After more than two decades building software for the direct sales industry, Preston launched his own company during the pandemic—and that’s when crypto hit his radar. What started as a suggestion from his marketing team quickly became a career change into blockchain technology. A costly mistake in a token transfer exposed both the risks and the potential, and a run-in with his bank solidified it: the future was decentralized. In this interview, Preston shares the journey behind TruQoin, a utility-driven token born from real-world experience, and his mission to build trust, transparency, and value in a space he believes is just getting started.
Q: Was there a moment when blockchain really clicked for you—when you thought, “This is going to change the world”?
Yeah, I’ve had a few. I’ve been doing software for the direct sales industry for over 20 years—network marketing companies, mostly. After the pandemic, I finally decided to launch my own direct sales company. Some of my marketers started telling me, “Hey, you should look into Bitcoin.” I’d heard of it before—someone tried to sell me a bunch about eight or nine years ago, and I passed. But I started diving into it, and it really left a mark.
Funny enough, what really made it click was losing about $1,800 in a bad crypto transaction. I transferred coins incorrectly to an exchange—poof, gone. That was my wake-up call. I realized this tech was powerful but dangerous. If I was going to do anything in crypto, I needed to simplify it, normalize it, and build something people could actually use safely. That’s what set me on this path—creating a utility coin that’s grounded in real-world value.
Q: And how did that interest turn into a full career shift?
It was two things. First, I saw the potential beyond just the coin—blockchain could solve real financial problems, especially for cross-border payments. And second, I had this awful experience with Wells Fargo. They let someone pull $2,800 from my account and wouldn’t help me get it back. That, combined with the hassle of paying commissions across borders using traditional systems, made me double down. Crypto offered self-custody and low-cost transactions. It just made sense.
Q: So what exactly are you building now?
I’m building a blockchain-powered marketplace—kind of like an Etsy for direct sellers, but with token-based rewards. The idea is to reward customers and business owners alike with a token that has real utility. We actually launched a proof of concept with a line of health products—15 SKUs—and built a marketing team around it. Everything was working until some folks in the Philippines took the liquidity from our token pool. We lost trust, and with it, our marketers.
That was a brutal lesson. Never give your keys away. So now, we control everything in-house—smart contracts, liquidity pools, everything. It’s true what they say: not your keys, not your crypto.
Q: What makes your token, TruQoin, different from everything else out there?
Purpose. Most coins—probably 99.8%—are garbage. Meme coins have no utility and only exist because people don’t want to accept they’ve lost money. TruQoin is different. It’s a utility coin built into our ecosystem. People can use it to buy real products or services. Long-term, we want to integrate with other ecosystems so people can use TruQoin like they use airline miles: cash them in, spend them, or redeem them for value.
And most importantly, our tokenomics ensure that no one—founders, marketers, or vendors—gets paid unless the project succeeds. No rug pulls. No early cash-outs. We release coins gradually based on activity, which keeps everyone accountable.
Q: What’s one thing you’re most proud of in this journey?
Not quitting. We got hit hard, but we didn’t abandon our members. I didn’t pull the plug or vanish. And the way we’ve designed our tokenomics means I couldn’t have even if I wanted to. I’m proud of that integrity. Most projects release a billion tokens, get rich, and vanish. We didn’t—and won’t.
Q: Why build this in Utah? Do you think it’s the right place?
Honestly, with today’s tech, location doesn’t matter as much. Most of our marketers are out of state. Utah is crypto-friendly—one of the first to allow DAOs—but there’s been almost no effort to educate or promote what DAOs can do for businesses. That’s why I think the Utah Blockchain Coalition is so important. There’s a lot of potential here, but the state needs to step up and support it better.
Q: How do you feel about the talent pool in Utah right now?
The people I’ve met are impressive. I’ve worked with teams in Ukraine and India, and while they’re talented, there’s something different about working with people who understand U.S. regulations firsthand. The conversations are sharper, more transparent, and grounded in our reality. That’s huge for a project like mine.
Q: Do you think Utah could become a top crypto hub?
It should be. It absolutely could. But we need more serious projects here—real utility, not just hype. And we need investment. Right now, everyone’s throwing money at AI because it’s trendy. Nobody wants to talk about blockchain unless you shout “AI” at the same time. That’ll shift, especially once regulation firms up. When that happens, I think solid blockchain projects will rise again.
Q: Are there any other Utah blockchain projects or builders you admire?
Honestly, I haven’t met enough people in the space yet. But I’m really intrigued by what Derek Wright and Trent are doing with CPAI. They’re integrating blockchain with accounting services, and that’s going to be huge as crypto becomes more mainstream. People still think crypto is tax-free—it’s not. And companies like theirs are going to be vital.