What Matters To Me: John Bailon, Co-Founder Of Satoshi Citadel Industries
In the What Matters To Me series, a Generation T honouree describes what they do, why they do it, and why it matters.
John Bailon is cashing in on coin. As co-founder and CEO of Satoshi Citadel Industries, he’s behind a whole range of Philippine cryptocurrency-related businesses, including a digital payment service, a money remittance service, a social media incentives website, an Bitcoin orderbook exchange and a bill payment service. Here, Bailon describes his work in his own words.
It was back in 2013 when I first discovered Bitcoin. It was trading at around US$40 then, so I bought some. I read into its technicalities, and it became apparent that it was perfect for me—I was into tech, I’m a programmer and I’m really interested in finance. I met a number of people who were also interested in cryptocurrency, and together we decided to set up a company: Satoshi Citadel Industries (SCI). The idea of it—cryptocurrency—was very vague back then. We just thought that Bitcoin would either blow up and be huge or be small. Either way, we took the leap and built something out of it.
We’re building a couple of new projects, one of which is an orderbook exchange called Citadax. An orderbook exchange is similar to a stock exchange, except it’s for cryptocurrency. We’re at the final stages of launching that, pending regulations. We’re also building an SCI network: we have a few products under our company, and the network will combine and merge everything together into one token network.
My favourite part of the job is creating a product that could potentially be part and parcel of the future. I like that we have the opportunity to build something that has the potential to provide real value to other people. For example, blockchain is a new technology that not many understand. But if we are successful in bringing in products like this, people can learn more about it and take advantage of this technology in ways that one may not yet realise. I want my company to be part of a future wherein blockchain technology is firmly entrenched in society and people are able to use it with ease, and benefit from its advantages.
You just really have to put in the work and be patient and trust in what you’re trying to do to be successful.
— John Bailon
It’s really about putting in the work. It doesn’t matter how resourceful or wealthy or smart you are—work really has to come in. For example, when we started in 2014, we engaged with the [Philippine] Central Bank. We told them that cryptocurrency is something they should start regulating and they refused, saying it was too small for them at the time. After three years we were able to convince them to come up with regulations and look into the whole industry. Now they have set up a new unit to cover fintech companies. We needed patience to endure and invest in all of this before seeing it come to fruition. But more importantly, we worked hard to lay the groundwork for all this. We also had to understand that being agile and versatile is necessary to move forward. So you just really have to put in the work and be patient and trust in what you’re trying to do to be successful.