Crypto has received an undeservedly bad reputation, says Chris Aron Wabø. He has had a keen interest in blockchain technology for many years and has now created a platform where Norwegians can buy and sell crypto - which is safer, profitable and easy to use.

-"No prior knowledge is required to use our service," says Chris.

He is the CEO and co-founder of Kryptobot, an automated service that buys and sells cryptocurrency for you.

Swindled for large sums of money

According to the Financial Supervisory Authority of Norway, Norwegians were defrauded of a total of NOK 614 million in 2022.

Many people are skeptical about crypto trading, and Chris informs that 6 out of 10 of their customers have previously experienced crypto fraud. Kryptobot wants to do something about this.

-"We wanted to create a platform that is safe to use, so that those who want to trade crypto can do so in a secure way.

Chris says the goal is to create a community for crypto trading and, not least, to change the negative impression many people have after countless media reports about fraud and large losses on crypto.

Passion for crypto

He is joined by co-founder of Kryptobot Pål Øivind Fagerli. Chris is the general manager and is responsible for the day-to-day operations and marketing of the company. Pål is responsible for the technical aspects and support.

Both have acquired knowledge in blockchain technology and it is clear to see that Chris and Pål are passionate about this subject. They are experienced in day trading, which is the practice of buying and selling, in this case cryptocurrency, within the same trading day. This is where the founders saw an opportunity.

-"We've been doing this for a long time. We saw that there was a space in the market to make crypto trading easy and secure, and decided to invest in what is now Kryptobot.

The guys went to work and started building the platform. After a closed period for much of 2022, they opened up to customers in the transition to 2023.

Life as an entrepreneur

Kryptobot is based at Gründeriet in Sandefjord, and they recently became a customer of Kobben. Here they have received good help as they grow.

We were lucky to get help from Henrik in Kobben for valuation. It's not easy. It laid a good foundation for when we now need to contact investors and raise money. We're very pleased with the help we've received from Kobben," says Chris.

To secure a market-leading position, they are now opening up for investors to join Kryptobot. This round they will raise NOK 3.5 million and recently pitched at the Investor Forum organized by Vestfold Investornettverk.

-"We've spent a lot of time developing the product. We wanted to be sure that the product would deliver well regardless of the market before we launched it to the masses.

Challenge with the banks

And there have been plenty of challenges for the start-up company. Among other things, it has been difficult to get the banks on board.

-"They had a lot of questions and are a little afraid to work with us. There have been major obstacles with DNB, among others. It took us two and a half months to open an account with the bank. Usually it takes a few days," says Chris.

-"There is a huge growth in the market now and it would be an advantage for the banks to get behind this.

Chris particularly highlights Norges Bank's call for tenders for DSP (digital central bank money). Earlier this year, E24 wrote about Norges Bank awarding contracts worth NOK 50 million to test digital central bank money.

-"Now that Norges Bank is inviting tenders for CBDCs, the banks should be more interested in this," says Chris.

Read more about Kryptobot here.