Cryptosigma is a BitcoinCT r: 8 exchange platform and mobile wallet app that seeks to transform the experience of the digital currency world for users in South East Asia and beyond, by fulfilling services normally expected of traditional banking establishments, such as debit cards, within the cryptocurrency space.
Seeking to provide a solution to the difficult issue of price volatility in Bitcoin, Cryptosigma's app is set to offer an auto-convert function that will allow users to convert any BTC funds they are sent immediately into their preferred local fiat currency. By giving users the assurance that they have received as much local currency as they expected, users new to the digital currency world are likely to find the service more reassuring than a plain exchange service.
How it works
Planning a launch in early 2015, Cryptosigma is currently signing up early-access users on the pre-launch page. When the service goes live, these users will get access to Cryptosigma's currency exchange and payment platform. This will be the online platform where users can exchange both digital and fiat currencies, as well as sending payments from their own wallet to others.
Security in this environment is paramount, so Cryptosigma has taken a robust approach to securing users' funds online by removing the centralized nature of the security keys. In most exchanges, the only key needed to move funds around will be held by the exchange itself, but on Cryptosigma they have instead implemented Gem's multisignature wallet API to give more security control to their users.
While Cryptosigma will have one key stored centrally, users will have two additional keys and will need to provide one of these in order to move funds out of a wallet, thus preventing attacks on the central exchange from compromising user's wallets, as we've seen happen on other exchanges.
Another important element of Cryptosigma is the mobile app that users have access to. It is also here that users find the important “Auto Bitcoin Exchange” that will allow users to have any funds arriving in their wallet; for example, Bitcoin can be converted immediately into the preferred local currency. This is going to go a long way to reassure users that when they've been sent a virtual US$10, they're still going to have that value in their wallet regardless of the price movement of Bitcoin.
In addition, Cryptosigma is also offering a Bitcoin Visa debit card. Users will be able to load with Bitcoin credit online, and with the mobile app they will be able to withdraw local currency from a normal ATM using the card, creating a very familiar and easy to understand system for people less in touch with cryptocurrency. This will also be a new way to accomplish simple international remittance payments, with foreign funds being sent via Bitcoin to a usable debit card in the home country.
THE IDEA
The world of digital currency platforms and exchanges is a busy one, with many players offering a wide range of fairly similar services. Cryptosigma has honed in on making their own niche, bridging the gap between conventional banking services and the modern one within the digital currency ecosystem in South East Asia.
Users are going to find the mix of automatic conversion to local currencies, and the ability to spend wallet funds through a traditional Visa debit card, more familiar and accessible than mostdigital currency platforms.
THE COMPANY
Founded in 2014 by Aaron Siwoku, Cryptosigma is a Bitcoin wallet and exchange service tailored to the South East Asian market.
PRICES
Fees for online transactions between wallets and currencies start from 0.1% and reach less than 0.5%
credit to cointelegraph
