Coinify continues to influence an emerging market with its focus on regulations
LONDON and COPENHAGEN, Denmark, July 23, 2019 /CNW/ — Based on its recent analysis of the global financial services market for blockchain-based platforms, Frost & Sullivan recognises Coinify with the 2019 Global Growth Excellence Leadership Award. It offers individuals, merchants, payment processors, and institutions a central hub to trade, accept, and pay in multiple virtual currencies and exchange to local fiat currency. With a portfolio of options for virtual currency payment and trading, white label solutions for payment service providers and merchants, and a technology-agnostic infrastructure to facilitate exchanges at a fair price, Coinify is charting a strong and sustainable growth path.
Coinify has been contributing to regulation development by providing input and guidance to establish virtual currency norms with global and national regulators, such as the Danish Financial Authority, the Danish Tax authorities and international groups such as the Blockchain and Virtual Currencies Working Group under the European Commission. The company ensures “know your customer” approaches and compliance checks become normalised in the crypto-wallet sphere.
“While many proponents of virtual currency dedicate themselves to a single coin, chain, or technology, Coinify takes an agnostic approach to expanding and connecting the entire ecosystem. Coinify serves as a simple one-stop shop by accepting 16 virtual currencies and receiving fiat (national) currency and trades in 17 crypto-currencies,” said Deepali Sathe, Senior Industry Analyst at Frost & Sullivan. “Bridging the divide among individual currency buyers, traders, and payment service providers, Coinify effectively future-proofs itself and is developing into a reliable multi-currency clearing house.”
The company built the white-label platform specifically for integrations with the financial sector and traditional corporate structures. It built its platform with streamlined application programming interface links so partners can build their interface on top of it. It is one of the few platforms that facilitates purchases with bank transfer or credit card transactions. It supports virtual currency acceptance so physical and online stores can receive crypto-currencies while Coinify disburses local currency.
In the last two years, Coinify has expanded its product portfolio and feature capabilities to empower users, merchants, and service providers with a range of integrations, enabling an impressive assortment of simplified virtual currency services. Despite the fluctuations in the virtual currencies market, Coinify continues to add volumes and improve margins while expanding offerings and growing operations in more than 70 countries. Coinify’s four acquisitions in the last four years—BetterCoins, Coinzone, Bitcoin Nordic, and BIPS—add trading and foreign exchange experience, headcount, and footprint across the globe.
“Coinify is in a unique position in the virtual currency market to leverage the experience and background of an established institution along with a start-up technology and attitude,” noted Sathe. “It has doubled its headcount in the past two years to more than 50 individuals and continues to prioritise the input and engagement of the entire team. With its focus on regulatory compliance and product portfolio expansion, Coinify demonstrates a commitment to scaling up sustainably.”
Each year, Frost & Sullivan bestows this award upon the company that demonstrates excellence in growth and customer value. It recognises the superiority of the product/service as well as the overall customer, purchase, ownership, and service experience offered, which results in the recipient company seeing above-market growth and greater share of wallet. The award lauds the growth, diversification, and sustainability strategies of the company.
Frost & Sullivan Best Practices awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Coinify is a global virtual currency player offering two-way virtual currency conversion services for businesses and individuals. We provide a platform for various currency trading and payment processing services: individuals can buy and sell virtual currencies; wallets can utilise our white-label solution to offer in-wallet trading; and we have a payment suite with virtual currency payment products for online merchants, payment service providers, retail stores and more. Incorporated in 2014 and headquartered in Denmark, Coinify is backed by SEB Venture Capital, Nordic Eye Venture Capital, SEED Capital Denmark, and Accelerace. Recent industry awards and recognitions include: Best Practices Award for ‘Global Blockchain Financial Service Provider 2017‘ by Frost & Sullivan; ‘Emerging Star – Fintech 100‘ by KPMG & H2 Ventures; ‘Top 100 FinTech Europe‘ 2017 & 2016; Nordic Startup Award for ‘Best Fintech Startup Denmark 2017’; ‘#22 in Top 50’ Financial IT Pathfinder Ranking; and The Diversity Award 2018 by the European Women Payments Network. To learn more, please visit coinify.com.
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SOURCE Frost & Sullivan