We heard from Danny about what CoinCorner’s been up to.
Why did you start CoinCorner?
After first hearing about Bitcoin at University in 2009, I actually dismissed it due to my lack of understanding, but it kept popping up again and again over the years, until 2013 when I finally made the jump in.
The other co-founders of CoinCorner and I began mining Bitcoin first, but soon realised that there was an opportunity in the consumer market for buying/selling services.
This business idea prompted us to start CoinCorner in 2014, and we began with the aim of making buying Bitcoin easy. We decided to take the chance of being involved in an industry while it was still emerging and making a name for itself. Our small team also had a genuine interest in Bitcoin, alongside backgrounds in tech and finance.
Tell us more about the tech behind the product.
Our website and app (available on Android and iOS) allow anybody to buy Bitcoin as easily as buying a new T-shirt online. Customers can purchase Bitcoin, Litecoin, Ethereum and Ripple via credit/debit card, bank transfer and Neteller.
We have also recently introduced a new service, CoinCorner Checkout, which allows businesses to accept Bitcoin as a payment method on their website or in-store. We automatically convert the Bitcoin to pounds for them, so they have no price exposure or need for any new technical complication.
Bitcoin itself is a fascinating piece of tech – it’s the first truly global and decentralised technology. Running perfectly for 99.98% of its 11-year lifespan, no other public-facing piece of technology in the world can boast such a claim.
Bitcoin is often referred to as a currency, but it can also be a store of wealth, an investment, a payment tool, and a base technology platform too. We’re anticipating many more use cases in the years to come.
Where are you at right now?
We’re now five-and-a-half years into CoinCorner, with 15 staff members, located in the Isle of Man, with a focus on the UK.
Our team takes a lean and agile approach to everything we do, and we work hard to react as quickly as possible when the industry changes – it’s an exciting environment to operate and work in!
What are your aims for the next year?
The exciting yet crazy thing about operating in the Bitcoin industry is that you don’t know what the next 12 months will be like. You have to roll with the punches, expect the unexpected, and just be generally prepared for anything.
As a company, we’ll continue to focus on our core offerings: Being a quick and easy on-ramp for Bitcoin, while also driving our new Bitcoin payment gateway for businesses to accept Bitcoin payments.
Another angle we have always tried to encourage is education. We’ll continue to educate where we can, including the upcoming release of my Bitcoin book and a new educational product venture.