Coinvest is a new decentralized exchange with an emphasis on trust and automation. Coinvest aims to consolidate cryptocurrency trading and the associated fees in a single platform, integrated with a wallet for its proprietary token COIN and eventually a full-fledged exchange.
“Our platform will be an all-in-one investment platform, wallet, and exchange (future),” the Coinvest team wrote on the project’s blog. “We aim to be a one-stop solution that enables anyone to easily buy, invest in hundreds of different cryptonized assets, and spend cryptocurrencies using only one wallet and one coin.”
Coinvest’s wallet is unique in that it has a built-in investment trading market. Its sister projects, Coinvest Plus and Coinvest Vault, represent a full-fledged decentralized exchange and a premium hardware wallet, respectively.
How Does It Work?
The Coinvest team presents a real-world scenario for the project’s primary use case. An investor does some initial research and settles on 20 core coins around which he or she plans to build a portfolio. In the standard investment scenario, this hypothetical investor would then have to follow a series of complicated – and costly – steps, with the possibility of losing sensitive information to a hack or an insecure system at each one. The investor would have to find the exchanges that support his or her chosen coins; perform separate know-your-customer checks for each exchange; place 20 separate trades, each with a percentage fee; ensure that all of the appropriate wallets for each coin or class of coin are set up and duly secured; keep track of 20 different private keys; and, finally, perform fiat conversions if he or she makes a profit on any of the coins after trading fees are accounted for.
By contrast, Coinvest’s platform could allow the hypothetical investor to perform all 20 trades as part of one smart contract for a single low fee – $4.99. All actions are performed via a single proprietary wallet with best-in-industry tech support and security. Probably best of all, there’s no need to convert to fiat and incur not only additional trading fees but also potentially complicated tax liabilities. The Coinvest wallet has built-in debit card support, which effectively is the holy grail of the crypto arena – being able to directly spend your hard-traded coins for goods and services.
“Today, current solutions in the market are just too complicated,” the Coinvest team explained. “We want to make this so easy that even grandma can use it and participate in this new revolution.”
How Secure Is Coinvest?
Coinvest’s security measures and regulatory compliance are especially rigorous. This is vital in the crypto world, where the sheer quantity of money being thrown around across national borders and regulatory systems tends to attract a plethora of bad actors, hackers, phishers, and more.
Coinvest’s wallet, trading platform, and nascent decentralized exchange are transparent with independently audited code and community bounties for bug hunting. It’s also fully compliant with all applicable government agencies, including the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority.
Additionally, Coinvest Vault’s planned hardware wallet offers unmatched security for all kinds of supported currencies. It’s common knowledge in crypto that cold storage is the only truly safe storage medium, being totally disconnected from the internet and its inherent dangers. It’s extremely reassuring to see that this kind of support is already planned for the Coinvest platform, taking it a step above comparable – but lacking – platforms.
Who’s the Team Behind Coinvest?
Coinvest’s core team membership roster features a deep pool of talent from top players in the tech and commercial sectors, including Microsoft, Wal-Mart, and Hotels.com. The advisory board is likewise stacked with founders and top-level executives from Mashable, Microsoft, Disney, and Republic.
The founder and executive director of Coinvest is Damon Nam. Before founding Coinvest, Nam served with Microsoft for 16 years, most recently as the company’s U.S. services partner program director. In this role, Nam coordinated operations with 75 member organizations and was directly responsible for $90 million in annual revenue.
Technology director Byron Levels has a laundry list of company credits on his resume, having previously served with Microsoft, AT&T, and American Airlines.
Coinvest also stands out due to its advisory committee, which is headed up by Tony Cashmore, the CEO of Mashable, and Tony Scott, the CEO of Tony Scott Group.
What’s the Market Look Like?
COIN is a relatively new player in the crypto field, and yet it has already managed to rack up a market capitalization of about $1.68 million with an October per COIN price of more than $0.16. COIN’s total supply is 107,142,857, and the circulating supply is (as of October 2018) 10,168,177.
The fundamentals for this coin speak for themselves. Although the market capitalization is still relatively low, this represents an enormous growth opportunity. The team expects its end-of-year 2019 revenue to be closer to $45 million.
It’s also worth noting that COIN has, in a relatively short time, brought three major revenue-generating products to market. That in and of itself makes it a standout in the cryptocurrency sphere, as many projects turn out to be “empty white papers” without a solid product backing upon close inspection.
What’s Next on the Roadmap?
Coinvest has come a long way in a fairly brief period. The team has already launched a beta version of its trading platform, which you can visit here. Coinvest grants beta testers 10,000 COIN for mock trades to both try out the system and identify ways in which the project can be improved by its developers. This is more important than just a test net – it signals a willingness to transparently engage with the developer community to produce a superior, community-driven product. That’s especially important for a project that aims to be the next big decentralized exchange.
On the theme of transparency, Coinvest clearly lays out its next steps in the roadmap presented in the project’s white paper.
By the end of 2018, Coinvest plans to have its wallet asset exchange up and running. It also expects to have a working prototype of its hardware wallet available. By the first half of 2019, Coinvest’s ambitious plans include added trading options, like futures and ETFs; the launch of the hardware wallet; a secured banking license; and full debit card support.
Coinvest’s business plans are ambitious, but the project conception and core team are more than capable of carrying them out. Coinvest’s focus on security and transparency are refreshing in a market fairly rife with potential bad actors, and its conception of a one-stop-shop wallet greatly increases both the security and, frankly, the simplicity of getting involved in crypto investing. Moreover, the project seems to be future-oriented, with solid growth plans in place for both wallet and decentralized exchange trading, as well as long-term cold storage via a fully supported hardware wallet.
Plenty of projects in the cryptosphere kind of run out of steam after an overly ambitious white paper. Coinvest has already achieved a great deal with a relatively low market cap, making it a potential blockbuster for future investors.