A new cryptocurrency payment platform has opened its doors for business in the Cayman Islands. Known as Coin Lock, the company describes itself as the world’s “first cryptocurrency trading and payments platform designed to increase every coin.”
Coin Lock Is Looking to Make Big Changes
Rikky Hasan – the CEO of the business – explained in a statement:
Through exhaustive market analysis, Coin Lock identified and alleviates three primary pain points for cryptocurrency consumers: lack of utility, volatility and crippling fees, and in order for cryptocurrency to become mainstream, it needs to be easy to use, fast and free.
Hasan’s words are interesting in that they seek to tackle problems that may not be terribly easy to fix. Several blockchains, as of late, are falling into the “old-fashioned” category, and cannot keep up with the scalability and quick speeds of competing blockchains. Bitcoin and Ethereum, for example, are two of the oldest cryptocurrencies in existence, and have seemingly been bogged down with heavy traffic – traffic that causes them to experience slow transaction times and high fees.
While bitcoin may have found a solution in the Lightning Network – which causes several smaller transactions to occur off chain – Ethereum’s answer has not shown itself yet, and it’s currently being outdone by the performances of competitors like TRON and EOS. Vitalik Buterin – the co-founder of Ethereum – recently commented that the blockchain is no longer scalable, and thus Ethereum transactions are subject to very high gas fees among other problems.
In addition, the idea that cryptocurrencies could ever be free to use seems a bit out of the question. Every platform would likely be required to charge fees. Otherwise, how could they ever expect to earn a profit?
Nevertheless, Coin Lock is set on these goals, and is doing all it can to make sure they’re accomplished. The platform works by allowing traders to set USD prices on their coins without having to sell them or pay fees for them. They can decide how much their bitcoin, Ethereum or other tokens are worth. Thus, they can avoid the volatility and price swings that such cryptocurrencies are often attached to, thereby making each currency a stable coin of sorts.
No More Fees?
They can also gain access to other currencies that they’re not likely to encounter on traditional crypto exchanges. Ali Jassim – the co-founder of Coin Lock – explained in an interview:
We are extremely excited about the launch of the Coin Lock platform. Coin Lock will revolutionize cryptocurrency by offering streamlined hedging and leverage opportunities at a fraction of the time and cost of its competitors.
Other perks involved with the platform include being able to sell and trade bitcoin units without fees. Furthermore, users will trade and sell directly with each other, thereby removing all middlemen from the process.