Singapore-founded crypto startup Change is seeking to fight off the growing competition in the sector launching a zero-fee mobile application for cryptocurrency trading and conversion.
According to a company statement from Wednesday, the app, named Change Wallet, currently supports conversion of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and Tether (USDT). It is available for iOS and Android to residents of the European Economic Area (EEA).
Yet, in an earlier blog post on Medium, Change, which is currently based in Estonia, explained it is offering its service for free for three main reasons. The first one is that Change got $17.5 million from 5,600 people in its token sale and as a community-backed project it follows a different set of rules. “We see charging zero commissions as a way of giving back to our users,” the company said.
The second reason is that the creators of Change Wallet want to make it “ at least 10 times better than any existing alternatives” and removing any entry barriers would make it attractive to users.
Last, an easy access to cryptocurrencies would contribute to the creation of a new, open financial system.
“We have a strong will to create a global financial marketplace where users can access the best investment services available such as stocks, funds, loans, and real estate”, the company said. “If cryptocurrencies are to become the currency of the future, then there should be no fees for acquiring it.”
In a BBC interview Change's CEO Kristjan Kangrohas notes that cryptocurrencies will soon become as mainstream as fiat money in paying for goods and services.
An ING survey from June found that two thirds of Europeans have heard of cryptocurrencies, but only 9% own some. Twenty-five percent, however, said they are planning to own cryptos in the future.
“As cryptocurrencies become mainstream, consumers look for options to add the novelty asset class to their portfolios,” Change noted. “Unfortunately, this is often an expensive endeavor, as most cryptocurrency brokers and exchanges charge buying fees that can go up to 5%.”
Change has several new product releases slated for 2018, including a subscription plan for advanced users. The timeline on the company website shows that it plans to also launch a Change Marketplace, add support for major fiat currencies like USD, EUR, GBP and eventually obtain a banking license.
This article appeared first on Cryptovest
