According to CoinMarketCap, there are nearly 1,400 cryptocurrencies trading on over 7,500 markets. The explosive growth of cryptocurrency has led the mainstream business community to realize the value and importance of blockchain technology – the core foundation of most crypto assets.
Blockchain technology can be applied to most business models, helping eliminate intermediaries, scale globally, save costs, and increase security across a business. By using smart contracts and an immutable ledger, blockchain will eliminate the risk of digital hacks and improve on most operating inefficiencies. For this reason, it is gaining popularity.
I had the chance to speak with Cointal’s CIO/CMO, Youssef Azzouzi, on how his company is helping individuals and businesses utilize cryptocurrency to fuel the blockchain revolution.
Tell us a little bit about yourself:
I am the CIO/CMO at Cointal, a multi-national team of experienced traders, developers, visionaries, marketers trying to make cryptocurrencies easier for everyone. Our P2P marketplace connects buyers and sellers directly, eliminating many of the headaches involved in cryptocurrency buying/selling. Cointal went from a small startup one year ago, to doing over $15 million in trading volume over the past two months. This is my greatest career accomplishment!
What was your inspiration behind Cointal? When did blockchain influence you?
We noticed what the cryptocurrency ecosystem was lacking and decided to take things into our own hands. The idea initially came to our CEO, Mohamed Imad, while discussing it with our CTO/CSO, Ahmed. It all came rather casually rather than seriously. We all had business in our blood and couldn’t resist to join in on another passion project and help provide a service that would help expand the influence of cryptocurrency and blockchain technology.
We started by hiring one of the best developers in the country, who previously worked with Samsung. In the early-stages, we designed the product around all of the pain points we experienced on other platforms. In this sense, we scratched our own itch and made sure Cointal would always be something we would personally love using. And one year later, here we are!
What makes you guys different than your competitors? What is your competitive advantage?
Simply put, we try to offer everything our competitors don’t and provide the best user experience. Some of the examples include no deposit or withdrawal limits, instant transfers rather than potential blockchain delays, no fees for buying, minimal 1% fees for selling, and a wide range of payment methods.
I personally consider that we are just getting started, since our biggest competitive advantage is our flexibility and adaptability. If anything goes wrong, the whole team stays awake until it’s fixed. If a feature is missing, we start working on implementing it first, while trying to improve it as we go. We are still very scrappy and hands on, despite our recent success.
What is the biggest problem currently in the blockchain market?
As with any revolutionary technology, there have been growing pains in the blockchain world. Originally designed to be instant, secure, and frictionless, accessing and using cryptocurrencies can still be complicated. Fees, transaction times, and conversions are taking longer and longer. Most platforms are too complicated for the average new user. This is no one’s fault, but just the natural progression of a fast moving and disruptive industry.
That’s where we kick in. Cointal focuses on doing anything for the market to help it become smooth and stay smooth. This is a long-term focus of ours.
If there is one thing you could change in the blockchain industry, what would it be?
It is important to study and understand the potential of cryptocurrencies and Blockchain technology in a more generalized fashion, throughout the world.
The problem is we need systematic education, support, and adoption. It is the future of the economy, so why not work towards a faster adoption? Blockchain technology will make everything easier in the long run. I would love to see all industry participants work together and form a synergy that will lead to the safe and thoughtful cryptoworld that we are striving towards.
What does 2018 have in store for you guys?
The new year has a lot in store for Cointal. We built the platform to be light, versatile, flexible, and user friendly. Due to this, we can move fast to implement new features. In 2018, we will be adding more cryptocurrencies, such as our recent Bitcoin Cash release.
We are also currently working on a program called Unity, which will allow you to buy and sell all the available cryptocurrencies directly with a Credit/Debit card, PayPal, and or bank transfer. You will then be able to use your cryptocurrencies directly on many other platforms with our upcoming feature, the ‘’Pay with Cointal’’ button. Using our free wallet provided and secured by Bitgo, users can do everything from day to day shopping to major purchases with their crypto.
In the long-term, we intend to make Cointal hard wallets, a Cointal marketplace, a Cointal debit card, and much, much more. If we can help more people use cryptocurrency and understand cryptocurrency, more people will realize the full value of blockchain technology to better the world.