CoinCorner

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
CoinCorner
Private
IndustryCryptocurrency
Headquarters,
Key people
Danny Scott (co-founder)
Charlie Woolnough (co-founder)
Phil Collins (co-founder)
ServicesCryptocurrency exchange
WebsiteCoinCorner.com

CoinCorner is a British-based Bitcoin exchange based in Douglas, Isle of Man. The company facilitates Bitcoin storage and transactions, such as buying, selling and payments via their Bitcoin wallet services.

It was the first major cryptocurrency company to establish on the island, following a change in the Financial Supervision Commission regulation, which allowed cryptocurrency companies to base themselves there.

Today, CoinCorner is one of the UK's largest cryptocurrency exchanges.

History[edit]

CoinCorner was launched in 2014 as the first cryptocurrency exchange on the Isle of Man.[1] The company was co-founded by Charlie Woolnough, Daniel Scott, and Phil Collins. For the first 9 months the company was self-funded, before they received £150,000 in funding from co-founder of Costa Bingo, Alex Holt.[citation needed]

Despite the huge growth of cryptocurrency-related startups in the US around this time, the UK was still relatively small.[2]

After a change in the Isle of Man’s cryptocurrency regulations in 2015, CoinCorner were one of the first cryptocurrency companies to relocate to the island.[3] This was following clarification from the Isle of Man's Financial Supervision Commission that crypto companies could operate there. After the completion of the island's regulatory framework for cryptocurrencies, CoinCorner were joined by over twenty crypto companies that launched crypto-related services on the island.[4] The company also survived an early scare, when in the first couple of months of operation in 2014, Isle of Man banks pulled their support for cryptocurrency companies, after pressure from the mainland. This decision was soon reversed, but many crypto startups failed to continue operating, with CoinCorner being the exception to the rule.[5]

CoinCorner featured in a Goldman Sachs review into the potential growth of BitCoin in 2015. Along with four other exchanges, they were listed as major exchanges globally. At the time, it was estimated that the market of transferring cryptocurrency was valued at $580 billion. Despite the growing interest in regulation, CoinCorner co-founder Charlie Woolnough stated in a BBC interview that banks were still wary of the cryptocurrency industry. During the same interview, it stated that the company had 10,000 global customers and 500 merchants using the exchange. Users have since grown to over 150,000 in under three years of operation.[6]

In 2017, co-founder Danny Scott and a number of other CoinCorner team members spoke about the lack of women involved in the cryptocurrency space. CoinCorner also announced they would be aiming to launch a Bitcoin debit card in 2018.[7]

Regulation[edit]

CoinCorner were given national regulatory compliance by the Isle of Man Financial Services Authority in 2016, becoming one of the first cryptocurrency companies on the island to be given that status.[citation needed]

CoinCorner along with the Council of the European Union reports organized crime that uses bitcoin is actually much lower than many perceive it to be.[8]

External links[edit]

References[edit]

  1. ^ O'Malley, James (August 3, 2015). "Ultimate Bitcoin Guide: How to Setup [sic] a Wallet, Buy, and Use Bitcoin in the UK". Lifehacker.
  2. ^ Kahn, Jeremy (September 8, 2015). "Greetings From Bitcoin Island". Bloomberg.
  3. ^ "The Isle of Man - Cleaning up". The Economist. October 3, 2015.
  4. ^ Greenhill, Peter (November 7, 2014). "Is the Isle of Man the world's crypto-currency capital?". SC Magazine.
  5. ^ Dunn, John E. (June 3, 2016). "CoinCorner: the cryptocurrency exchange battling to make bitcoins simple". TechWorld.
  6. ^ Kleinman, Zoe (April 24, 2015). "Bitcoin Island: cleaning up the crypto currency". BBC.
  7. ^ Foulkes, Duncan (December 6, 2017). "It's been a BIT hectic at a digital money business in the Isle of Man". Isle of Man Examiner.
  8. ^ Chaparro, Frank (August 8, 2017). "The 'Game of Thrones' hackers are asking for millions of dollars worth of bitcoin". Business Insider.