’ anti-money laundering efforts. Even simple contracts have been transformed.

Now, smart contracts offer a more streamlined approach, reducing risk by automating actions and ensuring security for both parties involved in a transaction.