Coinsbit: the first cryptocurrency exchange in the world, integrated with the 200,000 POS terminals
Coinsbit is the first exchange in the history of cryptocurrencies, which has implemented a large integration with 200,000 POS-terminals. Now it provides the possibility to its users to purchase digital coins for Fiat funds with no mediator involved. Tokens will be available for purchase through terminals, in case it is listed both on the exchange and on POS-terminals.
In this regard, Coinsbit will constantly add coins to the exchange and act as a gateway for POS-terminals. In the future, this model will make the exception of Fiat funds during the IEO possible.
200,000 terminals are owned by the startup Cylcebit and distributed worldwide, including South Korea, Vietnam, China, India, and other countries. Cyclebit’s goal is to make each trading terminal capable of accepting cryptocurrency payments. Now the platform processes 1 million transactions per month with an annual turnover of card payments of $1 billion.
A word from CEO – Nikolay Udianskiy:
-How did the idea of Coinsbit come to you?
We worked as a development team before and built quite many projects. We gained vast experience in building exchanges for others, so now it is a time for our own exchange!
We decided to build something different to conquer the market. We want to make crypto market accessible for ordinary users and good enough for skilled traders.
-What are the main features of Coinsbit?
We want to integrate completely new features such as lending between users [on the security of crypto] and the integration of POS terminals around the world through the exchange gateway.
We stand out for strongest security: more than 95% of all currency are stored on cold wallets.
Another main distinguishing feature of Coinsbit is support for processing speed of up to 10 000 trades every second and 1 000 000 TCP connections.
-What startups did you run previously?
We were engaged only in the development of IT products.
-What is your intention to give to the crypto community?
Interaction with the fiat world is so necessary for the crypto community worldwide. That’s why we are implementing the POS technology which is linked to Coinsbit.
-How long does it take to build your own crypto exchange?
We had been building the exchange since the beginning of 2017 and finished it in summer 2018.
-What do you think about decentralized crypto exchanges?
Decentralized crypto exchanges are run not by people, but by software, so they allow the participants of the market to trade directly with each other without any trusted third party to process all trades. P2P exchanges offer high resistance to transaction censorship, are cheap to use, private and secure, thus we look very positively and understand that the crypto community really needs them.
-There are so many exchanges already, what makes Coinsbit better than competitors?
We are creating new services that are very necessary now and which have never been used before us: loans, POS. Coinsbit is the first exchange, which provides the possibility to its users to purchase digital coins for fiat funds without any mediator.
-For fun. What is your prognosis on Bitcoin’s price in 2019?
I suppose it will fluctuate from 3300 USD to 4900 USD during this year. Growth will start in 2020 approximately.
-How long will it take to hit Coinmarketcap’s top by Coinsbit?
There are very strict requirements for being on top, we are investing a lot of money in our IT capabilities, we develop infrastructure which can afford to reach this place within such a huge market and meet the needs from sophisticated, high-frequency traders and institutions.
There are so many exchanges with fake volume. What do you think about that and how to solve this problem?
I don`t think about it. This doesn`t affect the crypto community as a whole. This is just innocuous marketing.