What is the Cryptocurrency Payment Service "Slash"? — Interview with Shinsuke Sato

Since the beginning of 2023, activity across various fields encompassed by Web3.0 has been ramping up. In the cryptocurrency sector especially, discussions around corporate taxation, the structure of individual transaction taxes, and other related matters have been accelerating, signaling gradual changes on the horizon.

For Web3.0 to achieve mass adoption, creating seamless everyday experiences will be crucial. Among these experiences, "payments" are likely to play a central role. In modern society, daily life revolves around the inevitable exchange of currency for goods and services.

Globally, services that support cryptocurrency payments are on the rise, showcasing their practical utility. However, in Japan, the widespread adoption of cryptocurrency payments remains limited. This can be attributed to several factors. Most Japanese citizens already have bank accounts, and cashless payments and credit card transactions are common, leaving little room for the perceived need to adopt cryptocurrency as a payment method. Additionally, Japan’s tax system, which imposes taxes on even a single cryptocurrency payment transaction, serves as another significant barrier.

Amid these challenges, how does Shinsuke Sato, the mind behind the global payment solution "Slash," perceive the current landscape? In a candid interview, Sato shares his insights on the core issues and his plans for the future.

The Inspiration Behind Founding "Slash"

Hiroki Nagatomo (Nagatomo): Could you share your background and what led you to delve into the world of crypto?

Shinsuke Sato (Sato): My background includes running a company in Japan for about 10 years, where I handled a wide range of tasks such as creative design, system development, and marketing in the web domain. After gaining substantial experience in Japan, I decided to make a change and relocated to Singapore three years ago. However, this coincided with the onset of the COVID-19 pandemic, which made physical work impossible.

I had already owned some cryptocurrency, including Bitcoin (BTC), but the extra time during the pandemic allowed me to delve deeper into the world of crypto. Additionally, I started working with a centralized exchange (CEX) in Singapore, which significantly expanded my connections in the industry. This led me to explore DeFi, and I was fascinated by its potential. That was the beginning of my journey.

Nagatomo: What inspired you to establish Slash?

Sato: One of the key triggers was the opportunity to develop payment systems for a CEX. While researching and building a business in the DeFi space, I realized that I wanted to create a product that was firmly rooted in real-world applications rather than one that constantly relied on external investment to survive. Given my experience and interests, the payments sector was a natural fit for me.

Nagatomo: What challenges did you face during the process?

Sato: Slash doesn't hold liquidity itself but aggregates various DEXs to handle the FX aspects of its payment system. In Japan, there’s an unfounded stigma that "DEX equals bad." Many people dismissed our approach outright without even trying to understand the benefits of these solutions. The biggest struggle was overcoming this negativity and the shallow, preconceived notions that labeled DEX as inherently risky. Convincing people to see the value of what we were building was particularly challenging.