Coinsetter Exits Beta to Target Institutional Traders
New York-based bitcoin exchange Coinsetter has lowered fees to 0.10% following its official launch.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BQHRATKX4ZGXVB3PWUKLW4GRTM.jpg)
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.
Evolving company
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:
Regulatory clarity needed
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.
Committed to New York
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
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.