CashCoin.io Quits Bitcoin Sales, Launches Western Union Competitor

Journalist:
P. H. Madore @bitillionaire
January 11, 2015

One of the most convenient, non-technical ways to get involved in Bitcoin is to simply buy some with fiat money. Larger exchanges allow for this but then there are also a number of places online where this process is streamlined. CashCoin.io was one such place until very recently when they abruptly put up a notice:

Thank you for being a CashCoin customer. We have decided to suspend selling bitcoins indefinitely and are focusing instead on building applications such as cross border remittances on top of the block chain technology.

Also read: Taiwanese Can Now Buy Bitcoin at over 5000 Convenience Stores, Including Hi-Life and OK Mart

What Does it Do?

Building cross-border remittances on top of the block chain technology. Sounds cool, but what does it mean?

As far as we can tell right now, it appears to be a fee-less means of transferring money designed specifically for migrant workers, manifesting itself in an app called Zed. Rather than charge fees, the ZipZap team (formerly of CashCoin.io) will make money by pooling funds for the best foreign exchange rates. What that means for the consumer is that the desired amount of money will make it to the destination while ZipZap will profit when the right swaps are made at the right times using the funds being transferred. While they might only make a few pennies off any one individual’s transfer, they’ll make larger sums off the larger amounts they’re moving, all without costing the consumer anything.

Using the digital currency platform as well as traditional payment rails, Zed will automatically find the most efficient way to move funds instantaneously around the globe, at no costs and at very low currency conversion rates.

The market for a product like this is vast, with Western Union, MoneyGram, and the like being the traditional options, especially for folks not versed in technologies like Bitcoin or PayPal. According to the available information, transfers will be instant. Sometimes traditional payment networks will be used and other times digital currency platforms will be utilized.

Supposing this app delivers on its promises and manages to stay legal in all the places it intends to operate, Zed could easily become the killer financial app of 2015.

Images from Shutterstock.

P. H. Madore @bitillionaire

P. H. Madore has written for CCN since 2014. Please send breaking news tips or requests for investigation to bitillionaire+phm@gmail.com. He lives in Maine, USA. A single father of four young children, he does not discourage financial donations, provided they do not come with strings attached.