“We live through each project, rather than just working on it.” Co-founders share about Midas Solutions Blockchain & Software Development Lab

Midas Solutions
5 min readSep 7, 2023

Dive into the world of Midas Solutions, a pioneering Blockchain & Software Development Lab, as co-founders Dima Zhemchugov and Vlad Andriushchenko reveal their journey. Explore their tailored solutions, global reach, and unique approach that sets them apart in the industry.

$20,000 — this is the starting amount for orders at Midas Solutions Lab. They are a team of Ukrainian specialists who specialize in auditing and consulting blockchain projects, developing smart contracts, and ready-made products. Where do they find clients? What order almost embarrassed them? Co-founders Dima Zhemchugov and Vlad Andryushenko of Midas Solutions Blockchain & Software Development Lab tell all.

How it all began

Midas Solutions was founded in Ukraine in 1992 and was an outsourcing software development company until 2020. They even worked with the Ministry of Transport and Communications of Ukraine. The name of the company is a reference to the legend of King Midas, who turned everything he touched into gold. Similarly, the Midas team turns clients’ ideas into “gold” products.

Since 2021, Dima and Vlad have transformed “Midas Solutions” into a Lab — a research center. According to Vlad, since then Midas not only helps external clients but also develops their own products: centralized cryptocurrency exchanges, DeFi and CeFi crypto wallets, NFT marketplace, and launchpad.

The same year, international collaboration began. Clients from the Netherlands, Israel, and the UAE appeared. For them, they created exchange platforms, a GameFi project, NFT marketplace from scratch, and even accomplished a governmental Web3 order.

In 2023, they started collaborating with the trade and industrial chambers of London and Norway. Midas Solutions launched educational programs on blockchain opportunities for the public sector and B2B for them.

Also, Lab recently started a project in Japan.

About the Midas Solutions Lab team

Co-founders Vlad and Dima are friends from high school. They worked in different companies and positions. Vlad accumulated rich international legal expertise in IT, while Dmitry helped with project development at the UN, Cinnabon, and medtech companies. One day, they decided to work together because it was the perfect match of expertise for the IT business.

The Midas team consists of testers, designers, back- and front-end engineers, smart contract developers, and other specialists. They work remotely from Ukraine, Europe, Kazakhstan, and Georgia. The crew is permanent because Midas Solutions works on long-term projects, and it’s crucial for team members to be equally immersed in the task.

The Lab has also undergone audits by CertiK and Hacken.

What differs them from others?

According to Dima, Midas Solutions has several features that set them apart from other companies. Firstly, they offer a set of ready-made technological solutions that can be customized to the client’s requirements. In other words, developers take a ready-made modular platform and adapt it to the client’s needs. This is faster and cheaper than starting from scratch. For example, they already have a ready-made core for a cryptocurrency exchange with spot trading, KYC, and fiat deposits. Plus additional modules: fast currency exchange, margin trading, chart customization, and more.

Secondly, their reputation speaks louder than advertising. Most of their clients come through word-of-mouth recommendations. They initially worked with one client who was satisfied with their work and recommended the team to acquaintances, who in turn recommended them to others. For example, a client for whom they created a cryptocurrency exchange was thrilled with the result and recommended Midas Solutions to friends who were also looking for developers.

Collaborations and communication with international crypto and dev communities also play an important role in generating leads.

Additionally, Vlad believes that their uniqueness lies in building long-term relationships with clients that exceed expectations. For example, the team not only develops the product within the scope of the order but also assists with its marketing. “We live through each project, rather than just working on it,” concludes Dima.

Cause of pride VS burning shame

The founders unanimously point out that the mentioned cryptocurrency exchange is one of the most impressive projects in their portfolio. Working on it was a challenge for the entire team due to the client’s unconventional requests. For example, the client wanted to redesign the interface at the final stage of the project, while the release date remained fixed. The developers had to switch from one liquidity provider to another and modify the API because the chosen provider did not meet the client’s requirements. They spent a considerable amount of time customizing the charts. However, they successfully completed everything in the end.

There was also a heart-stopping moment with a client from the UAE. Initially, the Midas Solutions team did not consider the difference in work approaches. They assumed that the client approved overtime, while for him, it was unacceptable by default. The developers started the project. Imagine the client’s surprise when he saw the increased bill. He had no intention of paying extra, and the situation threatened to become critical. Here’s what the team came up with. They implemented a daily report on the work completed, resources used, and requirements for future tasks. When something went beyond the agreed terms, it was highlighted in advance with hourly estimates, allowing the client to quickly address any concerns. This approach helped them stay on track and complete the project within the scheduled timeframe. The result was an outstanding project and a satisfied client.

What will happen to crypto in the next five years?

Dima and Vlad believe that in 2024, there will be a long-awaited bull market, and Bitcoin will rise again. Among the trends for the next five years, they highlight the following:

  • Integration of AI into Web3: This includes leveraging AI to enhance user experience, ensure application security, and improve operational efficiency.
  • Investment of securities in Bitcoin.
  • Integration of Bitcoin into payment systems, games, and social networks.
  • Continued global legalization of cryptocurrencies, although it should be done thoughtfully to avoid situations like in the US, where top crypto companies began leaving the market due to regulatory concerns.

In addition, they express concern about the trend towards CBDCs. While they are seen as necessary for mass adoption and attracting new capital to the industry, they also come with the potential for total control over monetary transactions, which goes against the decentralized nature of cryptocurrencies.

How to get in touch with the Midas Solutions Lab team?

Here’s our lintr link. Book a free slot, and Vlad will be happy to have a conversation with you https://linktr.ee/midas.solutions

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Midas Solutions

Software and Blockchain Development Lab : Smart Contracts | NFTs | CEX | Audit | Security | White Label Solutions | Consulting