Nejc Kodric is a widely known member of the bitcoin community who started Bitstamp the crypto exchange with just 1000 euros in his garage, he has come a long way from there and is the head of the first exchange to get license in Europe.
Let us now talk about 15 things that you probably did not know about Nejc Kodric.
Nejc was born in Slovenia in 1989, where he studied Organization and Management of Information Systems and Economics, and currently splits his time between his home country and Luxembourg.
In February 2009, Kodrič co-founded GSračunalniki, computer hardware and IT consulting firm, where he also served as Marketing Director of the company for two years before co-founding his next venture.
3.Introduction to crypto
Nejc ran a computer shop and one day Damian visited the shop and asked for a computer with the worst CPU, almost no RAM, but the best possible GPU. This made Nejc curious as to why he needed a machine like that and that when Damian introduced him to the concept of crypto mining. At that time it was much harder to buy bitcoin in Europe.
4.Made use of a business opportunity
They both realized that they had found a business opportunity and started Bitstamp in July 2011 out of a garage, with 1000euros, a server and two laptops. Their motivation was not money but the idea itself. Njec built Bitstamp into one of the world’s top five cryptocurrency exchanges by trade volume.
5.Nejc role in Bitstamp
Bitstamp Limited owns and operates a digital currency marketplace. The Company offers a platform that allows companies and individuals to buy and sell bitcoin, litecoin, ethereum, ripple, and bitcoin cash. Bitstamp serves customers worldwide.
As the company’s CEO, Nekc is responsible for setting strategy and direction, financial performance, strategic direction, and overall risk management. He is in charge of raising awareness about Bitcoin and blockchain technology, capital expenditure and operational budgeting, and business planning.
6.First licensed crypto exchange in Europe
In April 2016, the government of Luxembourg granted Bitstamp a license to be completely regulated in the EU as a payment institution, permitting it to do business in all 28 EU member states. It made the exchange the first licensed crypto exchange in Europe in 2016, setting the benchmark for the Bitcoin industry’s continued consolidation and strength. It raised the expectations that an extra layer of legitimacy could lead more people to trade bitcoin.
7.Has always been a profit earning company
Under the leadership of Nejc Bitstamp has always earned profit since it started and apart from an investment made in 2014 of $10 million by hedge fund Pantera Capital, they have never felt the need of any growth capital and knew what kind of product they wanted right from the start. Serving over 3 million customers globally, the brand is well-known now and their growth has actually been organic.
- Nejc holds a place at no 29 in Fortune 40 under 40. He is recognized in the community and has made a place for himself in a short period of time.
- He was awarded Best Virtual Currency Start-up at The Europas in June 2014.
- He was listed as one of the 100 Richest Slovenians.
- He ranked in 8th place with €112 million in 2017.
- He was listed as one of the 100 Richest People in Cryptocurrency and ranked at 81st place.
Njec is keen in promoting economic empowerment and technology, and hence has spoken at several conferences including Techcrunch, Bitcoin Foundation, MoneyConf, Deloitte Conference: Future Challenges, ICT Spring Europe and FundForum International.
Njec has a personal rule about not giving investment advice. Even talking about which coins we should look out for could be construed as such, so he considers not commenting on what coming and present coins should be kept on radar.
The exchange was hacked–in 2015 and $5 million were stolen. Bitstamp’s system became compromised after systems administrator Luka Kodric downloaded a file that he believed had been sent by a representative for an organization that was seeking his membership. Ultimately, the attackers were able to access two servers containing the wallet.dat file for Bitstamp’s hot wallet and the passphrase for that file.
Bitstamp quickly accessed and mitigated the damage by temporarily suspending services to revamp its security protocols.
This reaction to the hack contributed to a positive culture of what should be done when a hack strikes an exchange.
12.Came back stronger
After being a victim to hack, Bitstamp came back better than before as announced by Nejc, he said the security protocols had been revamped, with a new- website and safer backend systems. The company had chosen to take itself offline after the security breach in order to rebuild systems from the ground up from a secure backup.
He also said: “We have also taken this time to implement a number of new security measures and protocols so that customers can resume using Bitstamp with full confidence and trust. While this decision means we have not been able to provide you with services for a number of days, we feel this extra measure of precaution was in the best interest of our customers.”
13.Njec disclosed the acquisition via a letter
Bitstamp was acquired by Belgium-based investment firm NXMH in October 2018. The CEO of Bitstamp Njec wrote a letter to Bitstamp customers talking about the acquisition and gave assurance that nothing would change. The customers need not have any worries in regard to their accounts.
14.Why Bitstamp choose to be acquired?
When asked Nejc as to why Bitstamp chose to be acquired rather than holding an IPO or tokenizing? He said the answer consisted of four words: “timing, interest, vision, and offer.”
He explained: “It was the right offer that came at the right time, with an honest intention to help us grow and fulfill our vision. Tokenizing was not even considered. As for the IPO, it takes too much focus and time. If it’s carried out, it also adds a lot of rigidness, which is not ideal in our industry right now.”
15.Bank value of his business
The combined cash at bank value for all businesses where Nejc holds a current appointment equals £1.4 billion, a combined total current assets value of £1.5b with total current liabilities of £1.4billion and a total current net worth of £40.6million.