Utah-based CoinZoom has just launched in the US, claiming a number of industry-first features for cryptocurrency users and traders. The global digital asset exchange is deploying a similar strategy to Coinbase, currently the largest crypto exchange in the country, by building fiat on-ramps and easy-to-use features for both retail and institutional traders.
The exchange is offering a Visa debit card that allows users to convert their digital assets into US dollars, shop online and make in-store purchases using cryptocurriencies such as Bitcoin and Ethereum at Visa’s network of 46 million merchant locations.
Says founder Tom Crosland,
“CoinZoom is not only the first US cryptocurrency exchange to provide a Visa card to its customers but also offers or industry-first features like ZoomMe, CoinZoom’s free peer-to-peer crypto and fiat payment system.”
“ZoomMe is like ‘Venmo’ but better. Customers can send crypto and fiat for free to friends and family anywhere in the world for free.”
The platform supports buying, selling and spending Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC) and other top digital currency pairs.
Crosland, a finance veteran who founded Interbank FX in 2001 and ran the company for 10 years, is leveraging his experience in high-frequency trading. According to Crosland, at its peak, the company had over 250,000 customers in over 140 countries, transacting over $80 billion per month in trading volume.
CoinZoom’s plan is to grow a huge user base over the remainder of the year, targeting 500,000 potential customers.
“CoinZoom also provides customers with a premier fiat gateway for funding their accounts. There are several funding options including both Visa and Mastercard debit card options.”
The company offers an iOS trading app.
CoinZoom’s registration with FinCEN, dated March 18th, 2020, means the exchange will be required to comply with anti-money laundering (AML) laws and regulations, including know-your-customer (KYC) mandates.