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Coinomat.com, instant cryptocurrency and fiat exchange, is an starting alternative cryptocurrency integration program which should bring fiat transfers to each altcoin with an active community.
Coinomat.com was launched in 2013 as an instant cryptocurrency exchanger. Currently Bitcoin, Litecoin, Dogecoin, Dash, NXT, Bitcoindark, Peercoin can be exchanged instantly, without registering a user account. The coinomat.com team has always considered direct fiat to cryptocurrency transfers (or, better, lack of thereof for most alts) as the main obstacle for altcoins adoption. Several directions for national currency exchanges have been integrated in Coinomat’s system, including:
Withdrawals to any Visa/Master/Unionpay card, issued by any bank worldwide: This Coinomat feature provides fiat liquidity for users in areas with a lack of local exchangers, and allows to withdraw to your existing card not only Bitcoin, but also all other coins supported by the service. Transfer takes two business days, and can be sent to virtually any bank card.
Custom debit card for cryptocurrency transfers: Coinomat.com also offers a custom bank card which can be used to withdraw your crypto at any ATM worldwide. Cards can be ordered online, and delivered by a courier service to your address. Upon card activation users are able to exchange all supported coins to EUR or USD and load it to a card. The card loading is instant.
Cryptocurrency purchasing and selling by bank transfer: Coinomat users are able to make fiat to cryptocurrency transactions using bank transfers. All major countries are accepted (except for USA). SEPA Europian transfer takes one business day. The exchange rate is fixed at the moment of actual cryptocurrency transaction, which hedges against exchange rates volatility.
Within a month cash transfers will be supported: Users are going to be able to buy and sell their crypto using cash transfer from/to thousands of service locations worldwide. This service will be useful for third-world countries where banking infrastructure is undeveloped or lacking.
Coinomat team considers alternative cryptocurrencies as the main driver of blockchain technologies development now. Market share of altcoins will grow, Bitcoin will probably never be replaced, but its market share will shrink, and innovation will move to the altcoins arena. By bringing fiat transfers to all active coin communities the Coinomat team hopes to provide a significant liquidity boost for all the supported coins and make altcoin transfers cheaper (since they don’t have to go through exchanging to BTC first, as it is the usual way now).
To tap into as many active communities as possible all coins with active developer communities are going to be supported. If you want to see your coin at Coinomat sooner please contact Coinomat’s CEO at sasha@coinomat.com. The integration is free of charge.
2016 should be a year of a major break-through for blockchain technologies, and fiat to crypto services should be a major part of it.
Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.
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Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.
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