CoinJelly will initiate two exchanges for high-volume traders in the Siuthern Hemisphere and then a bit later in the Northern. Remarkably, its consumer wallet option features an ATM/debit card network that can be used all over the globe.
Customers of 160 countries can use the accounts, moreover balances will be available in 9 major world currencies.
Ashley King, CEO and founder of CoinJelly, said that the main issues for the company were security, compliance and transparency.
CoinJelly’s wallet is now launched and according to Mr. King’s words, there have been no security problems or attempted attacks so far.
King stated: “We’ve implemented a number of bank-level passive and active safety measures including strong encryption, offline back up and two-factor authentication, leaving customers’ wallets far less vulnerable to attack.”
Moreover, CoinJelly’s insured wallet also has an intrusion alarm system, which informs the user if any malicious activity appears.
Furthermore, the company will also be offering ATM/debit cards that may be used to withdraw cash at more than two million ATMs globally.
The target groups for the cards are travelers, as it will be easy for the them to transfer funds into local currency worldwide.
The first 500 customers will be given a limited-edition black-colored cards, also those users will get discounted rates.
CoinJelly’s development team is working in Australia, Switzerland and Sweden, and has members who had experience working on development at cex.io.
Accounts from Russia and even China will be accepted by CoinJelly, the users from China can fund accounts through CoinJelly’s bank in Hong Kong.
“Until instructed otherwise we’ll continue to do so. Obviously we don’t want to step on anyone’s toes, If we’re told to stop doing it, we’ll stop doing it.”
Though the company is based in Australia, its operation are currently being managed from Hong Kong, it’s a temporary decision until the regulation issues are resolved in Australia.
“We’re going to have a nice little ecosystem, we’re going to have a really good wallet and a great exchange, initially tiered towards high-volume guys, but once we open the Northern Hemisphere exchange the bigger guys will probably switch to that.”
CoinJelly is totally financed by investor Peter Anderson, he believed CoinJelly was the first project he thought worthy of such investment:
“[Ashley King’s] solution was the first one I’d come across that fit my ethical standards as well as the overall approach to the community – customers rather than users. He has a really grown-up approach. Which is something that’s missing in other offerings.”
Mr. Anderson added: “Cryptocoins will blow a hole in that laziness. They’re going to have to compete. There’s long-term value for consumers here who are happy to look a bit deeper.”
Even though the existence of compliance issues would likely raise the costs of doing business in the bitcoin industry, Mr. Anderson said, it wouldn’t be as high as banks often claimed:
“Trouble is, they jack those fees way past the [true cost] of providing that compliance. And given my career has been in and around that area, it has always annoyed me.”