The advancements in fintech in the last decade or so have been spectacular to say the least. The introduction of cryptocurrencies and the underlying blockchain technology was the proverbial icing on the cake. This revolutionary technology has the ability to change traditional finance as we know it and create a system that takes the best of both worlds in a bid to bring prosperity to the world through true financial inclusion.
Current hassles in buying cryptocurrencies
The attraction of the general populace towards cryptocurrencies is not without reason. And people have been literally flocking at exchanges to buy crypto assets. However, current processes at the most popular exchanges are extremely cumbersome. When the process should have been as easy as paying through fiat money using a debit/credit card to buy any coin an individual likes, unfortunately, it simply does not follow commonsense. There are many technological hindrances in the way and an interested individual has to first buy either Bitcoins or Ether and then exchange these coins to buy the coin of their liking.
This roundabout process is time-consuming and includes a lot of transaction fees due to double transactions. KYC processes can take as much as 21 days before a person can actually make a transaction. The time taken in all of these processes can dampen the chances of people buying either BTC or the coin of their choice at the rate that had excited them in the first place.
The revolutionary CSS protocol that eases crypto buying
To solve these pervasive problems, Coinnup has created a platform called Fiat Central. Individuals can buy the coin of their choice within just 10 seconds. This awesome feature is powered by a proprietary protocol called Coinnup Swift Swap (CSS) that allows users to directly buy the desired cryptocurrency instead of buying, say BTC or ETH, and then converting them. The CSS protocol not only cuts drastically on time but also saves the user more than 75% on transaction fees.
Using Fiat Central, the user has to first select the fiat payment method of choice (Debit card, bank account or POS (cash)), select from the more than 150 cryptocurrencies on the exchange, select the wallet where they want the cryptocurrencies to be deposited (they can either choose a universal Coinnup wallet or the wallet of their choice) and voila! Transaction completed. It is that simple. The CSS protocol does all the heavy lifting for them while a seamless UX and UI make the entire process hassle-free and the experience joyful.
The best part – we do not send you to another exchange for buying the cryptocurrencies of your choice, we have one of our own! With the Paymaz Crypto Exchange you can choose from the hundreds of listed cryptocurrencies and buy the one that catches your fancy.
The mechanism is also equally simple when withdrawing cryptocurrencies and converting their value into fiat. The seller selects the crypto source, which can be an exchange wallet or desktop/mobile wallet; the seller selects the cryptocurrency (one or more) to be converted and selects the mode of withdrawal, which can be bank account or debit card. Within the shortest possible time, the funds are transferred to either the bank account or ready for withdrawal via the debit card.
Parting words
The Coinnup ecosystem is being created to tackle all possible problems plaguing the mass adoption of cryptocurrencies. Today, cryptocurrencies are usually seen as a store of value, whereas they were designed to work as medium of exchange. The Coinnup ecosystem offers B2B and B2C payment gateways that help users use their crypto assets to perform daily financial transactions like recharging their mobile credit.
Today, people are looking for a reputable and robust platform for easing all kinds of transactions between fiat and crypto. Such a platform will assure people to confidently trade and use crypto assets and will attract more people towards this novel currency and lead to its eventual use as a universal medium of exchange.
To know more about what Coinnup offers you can visit https://ico.coinnup.com/
For more details, you can also download the whitepaper https://ico.coinnup.com/assets/pdf/whitepaper_cu.pdf
Write us to – hi@coinnup.com
