Glasgow entrepreneur backs Scotcoin digital currency project

What is your business called?

The Scotcoin Project CIC (Community Interest Company).

Where is it based?

Glasgow.

What does it produce, what services does it offer?

It is Scotland’s very own crypto currency and offers the freedom for Scotcoin holders to transact peer-to-peer for goods and services free of transaction charges. In a wider sense, we have a platform for charity through The Scotcoin Project CIC, which is funded by Scotcoin. This is the vehicle we use to deliver positive change and value.

To whom does it sell?

Anyone can make use of it. Scotcoin is currently working with different charities and platforms to build a network of organisations that will trade locally in Scotcoin and, in turn, support the project’s mission. It will also be available to buy on an exchange later this year and accessible to anyone wishing to be part of The Scotcoin Project

What is its turnover?

We don’t actually sell Scotcoin, so turnover isn’t relevant until we complete our listing. After that Scotcoin will become a currency buyable on an exchange. However, in the last six months alone we’ve allocated £85,000 worth of help to individuals and organisations using Scotcoin.

How many employees?

Five.

When was it formed?

Originally 2013, but the present management team has only been in place since 2016. It has undergone several transformations, the most recent within the last 18 months, and we are firmly on track to deliver our vision.

Why did you take the plunge?

I originally got involved in Scotcoin in 2014. In early 2016 the original creator, Derek Nisbet, decided to move on. I saw so much potential in Scotcoin and loved the idea of Scotland having its own currency to bring about change for the better. As a result, together with David Low, my business partner, I decided to buy Scotcoin’s IP, trademarks and all available coins and stock to reposition it as an ethical cryptocurrency with a strong social and charity agenda. There is so much that Scots can do if they set their minds to it – it is a wonderful thing to contemplate a better Scotland and the role Scotcoin can play.

What were you doing before you took the plunge?

Many years ago, I was in the Glasgow Wholesale Fruit Market and most recently I was involved with property investment. I came to feel that property is in many ways a sterile investment and inherently unexciting. Crypto gives us the chance to do so many things and actively improve people’s lives. Having studied Mathematics at university, I realised almost instantly the possibilities of Satoshi Nakamoto’s peer-to-peer whitepaper, which ultimately became the basis for Bitcoin.

How did you raise the start-up funding?

Family, friends, and two business partners.

What was your biggest break?

When the Ethereum network developed ERC20 tokens, which we realised we could use to reduce the amount of energy used in producing Scotcoins by as much as 99.95 per cent.

What do you most enjoy about running the business?

Giving talks and educating people about Blockchain and cryptocurrencies generally, as well as getting businesses to accept Scotcoin for their goods and services. Our big picture is to have a comprehensive network of businesses using Scotcoin on a daily basis, which in turn will help fuel Scotcoin’s charitable agenda.

What are your ambitions for the business?

There is a cryptocurrency in Switzerland called ‘WIR’ which has been around since the 1930s. It now has a turnover of more than $6 billion, which is a substantial addition to Swiss GDP. From our point of view, we would love to do even a fraction of that to help people in Scotland.

What are your top five priorities?

Scotcoin’s exchange listing.

Increasing education about blockchain and crypto.

Creating a full-time management board.

Increasing the number of holders of Scotcoin.

Increasing the number of outlets that will accept Scotcoin for their goods and services.

What single thing would most help?

Larger businesses in our target areas – food, clothing, accommodation – accepting Scotcoin for their surplus stock, then using the SCOT they acquire in their own ecosystem.

What could the Westminster and/or Scottish governments do that would help?

The absolute best thing would be to allow the acceptance of crypto generally for services and for their own internal purposes. Even at a very low level, this would have a huge effect on general public acceptance.

What is the most valuable lesson you have learned?

Good things come from unexpected places. But most importantly, if you want to do something, just do it! You only ever regret what you did not do.

How do you relax?

I play a lot of chess online and I love walking – I try to do at least five miles per day.

I also absolutely love cooking. Food is something that brings people together in all sorts of ways. If there was some way we could reduce the hundreds of thousands of tonnes of food and drink wasted annually in Scotland alone consumers’ finances would be instantly improved and the planet would be better off, too.