Interview with Michele Mandelli, Managing Partner of Checksig
Interview with Michele Mandelli, Managing Partner of Checksig, the leading Bitcoin’s company in Italy for private customers and institutional investors.
Cryptocurrency has become a global phenomenon affecting the economy, policies and politics of our world. Between all the virtual currencies, the most well-known is undoubtedly Bitcoin, which has established itself as an investment asset increasingly appreciated by banks and high-net-worth individuals. For this very sophisticated clientele, however, the investment is still complex today.
First of all, buying relevant amounts of Bitcoin safely and conveniently is less simple than it seems, and always requires some technical and market mastery. Secondly, the securing of significant quantities is technically complex and exposes a person to the risk of errors, fraud and physical aggression.
In addition, it is difficult to remain in compliance with the tax system due to the lack of clear and comprehensive reporting and also because of the continuous evolution of legislation. Checksig was born for this reason, to make easy and secure access to Bitcoin word for private customers and institutional investors.
In a market full of unreliable subjects, Checksig stands out, focusing on service and seriousness’ level. Precisely for its wealthy clientele, Checksig has a service model that uses “kid gloves”, providing dedicated managers able to accompany each customer in every need.
All this focusing on seriousness, which allows the company to be the only Italian crypto company with insurance coverage (provided by the Cattolica Insurance Group) and independent external audits (carried out by Deloitte, world leader in consulting and auditing services). Checksig is therefore a kind of “private bank” of Bitcoin, able to train and inform the customer, perform transactions, store funds, provide key documentation for tax purposes, and help the generational transition.
Purchase and sale of Bitcoins
With Checksig it is finally easy to buy and sell Bitcoin with the confidence of being able to interact with an experienced manager. The investor simply has to decide his own strategy and objectives, and the Checksig team will take care of them. Once the order has been received, Checksig selects the most suitable and advantageous stock exchange, completes the purchase process securely, and provides the customer with all the documentation connected with the purchase.
Ultra-safe and flexible accounts
When the purchase of Bitcoin starts, Checksig keeps them on the customer’s account, offering detailed and transparent reports. It has a multi-signature and multi-level custody protocol among the safest in the world.
In addition, Checksig is the only one company in Italy that gives the opportunity to open joint accounts, appoint an executor, and make reports to companies and trustees.
Deposits and withdrawals are fully-assisted, constantly monitored through multi-channel communication and video verification. PIN, passphrase, password are no longer a problem – Checksig does all the work.
In compliance with the IRS
Forgets the problems of taxation, Checksig always compiles and keeps up to date the Crypto Dossier of every customer, an essential tool for the tax return. And if the client does not have an experienced accountant, Checksig can connect the client with a network of professionals able to give specific tax advice on cryptocurrencies.
Inheritance and generational transfer
Finally, when the time comes, Checksig is at the side of the heirs, to ensure a quick execution of the customer’s will, making sure that the beneficiaries know how to manage the inherited Bitcoins.
Training and updating
Such a dynamic and innovative sector must first of all be understood. For this reason Checksig makes available to users free training events of the Digital Gold Institute, the main Italian think tank on Bitcoin and blockchain themes. In addition, each customer can access quarterly reports with market, technology and regulation insights.
If you want to know more about the platform and how it works, read the interview with Michele Mandelli, Managing Partner of Checksig
Hi Michele, nice to meet you and thank you for your time. Tell us more about Checksig:
Thanks for the invitation! Checksig is unique in the Italian crypto landscape, because more than a crypto-platform, it should be seen somewhat like a Private Bank for those who have or would like to buy Bitcoin. Bitcoin has been targeted by companies, funds and private investors who want to buy and safekeep this “digital gold”, a reserve asset uncorrelated with ordinary equity and bond investments.
We wanted to build a set of solutions that make it very easy and safe to access this world for those who want to deal with significant amounts, have a medium-long term horizon, and need a dedicated service. We help our clients buy and sell. But above all we safeguard their funds, help them stay complaint with tax laws and make sure their Bitcoins are really safe even if something happens to them.
How and when was the idea of Checksig born?
The idea was born in 2018, from a team with strong technical skills in the Bitcoin and blockchain world. Checksig did not yet exist, but already then we regularly consulted the main Italian and European financial institutions. One of our clients, one of the world’s largest stock exchanges, asked us to help them select an ultra-secure market solution to store Bitcoin. Well, we discovered with dismay that there was no relly secure solution available! And that’s when CheckSig’s idea was born: to develop the safest Bitcoin custody protocol in the world. At the end of 2019 we set up the company and started on the Italian market.
How long did it take to shape the project?
We dedicated the first year entirely to the development of the custody protocol and the structuring of security processes. It was a big start, but he paid. Today our protocol is one of the very few in the world that can guarantee an industrial management of funds. And we are the only custodians in the world to give cryptographic proof that we always have customer funds under control: our safe is transparent, anyone can see how much is inside, and that we have not lost our customers’ Bitcoins. Given its strong assurance and security culture, it is no surprise that Checksig is the only Italian crypto company with insurance coverage (from Generali group), and one of the very few in the world with SOC attestations given by an external Auditor (Deloitte).
I mean, it took a while to set everything up, but now we’re indisputably the most secure and trustworthy provider in the market.
How are investors responding?
Considering we actually entered the market just a few months ago, things are going extraordinarily well. We have over a hundred clients, with an average assets of about 200 thousand euros each. And these numbers are growing at an impressive rate, despite the fact that we have not yet launched any marketing campaign.
Where are we in Italy with financial training in the field of crypto? Can it really be a matter “open to all”?
Sure! Bitcoin is a technological experiment but above all a cultural challenge! It is something that claims to be the logical equivalent of gold – the gold of the internet age. If Bitcoin should play a role comparable to that of physical gold in the future, then it would be extraordinarily undervalued today. However, we mustn’t allow ourselves to be caught up in the mirage of easy wealth. You can’t think that the most performing asset of the last decade is risk-free.
The question is if the return is proportionate to the risk, and what is the right level of risk that everyone should take on. In the crypto world it is needed, and lacks, a great deal of education. This is why the Digital Gold Institute, a centre for research, training and information, is also part of the Checksig group. And access to all of DGI’s resources is obviously free for Checksig clients.
How did you launch your project? Did you use crowdfunding campaigns?
We did not use crowdfunding, but traditional tools. Already when we set up the company we raised about one million from private investors, who valued the company 5 million euros. Then we got a bank loan of over a million. And right now we’re completing a further capital increase of two million for a post-money valuation of the company of 20 million. And for the next year…. … we already have a waiting line of institutional investors who would like to participate in a third capital increase!
Curiosity: are you also Checksig customers?
Absolutely yes! There really is no safer solution on the market, and it is extraordinarily easy and convenient to have one-to-one assistance on tax compliance and buying and selling!