Bitcoin has significantly expanded since its creation in 2009, the cryptocurrency is now trading at over $7 billion. Today, there is a growing need for new digital currency trading systems with improved security, as more and more new virtual currencies entering the market.
The credibility in bitcoin companies has decreased, due to the number of cryptocurrency exchanges that were closed over the last year.
LazyCoins is a new digital currency exchange, based in the United Kingdom, targeted at providing its users with secure way to buy and sell various types of digital currencies. Over one year of active research and development, the new service is now available in beta version.
The platform will allow online merchants and brick-and-mortar shops to accept payments in bitcoin and other digital currencies, including litecoin, darkcoin and others.
The founder of the exchange, Danial Daychopan, stated: “Digital currency needs to be protected like cash. The only way to guarantee security is to store the digital codes offline, in a process known as cold storage.”
“Our 100% cold storage policy means that even in the unlikely event our system was compromised, our customers’ funds would be completely safe,” he added.
Despite the fact that the cold storage requires more time to withdraw money, it guarantees that customers’ money will be kept safely in the firm’s bank vaults and eliminates the risks of thefts. While in beta, the company charges no fees on bitcoins trade and withdrawals. After the launch, the fees will amount to 0.23%. In addition, LazyCoins reduces friction and ensures faster trading between markets.
The bitcoin industry is still the emerging sector, although the bitcoin showed huge growth during the last years, with large number of businesses investing in it. Despite the high potential of digital currencies, only few entrepreneurs will benefit the technology.
LazyCoins currently includes more than 5000 registered users and the popularity of the new platform is growing at a fast pace. The official launch is scheduled in the beginning of January, upon the approval of their MSB license. However, the exact date has not been revealed by the company. The developers plan to upgrade the service by include additional features.
“We are the first exchange to introduce multi-tab smart trading platform. We’re also launching LazyPay, a service that allows merchants to take payments in Bitcoins and other crypto currencies, dramatically reducing their transaction fees. Our mission is to innovate and be a lead by example for others. It’s a really exciting time for us and the industry,” Daychopan also said.