Founder and COO of Ternio Ian Kane is the leader of a “global fin-tech platform built on blockchain.” The company offers a platform that “connects traditional enterprise fin-tech banking systems with blockchain infrastructure giving real world utility to digital assets.”
Ian Kane and Ternio offer products that “enable instant remittance and the transfer of value on blockchain rails in a compliant and regulated environment.” The company has also “solved the issues related to blockchain scalability and payment utility of cryptocurrency,” allowing them to “demonstrate how enterprise can use this tech to become better, faster, and more efficient.”
Before starting Ternio, Ian Kane has worked in the fields of technology and digital media for more than a decade. He has specialized in “business development, sales, and strategy.” From humble beginnings as the “1st employee in a media startup,” he has contributed to the success of different organizations. For example, the media startup where he built his career has grown into a large business earning $50 million a year.
Aside from Ternio, Ian Kane also advises and invests in other tech companies. He always wants to “create value and continually broaden my knowledge of the ever changing landscape.” His experience and background allows him to “bring unique insight and experience to the next set of challenges I face.”
Check out more interviews with fin-tech leaders here.
We focused on what we thought were two things holding blockchain and cryptocurrency back from mass adoption — scalability and usability. Ian Kane, Ternio
Jerome Knyszewski: Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
Ian Kane: I spent over a decade in digital media with a heavy focus on business development, sales, and strategy. I started my career as the first employee at an advertising startup which grew into a $50 million year business. I worked in both early stage and mature organizations driving the go-to-market strategy for various data and media products. I was also on the board of advisors for other Adtech companies, as well as a few acquisitions on the buy and sell side.
During my time in adtech, Bitcoin was becoming very popular and I became interested in what drove the underlying value. It’s what led me to start researching blockchain (the underlying protocol for Bitcoin and other digital currencies). There are many types of blockchain’s with different currencies. While the price of the cryptocurrency on the blockchain can be volatile, the underlying value of blockchain tech is very apparent. The more I learned about this technology, the more I believed it was going to fundamentally change the world — similar to the internet in the early 90s.
We started Ternio in December 2017 and focused on how Blockchain could be applied to streamline a number of inefficiencies in the Enterprise market such as supply chain transparency and payment remittance. We focused on what we thought were two things holding blockchain and cryptocurrency back from mass adoption — scalability and usability.
Jerome Knyszewski: What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?
Ian Kane: In Ternio’s early days we focused on two things — scalability of blockchain as a protocol and payment utility of digital currency in everyday life. Both are important for mass adoption, but we faced a lot of selling challenges on the scalability side. I liken it to selling Ferrari’s in a town where all they had were dirt roads… No one needed to go fast. As the saying goes — What’s the difference between being early and being wrong? Nothing.
On the other hand, Bitcoin and other cryptocurrencies were mainly used for trading and price speculation. They lacked real world utility, so when someone had Bitcoin at $50 and it went to $1,000 — they didn’t have an easy way to spend it. We thought it would be great if they could spend it on a traditional debit card.
This is what led us to double down on BlockCard, our crypto debit card platform. It enables consumers to take digital currency and spend it anywhere VISA is accepted. Cryptocurrency holders now had an instant way to buy whatever they needed with the appreciated value of their digital currency.
We also noticed that many other companies and foundations in the space wanted to offer a similar product, but didn’t have the time, resources, or interest in navigating all of the tech and regulatory hurdles. We felt that white-labeling our BlockCard platform for other companies would be a great benefit not just to Ternio, but also the crypto ecosystem as a whole.
Jerome Knyszewski: Can you tell us a story about the hard times that you faced when you first started your journey? Did you ever consider giving up? Where did you get the drive to continue even though things were so hard?
Ian Kane: Building a company is tough in any industry, but it’s always harder when you’re dealing with nascent technology like blockchain and cryptocurrencies. There were many tough times that come to mind.
