by Jamie Holmes
Cointed, an Austrian cryptocurrency exchange based in the Tyrol region, is venturing further into the space with a variety of services based on four pillars. The firm is venturing into a green energy mining operation, expanding their network of Bitcoin Teller Machines (BTMs) and a bitcoin-based payment solution for companies. With such a diverse business offering, Cointed is aiming to drive adoption amongst both businesses and consumers. On top of that, customers will be able to exchange bitcoin for gold via their website.
Cointed was founded in late 2015 by CEO Christopher Rieder and CFO Wolfgang Thaler. In their first year of business, the emerging startup managed to win more than 5,000 satisfied customers with the online portal and become the leading operator of Bitcoin ATMs, or BTMs, in Austria within the second year. Cointed's ambition is to become the leading provider of cryptosciences and BTMs in Europe.
Cointed's Four Pillars
The online exchange offers bitcoin as well as popular altcoins including ether, ether classic, dash, monero, and zcash for Euros, US Dollars, and British Pounds. Buy and sell trades have a low fee of 0.3 percent. Users can also try demo mode if they are new to trading before moving to live trading. Trading accounts can be funded with a variety of payment methods such as bitcoin, credit card, Skrill, and PayPal.
The company's Bitcoin ATM network spans 32 locations where users can buy bitcoin with cash, with most available day and night. Buying fees range from 3.5 percent to 4.5 percent, with locations in all major Austrian cities, and multiple locations in the capital Vienna at Cafe Saad and Vienna West rail station.
As the third part of Cointed's diverse strategy, the company also has an in-house mining operation utilizing 'green' energy. Cheap energy generated via hydroelectric dams is used as an input for cryptocurrency mining. The company owns hardware installed in different small hydroelectric power plants spread throughout Austria. A special algorithm recognizes which currency is most profitable to mine and changes automatically, providing a great opportunity for customers to mine cryptocurrencies.
The fourth pillar of Cointed's business is PayCo, the Bitcoin based payment solution for companies, making it easier for merchants to accept bitcoin. Cointed's CEO Christopher Rieder says, “With PayCo customers will be able to pay with bitcoins at the shop or online and the entrepreneur will get money on his bank account if he wants it. It is cheaper and safer than the common credit card payments.”
On top of their ventures into the cryptocurrency scene, a special benefit for their customers should be the possibility to buy gold with bitcoins online. Over the next few weeks, Cointed will be expanding their services step-by-step, encompassing an impressive range of services that will no doubt drive bitcoin adoption even higher in Austria and expand the reach of the emerging digital economy.