On the list of many things that might completely disrupt the existing systems in the future, cryptocurrency most certainly secures a place among the top ten. It is predicted by critics that cryptocurrency, if widely accepted, has the capacity to entirely change the traditional financial systems.
The immense potential that cryptocurrency carries is almost astonishing but the risks that tag along with the emerging market make people a little reluctant in trusting the new sensation. That said, those who advocate crypto also see the limitless power that it holds to forever transform the finance space.
Comprehending this incredible opportunity and the scope of creating a customer-focused platform, Xcoins came into existence. The company provides a simple, secure, and instant cryptocurrency exchange platform that is a leading name in the digital currency space.
Introducing a Distinctive Crypto Exchange Platform
Since 2017, Xcoins has provided users with a simple, secure, and instant on-ramp and off-ramp to the cryptocurrency ecosystem. Xcoins allows users the ability to buy and sell the top digital assets via credit or debit card and bank transfer which the platform delivers directly to a wallet address that their users control outside of the platform.
The platform gauged early on the challenges that new users faced when making their first crypto purchase and built a large team of knowledgeable support personnel that is available 24/7/365 via phone, chat, or email. The ability for new crypto users to have someone available at any hour to walk them through a transaction has been one of the biggest reasons that users choose Xcoins. Today the company has over 300,000 users and is growing faster than ever as crypto becomes more mainstream.
Currently, the platform’s main offering is still the on/off ramp product which has allowed it to build a trusted ecosystem of crypto users. In early 2022, the firm has planned to launch a full-featured mobile app for the consumer crypto market. This product will include a secure wallet feature that allows users to buy, sell, swap, send and receive crypto – all from within a single application built with ease of use in mind.
Included in the app will be an Xcoins Visa debit card that will allow users to spend either in USD, EUR, and GBP or any digital asset held within the Xcoins wallet. Cards will be push-provisioned directly to the app, where the user may then add to ApplePay or Google Pay. This feature will effectively allow users to spend crypto at any of the 60 million merchants globally that accept Visa.
Additionally, verified users in the US and Europe will have access to an Xcoins current or IBAN account, which will permit them to hold fiat currencies in a federally insured bank account.
Furthermore, as interest paid on bank accounts globally has gone down to a fraction of a percent (and even a negative yield in many places), users will also have the ability to earn a very competitive interest rate of 3-10% APR depending on the asset with these accounts. Crypto transactions between users will be instant and free, which greatly simplifies p2p payments.
Xcoins was founded by Internet entrepreneurs Steve Williams, Rob Frye, and Brian Prince based on their belief that crypto was destined to be an asset class and headed by Rob Frye, who was an early adopter of crypto, buying his first Bitcoin in early 2013 while most of the world still didn’t realize the possibilities of a decentralized global currency. Rob continues to lead the company as CEO and is responsible for much of the direction of the company.
While advising the budding entrepreneurs who aspire to venture into the cryptocurrency space, Rob says this, “Think big, think outside the box, and focus religiously on your customers and their experience.”
Pledging Top-Notch Security
Like any other new phenomenon, people have been a little skeptical about exploring the new territory of cryptocurrency. While expanding upon how the company managed to gain its customer’s confidence in its crypto platform, Rob said, “It wasn’t our job to unnecessarily convince our clients of the value or use cases for crypto – it was our job to convince them that we were worthy of their business and trust. This process never stops and is one of the things we feel separates us from most of our competitors and keeps users coming back year after year.”
Explaining further about the assured security of the crypto exchange platform, the CEO said, “Xcoins now operates in a financial industry that is now very tightly regulated and abides by the same practices that any regulated financial institution does. Our platform is continuously audited, and in five years, we have never experienced the loss of either customer funds or their personal information. We employ a technical team of over a dozen professionals – all constantly working to ensure the security of the platform.”
Anticipating a Digital Future
Sharing his thoughts on the future prospects for the company Rob expressed, “Right now, most activity involves using Xcoins as a bridge between the traditional financial system and the crypto ecosystem. Payments are typically viewed in the context of converting fiat currencies to cryptocurrencies (and vice-versa). We anticipate that as governments around the world continue to devalue their currencies via weak monetary policy and wasteful stimulus, you will find that people will search for a more stable unit of financial measure, and we believe that to be crypto.”
Additionally, he said, “We see digital assets as the great financial equalizer – giving financial control back to the individual and away from the large financial institutions and governments. We envision a future where crypto wallets replace bank accounts and will allow complete control of your own financial well-being.”
Venturing into any business comes with its own challenges that are faced by the company in every phase. Talking about the challenges faced by Xcoins in its initial days and the challenges that the company is encountering now, Rob Frye, the Founder, and CEO of the company said, “Our greatest challenge initially was building the trust of users in a space that has been notorious for bad actors and frauds. After almost five years in business, we have built a solid global reputation as a trusted provider of cryptocurrency services.”
“As the cryptocurrency market has exploded into an almost $3 trillion industry, regulation and compliance have been our focus, as this will be a key factor in a company’s ability to operate and scale a crypto business moving forward. Last May, Xcoins received one of the first Virtual Financial Asset licenses both in Malta and in Estonia and is federally registered in the US as an MSB with FinCEN. The compliance team and infrastructure we have built as a company translate into a more transparent and secure experience for all of our users globally.” added Rob.
Rob had this to say when we asked him to talk about how he and his company pivoted the challenges arising from the global pandemic, “As Xcoins was a company that employed over 30 people who worked from various locations around the world, we saw almost no disruption in operations as a result of the pandemic. In fact, already operating as a distributed enterprise since before Covid gave us a huge advantage over many of our competitors who had to scramble to maintain operations when employees could no longer work from the office.”
Towards a DeFi Tomorrow
As the venture progresses further, Xcoins has some plans laid out in front of them to scale the company’s growth, sharing a few insights about the same, Rob says this, “We are currently hiring for over a dozen positions and have a very strong infrastructure to support a very high level of growth, both technically and from a support standpoint.”