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Revision as of 14:02, 20 August 2015
CoinCorner is a universal Bitcoin solutions provider, based in the Isle of Man. It was founded in June 2014 by Daniel Scott, David Brown, Phil Collins and Charlie Woolnough as a solution to the problem of wanting to buy Bitcoin in the United Kingdom.[1] The Company was self-funded for the first 10 months, but has since raised an undisclosed amount of funding from a private investor.
CoinCorner launched as the first Bitcoin exchange on the Isle of Man.[2] It currently accepts deposits via bank transfer, credit and debit card and claims to be “Arguably the easiest to use Bitcoin exchange in the world”,[3] with two simple entries and one-click trading.
CoinCorner is focused on security and keeps over 90% of customer funds in cold storage as well as offering two-stage authentication to all users.[3]
It currently offers an exchange, mobile wallet (for Android, iOS and Windows Phone), Bitcoin Payment Gateway and Point of Sale application [4].
History
The development of the platform began in May 2014 with a team of 3.
CoinCorner was founded on 18 June 2014.
In July 2014, the CoinCorner team expanded to 5 employees as the exchange went live for trading.
CoinCorner launched Phase 2 in September 2014, which included:
- Public/Private APIs
- Mobile Cloud Wallets for iOS and Android.
- Point of Sale App and Terminal
- Merchant Gateway for Ecommerce
- Company Billing
In October 2014, CoinCorner announced that customers could deposit via credit card and debit card.[5]
In January 2015, CoinCorner moved to offices in Douglas, in the centre of the Isle of Man’s business district.
The Isle of Man introduced regulations for digital currency businesses on 1st April 2015,[6] and CoinCorner became the first cryptocurrency exchange in the world to fall under the Proceeds of Crime Act 2008 on the Isle of Man. The Company received an undisclosed amount of funding from a private investor and expanded the team to 7 employees.
Bitcoin and the Isle of Man
The Isle of Man has welcomed Bitcoin-related businesses,[7] with Head of e-commerce for the Isle of Man, Peter Greenhill, telling Business Insider, "The aim is to be the most attractive place in the world for cryptocurrency companies to work from."[8]
The Isle of Man Government amended the Proceeds of Crime Act 2008, introducing regulations to cover Bitcoin companies, including exchanges, operating on the island from 1 April 2015. They believe that "A combination of regulation and encouragement can not only reverse Bitcoin's reputation, but also push it towards the mainstream."[9] These businesses must now comply with the Isle of Man’s anti-money laundering (AML) laws.
References
- ↑ About, CoinCorner.
- ↑ "CoinCorner Launches as Isle of Man's First Cryptocurrency Exchange", CoinDesk.
- ↑ 3.0 3.1 CoinCorner Bitcoin Exchange, CoinCorner.
- ↑ Home, CoinCorner.
- ↑ "CoinCorner Now Accepts Debit and Credit Cards for Bitcoin Purchases", CoinDesk.
- ↑ "Isle of Man Introduces Regulation for Bitcoin Businesses", CoinDesk.
- ↑ "Isle of Man Welcomes Digital Currency Exchanges 'No License Required'", CoinDesk.
- ↑ "Here's the Isle of Man's plan to become a Bitcoin paradise", Business Insider.
- ↑ "Bitcoin Island: cleaning up the crypto currency", BBC.