Iqana was founded with the goal of filling a clear gap in the market: to offer a safe, transparent, and automated solution so that high net worth investors, family offices, and institutions can access digital assets with efficient, tech-driven risk management. In this interview, François Centeno outlines the history of the project and the support it has received from Esade BAN.
- Could you tell us a bit about your career before you founded Iqana and what pushed you to take the leap to entrepreneurship in the digital assets sector?
After completing my training at Esade, I decided to spend three months in New York to polish my English and explore opportunities in the area where I wanted to launch my career. I heard about digital assets there for the first time, and it was a concept that sparked my interest, so I gradually began to learn more about it.
When I came back to Barcelona, I started a Sales Graduate Program at HPE, an experience that enabled me to develop a really sound grasp of technology and sales. I stayed at the company another year, during the pandemic, and in 2021 I and my partners tried to launch the first crypto fund in Spain regulated by the CNMV.
This initial attempt left me with the steadfast conviction that I wanted to be an entrepreneur in the sector, so I decided to join Ritmo, a fintech focused on offering alternative financing to e-commerce through non-dilutive growth capital, to try to gain more experience in startups. I and Carlos Bosch, a classmate at Esade, led the expansion to the French market, which was an invaluable period that enabled me to gain an in-depth understanding of the challenges of internationalization and financing in digital businesses.
Throughout my career, I have gained extensive international experience working in Ireland, China, and France, which has enabled me to develop a global picture of the financial and technological ecosystem.
In late 2022, we took the definitive step and co-founded Iqana with the vision of offering a secure algorithmic solution for investments in digital assets. In parallel, I worked in Aruba (HPE), where I was in charge of the optimization of service renovation processes for the French public sector. I directly managed those renovations as the account manager. This experience enabled me to strengthen my skills in managing strategic accounts and gain a deeper understanding of the commercial dynamics in large structures.
Finally, in September 2024 I decided to devote myself wholly to Iqana because I was convinced of its potential to transform access to this emerging sector.
- How did the idea of Iqana emerge, and what specific unmet market need did you see?
The idea of Iqana emerged organically. We were initially developing technology for our own use because operating in crypto markets was complex and exhausting: it’s a market that never closes and operates 24/7, 365 days a year.
We had been exploring this ecosystem for years, and we started to notice a pattern after 2020: more and more people around us were asking for help to expose themselves securely to digital assets. Without even meaning to, we were guiding many of them and we realized that there was a clear market opportunity behind this need.
In 2021, Quim, Albert, and I tried to launch the first regulated crypto-asset investment fund in Spain under the supervision of the CNMV. However, the regulatory framework wasn’t ready for it yet, and they told us that this type of vehicle would not be feasible until there were clear European regulations.
Instead of giving up, we continued to explore how we could materialize our vision. In 2022, when Ignasi joined us and brought his experience in the sector, we found a new way: to sell our solution as software, providing investors with complete control and security.
And so Iqana was founded with the goal of filling a clear gap in the market: the lack of a secure, transparent, automated solution so high net worth investors (HNWI), family offices, and institutions can access digital assets with efficient, tech-driven risk management. Even though the crypto and blockchain industry had advanced by leaps and bounds, risk management was still a key barrier to institutional adoption. Many people wanted to participate but could not find sophisticated tools that enabled them to do so quantitatively and securely to effectively lower the market’s volatility.
Iqana takes an innovative approach to solve this need: we offer advanced quantitative management without the need to delegate custody. Our customers always have total control over their funds in their own exchanges, eliminating the risks associated with traditional fund management and guaranteeing the utmost security and transparency.
We optimize their exposure to digital assets while lowering volatility and maximizing investment opportunities. Unlike traditional investment funds, we operate under a Crypto-as-a-Service (CaaS) model, which allows customers to keep total control over their capital.
What began as a need within our closest circle is today a pioneering solution in the sector, and we are continuing our efforts to redefine the way investors can access digital assets.
- Iqana defines itself as an algorithmic solution. Could you tell us how this technology works and what its advantages for investors are compared to other options?
Active risk management is still a challenge in investments in digital assets, especially when it depends on human intervention. Many traditional solutions, like ETF’s or managed funds, focus on diversification or discretional strategies, but they don’t offer dynamic models that adapt to market conditions in real time.
