Place/Date: London - July 21st, 2021 at 11:00 am UTC · 4 min read
Contact: Peter Wood, Source: CoinBurp
Every digital currency enthusiast is currently having conversations about DeFi. While it is just gaining traction, DeFi’s mainstream adoption has been inherently linked to NFTs and their recent emergence in the cryptocurrency market.
Since the first set of NFTs stormed the world, many more physical and digital assets are being tokenized. More use-cases are also being developed and applied. Unfortunately, DeFi and NFTs are not particularly simple concepts or technology to embrace.
In a Coinburp survey, it found that around 33% of its clients were curious about DeFi. However, these people either found it too difficult to use, had private-key anxiety or were discouraged by the “lack of insurance”. Despite this, most of these users showed interest in purchasing NFTs as a form of collateral.
Summarily, the results show that many users, although interested, considered DeFi not secure enough for users’ assets. They were unenthused by the lack of user-friendly interfaces, and complex purchasing stages while attempting to import fiat currency for purchasing tokens, digital art or collectables.
It is at this juncture that CoinBurp has situated itself, in tackling this problem. The UK brokerage firm is uniquely positioned to guarantee a seamless experience as one transits between cryptocurrency, CeFi, DeFi and Non-Fungible Tokens (NFTs).
CoinBurp’s goal is to become the bridge between CeFi and DeFi. The exchange firm is looking to solve any barrier to market entry. It is doing this by harnessing the advantages of centralised finance (e.g. security, insurance) with the possibilities of NFTs (e.g. value appreciation, permissionless, flexibility).
With support from eToro’s former UK CEO, Iqbal Gandham, and Co-Founder of blockchain game, The Sandbox, Sebastian Borger. The firm is also backed by top blockchain tech accelerator firm, Outlier Ventures. CoinBurp is acclaimed to be the most trusted cryptocurrency exchange platform in the UK according to Trustpilot.
Currently, the cryptocurrency brokerage firm has the largest P2P platform in the United Kingdom and is consistently achieving 15% MoM user and trade volume growth, with 27K+ total users and a total trade volume of $30M+. Additionally, CoinBurp recently announced the successful completion of its $6m private round to build the ‘Coinbase for NFTs’. Remarkably, it’s backed by top private investors and venture capital funds such as Moonrock Capital, Alphabit, AU21 Capital, NGC Ventures, Morningstar Ventures, Metapurse, Ankr and more.
Per the strategic product pipeline, the firm conducted an alpha launch of the DeFi wallet in March. The wallet is made to provide a secure place to store and transfer Ethereum-based assets.
The platform integrates with popular wallets such as MetaMask and one of the leading NFT marketplaces, OpenSea,. This allows one to transfer a chosen cryptocurrency via a private key or mnemonic seed and buy an NFT.
By doing so, the CoinBurp Wallet allows quick purchasing of NFTs with fiat (or crypto) with functional ease. The firm wishes to tap into the available community by rewarding holders with various scarce NFTs.
The Non-Custodial Wallet is the ready solution for digital asset enthusiasts looking to transact, store and earn NFTs with ease and accessibility — all under one interface. This opens an immense array of options to start buying and collecting your favourite assets.
Unlike most other DeFi investments, the CoinBurp Wallet is protected by the company’s $100M insurance. Notably, this classifies the project as one of the first DeFi-based products with institutional-level insurance for its users.
Following the alpha release, the platform’s native token, $BURP was launched publicly on IEO/IDO platforms. Usually, it is observed that the broader the use-case, the better the asset. The architecture of $BURP possessing diverse use-cases for holders ensures its sustainability, nurturing continuous improvement and engagement.
$BURP claims a wide range of uses including staking for rewards, used for DAO governance, and provides holders with the opportunity to win exclusive NFTs. There is a total circulating supply of 500,000,000 of these tokens, with that maximum number to be reached by 2028.
If all goes according to plan, a beta launch of the CeDeFi CoinBurp Wallet will follow by September.
Fundamentally, CoinBurp stands as a bridge where ease of use and simplicity of an online marketplace meets with a wallet linking the best qualities of the Centralised Finance (CeFi) and Decentralised Finance (DeFi) worlds. It also provides a DAO Governance Model with a $BURP utility token.
It is the first of its kind application to offer complete integration of NFT purchases with fiat currency. Conducted in a secure and insured manner, while taking advantage of a DAO model, and rewarding users with the $BURP token in a truly decentralised manner.
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