Frustrated with the strenuous process and lengthy waiting times associated with obtaining cryptocurrencies, the team behind CreditCoin had an epiphany. Cryptocurrency was clearly having a revolution and demand was quickly increasing and being adopted into the mainstream, yet something was missing. The team noticed that exchanges were hard to navigate and drastically complicated for an amateur to figure out. They imagined a streamlined platform that would essentially be an “easy button” for people desiring to purchase cryptocurrency but knowing nothing about it. Users wouldn’t have to know how to set up an eWallet or even what an eWallet is, and most importantly, they wouldn’t have to worry about the tedious process of connecting their bank account.
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Enter the finished product, CreditCoin.com, a simple place for the average Joe or Jane to visit, ask for the cryptocurrency they desire, pull out their credit or debit card and then just sit back and have everything done for them. A secure, offline wallet in the form of a PDF is instantly created with the purchased cryptocurrency loaded and immediately accessible to them.
“Obtaining cryptocurrency shouldn’t have to be a painful process” said Jennifer Hansen, spokesperson for CreditCoin. “CreditCoin uses a proprietary KYC (Know Your Customer) process that allows us to screen customers with the fewest number of questions possible, resulting in a very simple, smooth user interface.”
CreditCoin allows consumers to buy and access up to €5,000 (approximately $5,800 USD) worth of cryptocurrency within minutes on Day One. Up to €20,000 (approximately $23,200 USD) in cryptocurrency can be purchased in a 30-day period and the volume can be increased over time. The volume that CreditCoin allows users to purchase on a credit or debit card is much greater than many popular exchanges; a major competitor only allows users to purchase a little over $1,000 a week in cryptocurrency using a debit card.
The team behind CreditCoin brings years of experience in KYC procedures based on learnings from tens of millions of card-not-present transactions which is what allows them to be so quick with the registration process.