[ANN] A new EXCHANGE service - COINSAFE™

[coinsafe]

COINSAFE™ - An exchange (and trade) service.

Coinsafe™ began formally organizing on January 1st, 2018.  We are a small, self-funded -but determined- startup.

Thus far, Coinsafe™ has;

• Incorporated in the US, CA, MX, and a handful of other countries
• Submitted Trademark applications in over ~125 countries (between 3 International Classes and a dozen G&Ss)
• Written its global compliance policy (first draft), and has created training supporting materials (AML, AT, KYC, etc.)
• Prepared MSB filings for all US states (ready to file)
• Setup banking in the US, CA, MX, and a handful of other countries, namely for cross-border wires and IATs.
• Created technical specifications for the development of an Electron wallet app (Linux, Mac, and Windows desktops [proxy or full node]), and React for iOS/Android/Windows Phone apps (proxy)
• Decided upon using MultiChain as our primary ledger, upon which customer wallets will be created, and fiat equivalents (USD, CAD, MXN, etc.) will be issued as digital assets (e.g.- dUSD, dCAD, dMXN, etc.)

The Coinsafe™ blockchain will be federated (permission-based). It will have its own native coin.  Mining will only be allowed by official and or licensed Coinsafe liquidity providers.  Otherwise anyone can create wallets (accounts), view the blockchain, or service wallets (accounts/customers) with their own independent service(s). 

Coinsafe™ does not plan to support credit cards... only direct banking transfers, deposits and withdrawals.  In the US, this means ACH/wire transfers, in CA this means INTERAC/wire transfers, in MX this means SPEI/wire transfers, and so forth and so on.

Every Coinsafe™ blockchain transaction (send/receive) will cost $1 USD regardless of amount or jurisdiction.

Every CATM (Coinsafe™ ATM) transaction (deposit or withdrawal) will cost $1 USD regardless of amount of jurisdiction.

Notwithstanding the above mentioned Coinsafe™ blockchain transaction fee or CATM fee, fiat deposit and withdrawal (from/to bank accounts) fees of digital assets are based on (1.) JURISDICTION, e.g.-

-LOCAL (same city/area) - up to $1 USD
-INSTATE (same state) - up to $2 USD
-INTERSTATE (same country) - up to $5 USD
-INTERNATIONAL (cross-border) - up to $10 USD

The above fees only apply to Coinsafe™ digital assets... not third party blockchains/native coins like Bitcoin, Ethereum, Litecoin, etc.

More information regarding the Coinsafe™ fee structure will be published in the forthcoming weeks as we better understand our banking connections (and associated fees).

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We are currently looking for a few members to join our team.  In particular, we seek 1 to 3 persons whom are proficient with Electron and React.  Also, 1 or 2 persons with advanced knowledge of the Multichain source code (i.e.- Bitcoin source code).  We are also seeking additional staff.  Competitive compensation for contractors/employees, and vesting opportunities (stock options/stocks) for those whom are willing -and able- to help our core group carry the load and advance accordingly.  If you, or anyone you know are interested, please send a PM to start the conversation.

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Likewise, we are also looking for persons to participate in our beta testing program between now and our launch date.  Initially, we need to test deposits and withdrawals between various banks and jurisdictions.  We will provide beta testers with small amount of monies transferred into their accounts, to which they will need to transfer back into Coinsafe™ accounts.  In particular, users whom are sending money cross-border are of particular interest.  If you currently send money from one country to another, participation will allow you to send it for free!  However, your recipient(s) will also need to participant in our beta testing program.  In a few months, we will need persons to test our desktop and mobile apps.  Anyone interest should send a PM.

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Additionally, Coinsafe™ is looking for business relationships in jurisdictions around the world.  For countries and or states, we are looking for official Coinsafe™ partners (officers/directors/shareholders of the same company), and for cities and neighborhoods, we are looking for licensed Coinsafe™ partners (your company, our brand/service).  In both cases, territories will be exclusive.  Again, PM to start the conversation.

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At the moment, our websites (coinsafe.one, coinsafe.exchange, and coinsafe.trade) are not up and running.  Also, we are NOT doing an ICO, and, the Coinsafe™ native coin will only be mined by official and licensed Coinsafe™ participants (mining will be entirely round-robin, distributed equally/evenly amongst official/licensed participants).

Constructive criticism is welcome, and if you have any questions about what Coinsafe™ is or intends to become, or the services it will offer -do tell!  In the coming days/weeks we will refine this post -and those that follow, to better construct and convey the purpose of Coinsafe™ and its daily/weekly/monthly progress.

We look forward to the conversation!

