In an announcement the Santa Monica-based Expresscoin says that it has launched a new service to buy and sell Bitcoin, often called Bitcoin exchange service. However, it will also be processing other alternative currencies, such as Dogecoin. The company believes that it would be able to provide safe and secure Bitcoin exchange services despite the recent hacking reports.
Expresscoin is the same company that was known as Cash Into Coins; however, now as it is the Bitcoin economy it wants to bring Bitcoin to the masses with its service, helping average customers to buy and sell Bitcoin without needing access to a brokerage firm. Though there are several other established Bitcoin exchange services providers, it hopes it won’t affect it.
Co-founded by Will Wheeler and Joseph Hsieh, Expresscoin claims to have had $15M in USD transactions in its first year; however, it says that it was bootstrapped from $200,000 in seed investments from friends and family. Opening an account with the company customers can view their account balance in BTC; however, it is looking into adding other options as well.
Less Charges, Maximum Convenience for Customers
Regarding the charges the company says that it currently charge a 3% transaction fee, minimum of $5, for any purchase over $40. In a blog the company says that it has officially moved from Cash Into Coins and putting its full energy and time into Expresscoin. It is still representing the
same people and the same customer service team that customers used to working with.
Expresscoin believes that as it expanded, its goal to be the easiest and safest way to buy digital currency hasn’t changed; however, it also makes clear that its ambitions has expanded significantly. Now, as digital currency grew much bigger than it would have ever imagined, in just one year, it is willing to reach to new people.
To enable customers to get more payment methods, more digital currencies, and easier ways to manage their purchase experience, Expresscoin also willing to bring in several other digital currencies like Dogecoin. The company also pays generous transaction fees on customers’ behalf to ensure transactions propagate throughout the Bitcoin network quickly.
Answering the question whether it uses customer deposits for anything, Expresscoin says that deposits are not sent anywhere or leveraged in any way as they might be by using a bank. It promises that 100% of customer funds are securely stored.
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