Despite an enormous growth to a total market cap of over $300 billion, cryptocurrency is lagging behind when it comes to widespread adoption. Although decentralization and cryptocurrencies are slowly seeping into mainstream consciousness, most people don’t see them as an alternative to fiat.
This is partly due to the fact that the process of obtaining cryptocurrency is still difficult. Typically, the options to buy crypto are limited, unless people are willing to register at an exchange and undergo KYC/AML procedures. Afterwards, cryptocurrency users must decide on how to store their coins, which is often a tradeoff between security and convenience.
Being in sum the largest fiat on-ramp, exchanges are at the forefront of the strive towards mainstream adoption. It is their job to provide a user interface that allows users with limited knowledge of blockchain technology to efficiently and safely buy cryptocurrency in exchange for fiat.
While members of the core blockchain community are typically comfortable holding their funds in cold storage, the general population lacks the necessary experience with securely storing their private keys. As a result, many people have already lost their funds due to the loss of their private keys or getting their wallets hacked.
With that in mind, we may have already surpassed the point at which custodial solutions provide better security than storing keys privately. This is, even more, the case for new adopters with no previous experience of cryptocurrencies. However, custodial service providers, such as exchanges, are still a lucrative target for hackers. In order to achieve mainstream adoption, better custodial solutions are needed, where funds are safeguarded from hacking attacks.
CoinZoom is a next-generation fiat-to-crypto exchange based in the United States. As such, CoinZoom is fully licensed in all 50 US states. With KYC/AML onboarding within 60 seconds, they achieve both great user experience and regulatory compliance. The exchange allows its customers to deposit a wide range of fiat currencies, using various convenient payment methods. Afterwards, fiat funds can be converted into over 40 cryptocurrencies.
What distinguishes CoinZoom from other exchanges is its industry-leading security. With BitGo as their custodial partner, the exchange holds 98% of their customers’ funds in cold storage. Additionally, BitGo is insured against losses of up to $100 million. On the side of fiat currency, customer funds are being held in segregated bank accounts, each being insured for up to $250.000 by the Federal Deposit Insurance Corporation.
As an added service, CoinZoom offers VISA debit cards, which can be used for payments at all point of sale terminals that accept VISA as a payment method. Thus, CoinZoom can not only be seen as an excellent exchange, but also as a crypto bank that facilitates payments to merchants, who otherwise wouldn’t accept cryptocurrency.
In order to make a payment, cardholders select one of their crypto wallets with a user-friendly mobile app. CoinZoom then deducts the payment sum from the selected wallet, converts it to fiat money and processes the payment. Besides a minuscule trading fee, CoinZoom does not charge anything for card usage.
CoinZoom cards come in five different tiers. Customers can increase their membership tier by staking ZOOM tokens, which qualifies them for a wide array of perks. These include increasing daily spending limits, cashback rewards, and trading fee discounts.
With their user-friendly interface and excellent security, CoinZoom provides an industry-leading fiat on-ramp and custodial solution. Thus, CoinZoom plays a big role in paving the way to mainstream crypto adoption.