VB Summit 2018: The best in AI. An invite-only executive event. Oct. 22 - 23 BLUEPRINT: Mar. 26 - 28
As we continue to find ways to make cryptocurrencies and blockchain technologies relevant to mainstream audiences, many hardware wallet solutions are vying for market share.
A mobile hardware wallet company, CoolBitX , recently announced its partnership with Changelly , a popular cryptocurrency exchange that provides crypto users instant exchange between all of CoolBitX’s CoolWallet S supported currencies.
The wallet itself is a combination of a credit-card sized device and a mobile app. The combination of these two wholly accepted payment solutions is one step toward acceptance by a mass market, but the story doesn’t end there.
What does this combination mean, and why is it essential for mainstream adoption?
CoolWallet S currently supports the storage of Bitcoin, Litecoin, Ethereum, XRP, Bitcoin Cash, and ERC20 Tokens, and by partnering with Changelly users can swap between those tokens instantly.
“Token exchange on our product is very straightforward,” CEO and cofounder at CoolBitX Michael Ou told me. “Users can send any Ethereum token and other cryptocurrencies to any user by simply filling in the sending information, similar to an email, free of charge. Also, users can quickly swap between any cryptocurrency stored on the device through our partner exchanges. This process has a minimal fee.”
The ability to swap, spend, send, and receive numerous currencies anytime, anyplace, with anyone, is vital if cryptocurrencies are to become mainstream. By combining these features with secure mobile storage, the company hopes to make crypto accessible to everyone, and not just those on the bleeding edge of technology.
And by providing the ability to exchange tokens instantly, CoolBitX is helping avoid a significant issue with cryptocurrencies right now.
“This allows users to be able to pay or use different currency types by quickly moving between currencies, short currencies that are falling or buy emerging currencies and make a profit, or avoid volatility in the marketplace,” Ou said.
The cost of entry is relatively low for those wanting to use CoolBitX’s products. In addition to the minimal fee charged for using partner exchanges, the wallet itself is competively priced.
“Our wallet has a one-time fee of $99 and can be used indefinitely,” Ou said.
While crypto-to-crypto exchange seems well covered by the product, mainstream adoption of cryptocurrencies will also require easy conversion to fiat currencies.
“We are looking into solutions that allow users to buy and withdraw into fiat currencies,” Ou said. “There are quite a few companies out there, and we are conducting our due diligence on them right now. If any pass our review, we’ll add this service in the next few months.”
Unlike many blockchain projects, which suffer from being “vaporware” until the project is funded and development can begin, both of these solutions are real and available to the masses. Founded in 2015, Changelly has attracted over two million registered users, and CoolBitX is backed by $13 million in funding from investors such as SBI Holdings and Bitmain.
So what’s next for CoolBitX?
“We have some fantastic new developments that are currently undisclosed,” Ou said. “The only thing we can say now is that these developments will quickly drive more first time, mainstream users to enter this exciting field. Simultaneously, our developments will allow established institutions to trust and enter this emerging technology sector. This will be launched this quarter.” ...