Before COVID19, Mru Patel, CEO Sapian Group and COO of Flash Group, was one of the best-known speakers on the international Blockchain circuit, travelling to 30plus conferences in more than 15 countries over an 8 month period and catching more than 100 flights. He has covered more miles than Santa Claus on an average Christmas Eve night.
When the world went into lockdown, Mru turned his not inconsiderable energy into a DeFi project with a difference; one that was asset-backed by gold that he was involved in 2 years prior. The gold asset in question had been bought two years ago and used to peg the OZTG coin. The coin, so pegged, has more than doubled in value.
With a rising gold price continuing during the pandemic, Mru assures me that even if the flight to quality falls off, the OZTG coin will never fall below $0.13. The main reason is the intrinsic value of the gold at the time of the peg with a conservative price that was set in the blockchain not to fall below $0.13. This does not account for the true market price of Gold versus the OZTG coin as 1/20th gram the price of gold.
It is not surprising that Mru and his partner Serge Lobreau have come up with another innovative product, indeed a suite of products, because he is not a man to sit still, even when in lockdown. A serial entrepreneur, he has worked in fintech and property investment related businesses before the terms were created. His entire career began with Plessey /GEC, Sony and Motorola and their smartphones, dabbling in VoIP. He also worked with leading bluechip companies the likes of Siemens, Nixdorf, Unisys, IBM and Sun Microsystems during the prime days of dot-com and Java.
“Innovation doesn’t come every day; it comes in waves like the dot.com boom. Blockchain has existed a long time — it’s just a lot of transactions on blocks made secure by cryptology. In fact, when I was first told about bitcoin, I said it’ll never catch on, governments won’t allow it — they still hate it.”
It took a crazy night clubbing about nine years ago to change his mind. He met someone who said it was cheaper to buy bitcoin than all the champagne he had bought.