A startup called CoinCorner claims it has launched as the first digital currency exchange on the Isle of Man, a British Crown dependency.
The exchange offers customers the chance buy and sell bitcoin, and trade litecoin, bitcoin and dogecoin, with fees starting from 0.25%. It says it has future plans to provide more options for both fiat and digital currencies.
Effectively, CoinCorner is offering a peer-to-peer marketplace where customers can trade cryptocurrency with other users on the platform, or buy and sell bitcoin.
“We provide the mechanism so that buyers and sellers get their cryptocurrency at their agreed rate, minus a small fee for providing the service,” reads the company website.
The company’s CEO, Charlie Woolnough, told CoinDesk:
“Our aim is to give people a secure and trusted place to buy and sell cryptocurrency in an easy and transparent fashion. We believe this is crucial piece in the jigsaw that is needed to drive the wider adoption and greater use of cryptocurrencies.”
UK and EU focus
CoinCorner is offering free deposits in pounds sterling, euros and US dollars for those wishing to buy bitcoin. The service pays out sellers in pounds, which incurs a £10 fee.
The startup says its UK banking facilities will be a boon for the nation’s underserved bitcoin market, as transfers from banks within the country will take one to three working days, charge-free.
Transfers from elsewhere in the EU will take two to five days and will incur some bank charges.
“Our initial focus is the UK and Europe, which we believe currently suffers from a lack of quality competition, but we have the ability to expand globally if we choose,” said Woolnough.
Emphasis on security
CoinCorner is marketing itself as a secure and transparent place for users to conduct their cryptocurrency business.
“To minimise risk to our clients,” the company said, “we follow the best practice by keeping the majority of the reserve in cold storage, or in other words, not present on the web server. The only amount kept on the server is the amount needed to cover anticipated small withdrawals.”