There is plenty of room for competition in the world of cryptocurrency exchanges. Cryptofon, a licensed trading platform that has recently hit the market keeps gaining momentum. Thanks to its integration with various other services, Cryptofon can quickly position itself as a top exchange in Europe.
The CryptoFon Venture To Date
As a new cryptocurrency platform founded in Estonia in Q1 2021, Cryptofon is quickly making a name for itself in the industry. With its forward-thinking founders focusing strongly on the crypto money aspect, it is essential to keep innovating and pushing the boundaries of what is possible. Obtaining a cryptocurrency exchange license was the first priority for the Cryptofon team, as it brings more legitimacy to the company. Moreover, exchange licenses are still hard to obtain, making them more valuable in the long run.
Cryptofon is based on the Xtremcoin project, which Cryptofon co-founder Hakan Atabaş established. The founders of Cryptofon contributors roughly 337,000 Euros to begin this new venture. There are certain risks in this industry, including cybersecurity, accessibility, and overall support for different assets. By implementing HSM , LTE, and proper firewalls, the team is confident they can keep funds safe from harm.
Cryptofon co-founder Hakan Atabaş comments:
“My initial aim for establishing Cryptofon was to have a Licensed exchange, but I saw that we needed more than expected time to add new things and make it a better project every day. We spend hours every day on bank integrations, credit card integrations, designs, agreements, services, personnel, cybersecurity and more. Due to the time differences between countries, I usually start at 21:00 at night and go to bed at 05:00 in the morning. I get up in the morning, go to work and follow my daily routine again. I provide consultancy to many individuals, institutions and organizations in the field of Blockchain and Cryptocurrency. Since I have been working in the field of Finance and Technology for many years, I have lots of friends and customers. “
So far, Cryptofon has succeeded in working in integration with Bitgo, Simplex, OVH, and many other service infrastructures. However, it is essential to advance the crypto industry as a whole rather than focus on individual projects. To achieve that goal, the company will begin issuing Metal Credit Cards to its users. A payment card is a much more convenient way of spending cryptocurrency, and they are globally accepted, both online and offline.
Closing Thoughts
Much work is still to be done before cryptocurrencies are taken more seriously by mainstream consumers and companies. Any exchange that launches and acquires its operating license in quick succession has a good chance of being taken more seriously. Companies in the crypto space need to appear more legitimate, and obtaining one of the rare operational licenses will help establish a solid foundation of trust. There are numerous operations to explore in this competitive industry, particularly in Europe, where cryptocurrency adoption and interest are seemingly at a much lower level compared to the rest of the world.
Launching Cryptofon is only the first step along a windy road to improve cryptocurrency visibility and accessibility. The upcoming Metal Card launch will make it easier to spend cryptocurrencies in the real world. Thanks to its focus on buying and selling crypto in minutes and growing support for fiat currencies and local payment methods, the exchange tackles a crucial roadblock to cryptocurrency adoption. The Cryptofon platform also provides margin trading support, a feature that many users prefer when dealing with these volatile assets. Both founders of the exchange firmly believe their operation will be profitable in the short and medium term.
Disclaimer
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
