Crypto Exchange Wants To Make Peer To Peer Payments Simpler

Nowadays, cryptocurrencies are much in trend. They are also known as virtual currencies as one cannot get in any other form than the soft copy in the wallet. As there are many companies in the market that offer a variety of cryptocurrencies, one can go for the one that can prove most beneficial. These currencies have different rates, and one can easily receive or send the amount with the help of any of these currencies. However, some currencies offer some better options for conversions which can prove useful to the users.

Peer To Peer Payment

CoinZoom is all set to provide the best fiat to cryptocurrency conversion facilities to its users. The crypto exchange that is based and regulated in the US offers an easy option to convert fiat into different cryptocurrencies and a diverse range of local currencies. It has support for BTC, BCH, XRP and ETH.

The crypto exchange plans to bridge the gap between foreign exchanges and the banking system by offering such services. It is also aiming to provide futures and stocks kind of investment options in one platform for the institutional as well as retail investors around the world.

CoinZoom offers a branded Visa card for the users, and the peer to peer payments can be made on this platform without any fees. It was launched in March and has taken off in a big way even during this pandemic. The users are enthusiastic about the new features offered in this crypto exchange.

The maker and taker fees are also attractively priced compared to industry standards, and this is yet another advantage for people who want to use the Visa card for making payments. The maker fees are set at 0.20%, and the taker fees are set at 0.26%, which is quite decent according to many experts who closely track this market. Not only that, the exchange also offers a good discount for users who use ZOOM utility tokens to settle the costs.

CoinZoom has collaborated with BitGo and has chosen it as the custodian for the digital wallet. Apart from that, BitGo will also provide digital wallet security and all the assets are insured up to $100 million through Lloyd’s.

In a statement issued to the media, BitGo has said that it was their priority to ensure the safety of user funds and any breach of CoinZoom’s online storage will be covered by the insurance policy, and it will compensate the losses of the customer. This is a good trend as many exchanges do not choose such options and get into lawsuits whenever there is an incident of the data breach. In that situation, the customers will have to struggle a lot to claim their losses, and most of the time, they may not get suitable compensation as the laws governing crypto exchanges are still in the early stages, and they do not have provisions for all such cases.

Yet another interesting thing about the storage of funds is that only a small percentage will come into hot wallets for the sake of providing liquidity and most of it will remain in cold storage so that it offers complete security for customer funds. As per company reports, only 2% will come into hot wallets, and they will be able to provide liquidity for the traders who want to add new positions or exit their holdings. On the other hand, about 98% of customer funds will be held away from an internet connection in cold storage.

CoinZoom also acknowledged the stiff competition that is seen in the industry and said that the team had expertise in handling a legally compliant exchange that can provide better services than other players in the market.

One of the most innovative features of CoinZoom is the branded Visa card that comes with the wallet, and this can be used to convert the cryptocurrency to fiat instantly without any hassles. The best part about the card is that it is accepted by more than 53 million merchants globally. Users can make chip and PIN payments using the card. Apart from that, it will also be useful to make contactless transactions wherever such facilities are available for the users. Finally, you can even make an ATM withdrawal using the card, and it will provide you with cash in your local fiat currency.

The company is currently offering five different types of cards, and each card has a specific spending limit that is suited for different users. In this way, users can choose the suitable card according to their spending needs. The trading fee discounts will also be calculated according to the type of card held by the user while making the transaction. However, customer service for all the cards remain the same, and they will be available round the clock for all the customers.

The company also plans to launch an international card shortly, and this will be a huge thing for cryptocurrency users across the world. They can easily use the Visa card as an international travel card without worrying about any sort of regulations that come with the standard cards given by traditional financial institutions. The Visa card is currently available only in the US.

The company has also offered a peer to peer transfer solution called ZoomMe that will work with both fiat currency and cryptocurrency. The best part about using this platform is that you can transfer money to your friends or family members across the border without any charges. This is a good option for the users, and they get to save lots of money spent on such transactions in the long run.

In this way, CoinZoom has become the one-stop solution for all your cryptocurrency investment needs. You can also trade cryptos and make card payments with CoinZoom. Not stopping at that, you can also use it for money transfers. Traders can use CoinZoom to trade in as many as 40 cryptocurrencies, and the platform offers as many as 110 market pairs for traders.

Leave a Reply