Crypto Exchange Wants to Make Peer-to-Peer Payments Simpler

A crypto exchange that’s based and regulated in the United States claims that its goal is to bridge the gap between foreign exchanges, futures, stocks and banking — and ensure that digital assets are available to institutional and retail traders around the world.

CoinZoom says it provides an on-ramp that enables users to easily convert their fiat into the cryptocurrency of their choosing, including Bitcoin (BTC), Bitcoin Cash (BCH), XRP and Ether (ETH). A diverse range of local currencies is supported.

According to the platform, it also offers competitive maker and taker fees of 0.20% and 0.26%, respectively, with discounts offered for those who settle these costs using its ZOOM utility tokens.

BitGo has been chosen as CoinZoom’s institutional-qualified custodian and digital wallet security provider — and the company notes this integration means all assets are insured for up to $100 million through Lloyd’s.

“It is our priority to ensure the safety of customer funds,” a November 2019 blog post explains. “If CoinZoom suffers a breach of its online storage, our insurance policy will instantly cover all our customers’ losses.”

The company added that 98% of customer funds are held in cold storage away from an internet connection, with the remaining 2% held in hot wallets to provide liquidity.

Acknowledging the stiff competition that’s seen across the industry, the CoinZoom team highlighted: “The cryptocurrency exchange space is hugely crowded right now. Our team knows what it takes to run a successful and legally-compliant exchange to stand above the rest.”

“Innovative features”

CoinZoom notes that it has released several distinctive features since it launched in March — and one of them is a branded Visa card that can be used to convert cryptocurrency into fiat instantly.

Accepted by more than 53 million merchants globally, the CoinZoom Visa card can be used for chip and PIN payments, contactless transactions, and ATM withdrawals.

Five types of cards are offered — each with increasing spending limits and trading fee discounts. Irrespective of the type of CoinZoom Visa card a customer owns, 24/7 customer support is available, should it ever be needed.

Although the Visa card is currently only available in the U.S., the company says it is working on launching an international card in the not-too-distant future.

When the cards were launched, CoinZoom’s founder and CEO, Todd Crosland, said: “We are extremely pleased to work with Visa as we launch CoinZoom. Visa’s dominance as a global leader in digital payments, is a tremendous asset as CoinZoom begins to reshape the global cryptocurrency marketplace.”

Simplifying money transfers

Even though the internet has transformed the way we shop and manage our money, there remain some sizable sticking points when sending funds to friends and family around the world. This is why the company has offered ZoomMe, a peer-to-peer transfer solution that works for fiat and crypto alike. Whereas other major payment processors charge fees when currency conversions and cross-border transfers are being made, cross-border ZoomMe is described as a “quick and easy way” for members to send and receive funds for free.

Offering money transfers, card payments and crypto trading, CoinZoom bills itself as a platform for everyone — “from high-frequency traders to casual investors.” As well as being available on desktop, exchange users can buy and sell crypto on the move through dedicated apps built for iPhone and Android devices.

Currently, CoinZoom says it offers trading in more than 40 cryptocurrencies, as well as 110 market pairs.