Coinsetter Exits Beta to Target Institutional Traders

New York-based bitcoin exchange Coinsetter has officially exited beta, ending the trial stage of its product that began in November of last year.

To promote the launch, Coinsetter is lowering exchange commission fees to 0.10% for most active users, down from 0.25-0.50%. Furthermore, the exchange now offers both email and live phone support.

Speaking to CoinDesk, Coinsetter CEO Jaron Lukasiewicz explained that he feels the exchange is now ready to launch because its liquidity has finally caught up to the quality of its trading tools – a development that allows it to now expand its customer base into new verticals.

He said:

Lukasiewicz went on to suggest that active bitcoin traders should consider the platform due to its easy deposit and withdraw options, and industry-leading trading fees.

To date, Coinsetter has raised $1.5m from investors including Barry Silbert and Tribeca Venture Partners.

Lukasiewicz indicated that the launch follows what he described as a successful beta that helped the company expand on its concept ideas to deliver a more nuanced and full-featured product to the market.

In particular, he cited the quality of Coinsetter's API as one example of this growth, saying:

Lukasiewicz further noted the company's price alert offerings and LaunchKey product – the latter allowing customers to log in by swiping their mobile phone – as examples of features customers are unlikely to find on other exchanges and added that more advancements are on the way:

The launch also notably coincides with the ongoing debate over New York's proposed bitcoin regulations, published last week.

When asked how the measures could affect Coinsetter, Lukasiewicz suggested that he feels that the action is positive in principle, but that he would like more clarity regarding how companies like Coinsetter would be affected:

The rules are unclear on whether Coinsetter is subject to money transmitting money licenses and whether they have the ability to hold custody of customer funds, he said.

Coinsetter is now submitting its comments to the New York Department of Financial Services  in the hopes of receiving more clarity, and Lukasiewicz is optimistic about its prospects in the location long-term:

He went on to laud New York as a great testing ground for the company, one that allowed it to make key connections with the state's existing financial industry.

Lukasiewicz concluded:

Trading chart image via Shutterstock