New U.S. Crypto Exchange CoinZoom Hopes to Win Users with Visa Crypto Card
A new player has entered the U.S. cryptocurrency exchange arena, and it’s hoping to set itself apart from the pack thanks to some user-friendly features up its sleeve.
On Wednesday, March 18th, CoinZoom announced it was opening its doors to users, both institutional and consumers, and was focused on bridging “the gap between legacy FX, Futures, Stocks, and Banking to make digital assets available” to traders of all stripes.
“The Coinzoom exchange was built for the retail investor and also the institutional investor in mind, and allows traders to buy and sell over 30 cryptocurrency pairings currently,” the exchange added.
CoinZoom’s Features
The U.S. already has some of the world’s most dominant crypto exchanges. To win over some of that market share, CoinZoom plans to wow new users over with various features.
For instance, not only does CoinZoom allow traders to deploy dozens of technical indicators on its in-house charts, the exchange also lets users turn to the “Coinzoom AI” offering, which alerts traders to:
“[A]ny possible setups on a variety of technical patterns such as Head and Shoulders, Triple Bottom/Top, Double Bottom/Top, Downward and Upward Channels, etc. which helps the trader make better trading decisions overall.”
Beyond the AI tool, CoinZoom is also rolling out passive income proof-of-stake services for its users starting with the Dash (DASH) and Algorand (ALGO) blockchains. Like U.S. exchange Coinbase currently handles its Tezos (XTZ) and USD Coin (USDC) reward offers, users only need to deposit the supported tokens onto CoinZoom to start earning PoS rewards.
Moreover, and last but not least, Coinzoom has unfurled a new collaboration with Visa, the card payments giant, that will allow the exchange’s users to apply for different levels of Visa cards through which their crypto can be easily spent in many mainstream situations. As the exchange explained:
“The Coinzoom Visa Card can be spent atover 53 Million + locations worldwide accepted by visa and can also be used to make ATM withdrawals. The physical card is accepted in all 50 states, and you can get up to 5% back on all purchases.”
Regulatory-First Approach
CoinZoom has seemingly left nothing to chance when it comes to being on the right side of America’s top financial regulators.
In their Wednesday launch unveil, the exchange confirmed it was registered as a Money Services Business (MSB) in all U.S. states and as a Money Transmitter in the vast majority of them, too.
Coinzoom is one of the few exchanges in crypto that are USA compliant, as the company is a U.S. registered Money Services Business in all 50 states and has been licensed as a Money Transmitter in over 45 States.
Moreover, the new exchange has turned to trusted industry custodian BitGo as its security provider, which should help assuage users insofar as trading on the platform will be backed up by BitGo’s $100 million USD insurance program.
Competing with Big Players
CoinZoom is entering a U.S. cryptocurrency scene that’s increasingly crowded at its top.
Indeed, in order to eat into the American crypto market, CoinZoom will have to continue proving itself as sitting at the same table as U.S. mainstays like Coinbase and Gemini as well as heavyweight newcomers like Binance US.
These giants, particularly Coinbase and Gemini, have gone tall and wide when it comes to conquering America’s nook of the cryptoeconomy. Coinbase has also rolled out its own Visa card program, among numerous other expansions. And Gemini just launched Nifty Gateway 2.0, hosting a trading platform for digital collectibles on Ethereum.
How CoinZoom fares against these powerhouses over the long term remains to be seen. But they’ll have to continue staying nimble and ambitious if they really want to punch above their weight.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @William M. Peaster, @Khareem Sudlow