Crypto-exchange Xcoins founder: ‘Traditional banking is dead. That’s indisputable’
Xcoins was founded back in 2016 when American founder Rob Frye and partners started the company to provide a platform that fills a gap that other crypto exchangers didn’t address.
Xcoins provides instant transactions, accompanied by 24/7 support and operates in 167 countries worldwide, providing Bitcoin and other cryptocurrencies to those who prefer paying via credit or debit.
Frye moved to Malta with a novel idea and a pinch of determination to start Xcoins, which. Being one of the fastest-growing startups in Malta right now, we’re curious about where it all started.
You moved to Malta from the US to start Xcoins. What motivated you to make the move?
Rob: We felt that the largest obstacle for the development of the global cryptocurrency industry was the lack of consistent and transparent regulation. This is especially true in the banking and financial services industry.
The steps taken by the Government of Malta and the MFSA encouraged us to move, as they created a transparent cryptocurrency licensing framework, which would result in a stable and structured regulatory environment. We knew that this meant that Malta was where Xcoins could build a compliant and scalable global enterprise.
What was your vision behind creating the platform?
Rob: We created Xcoins to provide novice and expert crypto users with a safe and instant way to purchase cryptocurrencies and to provide immediate access to highly trained support agents around the clock. We found that this was what initially brought users to us.
Users then stay with us because they are reassured that Xcoins is a secure platform for purchasing crypto that gets their coins into their wallets instantly.
What can a customer expect from Xcoins?
Rob: Xcoins currently offers users the ability to securely buy top cryptocurrencies transparently and cost-effectively. Our ecosystem of users has grown vastly, and we are now about to launch an Xcoins branded debit card to both US and EU users. This debit card will allow users to spend their digital assets anywhere in the world where Visa is accepted.
What do you think the main reason is behind your user base growing so drastically?
Rob: Xcoins is a stable and trusted platform.Simply, by delivering a reliable and consistent customer experience, users tend to stick with us and tell others, which is why we are thriving.
What do you envision for the future of Xcoins?
Rob: While we are not necessarily a one-stop-shop for everything crypto at the moment, our customer-first business model is what will allow us to add new products and services. This will eventually result in Xcoins offering a hybrid, end-to-end banking solution. This will allow users to buy, sell, store and spend any digital asset alongside a global, multi-currency fiat account.
Have you always been interested in crypto currencies? Where did it stem from?
Rob: Alternative currencies have always been inevitable. I knew they had been proposed by people smarter than me since the 1940s, so when I saw the crash 10 years ago, I realised just how fragile the world economy was. I began investing in Bitcoin. It was only after realising how badly buyers of cryptocurrency were being serviced that I decided to set up Xcoins.
I wanted to really support the growth of this asset class, particularly amongst those who needed comprehensive and honest support services. The growth in popularity of both cryptocurrencies and Xcoins has shown I wasn’t as crazy as some of my friends thought at the time.
What do you think is it about freedom from traditional banking and fiat currency exchange that drives people to purchase crypto currencies?
Rob: Traditional banking is dead. That’s indisputable by any metric. As new alternative forms of banking appeared, people began to see the value of also owning alternative currencies.
Some people like the inflation-fighting potential of cryptocurrency, others simply like to support the growth of an alternative. It is important to point out though, that cryptocurrency has an inherent value of its own, separate from being “free” from something else. Its characteristics of security and/or in-built defined supply is simply not available in any other available asset class.
I think it’s fair to say that freedom inspired the birth of the alternative currency, but it’s walking now and making its own way in the world, albeit step-by-step.
Do you foresee more career opportunities opening up within Xcoins?
Rob: We are growing very fast and now have seven employees on the island, and almost 30 globally. We anticipate having a staff of 20 in Malta by the end of 2021 and are always on the lookout for talented individuals to join our team.
With many exciting prospects on the horizon, Xcoins’ user base is ever increasing, continuously looking for new talent and has an unwavering drive to operate within the Blockchain/Crypto legal framework.