The cryptocurrency business has witnessed large development in worth over the previous few months – topping the $2 trillion mark in market capitalization earlier this yr. Key to that is the obscene development charges of cryptocurrency exchanges, which have created on-ramps, enabling one of many largest asset transfers in fashionable historical past from fiat to crypto.
Despite the expansion, governments are nonetheless reluctant to supply licenses of operation to crypto exchanges. Money laundering, illicit activities, and the ability shift from central banks to crypto has seen many entities within the area lack a nod from the federal government to function in most nations besides Estonia, which got here up with blockchain-friendly legal guidelines to license crypto companies.
Launched in January 2021, Cryptofon is without doubt one of the fast-growing exchanges in Estonia and goals to launch in different nations quickly. The change was launched by Mr. İbrahim Kalem, a former baker managing seven firms and one holding agency in France, and Mr. Hakan Atabaş, a devoted server and net developer who pivoted to blockchain growth in 2011.
Cryptofon gained its license to function in Estonia during the mass licensing period by the federal government final yr. The change gives quick, safe, and dependable change companies to its clients with a aim to broaden its companies to different nations globally within the coming yr, Kalem shared in an interview. Speaking on the ambitions of the challenge, Atabaş, technical supervisor of Cryptofon, mentioned,
“My preliminary goal for establishing Cryptofon was to have a licensed change. We spend hours day by day on financial institution integrations, bank card integrations, designs, agreements, companies, personnel, cybersecurity, and extra.”
A Technical Masterpiece From Xtremcoin Code
Cryptofon change is predicated on the important codes of the “Xtremcoin” challenge, a brainchild of Hakan Atabaş, who can be the important thing in writing codes for different tasks together with Hepcy, Geliyoo, and Kriptoal. Following a deep dialogue with Kalem, the 2 got here up with Cryptofon with an goal to offer crypto change companies to hundreds of thousands of individuals needing a channel to commerce and spend money on cryptocurrencies.
According to Atabaş, Xtremcoin’s code is “outfitted with extremely essential cybersecurity measures by way of its working precept”. The challenge is designed with OWAPS Application Security Verification Standard 3.0 and advantages from quite a few cybersecurity instruments together with HSM, LTM, LTE, and Firewall.
Additionally, Cryptofon additionally advantages from Chinese-origin companies with potential partnerships with Pusher, Bitgo, Simplex, BitcoinAverage, and OVH within the works. Kalem acknowledged extra partnerships are anticipated over the approaching years.
The crew additionally mentioned the change is planning to launch its Cryptofon Metal Credit Card which is able to enable holders to meet every day purchases utilizing crypto. At the core, Cryptofon goals to supply one of the best safety of shoppers’ funds with an enhanced actual central administration system “with particular applied sciences”, a press release from Cryptofon’s government crew learn.