One of the most important Oxycoin services would be the portal between fiat and cryptocurrencies. Every country has its own laws and regulations. Oxycoin office is based in The Netherlands so they plan to tackle the regulation issue there first. Afterwards they will expand their services to Europe and try to make it usable on a global scale.
Below is our interview with Mathijs Bouwer from Oxycoin:
Q: Why Oxycoin?
A: We would like to emphasize the need for products like Oxycoin in the cryptocurrency market. Lack of liquidity and overvaluation are two major issues the cryptocurrency market currently has. Oxycoin solves these issues by increasing daily limits and simplifying the transition between fiat and cryptocurrencies. We would like to make digital cash for everyone, and we can accomplish this goal by combining 4 major services into one mobile app.
Our second biggest service would be our exchange. After you buy your desired cryptocurrency with fiat directly in our app, you’ll have the choice of swapping this cryptocurrency for a different one within our app. This makes us the first company to combine an exchange and a gateway between fiat and cryptocurrencies in a single app on your phone.
Besides buying and selling, Oxycoin likes to keep things decentralized and secure. So, we let all of our app users store their private keys themselves. This makes it less attractive for hackers to try and hack a private key database, and this gives our users a more secure feeling. Users will access their wallets by filling in their pin code, using finger touch ID or by using facial recognition. Besides implementing several different wallets, the Oxycoin app will have an advanced portfolio tracker. Our tracker enables users to see what profits or losses have been made since they originally bought the coin. We will also implement a tool that can convert the difference in BTC price, so you know exactly what gain or loss you have made compared to fiat.
Our fourth service is one that helps users understand the risks of trading and participating in the cryptocurrency market. Our news room will be live everyday sharing all global news related to the cryptocurrency market and the coins integrated in our app. We will also review new ICO’s, add them to an ICO list in our app and create technical charts of the coins that were featured in the news that same day.
Q: What makes Oxycoin different than other cryptocurrencies claiming to offer the same services in the future?
A: We are a company that hasn’t invested a lot of time and effort into marketing and promotion yet. Instead of selling a concept, Oxycoin decided it would be better to form partnerships that are necessary for a financial app, before promoting it as a product. This way we will never let our community down by postponing deadlines and announcing promises that we’re not sure we can keep.
Q: What types of partnerships are we talking about?
A: The cryptocurrency market is still an unregulated playground in which people from all over the world can start projects. But for projects that try to innovate the financial market, you’re going to need some partners that can cover the proper licensing and prove that we apply KYC and AML policies. So, to start we’ve been talking to Banks. By offering full transparency one of the top three banks in The Netherlands agreed to form a partnership with Oxycoin. This partnership is a good start for offering our product on European scale. We think this partnership might be enough to make Oxycoin a global product, if not we’re going to utilize our network and form new partnerships so we can expand to China and the US.
Q: How do people currently buy cryptocurrencies in The Netherlands?
A: In the Netherlands, we have four companies that enable Dutch citizens to buy cryptocurrencies (excluding the Coinbase app using SEPA). The transaction fees are high and the limits are low. In this heavily growing market an investment of €1.000 can turn into €20.000 in no time. But if you wish to sell, your daily limit is set to a max €1.000 per day. After sending your personal information with a photo of your ID, you can increase your limit to €10.000 a day. But this takes patience and if you want to contact support, you will get a kind message about how heavy traffic has made them shut down their phone lines.
I guess your options for buying cryptocurrencies aren’t too bad if you raise your limits to €10.000 on all four of the sites. But the limits aren’t the major problem, the problem is the complexity. People buying on those sites need to understand how to transfer their cryptocurrencies to their own wallets on their computer. This limits the amount of people investing in cryptocurrencies. That’s one of the main reasons Oxycoin was born: To form a simple, fast and secure bridge between cryptocurrencies and fiat.
Q: Why aren’t you listed on a bigger exchange?
A: We have been talking to several exchanges including Bittrex and Binance. At first, we thought we might roll into the 5th coin listing poll on Binance, but unfortunately our coin was too young to compete against some older large cap altcoins. So afterwards we focused on Bittrex. After a long attempt, and Bittrex’s slow support we decided Bittrex wouldn’t be a good option either at this stage. After this conversation, a lot of our team/community members kept talking and brainstorming about a new listing, while losing their focus on the development of the app. So, we decided to temporarily drop the priority of a large exchange listing. A large listing would only be good for a short-term price boost, which is not what we’re looking for at Oxycoin.
We try to deliver before we promise, and by doing this we hope to never get the title of a ‘Hype Coin’, which most concept coins get after being listed on a large exchange. We wish to grow continuously and are here for the long run. A large listing wouldn’t help Oxycoin in the long-run, but would only enable ICO supporters to flip a quick profit. And besides, if people really want Oxycoin, they still have the option of buying them on two exchanges with a fair