Cryptocurrency marketplace Coindirect has launched its platform for local currency trading in the United Kingdom, South Africa, Nigeria and Kenya ahead of a global rollout in early 2018, designed to make the trading of digital currencies easier and quicker.
Backed by a consortium of technology investors in the UK and South Africa, Coindirect claims to be the easiest and fastest way to buy and sell the world's most valuable digital currencies, with a single wallet, all in one place.
It currently supports local currency purchases in the UK, South Africa, Nigeria and Kenya, with more countries to follow soon, and supports one of the widest ranges of local-to-cryptocurrency transactions available, with 25 different digital coins currently in its marketplace.
"We're extremely excited to be offering our customers across the globe the ability to buy popular cryptocurrencies such as Bitcoin and Ethereum in their local currencies," said Coindirect director Basil Bielich. "By simplifying and demystifying the process of purchasing cryptocurrencies, we hope to accelerate their adoption across the globe."
Coindirect claims to offer traders a secure environment with instant transfers and full wallet support, allowing users to buy and sell multiple currencies using a single account.
According to the company, customers can buy altcoins with their local currency, and also exchange between currencies. The company is already seeing a high daily trading volume through users converting between bitcoin and altcoins.
Transactions are instant, with no waiting for approvals, and prices locked at the point of sale.
Coindirect provides an escrow system designed to take the complexity out of buying cryptocurrencies such as bitcoin, while all trading fees are built into the market price.
Investors can also be sure their transactions are safe and regulated, with Coindirect having offices in London and the Isle of Man, while it is also registered with the Isle of Man Financial Services Authority.
"The arrival of Coindirect on the island is a further example of how our digital economy value proposition and quality regulatory framework continues to attract digital currency exchange companies of the highest calibre," Brian Donegan, head of operations for E-Business Innovation at the Isle of Man Government, said.
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