The cryptocurrency trade has witnessed huge 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 trendy 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 facility 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 corporations.
Launched in January 2021, Cryptofon is likely one of the fast-growing exchanges in Estonia and goals to launch in different nations quickly. The trade 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 trade offers quick, safe, and dependable trade providers to its prospects with a aim to increase its providers 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, stated,
“My preliminary intention for establishing Cryptofon was to have a licensed trade. We spend hours every single day on financial institution integrations, bank card integrations, designs, agreements, providers, personnel, cybersecurity, and extra.”
A Technical Masterpiece From Xtremcoin Code
Cryptofon trade 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 intention to offer crypto trade providers to thousands and 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 a variety of cybersecurity instruments together with HSM, LTM, LTE, and Firewall.
Additionally, Cryptofon additionally advantages from Chinese-origin providers with potential partnerships with Pusher, Bitgo, Simplex, BitcoinAverage, and OVH within the works. Kalem acknowledged extra partnerships are anticipated over the approaching years.
The workforce additionally stated the trade is planning to launch its Cryptofon Metal Credit Card which is able to permit holders to meet each day purchases utilizing crypto. At the core, Cryptofon goals to supply the most effective safety of shoppers’ funds with an enhanced actual central administration system “with particular applied sciences”, an announcement from Cryptofon’s government workforce learn.
