CoinCorner, operator of the first cryptocurrency exchange on the Isle of Man, has announced the launch of three new services – all part of an incremental update of the exchange’s platform.
The new version of CoinCorner’s bitcoin platform delivers a new mobile wallet app, a free payment gateway and a point of sale (POS) system. The new services are free to use, but CoinCorner will maintain its fee on bitcoin to fiat conversion.
Multi-cryptocurrency wallet
The mobile wallet – which is free and available for both Android and Apple iOS devices – allows users to buy, sell, send and receive bitcoin, litecoin and dogecoin. CoinCorner describes it as the world’s first multi-currency wallet that allows people to buy and sell cryptocurrency for GBP.
The exchange’s free-to-use payment gateway allows businesses to integrate bitcoin payments on their websites free of charge, converting received bitcoin into GBP on CoinCorner if they so choose.
The firm’s free POS solution relies on off-the-shelf hardware in the form of Android tablets. Merchants can simply download the software and turn their device into a bitcoin POS device. Customers can pay using any mobile bitcoin wallet, while again the retailer can automatically convert BTC to GBP or retain bitcoins instead.
Boosting bitcoin adoption
CoinCorner chief technology officer Daniel Scott said the new functionality offered by its updated platform should help increase consumer adoption.
Scott explained CoinCorner’s business model:
“Our new platform makes it easier for consumers to spend bitcoin and easier for retailers and online merchants to accept bitcoin. We only make a small fee if merchants and retailers choose to convert their bitcoin into GBP, otherwise the services are 100% free.”
Phil Collins, the firm’s chief operating officer, said the company had listened to its clients and developed the services they were asking for, adding that the early response to the mobile app was “extremely positive”.
“The additional services are a natural extension our core cryptocurrency exchange and enable us to give our clients a more complete experience without the need for lots of different service providers,” he said.
Going for the British market
Although CoinCorner is incorporated in the Isle of Man, the company’s primary focus is on the UK and Europe. The exchange is open to all European consumers, but fiat transfers from the European mainland can take between two and five days, incurring standard bank fees in the process.
Other UK-based companies with cross-channel aspirations also have to deal with similar issues. A recent poll carried out by Coinfloor revealed that most users want faster and cheaper fiat transfers.
Although region specific fast payments schemes can be employed, international transfers between all European countries still remain relatively slow.
Bittylicious is another UK bitcoin platform with international ambitions. It currently accepts SEPA and card payments from all EEF and EFTA member states.