We all know some of the familiar places to buy Bitcoin from: Kraken, Coinbase, Binance, River etc. However, why is it that these exchanges need to collect our information, what differentiates them, and how are they profitable?
What really goes into a bitcoin exchange and how do you build one from scratch?
In this interview, I get to talk to Anthony Praskavich, VP of Communications at Rhino Bitcoin (a Bitcoin-only exchange) and learnt first hand what it’s like to start and run a Bitcoin exchange.
Also, of course, they support lightning. The app works in all US states – except New York – and we also come to talk about regulation and future plans.
A Behind-the-Scenes Look at Rhino Bitcoin
Jim: What has it been like working for a major US Bitcoin Exchange, are there any aspects of the business that currently surprise you?
Anthony: Working for a Bitcoin exchange has been both energizing and eye-opening. There’s a healthy tension between moving fast in a cutting-edge, open financial system and working within highly structured regulatory, security, and reliability constraints. What’s most rewarding is watching Bitcoin move from an abstract idea to something people use daily.
One aspect that still surprises me is how uneven user understanding can be. You’ll see extremely sophisticated users demanding the most advanced features, right alongside newcomers who are just discovering self-custody or why final settlement matters.
Internally, it’s striking how much goes into things users never see, like liquidity management, uptime guarantees, risk controls, and education running in parallel to make the client’s experience seem simple.
The most satisfying part is seeing things click for users, and watching as they start to take advantage of all the things Bitcoin and the Lightning network can really do.
Jim: Which states are you servicing, are there states that have “up-in-the-air legislation”, states that may not make operating as easy. Hawaii and New York have notoriously strict requirements in the past requiring more licenses.
Anthony: We are available in all US states, except New York. New York is unique because it [still] requires a Bit License or a limited-purpose trust charter, which is a much higher regulatory bar than standard state money-transmitter licensing. Many Bitcoin companies, ours included, have historically chosen not to operate there until the regulatory cost and complexity make sense compared to user demand.
Beyond New York, there aren’t reallystates that are “up in the air” in the same way. States like Hawaii used to be challenging due to capital and reserve requirements, but those frameworks have evolved, and much of the uncertainty today is about ongoing legislative tweaks rather than existential risk to support.
The bigger surprise isn’t outright bans, but how uneven state-level requirements can be. Even where we’re licensed, slight changes in definitions, disclosures, or custody expectations can require real operational adjustments. That’s why compliance and regulatory monitoring is a constant effort.
The bigger surprise isn’t outright bans, but how uneven state-level requirements can be.
Jim: What are some cool aspects of the job at RhinoBitcoin?
Anthony: I mean, any startup is going to be a place where you get to wear many hats and learn a ton, but Bitcoin is money and technology, and that conversation can take you anywhere.
One of the coolest aspects is being around people who were genuinely passionate about innovation and problem-solving. Watching how ideas turn into real products, and how technology, finance, and strategy all come together. Being even a tiny part of that has been the privilege of a lifetime.
Watching how ideas turn into real products, and how technology, finance, and strategy all come together. Being even a tiny part of that has been the privilege of a lifetime.
Jim: Do you want to share insights about your journey or what you’re looking forward to in the space?
Anthony: One of the coolest aspects of working at Rhino Bitcoin is that you’re not just building another crypto product. You’re helping shape how real people actually use Bitcoin in everyday life. There’s a strong focus on practical adoption, not speculation. Features like Lightning payments, smart DCA tools, and self-custody education aren’t buzzwords internally; they’re core to how decisions get made.
From a job standpoint, you get a rare mix of early-stage agility with serious technical rigor. You’re close to the product, the clients, and the data. Ideas don’t get lost in layers of bureaucracy. If something improves security, usability, or education, it can move fast. That’s especially rewarding when you see feedback turn into shipped features that people genuinely rely on.
You’re close to the product, the clients, and the data. Ideas don’t get lost in layers of bureaucracy. If something improves security, usability, or education, it can move fast.
What really stands out about the company culture is the Bitcoin-first mindset. There is daily deliberation around doing things the “right way” – prioritizing transparency, minimizing trust assumptions, and helping users understand why things work the way they do, not just clicking buttons. It attracts people who care deeply about the mission, not just the paycheck.
Lastly, it’s exciting to work in a space where the landscape is still evolving. You’re constantly learning about technology, regulation, payments, and human behavior, and you get a front-row seat to Bitcoin maturing from an emerging asset into real financial infrastructure. That combination of mission, impact, and momentum is what makes the job genuinely fun.
Jim: Anything else you’d like to share?
Anthony: Just that we’re only getting started, and we’ll keep building in 2026. We hope you enjoy what comes next, and we want to hear from our clients about what other solutions they want us to build.
You can find more information on Rhino on their website: https://rhinobitcoin.com/
If you’d like to see a list of Bitcoin exchanges that support lightning you can scroll through this list on GitHub. Rhino Bitcoin as you can see is on the list and ready to help you with your Bitcoin needs in the United States.
