Coinbase, Revolut and Ethos Aiming for Easy Crypto Trading
Making the exchange of cryptocurrencies as easy as taking a selfie is a major goal for several fintech companies. Coinbase, the world’s most popular wallet for Bitcoin, Ethereum and Litecoin is front and center, grabbing the #1 spot on Thursday on the free apps chart at Apple’s US App Store.
The market makers at the App Store are mobile-first millennials who use their phones to do everything from tweeting to texting to dialing to videotaping. They devour apps, transforming business relationships, internet browsing habits and public behavior.
Despite Coinbase’s recent service interruptions due to a surge in Bitcoin transactions, in addition to courthouse demands by the Internal Revenue Service over Coinbase’s unwillingness to disclose its account holders’ information (which resulted in an IRS victory), the exchange remains on top and ready to initiate crypto newbies.
Since buying Bitcoin or any cryptocurrency is still cryptic, leaders in the UI/UX space are vying to make long blockchain address strings and convoluted trades and exchange protocols as elegant and user-friendly as possible. A pristine package that’s easy to navigate will allow these innovators to dominate the next wave of new adopters.
Fintech startup Revolut is another company trying to speed up mainstream adoption by removing national borders and all currency exchange fees to send and spend fiat globally. It also blurs the lines between fiat and cryptos. Revolut has integrated Bitcoin and altcoins into their mobile platform to enable seamless purchasing power with fiat currencies.
Ethos (formerly Bitquence) is also developing a social finance platform where users can not only buy and send cryptos but also share social media content on favorite coins through commenting and ratings. Users get rewarded for sharing valuable insights and earn points through Ethos Ratings, Ethos Reviews and Ethos Predictions contests. A user can become an Ethos Expert to start curating baskets or advising others in the ecosystem.