At Iqana, we’ve developed a technology based on quantitative algorithms which automates the management of exposure to digital assets in a secure, efficient way. Unlike traditional methods, where decisions depend on subjective analysis or intuition, our models constantly analyze the market to detect patterns, trends, and changes in volatility to optimize risk.
Our technology processes huge amounts of data in real time by combining billions of data points like prices, liquidity, and volume. Plus, we’re integrating macroeconomic data, on-chain and off-chain, and market feeling through GenAI, which affords us a holistic view of the market and dynamic adaptation to its movements.
One key aspect is our risk management strategy, which is designed to minimize volatility and protect capital at times of high uncertainty. We are unique because we operate with a non-custodial model: the investor always keeps total control over their funds in their own exchange, eliminating the risks associated with third-party management and guaranteeing the utmost transparency and security.
Our technology not only executes operations efficiently but also adjust to the ever-changing market conditions to ensure active, dynamic management. This enables our customers to benefit from market opportunities and keep liquidity when the conditions require it, something that traditional solutions seldom offer.
Compared to other options, Iqana provides key differential value in:
- Security and transparency, given that the funds never leave the investor’s control.
- Reduction in extreme volatility through risk optimization.
- Elimination of the impact of emotions on decision-making because it is purely data-driven.
- Access to advanced strategies without the need for technical experience.
With this technology, we offer a unique solution for investors who are looking for exposure to the digital assets market with the peace of mind of professional, automated management focused on protecting capital.
“At Iqana, we’ve developed a technology based on quantitative algorithms which automates the management of exposure to digital assets in a secure, efficient way”
- One of the challenges in the digital asset market is security. What specific measures has Iqana implemented to protect its customers’ funds?
Security is one of the main concerns in the digital asset market, especially for institutional investors. At Iqana, we’ve designed our solution to guarantee the maximum protection and transparency by eliminating the unnecessary risks that are often found on other investment platforms.
From the start, we knew that the best strategy was not to build the security infrastructure from scratch but to ally ourselves with the top actors in the sector. There are specialized suppliers with a proven track record in digital asset protection, so our strategy has been to integrate them into our solution to offer the highest security level possible.
One of the cornerstones of our security is that our customers keep complete control over their capital at all times. Unlike other models, where the funds have to be transferred to third parties, at Iqana investors operate directly from their own accounts in regulated and high reputation exchanges, guaranteeing immediate access to their liquidity and eliminating the risks associated with custody.
For larger accounts, the funds can be kept in custodians specialized in cold storage protection of crypto assets integrated into the exchanges to operate securely. Plus, we assist our customers in setting up their accounts and adding additional security layers to minimize any risk of unauthorized access.
Regarding our infrastructure, we work exclusively with first-rate suppliers like AWS and Microsoft Azure to assure that our platform benefits from their advanced security protocols.
Plus, we benefit from the experience of Wilson Dawson, our CISO (Chief Information Security Officer), who was global CISO at the Dufry Group and has been with us since the beginning of the project. His leadership has been key in guaranteeing that we fulfil the highest cybersecurity standards in both software development and the definition of processes.
We have implemented a robust security architecture based on advanced encryption and anti-phishing measures to ensure that all communications and accesses are totally secure. We also conduct periodic audits to detect and mitigate any vulnerability before it becomes a risk.
Beyond cybersecurity, our algorithmic approach also plays a key role in protecting our customers’ capital. Not only do we optimize profitability but we also apply control mechanisms to minimize exposure to extreme volatility and mitigate risk events.
We always use stop-loss, strategies that limit exposure in periods of uncertainty, and dynamic asset allocation for greater diversification to ensure that our customers’ portfolios are protected against adverse market movements. In a sector where security is still a challenge, Iqana offers a solution that enables investors to benefit from the growth of their digital assets without compromising control over their capital. Our combination of advanced technology, first-rate cybersecurity, optimised risk management, and a non-custodial model positions us as a secure, transparent, and reliable alternative for modern investors.
- What milestones has Iqana reached since it was founded in 2022, and what are its future plans in the middle term?
- To close the pre-seed financing round at a value of €3.5 million with a German VC and strategic first-rate business angels.
- To hire 3 PhD’s onto the team with extensive knowledge of economics, quantitative strategies, and machine learning, and with a track record in companies like Citibank, Goldman Sachs, Citadel, Oliver Wyman and others.
