The PayPal for cryptocurrency trading: Trading platform moves out of beta testing
As the popularity of cryptocurrency started to rise a few years back, consumers were looking to spend their new digital stash of cash online in place of a credit card. The problem? The confidence that you could legitimately use cryptocurrency without being defrauded.
Brothers David and Ed Sapper, along with a third partner, saw this concern and an idea came to them: they wanted to build a trading platform that would have the same credibility as PayPal does for online purchases.
“It’s ingrained in our heads that no matter what website we go to, no matter what we buy, if it’s a PayPal checkout bot on the website we automatically assume that, you know, PayPal has our back,” says David, co-founder and chief operating officer.
“We really wanted to create that middle ground for the users where we could say, we are licenced, we are regulated, we are insured, and provide that trading with confidence.” Sapper says.
BlockBid is registered and licensed with Australia’s government body for financial transactions, and works with underwriters in the UK to ensure users won’t lose their money.
Not “just another kid on the block”
It was really important to Sapper that Blockbid didn’t white-label its platform; owning the platform meant the team needed to invest the time and money into building the platform from scratch.
“To build a platform that allowed us to transact faster, quicker than any other platform out there, while at the same time maintaining functionality and security, to also a back-up system that we got insurance for, was paramount from day number one.
“Because otherwise we’re just another kid on the block, that’s just coming out with the cool thing that’s going to get a little bit of money.”
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