Founded in June 2014, CoinCorner is a UK bitcoin and blockchain technology business with over 20,000 registered users. Through our intuitive and easy to use platform we are helping to bring bitcoin to a growing number of consumers across Europe. We have matched £500k GBP with £500k Bitcoin, charging a 1% fee on each side of the trade, equating to 1% fees on £1m. We now want to create country specific versions of our products to accelerate our growth and reach even more European consumers.
Other complimentary services we provide include:
• Mobile wallets for buying, selling, sending and receiving bitcoin. Available on Android, iOS and Windows smartphones
• CoinCorner offers an API which allows access to functionality that the website offers, along with a communication layer for bitcoin’s blockchain. This allows developers to build their own blockchain and bitcoin apps via CoinCorner’s standard REST API, making it quick and easy for fresh new innovative companies to build websites or apps; creating an eco system around CoinCorner. All apps/websites developed using CoinCorner’s API will be published on ‘CoinCorner’s App Store’.
• Payment gateway for internet retailers
• Point of sale app based solution for physical retailers that allow them to accept bitcoin quickly and easily
Our mission is to bring the benefits of bitcoin to the wider public.
“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” Peter Thiel, Co-Founder of Paypal
The impact we plan to have will have is to unlock the full potential of bitcoin as the ultimate low cost, high speed, method of value transference. We hope to change the way people pay for things online and change the way people transfer money globally.
Bitcoin has many potential benefits that could radically change the world of payments. These are:
• It’s decentralised and trustless: meaning no one entity controls bitcoin, governments or banks have no power over it’s existence.
• It’s incredibly cheap: any size of bitcoin transaction can be sent for a fraction of a pence
• Its global: bitcoins can be sent as easily to someone next to you as they can to someone on the other side of the world
• It’s fast: bitcoin transactions are sent instantly and confirmed within minutes
• It’s public: the blockchain is a public ledger of all bitcoin transactions that have ever occurred
• No chargebacks: bitcoin payments are a push payment meaning they cannot be recalled and they reduce fraud
However, there are some issues preventing bitcoin from reaching its full potential. These are:
• Lack of general awareness of bitcoin and its benefits
• Acquiring, using and exchanging bitcoin is often unnecessarily difficult
• Retailer processing facilities can be protracted, overly expensive and inefficient
• Bitcoin price has historically been very volatile
We believe CoinCorner is the solution. We provide a complete bitcoin platform, with the aim of making bitcoin easy for everyone, offering services for both consumers and merchants.
More specific impacts that we aim to have are:
• Make the whole process of buying and selling bitcoin simple for users across Europe
• Remove bitcoin price volatility for retailers
• Make the process of sending and receiving bitcoin simple via our smartphone apps
Substantial accomplishments to date
We have so far achieved a great deal with relatively few resources. Our platform now includes our core website, mobile apps on Android, iOS and Windows, API platform, payment gateway, full back end administration and trading tools for linking to other partners.
• We have over 20,000 registered users
• We have matched £500k GBP with £500k Bitcoin, charging a 1% fee on each side of the trade, equating to 1% fees on £1m.
• Our registered users continue to grow at 500+ per week with minimal marketing spend
• As far as we know we were the first Bitcoin business to launch in the Isle of Man, which is a jurisdiction that is pro-active when it comes to regulation
• We have focused on growing naturally in the UK, building from the ground up, ensuring CoinCorner lists on the 1st page of Google for the majority of ‘buy bitcoin’ related searches in the UK
• We have recently launched our Euro offering, along with a German version of the site, which is the start of our expansion to Europe
• We were the first UK exchange to accept credit and debit cards
You can find out more about the affiliate revenue herewww.coincorner.com/EarnBitcoinsOnline.
Use of proceeds
So far we have achieved a great deal with relatively modest means. We wouldn’t waste our own money and we won’t waste yours. We plan to gain the maximum amount of impact for every penny of money we raise. Careful, calculated expenditure is our plan. Extravagance is not in our ethos.
• Solidifying and further developing our platform
• Adding carefully chosen members to our team in strategic areas
• Ongoing marketing in the UK
• Launch campaigns with ongoing marketing for each new territory
We believe wider public adoption of bitcoin will come in time. The benefits and the technology are just too compelling to ignore. Your investment will give us additional time to capitalise on this exciting new sector.
As a qualifying business for the IOM Financial Assistance Scheme, we would be eligible to claim back up to 40% of costs that fall within certain capital and operating cost areas. More information can be found here:https://www.gov.im/fas"
Please note that this is our aim for the following year however they may change depending on circumstances.