- To expand our portfolio of customers , including the first family offices and different SME’s, and to secure more than 70 customers in the first few months.
- To reach the first strategic alliances with partners like wealth managers, exchanges, tax and legal consultancies, and other key actors in the financial ecosystem.
- To expand internationally until we operate in eight countries.
- To incorporate new assets to improve the profitability/risk ratio and optimise capital management.
In the middle term, the goal is to get a DASP (Digital Asset Service Provider) licence under the MiCA regulatory framework, to strengthen our proposal for institutional investors, and to ratchet up our international expansion with a focus on Switzerland, United Kingdom, and United Arab Emirates.
- You presented Iqana at an Esade BAN investment forum. How would you rate the financing opportunity offered by the network?
Presenting Iqana at the Esade BAN investment forum was a highly enriching and strategic decision for us. First and foremost, we want to express our appreciation for the opportunity to share our project in an environment where innovation and investment converge to promote high-potential startups. We know that the digital assets sector still generates some doubts, especially in Spain, so sharing our vision with first-rate investors was a key step in our growth.
What distinguishes Esade BAN is the highly qualified profile of its investors, who bring not only capital but also a strategic network of contacts, in addition to experience in financial markets and technology, factors that fit perfectly with our vision. Having investors that understand the complexity and potential of the crypto sector has enabled us to get invaluable feedback and validate our proposal from an expert perspective.
To us, the value of a Esade BAN goes beyond financing. At Iqana, we were looking for not only capital but also strategic partners that bring value to our expansion and consolidation in key markets. The platform has enabled us to connect with investors with direct ties to financial institutions, family offices, and specialised venture capital funds, opening up new opportunities for growth.
Plus, the selection and analysis process that startups undergo at Esade BAN is well-organised and rigorous. Fielding critical questions from investors with extensive careers enabled us to fine-tune our pitch, boost our value proposition, and adjust certain key aspects of our financial roadmap. This level of rigour was an invaluable exercise in improving the way we present Iqana and strengthening our arguments for future investment rounds.
In short, the opportunity to present Iqana at Esade BAN was highly positive. Beyond the access to capital it provided us, it also enabled us to reinforce our network of strategic contacts, validate our business model, and receive insights from incredible professionals. We're convinced this experience will be fundamental in consolidating our growth and attracting the right partners for our next phase of expansion.
- How do you think your time at Esade prepared you for the challenges of entrepreneurship, and what skills and knowledge do you think have been crucial in your success up to this point?
My time at Esade was a fundamental part of my training as an entrepreneur. The combination of a global strategic vision, a practical approach to business, and access to a first-rate network has been key to coping with the challenges entailed in building and scaling up a project like Iqana.
One of the main lessons I learned at Esade was the development of strategic thinking and the ability to make decisions in uncertain environments. Uncertainty is constant in the world of entrepreneurship, especially in innovative sectors like digital assets and automated investment. Thanks to my training, I learned how to analyse emerging markets, assess risks, and make data-driven decisions, skills which have been essential when designing Iqana’s business model.
Another key factor was financial management and access to financing. The training in corporate finance, venture capital, and fundraising enabled me to gain an in-depth understanding of how to organise investment rounds and attract high-quality capital. This has enabled us to present Iqana at forums like Esade BAN and connect with strategic investors aligned with our vision of growth.
“One of the main lessons I learned at Esade was the development of strategic thinking and the ability to make decisions in uncertain environments”
Plus, Esade helped me develop leadership and teamwork skills. Being an entrepreneur is not a solo journey, and one of the main lessons I took away was how to build and lead teams. Learning how to delegate, manage, and align efforts towards a common goal has been crucial in Iqana’s growth.
Finally, the network of contacts and the entrepreneurial ecosystem that Esade offers have been essential. The Esade Alumni community has been an invaluable resource that has enabled me to access mentors, investors, and other entrepreneurs with whom I can share experiences, find collaboration opportunities, and accelerate the project’s growth.
In short, not only has Esade provided me with technical knowledge, but it has also given me a global picture of business, tools to manage growth, and an incomparable support network. All of this has been essential in overcoming the challenges of being an entrepreneur in such a rigorous and disruptive sector as Iqana’s.
