If you don't have a strategy - if you don't have an idea - you won't have a culture because you won't have a company. Yes, without the right culture, you can't execute. But equally, without a strategy, you have nothing to execute on.
Surviving in macroeconomics
Leading a team at the crossroads of traditional finance and the crypto industry has taught me something fundamental about leadership: market volatility tests your culture like nothing else. Having headed up payments at Sainsbury's, with both feet planted in traditional finance, I've experienced both worlds. While there was plenty of innovation, it moved at a fraction of the pace we maintain at Fiat Republic. And for good reason - when your fortunes are tied to the price of Bitcoin, you need to move fast while staying resilient.
In a startup, especially one tied to crypto markets, you fall flat on your face hundreds of times more than you stand up on a podium like a winner. This reality shapes how we think about leadership. The founder's role isn't just to set direction - it's to absorb the shocks so your team can keep building. You take the brunt of the market hits or external pressures on your chest, stand upright again, and give your people a more manageable version of the challenges ahead. Because while you can't plan beyond six months in this industry - and when "oh my God, FTX is going to screw us again" is always a possibility - you can build a culture that's ready for anything.
The low ego approach
I stand by my mantra that authenticity always trumps ego, particularly in volatile markets. If you are leading a team, you need to know when to step forward and when to ease off. Some moments demand strong direction—setting strategy, making tough calls, and leading from the front. But when you face your team day-to-day, ego becomes your biggest enemy. If you act like you know everything and are always right, you'll lose the credibility you need when times get tough. Trust me, I made that mistake too many times myself not to be ashamed of some of my past choices and behaviours. But I learned in the end - very much the hard way.
Excuse the niche reference (hoping some of you Tolkien fans get it), but this is why I've developed the Fellowship approach to building teams. Just like in The Lord of the Rings, you need different characters with complementary strengths. You need your dwarf - steadfast and grounded. Your agile elf is quick to adapt and execute. Your wizard - bringing wisdom and foresight. When these different strengths come together in balance, you create something powerful: a team that can handle any market challenge or any crisis because they trust each other, understand their roles, and know how to fit in perfectly. The most powerful moment is when you see these leaders emerging organically from within, very often after times of intense struggle, taking on these meaningful roles and spreading the culture of authentic leadership throughout the organization.
Balancing growth with reality
This culture of authenticity extends to how we handle business realities. I’m happy to break taboos - for example I talk openly about people's salaries and the external links to it. The salary clocking in your bank account is directly linked to market realities. Example: Trump wins the election, the market goes up, volumes go up, more players join, and, ergo, we potentially acquire more customers, make more money - so there’s more money in the company and we can pay our people more. Example: FTX happens, and someone decides to royally screw the entire industry over, volumes go down, players go bankrupt, customers leave because they simply can’t pay their invoices - you get the gist. Being transparent about these connections builds trust and understanding throughout the organization, and more importantly prepares your people for the unexpected.
After all, culture is extraordinary and helps with everything, but we are a business, and the company makes money. If the business doesn't make money, the culture stops. Everyone just leaves. This is why it's not about moving fast and breaking things—that feels like moving fast at all costs. Plus, you can't do that in regulated fintech because you just get fined or your license gets suspended.
As for the technology? In this context, it is just a tool by which you deliver the financial service. If the financial service isn't properly defined and analyzed from both a regulatory and people perspective, the tech doesn't matter. Tech doesn't do anything. Real success in fintech is understanding how factors like growth and stability, strategy, and culture work together. If you do it well, there shouldn’t be a tradeoff. That is, in my humble opinion, the hallmark of good leadership.
Adam Bialy is the founder and CEO at Fiat Republic.
