Cointed gets on board the transparency bandwagon

There is a big hurdle in crypto adoption that is prohibiting the growth of digital currencies across the world. It is difficult for most laypeople to obtain digital assets in the first place.

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Even though acceptability of Bitcoin and other cryptocurrencies has greatly improved since their earliest day, as reported in the latest Bitcoin News, there are still a lot of problems that users have to face in actually getting their hands on cryptocurrencies in the first place. On the other hand obtaining fiat is pretty straightforward, simply walk into a bank or a cash machine and withdraw some.

Cointed, a company founded in 2015 by Christopher Rieder and Wolfgang Thaler were motivated by the principle that access to cryptocurrencies should be as easy as possible. In this their founded company has worked to put many bitcoin ATMs, making it easier for people to obtain digital assets. Cointed also facilitates payment processing in cryptocurrencies and in conversion of crypto assets and fiat for users.

The proof of the pudding

Cointed, an established business is now in the process of raising funds through an initial coin offering (ICO). They are the largest provider of multi currency ATMs in Europe. This will help them capitalize on the revolutionary growth of cryptocurrencies in the future. The funds raised from crowdfunding will allow them to expand product development and help better the payment experiences that users have with digital cash. While there is no shortage of ICOs in the market, what sets Cointed apart is that they have chosen to give a high priority to transparency, so that the process is investor friendly. In ensuring that everything is crystal clear, Cointed have released their transparency report, the report contains relevant information on the company, their management structure, product and service offerings and the company’s assets. The report was created after working with independent auditors to ensure verifiability. The business model of the company according to the report revolves around providing services like multi-cryptocurrency ATMs, Payment Solutions, An online exchange and Green Mining.  The main holding is already established in Hongkong

There are subsidiaries in Austria, Switzerland, Sweden, Turkey, Cyprus, Hungry and Spain. The Hong Kong company was founded in 2017 by Wolfgang Thaler, Christopher Rieder, Daniil Orlove and Charli Aho. In order to complete the move from Austria to Hong Kong, share ownership will be transferred from Cointed Austria to the Hong Kong entity.

Clarity of Operations and Plans

The attempt by Cointed to present a clear picture of their business is a move set to inspire confidence in their crowdfunding. The report goes through various parameters of their business operations including ATM operations in details. It also carries details of their exchange and online platform as well as Green Mining. There are details of cooperations with other businesses in provisioning of various services related to both ATMs as well as others. Future business plans like issuance of crypto debit, credit cards and gift cards starting Q1 2018 are also mentioned in the transparency report.

Cointed tokens gateway to payments industry

The ongoing Cointed ICO that is set to end on February 28, 2018. Investors can purchase Cointed Tokens (CTD) at a fixed token price of between 1000-1150 CTD to 1 ETH (Ethereum). Details on participation in the crowdsale are available on the cointed token website. A total of 650 mln CTDs would be generated. There is no limits on maximum token purchase. Anyone can participate in the sale except permanent residents of Hong Kong, People’s Republic of China and the United States. A whitepaper with all the details of the crowdsale has been released by the company. CTD token holders would get a democratic voice in the community as they would get a vote on a number of company’s business decisions. Token holders would also be able to use CTD for transaction fee on ATMs and get discounts as well if they purchase an ATM as a partner. Other benefits include white labeling solutions, reduce trading fee on the cryptocurrency exchange run by Cointed and reduced fee on the PAYCO system. There are plans to extend benefits like discounts on mining hardware and making available mining rigs with increased hashpower that can only be purchased with CTD. Holders of CTD will also be able to purchase Cointed’s in-house developed BIOS. Token holders also get discounts on all purchases at the Cointed online shop.

Cointed estimates that the payments industry revenue will reach nearly USD 2 tln by 2025, as a comprehensive provider of diverse payments solutions, the company is holding a crowdsale not only for its own future growth but also to build a community that can benefit from the tremendous potential that the industry holds over the coming year. The transparency report that they have released is also a good example for other crowdsale holders to be more upfront with their business plans and to put everything in front of the investor so that they can carry out due diligence.