Coin-Swap is going to retire their markets for about half of the altcoins currently listed on their site. This was publicly mentioned today around 7:30 AM Eastern in the #coin-swap IRC channel on Freenode by Ian Childress, owner of Cryptocurrency of America, the company that built Coin-Swap. This move comes just day after the sale of Coin-Swap to PayBase, the company behind PayCoin. Childress’s company will continue to operate the site.
Editor’s note: The article has been amended to remove an error. Ian Childress of Coin-Swap and Josh Garza have clarified that it was not Josh Garza or PayCoin’s decision to delist any alt coins. GAW did purchase the Coin-Swap engine, Childress does plan to work on exchanges in the countries named, but it will be new development. We regret any confusion these statements may have caused.
Coin-Swap continues to operate as the exchange it has always been, but the long term plan is integration into Paybase. Neither Garza nor Childress offer specifics on what integration means, but the two primary things transferred were the existing customer base and access to the Coin-Swap engine, a light, fast transaction processing system which works entirely from memory.
CCN.com learned a bit about the engine ten days ago while covering Coin-Swap’s stumble during an upgrade. Their test system worked perfectly, but a single missing database index on the production side led to twenty minutes of the system reporting incorrect customer balances. While the problem itself was brief, the development team spent the next 72 hours hunting down the bug, then manually auditing customer balances and transactions to ensure there were no losses.
Operating an in-house exchange provides Paybase more control over market conditions as they seek to stabilize Paycoin, and is an interesting move for an altcoin team.
Having sold access to the engine rather than control, it is clear Childress has future plans, and he shared a bit about what they’re going to be doing in 2015.
“Right now we are speaking with a partner in Indonesia to open a BTC-IDR exchange first quarter of 2015. We are hoping to have one in Singapore and Malaysia soon after. The goal will be to allow these exchanges to execute trades off of each other’s books, which will provide more liquidity for the smaller markets like Indonesia and Malaysia. We will continue building more exchanges throughout Southeast Asia.”
Images from Shutterstock.