Michael Collins. Co-founder & CEO of GN Compass

Michael Collins co-founded GN Compass with the vision to give more liquidity to a non-liquid arena. Using peer-to-peer lending, GN Compass provides users with Cryptocurrency-Backed Loans ™. In is an interesting business model that fully embraces new technology and a new way of banking.

Collins and his team have devised ways to make GN Compass extremely attractive for borrowers and investors. Collins hopes his new company can keep both groups from getting lost in the financial system. With individuals still untrusting of financial institutions following the 2008 financial collapse, Collins believes the transparency and liquidity of GN Compass will give customers a better alternative to investing and borrowing.

Collins recently spoke with Totalprestige Magazine about GN Compass and its innovative approach to Cryptocurrency-Backed Loans ™ and more.

Michael, can you please let us know about GN Compass and the services you provide?

GN Compass is a peer-to-peer lending platform that provides Cryptocurrency-Backed Loans ™. Loans are backed with our token called GNCT. The amount of the loan we back with GNCT will depend on the pool that the loan is in. Borrowers are vetted and placed in pools based on their risk level. For example, an ‘A+’ pool loan will get 100% backing while ‘C’ and ‘D’, which are our microloans, will get 0% backing and this backing is also tiered from A+ to C. We will also create constant liquidity in the lending market. This is accomplished by allowing investors to sell portions of loans or their entire portfolios. Investors are not locked in to the term of a loan and can liquidate loans for any reason after a certain no-trade time period has been reached. The buying investors will reap the benefits of the loans being paid back by borrowers while the selling investor still makes a profit. By using blockchain technology to verify and distribute all transactions across the Ethereum network, it guarantees transparency.

Borrowers can access funds at a fraction of the time compared to banks and pay lower interest rates. For example, a standard credit card typically charges a 19.99% interest rate. Our highest risk rating is ‘D’, as mentioned earlier, falls under our microloans division and has an APR of 16.99%. Also, we have our own credit system that doesn’t just use consumer aggregation or credit scores to make loan decisions. Borrowers make loan requests using smart contracts only after they have passed our three-step vetting process. After this three-step process they will assigned a Compass credit rating.

Please tell us what some of the company highlights have been? What are the goals and objectives you hope to achieve?

We have started platform development and we are right on track with meeting our Q4 deadline for release. The objective is to create liquidity in the lending market and also to provide transparency in the finance industry by using blockchain technology. After the 2008 financial crisis, people are leery about the financial sector. We aim to change that.

Michael, what really sets GN Compass apart from competitors?

Well, a lot of it has been stated above, but other than that, we don’t require our borrowers to put up their cryptocurrency as collateral in order to borrow funds.

Please tell us about the Compass Token (GNCT) and how people can invest?

We are very excited to announce that we offer the very first token in the world (GNCT) that has a 100% collateral backing. On the 29th of January, we signed a deal with a collateral company in Europe to back our tokens and company with a $140 million bond. This protects equity investors and token investors from things like price volatility which plagues other coins, especially bitcoin. The collateral bond plus our loans will back the GNCT and give it more value which makes the company extremely stable and attractive to investors.

What’s next for GN Compass?

We are currently running our ICO. The pre-sale is from January 29th to February 28th and our main sale is from March 1st to March 10th. Once the sale is complete, we will continue our platform development and start beta testing. Also, we are formulating a plan with our collateral company to leverage our bond to get the GNCT price to $100 per GNCT by next year.

Michael, instinct versus expertise: Which is more important and why?

Honestly, you need both. You can’t make every decision based on instinct alone, you need some knowledge and expertise to help make decisions. So, always hire the best on where you are weak at. On the other hand, it’s great to have the right expertise around you, but there are some situations where all your knowledge and expertise won’t help and you have to go with your gut and live with the consequences.

What is the most challenging part of your work?

I am a bit of a perfectionist. It drives my team and employees crazy. I like to produce the best quality product and service I can, but in business, you have to work with all types. Sometimes, I work with people that don’t value quality as much as I do. And that can be very challenging.

What have you learned about yourself while running your business?

That I am very mercurial. I wasn’t like this as an employee. I guess I only cared enough about a job not to get fired, but with running my own business, I put 110% in it. I can be charming one minute and extremely tough the next. They say that the greats are mercurial, so I guess I’m in good company.

Michael, were you ever influenced by other entrepreneurs?

Of course, even the great Michael Jordan was influenced and mentored by the legendary tar heels coach Dean Smith. I was first influenced and mentored by my grandfather growing up. Now, I am influenced by tech legends like Steve Jobs, Elon Musk and Jeff Bezos. I have a very strong desire to be the best at what I do, and maybe someday, I also will be legendary.

What is a day in your life like?

Busy and quite hectic, but I love it.

What makes you smile?

My family. I know it sounds cliché, but they actually make me smile.

What scares you? 

Running out of energy to keep going. This entrepreneurial game is tough and you need an endless supply of energy to keep going, to persevere through tough times, failure, obstacles, backstabbing, etc. One day I am going to be an old man, and I want to know that I gave it my very best and made an impact in the world.

What is your greatest achievement?

Other than my kids? Well, it is building a business out of nothing but an idea. I think it’s pretty cool what you can achieve if you put your mind to the task.

What is your secret talent?

I can sing. Pretty well actually.

Which historical figure do you most admire?

Steve Jobs. I guess he may not be historical yet, but he definitely was an outstanding human being in my opinion.

Do you have any hobbies?

I love sports. Except maybe baseball. I love playing soccer, basketball and going to the gym. I wish I had more time to engage in these activities.

What are you never without?

My phone.

Can you share two of your favorite quotes?

“Think different” and “Give more in service than you receive in payment”.

What have you sacrificed for success?

A lot of family time. I sometimes feel bad about it, but I am doing this for them as well. I hope that they understand someday.

What advice would you give to anyone starting a new business?

Never give up, but be open to change. Your original business idea may have to go through changes and tweaks before it becomes successful, and that is ok. Never give up, you only fail if you give up.

For more information on Michael Collins and GN Compass, please visit www.GNCompass.com.

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

©2018 TOTALPRESTIGE MAGAZINE - All rights reserved - CONTACT US - ADVERTISING TERMSTERMS OF SERVICE - PRIVACY POLICY

Log in with your credentials

Forgot your details?