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The ambitious project will help Coinffeine, the company that helps users be able to buy and sell Bitcoins securely and anonymously without having to rely on a centralized exchange, reach to new regions and customers. The Bitcoin exchange works by using Bitcoin’s own features to enable a secure way of exchanging Bitcoins with an untrusted peer without the need for a centralized trusted third party. Providing the services in more than 70 countries, Coinffeine achieves the greatest international expansion that it had been dreaming from day one.
Backed by a talented group of software developers whose broad interests in technology, distributed systems and economy, Coinffeine is able to deliver the best in industry exchange services. Located in Spain where it worked together in projects in the big data field, the company believes that it is important for Bitcoin to reach every nook and corner. Though the company had launched the Technical Preview version, where users have been able to experiment with the platform, Coinffeine now allows the exchange of Bitcoins and FIAT money in a P2P way and in a global market.
No Difference with Regards to the Operation of the Traditional Exchange
For any Bitcoin exchange it is important to offer user-friendly transactional experience, Coinffeine understands it well and offers a user experience similar to traditional exchanges. For instance, it brings local payment processors such as PayPal and others who help it manage fiat money and a desktop application to allow users to manage their own Bitcoins without having to lose control over them at any time. Moreover, as Coinffeine takes advantage of the P2P model to avoid accepting deposits in Bitcoins or fiat money, making it unnecessary to identify users or fulfill costly money laundering laws in each country.
Talking about the latest project, Alberto Gómez Toribio, CEO of the company says:
“Not having to identify users or enforce KYC laws has allowed us to design a much more scalable exchange model. But what is even more interesting, is the user experience we offer. Coinffeine is like BitTorrent. You just download it, you connect your OKPAY account, or PayPal in the future, and use it”, said Alberto Gómez Toribio, CEO of the company.”
Gomez elaborated exponentially the project that his company has carried out, for instance, he says that the company wants customers to be those who simply have a PayPal like account and want to buy or sell Bitcoins in a simple and effective way. It appears, for the moment, Coinffeine only supports Okpay, a Russian-based payment processor popular in the Bitcoin community and with 20% of its users in China. However, he warns that Coinffeine expects to integrate other payment processors like PayPal or Alipay to expand services to the rest of the world in the near future.
Strong Goodwill among the Loyal Customers
Coinffeine admits that the user experience it provides is very different from other P2P exchanges such as LocalBitcoins and is closer to the experience of Coinbase or BitStamp. Gomez elaborates that to use Coinffeine is as simple as using LocalBitcoins, but as powerful as using Coinbase or BitStamp. Nonetheless, as Coinffeine integrates the concept of a wallet and exchange in the same product, it offers the first Bitcoin desktop wallet that includes the ability to buy or sell Bitcoins automatically.
Answering to a query whether Coinffeine a web-based exchange or not, the FAQ page says that it is no; rather, according to him Coinffeine is a desktop software they need to download and install on the computer. The exchange allows the users hold Bitcoin in their desktop wallet and they deposit fiat into their Okpay account, which means Coinffeine never handles its customers’ funds. It appear crystal clear that by not handling or holding customer’s Bitcoin or fiat deposits, Coinffeine is not required to enforce Know-Your-Customer (KYC) guidelines, this simplifies user registration and lowering operational costs.
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Image source: coinffeine
Disclaimer: The author of the story is not associated with Coinffeine nor has he any vested interest in the firm.