The handful of leading cryptocurrency exchanges are all centralized and inherit a lot of the flaws of the traditional banking system. At this time, only one company, the US based Coin, separates from the rest.
Coin’s Cryptocurrency transactions are quick, convenient, private, and secure. Every day, all around the world people are relying on, as they always have, the time-honored traditions of the banking/financial services industry. We go about our day to day lives, much as our parents and grandparents, accepting that this is the system we have to use because this is the system we’ve always had. We know that to send an international wire transfer, we have to go to the bank, complete the wire transfer form, have all of the recipient’s personal banking information so that we can share that with our bank.
Then we will be charged fees for sending the wire and the recipient will see fees have been deducted on their end as well. Of course, they won’t know this until several days later, when the funds finally arrive in their account. This process is neither cost-effective nor efficient and most certainly it is not convenient.
The user’s needs
For the consumer, the finance industry has us reliant on third parties, not in complete control of our funds, and exposed to the prying eyes of whoever has access to our data or whoever gains access by hacking in. It is not safe, there are security breaches all the time. This is a system that is failing us in more ways than we probably even know. But there is a company that has our backs and wants to change this archaic system for our benefit.
Coin, a FinTech startup founded in the United States by two former Microsoft employees has announced the launch of its decentralized exchange intended to disrupt current cryptocurrency wallets and exchanges as well as the existing financial services industry. They will do this by providing crypto enthusiasts and consumers like you and me with the easiest and most secure way to manage our digital assets.
Coin has developed a new financial solution called the Coin Exchange. Its standard features include an all-in-one cross-chain P2P decentralized cryptocurrency wallet, exchange, and assistant powered by atomic swaps and artificial intelligence (AI) technology. Coin Exchange includes an integrated cryptocurrency wallet for users to store popular digital assets such as Bitcoin, Ethereum, ERC20 supported tokens, and more.
For exchanging assets, Coin Exchange leverages atomic swap whichreplaces the need for us to be reliant on any third party to aid in doing a financial transaction. In turn, this cuts those big fees down to little or nothing. On top of this, it is the most secure method of transferring value, as transactions occur directly between users. The Coin Exchange does not require or store your personal information or control your assets. Your assets are in your wallet (on the blockchain) and you are the only person who can access them. This means it is not susceptible to hacks.
More security, more comfort
And there’s more. Remember that painful wire transfer earlier. Well, the Coin Exchange also includes browser extension support for the Internet’s most popular web browsers such as Google Chrome and Safari. When installed, this feature is able to extend its capability by using AI technology to execute transactions faster and provide insights to help you save time and money. Similar to Grammarly’s grammar recognition, Coin Exchange includes an assistant that can recognize blockchain-related keywords from any webpage.
This allows Coin to provide education, pricing information, or help consumers execute financial transactions directly from any webpage with an input field. For example, if a family member half-way around the world texts to say they need financial assistance fast, users can send, receive, and exchange transactions in a guided process or simply by typing text commands such as “Send $500 Bitcoin to @myfamilymembername” in any input field on the Internet. What is currently considered a complex task that requires navigating to a company website, or going to the bank, etc., can now be completed in a matter of seconds while browsing the web.
“By leveraging emerging technology, we are placing the power back into the hands of the people, and empowering consumers to manage their wealth with an innovative digital assets experience that is simple, secure, and personalized,” says Damon Nam, founder and CEO at Coin.
Sounds like a promising solution to the financial market, and it’s pretty safe to say that users, as well as competitors will (or will have to) adapt.
