Jeff Hancock is the CEO and Co-founder of coinpass.com. His background is in tech engineering and datacentres. Jeff setup the company in 2018 with his cofounders to solve the issue of lack of professional crypto outlets in the UK. He will be sharing more details with us in this exclusive interview with TechBullion
What is Coinpass, what unique services do you provide and who are your clients?
Coinpass.com is a UK based cryptocurrency exchange. We specialize in fiat/crypto pairs where users can deposit funds from the bank in seconds and trade a variety of cryptos.
Our b2c users can onboard and trade in minutes using our proprietary trading platform.
We onboard B2B clients and limited companies to allow them to invest in crypto through their businesses or use our API integrations to offer crypto inside their own platforms and apps.
Coinpass wins “Best cryptocurrency Exchange of 2020” at the CryptoAM Awards, what does this mean for Coinpass?
Winning best exchange in the UK for 2020 was a huge achievement for the business to get social recognition and notoriety among the UK crypto community.
This award has enabled us to reach out to other platforms, banks and businesses with far more rigor and PR exposure than previously.
What plans does Coinpass have for people who haven’t heard of Bitcoin and those who refuse to accept its potential?
Educate and highlight what bitcoin is, what it’s doing and what major businesses, investors, banks, payment platforms and other individuals are doing with it. Bitcoin is shining in a new era of fintech and finance, it cannot be ignored.
The cryptocurrency market has remained more active even with the COVID-19 Lockdown, what do you think is the reason?
Yes Uncertainty. Not in recent history has the world had to pause and stand still for so long. The amount of reliance on transport, international trade and international markets has highlighted to everyone, even the middle to lower brackets that they need to be more active with their investing and spending power.
With more time in front of the phone or laptop screen during lockdown, people are asking questions, educating themselves or buying their first bitcoin through platforms like coinpass.com
Uk banks still do not Like digital currencies, could you tell us some of the reasons why?
UK banks dont have a problem with crypto, they have a problem with fraud. Currently crypto has an image problem, that all transactions are related to financial crime. Strict Know Your Client (KYC) and Anti-Money Laundering (AML) rules are in place for businesses like ours to accept Fiat currencies for Crypto however, this still isn’t enough for most banks which treat their customers like fraudsters for wanting to get involved in the next emerging asset class early, not later.
The majority of financial crime in the UK is still centered around cold calling investment scams, cloning of FCA regulated firms and cash mules. Crypto makes up only a very tiny percentage of fraud. In 2020, £53m worth of crypto fraud was detected in the UK while over £1.2B of fraudulent loans we’re issued by banks under the Covid Bounce Bank Loan Scheme. Which is the bigger problem?
About regulations on crypto – could you give us an insight into the UK’s opportunity to become the World Leader?
The UK is one of the oldest countries in the world and already a financial hub for financial services, trade and capital investment. The UK Financial Conduct Authority (FCA) creating new crypto-related frameworks and regimes to work with, coinpass.com aims to be a fully compliant and registered entity with the FCA before the deadline Jan 10 2020.
Could you tell us more about your team at Coinpass and what makes you special?
Our core founders are all from Tech and Financial Services backgrounds. WIth specializations in Infrastructure, Cybersecurity, Network Security, Operations, Compliance, Finance and Regulation, we have brought a wealth of corporate world experience into the crypto-startup world.
Do you have more information for our readers?
Coinpass.com is the UK’s home for crypto. We’re a UK based, owned and founded company with strong ties to UK banking and financial services. Our vision is to blur the lines between crypto and banking into a single digital layer.
When investing in new emerging assets like bitcoin and ethereum, you need to consider “which” platform to use, not just the marketing hype you might read on a facebook ad or tweet. You need to ask questions like:
- Where does your money go?
- Who owns the business?
- Are they regulated by a country regulator?
- What is there customer service like?
- Where does your money go?
- Are my funds insured against loss or theft?
Currently in the crypto space there is still too much opaqueness from some exchanges about their jurisdiction, compliance and AML positions as well as lack of protections for their users. This is where coinpass.com stands out.
We’re registered with the UK FCA ***(Jan 2021) and work closely with UK banks and Electronic Money Insitituitons. Our crypto-asset funds are covered by extendable insurance and we aim to be as transparent and as competitive as possible without straying from our core focus of being the fastest, safest and best customer service focused cryptocurrency exchange.