As I mentioned earlier, one of them was focusing on scalability of blockchain. Enterprise organizations were still figuring out their blockchain use case, so none were running into latency issues where they needed more speed. We spent a solid 9 months getting denied over and over again. Companies loved our tech and use case, but they simply weren’t ready to deploy capital and put it into motion. That’s a tough blow for a startup that needs to generate revenue.
Another scenario we found ourselves in was speaking with many Venture Capital and Private Equity firms which kept passing on investment. Most didn’t understand blockchain or crypto, so didn’t understand the value of what we created. Some gave us terms, but they were very predatory in nature.
Last, the cryptocurrency market entered a bear market from early 2018 to late 2019. For close to 2 years Bitcoin dropped from $20,000 down to $3,000. Overall, confidence in the tech and the market seemed to be very low, so investor + consumer interest was tepid.
However, persistence is the one thing that determines success. While we hit setbacks, we were seeing success with our BlockCard platform in the marketplace. Success was oftentimes 2 steps forward, 1 step back, but it was always moving in the right direction. It’s what gave me the confidence that we were on the right path. We doubled down on building on and off ramps that allowed customers to get and out digital currency easily and it’s what allowed us to build Ternio during those tough times.
Success was oftentimes 2 steps forward, 1 step back, but it was always moving in the right direction.
Jerome Knyszewski: So, how are things going today? How did your grit and resilience lead to your eventual success?
Ian Kane: Things at Ternio are great. Our product has continued to take off with both consumers and other companies looking to launch their own debit cards or bank accounts. We have a number of top tier partners such as the Litecoin Foundation and Paxful.
In addition, we became VISA’s only crypto-focused Enablement partner for their Fast Track program. VISA is very bullish on digital currencies (especially central bank digital currencies) and blockchain tech. It’s great to work with such a forward thinking team and having them as a partner lends a lot of credibility to the technology Ternio has built.
Jerome Knyszewski: In your experience, which aspect of running a company tends to be most underestimated? Can you explain or give an example?
Ian Kane: I think people often underestimate the amount of personal time and resources required to start a company. I personally work 7 days a week and spent the first 2 years at Ternio without any salary. It can put a tremendous amount of stress on you personally and professionally.
I strongly recommend anyone starting a company has a year’s worth of savings before going at it full time. If you can launch your company as a side hustle while still working full time, that may not be a bad way to start and see if your company has a market fit. However, keep in mind that if you decide to raise money from investors, it’s going to be difficult to get someone to invest unless you’re at it full time.
Launching a company is an emotional roller coaster and requires significant sacrifice. However, it’s also exceptionally rewarding once you get into the right rhythm and see some wins.
Don’t be afraid to pivot. Ian Kane
Jerome Knyszewski: Ok super. Here is the main question of our interview. What are your “5 Things I Wish Someone Told Me Before I Began Leading My Company”? Please share a story or an example for each.
Ian Kane:
- Starting a company can be an emotional roller coaster. The highs are really high and the lows can be very low. Success is often two steps forward, one step back. As long as you are seeing success then keep moving forward and don’t get discouraged by any minor setbacks.
- Don’t be afraid to pivot. If you’re not seeing early success then be willing to make changes. However, make sure you have tried enough times at your current product to ensure you statistically significant data points to make the change. Example: talk to 100 customers instead of just 10.
- No one will care about your company as much as you do. Hire a great team, but don’t expect to sit back and let everyone do the work for you. An entrepreneur needs to set an example and lead their team.
- Listen to customer feedback. You’re paying customers are the lifeblood of an organization. Make sure you get their feedback and improve on the product based on what they tell you.
- Investment capital is designed to shorten your time to market for new products, but it’s much easier to find capital at the right terms when you’re not in desperate need for it. Paying customers gives you options when it comes to raising funds. Focus on getting as many as possible, as soon as possible.
Jerome Knyszewski: How can our readers further follow you online?
Ian Kane: You can follow me on Twitter or connect with me on LinkedIn.
Jerome Knyszewski: This was very inspiring. Thank you so much for the time you spent with this!
