This is a disappointing time for the Canadian cryptocurrency industry, and one that we feel at CoinField isn’t a true representation of the people or businesses in it. However, this unnerving incident has brought to light an important conversation that Canadians and cryptocurrency HODLers around the globe should discuss — the topic of regulation.
At CoinField, we believe that without regulatory guidelines, legitimate businesses and the rights of consumers are not protected. Instead, it opens up the environment to corruption and nefarious activities.
The history of Bitcoin is littered with exchange hacks and scams. At CoinField, we wanted to set a new standard. We believe in cryptocurrency and the opportunity it provides newcomers to participate in building capital and communities that were traditionally left out in the cold.
That’s why providing cryptocurrency access to 100 countries worldwide and securely storing our users’ assets is our top priority.
At CoinField, we store a majority of our assets in cold storage. Only to meet our daily trading supply, do we keep a limited amount in warm wallets. To us, storing a majority of assets in cold storage offline is the most secure option we can offer as an exchange. In most cases, exchanges are hacked because assets were stored in hot wallets online.
As a company, choosing our cold wallet and custodial service partner was one of the most important decisions we made. Confidently we can say we chose the best in the biz, Bitgo. Bitgo is a global leader in institutional cryptocurrency financial services, including cold wallet custodial storage. They provide institutional level security as well as multi-signature wallets. Multi-signature wallets protect users against unforeseen events like the death of the founders at CoinField.
Another security feature we offer is storing all our users’ data in an isolated network of servers.
Thoughts on Regulation
Although Canadians may feel disheartened by recent events, we wanted to take this time to highlight the need for regulation in this industry. When an industry is in its nascent stages, it is favourable for there to be little or no regulation. It allows innovators and developers to test and create without restrictions and barriers. However, in Bitcoin’s 10th year, it’s time to put some guidelines in place.
At CoinField, we applaud the start of an important dialog on the regulation of cryptocurrency exchanges. We believe that all exchanges need to be audited annually, just as traditional financial institutions are required to do. Regulation helps the growth of legitimate businesses and protects the rights of consumers. We support the provincial and federal governments of Canada in their endeavor to regulate the cryptocurrency exchange market.
Here at CoinField, we are in compliance with Fintrac regulations and we have an in-house compliance team led by a chief compliance officer who is dedicated to combating all fraudulent activity. In addition, we employ someone who audits all withdrawals from our exchange.
CoinField is a Canadian Cryptocurrency Platform based in Vancouver, BC, founded by local technology veterans and entrepreneurs Babak Bob Ras and Reza Bashash. We have a team of 30+ experts located in the World Trade Centre in downtown Vancouver, Canada and we’re actively seeking talent to join us on our journey.
CoinField launched in April 2018 in midst of the cryptocurrency market crisis. Users came to CoinField solely on the reputation of the platform and the word of mouth by satisfied users. In November 2018, we launched the service globally, offering access to crypto trading in 100 countries, achieving 100% user growth in a months time.
This month, we are launching our White Label Cryptocurrency Trading Software. Prior to the commercial launch, the team spent a year creating and building the one-of-a-kind crypto trading platform. The all-in-one platform offers better performance, customization, and liquidity than our competitors. After the successful launch of CoinField, we are confident that financial institutions that want to build a digital assets exchange in their own country will want to take advantage of our software licensing program.
As a young company in a young industry, we know that there will be challenges. The market is volatile, it needs a regulatory framework, and identity fraud is a constant threat.
However, we know that to build a sustainable ecosystem built on complex cryptographic functions, the industry needs to prioritize education. In the next few months, we’ll be launching a Daily Live News outlet covering all things crypto from market updates to industry news.
Lastly, since our world is heading in a mobile-oriented direction, we’re building a trading app for on the go.
We are here for the long run. We want to build a sustainable business, using the latest technology to enable access to financial services and improve the quality of life for everyone.