Processing 7 figures worth of bitcoin each month, Yusho Liu is getting businesses throughout Asia started with bitcoin.
What’s your story?
I co-founded CoinHako.com with a friend, Gerry Eng. We are the first bitcoin startup in Asia to be accelerated up by Boost VC, and have since received follow-up funding from notable angels including Tim Draper.
CoinHako was a project we bootstrapped when we were fresh out of college. Our bankroll was heavily affected when the price of bitcoin tumbled in 2014. This also meant that we couldn’t raise capital because no investors believed in the need for a bitcoin wallet. That was disappointing but things got better with time. We bit the bullet and managed to pull through and today, CoinHako is the leading wallet provider in Singapore. We process 7 figures worth of bitcoin each month, and have plans to expand across Asia within this year.
What excites you most about your industry?
Back in 2008, I was thrilled that you could transfer $0.50 worth of value to a friend halfway across the globe via bitcoin, instantly. Do this with any existing financial institution and you would be paying $40 for a “service fee” before sending out your first dollar.
The openness of this protocol also meant that anyone and everyone can develop on top of it, and that got me interested and continues to excite me today.
What’s your connection to Asia?
Born, raised and educated in Singapore. But I have lived in Japan and USA at different points of my life.
Favourite city in Asia for business and why?
Not being biased here, but definitely Singapore. I’ve tried starting businesses outside of Singapore and it is nowhere as efficient.
What’s the best piece of advice you ever received?
Do first and ask for forgiveness later.
Who inspires you?
Mark Zuckerberg once said, “I’d rather be in the cycle when people underestimate us, because I would rather be underestimated. Then we can really excite and amaze people.”
What have you just learnt recently that blew you away?
Curry statistics. Most have viewed this superhuman clutch plays would likely miss in NBA2K. But this chart is simply mind-blowing, it crushes previous records.
If you had your time again, what would you do differently?
I try not to live with regrets, but if there’s one thing I would do differently – buy bitcoin when each coin was only worth a few cents.
How do you unwind?
I usually play tennis and run but I recently picked up yoga. It has really helped to clear my mind and loosen up the body. I also enjoy drinks with good company from time to time.
Favourite Asian destination for relaxation? Why?
Bali. It’s got lovely people, beautiful beaches, spectacular rice terraces and a good blend of culture and fun. Not to forget, cheap bintang beer and a huge bitcoin community!
Everyone in business should read this book:
Essentialism by Greg McKeown. Regardless if we are rich or poor, young or old, everyone would only have 24 hours in a day — no one second less and no one second more. This book teaches you to “do less, but better and forget most things”.
Shameless plug for your business:
Coinhako – There’s no easier way to get started with Bitcoin. We’ve even got your digital assets insured!
This interview was part of the Callum Connect’s column found on The Asian Entrepreneur:
Callum Laing invests and buys small businesses in a range of industries around Asia. He has previously started, built and sold half a dozen businesses and is the founder & owner of Fitness-Buffet a company delivering employee wellness solutions in 12 countries. He is a Director of, amongst others, Key Person of Influence. A 40 week training program for business owners and executives.
Take the ‘Key Person of Influence’ scorecard <http://www.keypersonofinfluence.com/scorecard/>