In 2017, the blockchain space was on fire. New technologies were being designed, created, and deployed across multiple different technologies. The future was bright, and opportunities were everywhere, but there were still major choke points in the blockchain and crypto ecosystem which still exist today, fiat and banking gateways to the blockchain ecosystem.
Since 2017, there have been exchanges and fiat gateways available in many different countries, each with their own set of rules and niches, but not all can be trusted equally. Many offer access to the market but have substantial restrictions on deposits, long wait times, a low number of fiat options, and high deposit and withdrawal fees. Our goal was to address and eliminate these friction points to the client experience.
coinpass was originally founded in 2017 by three founders already working in Tech, Cybersecurity, and Financial Services. Jeff Hancock, the CEO, has a long technology career in Hotels, Casinos, Datacentres, and working within the hedge funds. Jason Fitzpatrick, the COO, has over 25 years’ experience in Financial Services in compliance, regulation, and trading. Paul Tiley, the CTO, has worked in some of the largest entertainment brands in the world such as Sony & Merlin Entertainment securing and developing their networking and software environments.
The management team had a specific goal to become of the most trusted, premium quality and best service fiat gateway in the UK. coinpass’s objective was to serve both retail & professional investors, across several different products granting access to the crypto market in GBP with a fast, secure, frictionless trusted partner.
Even today, many of our competitors in the UK market are following a foreign regulation regime which doesn’t serve or protect the average UK investor. This mismatch of financial regulation, anti-money laundering and know your customer requirements from other countries does nothing but hamper crypto and blockchain adoption for UK Investors.
Retail investors looking to work with a local trusted brand with an approachable and helpful support team, with great prices and secure storage can use our coinpass buy & sell platform .
Professional traders will have access to our highly secure, offline cold storage, high liquidity trading platform from the end of Q1 2020.
Businesses and OTC dealers looking for larger deals can take advantage of our large liquidity pool and regulated banking partners to execute larger trades with security and piece of mind.
In 2020, coinpass will look to partner with DeFi protocols to give investors access to Decentralized Finance products directly from their local fiat currency in a few clicks without the use of an additional 3rd or 4th party. We believe that DeFi is the next big step for blockchain to be come widely adopted by big business and enterprise and can provide investors with a lower risk, easier access and higher return options than many traditional asset classes.