Over the summer of 2017, excitement about Bitcoin and other cryptocurrencies reached a fever pitch. After being worth mere hundreds of dollars when Donald Trump announced his notorious run for president, the price of a single Bitcoin rose steadily throughout 2017. One after another, the monetary mileposts continued to fall, from $3,000 to $5,000 and then to $10,000 and beyond. By the time it was all said and done, the price of a single Bitcoin had breached the previously unheard of $20,000 level, leading to a kind of feeding frenzy, and to the breakdown of popular cryptocurrency exchanges.
During those heady days, outages at major exchanges like Coinbase and Kraken were commonplace, leaving many buyers wondering if this new form of investment was really what it appeared to be. The difficulty of trading on the exchanges no doubt chased many would-be buyers away, especially when the price of Bitcoin and other virtual currencies began to fall.
A new startup aims to make the process of buying and selling cryptocurrencies easier and more transparent. According to Jim Risner, co-founder & CEO of BINKD:
“BINKD is aiming to be world’s easiest way to buy and sell cryptocurrency. Our mission is to open the world of cryptocurrency to the masses.”
That is a bold statement, but Risner and company claim they can back it up with real results.
The idea behind BINKD is a relatively new one, and it dovetails nicely with last summer’s run-up in cryptocurrency prices. The team came up with the idea for BINKD in June 2017 and have been working on it since October 2017.
By relying on a hybrid model that harnesses both the power of fiat currency and the flexibility of cryptocurrency trading, BINKD aims to give buyers and sellers something different and provide them with a new and more robust option for trading these new forms of payment: a decentralized exchange.
Risner is well aware that his is not the only cryptocurrency exchange in the world. At the same time, Mr. Risner also understands that the dozens of current cryptocurrency exchanges have some serious limitations, from problems with security and speed limitations to limits on the amount of fiat currency that can be traded for virtual coins.
Instead of making BINKD just one more exchange, they aim to create a whole new model for buying and selling cryptocurrencies. The thing that makes BINKD different from other decentralized exchanges is its robust platform, one that will allow users to trade their favorite fiat currencies, including USD, JPY and EUR for the cryptocurrency of their choice. As Risner explains:
“We are using a hybrid structure that will allow us to onboard users with Fiat currency while providing a Decentralized Exchange for buying and selling.”
At the heart of the BINKD model is its mobile broker app, which provides an easy and secure way to buy and sell cryptocurrency. BINKD is built on top of the popular Ethereum blockchain platform.
The decentralized nature of BINKD makes P2P transactions faster and easier, without the slow speeds that have dogged Coinbase and other popular cryptocurrency trading platforms.
The BINKD decentralized exchange, or BDEX, serves as the backbone of the product and the trading platform. BDEX is the engine that facilitates those P2P transactions.
The decentralized nature of the blockchain is reflected in the team that runs BINKD. This highly distributed organization has team members around the world, including a major presence in Boulder, Colorado, San Francisco, California and Hyderabad, India. No matter where they are located, the goal of the BINKD team is the same – to create a robust platform that opens up cryptocurrency trading to ordinary users around the world.