dYdX Founder Advises Crypto Devs to Stop Serving US Customers

As per the recent reports, the founder of the decentralized exchange dYdX, Antonio Juliano, believes that in the coming five to ten years, cryptocurrency developers should give up on reaching American consumers. 

dYdX Founder Talks About Regulations in the US

The dYdX founder recommended that contractors should test the waters in several markets and then come back when the conditions are suitable.

In an X post from August 25, Juliano gave a point that developers should prioritize areas beyond the United States since they will see less obstacles as they concentrate on platform growth and user acceptance. 

More Growth Outside the US, Says dYdX Founder

The dYdX founder emphasized that they might grow more quickly abroad in favorable marketplaces, which were primarily directed at startups rather than already established businesses. 

He noted: “Crypto builders should just give up serving US customers for now and try to re-enter in 5-10 years. It’s not really worth the hassle/compromises. Most of the market is overseas anyways. Innovate there, find PMF [product market fit], then come back with more leverage.”

He contends that establishing product market fit abroad before returning to benefit from the “leverage” of large user populations offers more economic sense for developers or startups.

Wintermute CEO Concurs with Juliano

Evgeny Gaevoy, CEO of Wintermute, concurred with Juliano after his remark. However, Coinbase CEO Brian Armstrong had a different opinion. He said:  “I see your point — but I think it will be better in a much shorter time. Probably by next year if I had to guess.”

Withdrawal from  Canada

Notably, dYdX made the decision to stop operating services in Canada back in April. As reported by TheCoinRise, from April 14th, dYdX users in Canada were reported to be in close-only mode, with only the option to withdraw assets.

dYdX was developed by the dYdX Foundation, a private non-profit organization with headquarters in Zug, Switzerland. The dYdX protocol’s present and future implementations are intended to be developed by the foundation. In October of last year, dYdX announced Charles d’Haussy as the new Chief Executive Officer of its Foundation.