CoinZoom, with customers in 194 countries, is a next generation digital asset exchange that provides superb trade quality, customer-focused tools, and technology that helps customers become successful traders.
CoinZoom is more than just an exchange – offering services in buying, selling, and spending Bitcoin, Ethereum, and over 40 top digital currencies, while their NFT marketplace is the easiest and most user-friendly marketplace to buy, sell and securely store NFTs. CoinZoom’s premier product is the CoinZoom Visa card, which allows customers the ability to instantly convert crypto to fiat and spend it at over 53M merchants globally, while earning up to 5% back in crypto on every purchase.
What attracted you to working in the crypto space?
Despite the evident potential of cryptocurrencies, more needs to be done to unlock these benefits.
While the digitisation of financial services has paved the way for a new era of more efficient and convenient banking, the cryptocurrency industry continues to lag behind in usability and integration with the broader payments infrastructure. Although global usage of cryptocurrencies jumped 800 per cent in 2021, investing in and exchanging crypto is still not as widely understood as traditional banking or fiat services, and the ability to use it to pay for goods and services remains highly limited.
Bitcoin ATMs for example, charge high transaction fees of up to 20 per cent and can take up to 15 minutes to complete a transaction. Moreover, the anonymity allowed when using them means that they have become a serious target for money laundering and fraud. Depositing money into a crypto investment account can also be complex and costly.
If crypto is to realise its full potential and play a major role in the future of our financial system, paying for goods and services using crypto should be just as easy as fiat currency. At CoinZoom we’re making it our mission to realise this vision, providing consumers with the appropriate technology they need to be able to use cryptocurrencies in their everyday lives.
What role will regulation play in the future of crypto?
The implementation of a clear and well-developed set of rules will be vital towards integrating cryptocurrencies into the broader financial system. For the industry to continue to grow and become mainstream, customers must have trust in the infrastructure and framework underpinning it – and it starts with regulation.
This trust cannot be founded in an unregulated environment that permits bad actors to roam freely. The UK’s Financial Conduct Authority recently reported a double in the number of alleged crypto-related scams in 2021 compared to the previous year, while the cost of cryptocurrency fraud over the past decade now stands at $19.2bn globally. This, if anything, should serve as an impetus for introducing the regulation needed to tackle this crisis of trust.
Clear accounting rules are critical to achieving this, not only helping companies shape their crypto strategies, but also providing them with the tools they need to make crypto a safe and orderly marketplace for investors.
What’s the next big thing for CoinZoom?
As we continue our mission of making cryptocurrencies more accessible, we’re excited to be forming new industry partnerships and collaborations. Earlier this year, for example, we became the official cryptocurrency platform and NFT marketplace for the Utah Jazz. As the exclusive provider, the Jazz will list all its NFTs on the CoinZoom NFT marketplace.
The global nature of crypto usage means that we’re always looking to expand our product range to fit the needs of our customers, which is why we recently also launched CoinZoom Cash. This new service allows users to purchase Bitcoin and 40 other top cryptocurrencies with cash at a fraction of the cost of high priced, limited functionality, Bitcoin ATMs. At the moment, we’re the only US-based exchange to offer this service. As governments and corporates around the world begin to embrace digital assets, watch this space for more updates!