CoinCorner recently became one of the first Designated Business title holders in The Isle of Man. As the Bitcoin company is now officially compliant with regulation, the time has come to look at what users can expect in the future.
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CoinCorner CTO Danny Scott Talks Business
We recently had a chance to ask the CoinCorner team some questions regarding the process of obtaining their Designated Business status, and what the company has planned for the future. Danny Scott, CTO of the company, took the time to answer our questions. Scott provided some more insights as to how this license was obtained, and what the future holds for CoinCorner.
Bitcoin.com (BC): Could you tell us a bit more about how the process goes to apply for Designated Business status in Isle of Man? (As in, how much paperwork is needed, how costly it is, and how long it took to get everything set up)
Danny Scott (DS): An application is made directly to the Isle of Man Financial Services Authority via their web portal and involves providing an overview of the business together with in-depth backgrounds on the owners and directors. This also includes criminal background checks. The business is also required to appoint a Money Laundering Reporting Officer and a Compliance Officer. It’s cost is £100 to apply and then an annual fee after that.
BC: CoinCorner does not make the news headlines all that often, but you guys seem to be doing quite well. How has the year 2016 been for the company so far, in terms of growth and expectations?
DS: We have added over 10,000 new users since the start of the year and released several upgrades to the platform. We have some new services coming soon, including an educational site where people are given free bitcoin and taught how to use, send and store bitcoin. Our plan is to continue to expand our user base during the year while also releasing additional services with selected partners.
BC: Your Magento plugin makes it easier for online merchants to accept Bitcoin payments. Has this project been successful so far, and are there are any plans to add some new features or support other e-commerce platforms in the future?
DS: Common with other players that operate in the bitcoin merchant services space, this side of our platform hasn’t grown as quickly as we had hoped. Thankfully, we also have the exchange part of our business to focus on while the merchant appetite for Bitcoin develops.
BC: Many Bitcoin exchanges have been adding support for Ethereum in the past few weeks. Will CoinCorner follow their lead, or do you feel no need for supporting other currencies just yet?
DS: We have previously supported Doge and Litecoin but it never attracted much volume, so we decided to focus purely on bitcoin and to make it as easy as we possibly could for consumers to buy bitcoin. We have seen plenty of distractions within the bitcoin space over the last few years and CoinCorner has certainly taken the bait on a few, so for now, our best business decision is to ride this one out and see if Ethereum becomes anything more than another altcoin for traders. Our ethos is to continually innovate and try new things so we may add Ethereum at some point if there is demand from our customers.
BC: In terms of your mobile wallet, what type of new features can users expect over the coming months?
DS: We are currently in the process of refreshing our mobile wallet as it has unfortunately been on the back burner for quite some time due to other developments taking higher priority. We will be looking at a variety of new features over the coming months, ranging from sending money to a friend via email or text message, instant purchases with credit and debit card from our app, NFC capabilities and more! We will announce more details in due course.
BC: Is there anything else you would like to share?
DS: All we can say for now is expect a lot of exciting new developments and partnerships from the CoinCorner team this year as we continue in our quest to be the best place for consumers to buy Bitcoin!
We would like to thank Danny Scott for taking the time to answer our questions, and we wish CoinCorner all the best for the future.
What are your thoughts on the direction for this company? Let us know in the comments below!
Images courtesy of CoinCorner.