CoinX is a brand new Bitcoin exchange that just opened its doors, and we caught up with founder Megan Burton at the Money2020 conference in Las Vegas to learn what her company is all about.
Burton came from an IT and security background and took the opportunity to throw her skills into the increasingly weird world of money.
Operating out of Atlanta, Ga., CoinX is all about turning conventional money into the anonymous digital currency called Bitcoin, and Bitcoin into conventional money. It’s also the first to actually take financial compliance seriously.
The company makes its money by charging a small percentage of the total transaction and it’s reasonable as could be. Anyone buying 500 bitcoins or fewer is only charged a 0.3% fee, and with a Bitcoin’s value holding around $127 at the time of this writing, that’s the only fee
Given that CoinX is a money market in its own right, it only makes sense that it relies on some heavy-duty strategies to operate securely. In this case, it’s the NYSE’s defense in-depth strategy:
The CoinX platform utilizes the same hosting facility and corresponding security protocols as the New York Stock Exchange. It is registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network and is fully compliant in the jurisdictions that it trades. The company is actively working with regulatory authorities across the United States to secure money transmitter licenses in all 50 states.
In simpler terms, startup Bitcoin exchange CoinX operates on some of the same technologies that keep that financial powerhouse called the New York Stock Exchange in running order, and it does so while following all the rules. CoinX and the NYSE are so closely linked that the NYSE logo appears on some CoinX marketing.
Who knows how long until we can pump our bitcoins from CoinX directly into the NYSE’s more classical financial machinery?