We spoke to him with 2gether’s CEO about regulatory attempts and platform security following an attack this year
2gether is a Spanish initiative that has already extended its activity to different European countries. Cointelegraph en Español spoke to the firm’s CEO, Ramón Ferraz, about the interest in cryptomonnages, attempts at regulation and the security of the platform following an attack on it this year.
Fernando Quirós (FQ): How has 2gether survived the hacking and what are the latest developments?
Ramón Ferraz (RF): Firstly, by stopping the hacking and limiting the loss. The theft was 14.5% of the balances on the platform. In the absence of the controls we had in place and the rapid action of the technology team, on July 31st at 18:00 in the afternoon, the loss could have been greater.
The latter, with a large dose of work. From the very day of the hacking, the entire team is working more than ever to safely restore the service, reinforce the security of the platform, continue to grow and advance despite the attack, providing attractive voluntary compensation solutions and raising the funds necessary to build a financial cover that will initially replace the uncompensated stolen positions.
Finally, communicating the problem and the solutions with total honesty and transparency, and frequently so that everyone can act accordingly.
Of course, working hand in hand with the authorities with the Guardia Civil’s telematic crimes group.
All of this has allowed us to maintain the trust of a very important part of the 2gether user community, a trust that we hope to reciprocate once we close the funding and crowdfunding round.
FQ: What is equity crowdfunding with Fellow Funders? Can you give us details?
RF: It is a round of equity in which all 2gether users, as well as any investor who shares our vision and has confidence in the company, can participate on the same conditions as qualified investors or the founding partners of the project themselves.
Fellow Funders, as well as helping in the whole investment process, provides investors with private access through its website, where it will periodically post company monitoring reports, which investors will be able to access freely to be always informed of their progress.
FQ: How are you working now on cyber security?
RF: Since the attack, we have reinforced the security of our platform in many areas. We have incorporated new equipment protection tools and continuous monitoring of infrastructure and code, revised all access policies and permissions, rationalised the information contained in the different databases, added new security layers at VPN and authentication level.
Additionally, we have implemented a coverage model with which to be prepared for any future events, which we will begin to finance with the crypto code current capital round and to which we will incorporate a cyber insurance in which we are working with the help of AON.
This is just the tip of the iceberg of a continuous reinforcement, captained by two important incorporations in the company: Carmen Pozo Grande as head of Compliance and Risks, and Luis Alberto Rodrigo Piqueras, as CISO.
4- What do you think of the new attempts at crypto regulation in Spain?
It is inevitable that the crypto sector will be regulated; it is a good thing as long as it pursues objectives such as investor and consumer protection or the fight against money laundering and the financing of terrorism. And as long as the great advances of this new technology are respected, such as privacy and decentralisation, and do not harm the companies that have decided to bet on this new world.
The good news is that regulation is being focused at a European level, with the AML5 directive and now with the proposed MICA regulation, which will make it much easier for companies like 2gether, which provide services throughout Europe, to adapt.
We have been evolving our organisation in the direction of AML5 and MICA for some time now, so we are not concerned, quite the opposite.
CF: Has the number of people interested in cryptology increased after the pandemic?
RM: Undoubtedly. The pandemic is bringing to the surface the shortcomings of the current economic system to respond to a harsh reality that we are experiencing.
We have all been part of the weaknesses of global supply chains, we have already seen countries default on their debt and enter into hyperinflationary tensions, we are seeing central banks printing more money than ever before, we are seeing the rise of populist governments with the loss of confidence that this entails in private property.
In this context, the movement of flows towards decentralised (which nobody can take away from you), deflationary (which nobody can artificially inflate), digital and global assets makes all the sense in the world and is indeed happening.
It is no coincidence that the bitcoin is rallying at the gates of an American election in which the candidates are talking about issuing several trillion dollars in the years to come.