CoinMKT has launched in public beta to make buying and selling Bitcoin and other cryptocurrencies convenient. The startup aims to take advantage of the increasing use of digital, peer-to-peer currencies that let users buy or sell online instantly. CoinMKT works simply. Open an account, deposits USD or cryptocurrency into the account. The CoinMKT then becomes their trading account so that they can begin trading cryptocurrencies.
Just like normal banks, the coins are deposited and withdrawn easily. You can cash out whenever they want or just save as an investment.
TechZulu caught up with Travis Skweres – Cofounder CoinMKT and he gave us some details of what the startup is up to.
What is CoinMKT?
Coin Market is a cryptocurrency exchange based in Southern California ( SoCal ), more specifically, Santa Monica.
How different are you from the Bitcoin or other crypto currencies?
We’re different from other exchanges in that: we accept multiple cryptocurrencies, not just Bitcoin, we have a beautiful user interface, and a powerful trade engine that was built for high volume traders.
How does it work? How can I buy into it? Who is best suited to use it?
To trade, you simply deposit USD or cryptocurrency if you have it into our system, and then you can trade between any of the 7 different cryptocurrencies. Here is a demo of our trading platform:
Do you have plans to launch an offline-say SMS-based bitcoin?
There are many startups that deal with Bitcoins and other cryptocurrencies, some in SMS, some in merchant services. We deal only with the exchange of the cryptocurrencies and fiat currencies ( USD ) at this point.
What inspired you to start CoinMKT?
We were inspired to launch because we are big believers in cryptocurrency as the future of money. We think it is more efficient and transparent than the fiat systems of currency we currently see being used around the world. In addition, we also see a huge opportunity and growth potential in the space, so we decided to launch CoinMKT to help bring cryptocurrency to the masses.
Who regulates CoinMKT?
We currently are registered with FinCen at the federal level, and have Anti Money Laundering ( AML ) and Know Your Customer ( KYC ) systems and procedures in place to be compliant with US law.
We have lots of competition. The largest competitor in the space is MTGox, a Bitcoin exchange based in Tokyo, Japan. There’s also Bitstamp.net, BTC-e, and more. It is a crowded space, and many entrepreneurs are rushing to open exchanges and other startups in the Bitcoin & cryptocurrency space.
Will the bitcoin ever be mainstream like the Dollar?
We believe Bitcoin or other cryptocurrencies will one day be mainstream the same as the dollar. They are great for wealth store, value transfer, and more.
In five years what will the bitcoin market be like?
In 5 years I believe Bitcoin or something like it will be a $50 Billion or $100 Billion market, possibly more. The reason being it is incredibly efficient, resistant to inflation, and decentralized. There’s an enormous opportunity to innovate and bring great services around cryptocurrency to the market. Our goal is to make cryptocurrency mainstream by allowing the easy exchange of trading between fiat currencies and cryptocurrency.
How do you make money out of CoinMKT?
We make money by taking a commission for each trade in our exchange. However, we’re currently offering commission-free trades on our exchange in conjunction with our launch!