With the younger generations turning into todays and the near future’s buying force, financial systems need to adjust to their needs and meet them with a solution. A startup in the US now seems to have done so.
Banking – an archaic institution that has existed for hundreds of years. It hasn’t really altered much since its inception. The financial services industry takes the overall control of personal and business finance away from consumers that actually own the unit of transaction. It is a system that forces customers who wish to securely transact with other parties to surrender private information and pay high fees in exchange for services rendered.
The industry has profited by acting as an intermediary for people and organizations that carry out financial transactions. Traditional financiers determine the fees, interest, and are the trusted entity that ensures no party to a transaction is cheated by another. They store personal private details in central file systems where they tempt hackers. Well… things are due to be shaken up. This is the age of individuals wanting control of their finances as well as the comfort of knowing their funds are secure. Can we get there from here, with our money intact, if we don’t have a trusted intermediary?
A massive change for the user experience
One company has built a solution to solve these problems. Coin is a FinTech startup founded by Damon Nam, 16-year Microsoft alum, and Byron Levels, 8-year Microsoft alum. Creating innovative financial solutions in the DeFi (Decentralized Finance) space, they recently launched their decentralized wallet and exchange, intended to disrupt not only cryptocurrency but also the current banking/financial industry, by providing consumers with a simple, secure way to manage their assets.
“By leveraging emerging technology, we are placing the power back into the hands of the people, and empowering consumers to manage their wealth with an innovative digital assets experience that is simple, secure, and personalized,” says Damon Nam, founder and CEO at Coin.
The Coin Exchange is a decentralized exchange that comprises a solution that works cross-chain (from one blockchain to another), peer-to-peer, inclusive of a cryptocurrency wallet that allows storage of the most popular digital assets, and an assistant powered by atomic swaps and Artificial Intelligence technology. Atomic swaps use programmable contracts to transact directly, on the blockchain,removing the need for third parties and high fees. This makes the Coin Exchange one of the most secure solutions for transferring value, as transactions cut out the middle-man.
The Coin Exchange also includes browser extension support for Google Chrome, Safari, and more. Installed, this feature extends its capability by using AI to execute transactions more quickly and supply cryptocurrency-related information to the end-users saving them time and money.
The AI assistant recognizes blockchain-related keywords from any webpage. It provides valuable information to its consumers and enables clients to complete financial transactions directly from any webpage with an input field. They can transact with assistance or simply by typing direct financial transaction commands like “Send $25 to @JaneDoe”, in any input field on the Internet. Compare this to sending an international wire transfer. No contest!
Imagine a world where you control and send your money in seconds, remain anonymous, with no third parties required to transact business. Coin has already imagined it for everyone.