[Kyera]

the project looks interesting! you can not call the idea completely new and not similar to existing projects, but in this area it is more important to implement than uniqueness) I will follow you, good luck guys!)

[coinsafe]

the project looks interesting! you can not call the idea completely new and not similar to existing projects, but in this area it is more important to implement than uniqueness) I will follow you, good luck guys!)

Correct, the Coinsafe™ app/service is not unique with regards to technology.  Although Coinsafe™ will likely be the only exchange whose ledger is shared among its users/customers.  Perhaps a few other items of similar uniqueness may also distinguish Coinsafe™ from the others, but generally speaking, what really matters to us -is the movement of fiat money... and making it painless and inexpensive.

When you look at services like Coinbase that charge over $400 USD (fees + inflated exchange rate) against a $7,500 USD purchase of Bitcoin, then this is where people will likely find Coinsafe™ to be unique.  The same applies to bank transfer times (up to 5 days with Coinbase).

Users will interact with Coinsafe™ similarly to how users interact with EXODUS (trade service app -no exchange/fiat capability).  The Coinsafe™ app default settings will use SMS (user's cellular number) and email for sending/receiving coins/assets -instead of addresses, though advanced users will be able to toggle between the them whenever they like.  Users will of course be wallet holders, and though the default behavior of the app utilizes proxy mode, advanced users will be able to -at any time- switch to full node mode, and, do as they like with the ledger (read it, build their own apps against it, etc.), and if they like, cold store their Coinsafe™ assets, convert to paper wallet, etc.

So, unlike the other exchanges, Coinsafe™ user accounts will in fact be blockchain wallets (under their control) -not privately held/singularly controlled ledgers (like Coinbase), but the liquidity that is provided is done so as a service (SaaS) against those wallets, and when any of those wallets use an official and or licensed Coinsafe™ liquidity provider... those digital assets are guaranteed by every -other- official and or licensed Coinsafe™ liquidity provider, and each liquidity provider -as per license/contract- is bonded, so as long as a user transaction originated through either an official or licensed Coinsafe™ liquidity provider... its value will be guaranteed 100%.

Coinsafe™ is NOT one singular large company like Coinbase, Bitfinex, Bittrex, etc., instead, it is comprised of multiple small entities under license and treaty.  An example of why this matters; The IRS -via the state of California, was recently able to gain access to Coinbase's top~13,000 customers (by volume), not just those residing in the state of California... but ALL of Coinbase's customers.  This will not be legally or technically possible as it pertains to Coinsafe™, because liquidity is a SaaS against a blockchain that is not owned by Coinsafe™ -but rather the customers (wallet holders).

[JonMaxwell]

when you say atm are you talking physical atm?

[coinsafe]

when you say atm are you talking physical atm?

Yes.  Cash-in/Cash-out ATMs.  For persons residing (banking) in the US, the use of crypto ATMs do not really make much sense, especially considering how expensive they are (their fees/exchange rates).  But, for residents of MX and other Central and South American countries these make a lot of sense, not so much in their ability to exchange crypto, but in their ability to store money and transfer money (fiat) using crypto (blockchain) as the means of exchange.

The amount of money that is remitted from CA and US to MX is significant, and expensive.  We aim to make it easy and inexpensive.

When Coinsafe™ launches, it will legally be able to service customers in dozens of countries, but in the US, Coinsafe™ will only be able to [legally] service a dozen states, unless we decide to commit to licensing in all states (a $200k USD expense in state fees plus $1m in reserves for minimal net worth and bonding requirements plus legal, accounting, etc.)  Initially, our investment schedule included all US states, and in fact we had prepared all of our applications (painful as it was) and they can be submitted tomorrow (or Monday) if need-be.  But, last month we decided against it, instead we are going to spend some of our capital on installing CATMs up and down the coast in CA/US/MX, and in a few other key locations in MX.

We want users to use Coinsafe™ not only to exchange their fiat into or out of whatever crypto (quickly/inexpensively), but to also use it as a means of moving money locally, instate, interstate, and internationally.

When we grow up, we would like to participate on the Ripple settlement network, and actually bring -non bank- liquidity to the table, because the sooner we -and every other Fintec company- can stop having to rely on banking, the better it is for everyone.  Banking is why crypto exchange is so expensive.

[JonMaxwell]

looks like your talking west coast looks like i will just have to look from the outside in

[coinsafe]

looks like your talking west coast looks like i will just have to look from the outside in

It always boils down to expense and difficulty.  Washington and Oregon are inexpensive and somewhat easy, but California certainly isn't.

Some states are just downright ridiculous in terms of what they require and how much it costs.