Coinnup is a new point-of-sale (POS) network that works to bridge the gap between traditional fiat money and newer cryptocurrencies. It aims to be a better way for people to utilize cryptocurrencies for real-world transactions that are as basic as buying groceries or paying bills. The company is based in Perth, Australia, and is preparing for a pre-sale ICO that will run from April to September of 2018.
Tayyab Rahman founded Coinnup in March 2017. He is a native of Australia and also serves as the company’s CEO. According to his LinkedIn page, he earned a Master’s in Marketing and Supply Chain Management in 2017 from Griffith University in Australia.
The Coinnup website lists a dozen company employees in addition to Rahman. Those employees include full-stack developers, front-end developers, UI/UX designers, marketers, artists, and an Android developer. Most of the employees appear to be from Ukraine, although a few are from other parts of the world.
How Coinnup Works
The Coinnup website lists and describes several problems the company is hoping to address with Coinnup. Among the problems are:
- The difficulties and fees involved in buying altcoins, as well as the similar issues that exist when converting cryptocurrency to fiat money.
- The inability of cryptocurrency to be used to perform mobile top-up, e-commerce transactions, or make daily purchases at the grocery store and similar marketplaces.
- Security and time control issues that often accompany cryptocurrencies.
- The slow time frame of B2B transactions.
- Overpriced ICO launchpads.
To address these problems and more, Coinnup is prepared to offer the following components as part of its ecosystem:
- ID Central – Instant ID verification so purchases and trades can be made quickly.
- Point of Sale System – For users, the Coinnup POS system will facilitate day-to-day expenses and purchase cryptocurrencies. For merchants, the Coinnup POS system will provide real-time deposits with a low fee, as well as crypto to fiat conversions.
- Portfolio Management – Portfolio will record and track your digital assets, provide analysis of your buying and selling patterns, and other practical components.
- Universal Wallet – Check your balance of several currencies, moving seamlessly between several currencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP).
- ICO Launchpad – Will be made public in the fourth quarter of 2018 and will include smart contracts, token distribution, and a custom-built ICO website.
- Coins Ranking – Includes community votes, comments, and questions regarding cryptocurrencies, as well as current rates of several cryptocurrencies.
About Coinnup ICO
The Coinnup token sale will run from April 23 to September 26, 2018. There is a supply of 298.5 million CU tokens, with 35% of the total supply, roughly 104 million tokens, being made part of the public offering. There is a soft cap of $2 million, a hard cap of $21 million, and an extended hardtop of $32 million.
The minimum purchase is 250 CU, with ETH, BTC, NEO, LTC, and BCH currencies being accepted. Right now, the exchange rate (albeit subject to change) is listed as:
- 1ETH = 2,800 CU
- 1BTC = 32,000 CU
- 1BCH = 3,750 CU
- 1LTC = 750 CU
- 1NEO = 375 CU
However, it’s important to note there are geographic restrictions for the Coinnup token sale. Those in the United States, South Korea, North Korea, Cuba, Iran, Syria, the Crimea Region, and China (not including Hong Kong, Macau, and Taiwan) are not eligible.
Is Coinnup Right For You?
Assuming you don’t live in one of the restricted zones, Coinnup may be right for you if you have seriously invested in cryptocurrencies and would like to be able to use those currencies to make daily purchases or pay bills. Coinnup has set up a way to make such things far more plausible than they are currently.
If Coinnup can pull off what they have set out to do, they have a chance to dramatically reshape the way cryptocurrencies are looked at and utilized. It would be a huge win for anyone who has invested in cryptocurrency and would like to see its role in the world continue to expand.
However, it’s a rather ambitious plan. Moreover, Rahman and many of Coinnup’s employees appear to be relatively young and unproven. That combination of ambition and youth should give one pause. On top of that, as long as people in the United States and most of China are restricted from participating in the token sale, it’s difficult to envision Coinnup making the kind of impact on the cryptocurrency world that it’s attempting to do.