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“Cash is king” as they say, and this saying emphasizes the importance of liquidity in any financial system. Even if Bitcoin is progressing at a quick pace in value and altcoins are being developed to satisfy a myriad of business uses, the whole crypto industry (and especially mainstream user adoption) hinges on the ability to make transactions easy and secure.
This is part of the motivation for the recently planned Bitcoin fork, the Raiden and Lightning Networks and other projects that seek to make using cryptocurrencies easier. But for many, especially those new to cryptocurrencies, the ease of a fiat ATM is something cryptocurrencies can’t match.
Not only do cryptocurrency ATMs have a high rate of fees involved, but they also often don’t have many options for different currencies and also have limits on how much they can be used for. Some ATMs can also only be used for buying crypto.
A European company have what they believe is a game changer of an advancement in ATMs for cryptocurrencies. They are leveraging different efficiencies in exchanges and hardware to reduce fees and make cryptocurrencies easier to obtain for mainstream users. Cointed is a platform that encompasses ATMs, an exchange, a debit card and Point of Sale solutions for a different experience.
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A mature ecosystem for cryptocurrency exchange
If you look at the most successful technology platforms like Google (encompassing AdWords and Android) and Facebook (encompassing Instagram and Messenger), you see that they involve multiple aspects that use synergies to drive value for the customer. Cointed is using several advantages they have to make their ecosystem more beneficial.
Instead of just making ATM software or hardware, they are doing both, while also providing an exchange and a wallet for users, which is all facilitated by their CTD token.
They even have an option for those who want to mine the token whereby you can purchase servers and have them run at the Cointed premises and mine from there or have the optimized mining hardware they sell sent out to you.
This focus on efficiency is also true for their technical operations; they have an advanced air-cooled mining facility which saves on energy expenditure, making their ATM network and exchange more efficient.
Economies of scope and economies of scale
They also broaden the usage of ATMs by providing more options (including Ethereum and Litecoin) than other ATMs. Businesses and developers can easily interact with their systems and exchange with the PayCo API that Cointed offer. And there is even a Cointed debit card that users can avail of to make the whole process more straightforward.
Previous traction
One of the more promising aspects of the Cointed setup is the up and running operating company as proof of design they have established. While many ICOs are for companies that are yet to establish a functioning product, Cointed is an established enterprise with operations in many countries and more being added soon.
The funds they intend to raise from their ICO will go towards expanding the penetration of their ATMs worldwide and also towards refining their underlying technology which will lead to greater efficiencies and lower fees.