Coinify: Creating a Unified Blockchain Trading & Payment Platform
An established global virtual currency player, Coinify runs a Blockchain trading & Payment platform for users to buy and sell cryptocurrencies. Offering solutions in globally, the company also acts as a Payment Service Provider (PSP) that lets banks and merchants accept payment in 17 different cryptocurrencies while getting paid in their own local currencies. Other services the company offers include individual currency trading, corporate brokerage, payment processing services and Enterprise solutions via Coinify API. Riding the wave of blockchain enthusiasm in the financial service world globally, the company is looking to mainstream the use of virtual currencies by helping businesses and individuals foster financial innovation. It also intends to bridge the gap between the current financial world and all the fintech innovations. Mark Højgaard, CEO & Founder, Coinify spoke on a spate of topics. Excerpts from the interview:
The Story behind Founding of Coinify
Copenhagen-headquartered Coinify was incorporated in 2014, as the founders saw a need in the market for a safe and compliant means for users to operate and trade between the fiat and Cryptocurrency world “We started Coinify to act as that bridge. We continue to act as that bridge for our customers today, making it easy for them to transact and trade in their preferred currency, be it fiat or virtual, while still taking advantage of exciting innovations in the finance space,” noted Mark.
Catering to a Vast Geography
Varying regulatory perspectives lead to varying access to virtual currencies globally. Coinify works towards creating access to a simplified virtual currency service for citizens across the world. “We are constantly increasing our support for countries across the globe, having just recently added support for Russian citizens and the RUB and begun developing our support for the African continent with support for Nigerians and South Africans and the ZAR last month.”
Creating a Radical Blockchain Consulting Firm
“At Coinify, our focus is on providing a bridge between the current financial world and all these fantastic fintech innovations. We do so by striving to consistently make it easier for our users to move between fiat and digital currencies” observed Mark. A strong emphasis is also laid on compliance and security so that the users do not have to compromise in order to take advantage of these new financial innovations. Through its strategy of providing a secure and easy means of moving between the old and newer financial worlds, the company is bringing these radical new innovations to over 50 countries across 5 continents.
Synergizing Technology and Blockchain
The Blockchain design can establish ultimate trust between two parties, in the sense, it is designed to cut out middlemen. This allows for technologies to create frictionless, secure and cost-cutting solutions, added Mark.
Facing Economic Instabilities
The unfortunate instability in the global economy drives a natural incentive for consumers and corporates to look to alternative asset classes to hedge their portfolio or simply park some money that alternative incurs negative rates. Coinify allows for companies and individuals to engage in digital assets in a secure and regulated fashion, and these days we are seeing the interest grow for our trading product as well as our investment-grade myCoinify Premium for institutional and professional buyers.
In less than 6 years, Coinify has evolved from an idea to a leading player in the global blockchain payment and trading industry. “During our journey, we have worked directly with European Regulators to help shape the regulatory landscape to protect against money laundering and terrorist financing. When the 5th money laundering directive was approved by the Parliament, it was really an important moment for us all. Coinify also prides in being a big part of evolving the entire blockchain industry as well as being a front runner of the future generation of startup companies.
On being recognized as top 25 fintech CEOs of 2020, Mark noted, “I was lucky to get noticed, there are so many hard-working CEOs out there. We are all throwing ourselves at doing something so hard as to build a company. So, my thoughts are that it feels great to be recognized for this hard work.”