The cryptocurrency industry has witnessed massive growth in value over the past few months – topping the $2 trillion mark in market capitalization earlier this year. Key to this is the obscene growth rates of cryptocurrency exchanges, which have created on-ramps, enabling one of the largest asset transfers in modern history from fiat to crypto.
Despite the growth, governments are still reluctant to offer licenses of operation to crypto exchanges. Money laundering, illicit activities, and the power shift from central banks to crypto has seen many entities in the space lack a nod from the government to operate in most countries except Estonia, which came up with blockchain-friendly laws to license crypto firms.
Estonian government promotes crypto businesses
Launched in January 2021, Cryptofon is one of the fast-growing exchanges in Estonia and aims to launch in other countries soon. The exchange was launched by Mr. İbrahim Kalem, a former baker managing seven companies and one holding firm in France, and Mr. Hakan Atabaş, a dedicated server and web developer who pivoted to blockchain development in 2011.
Cryptofon gained its license to operate in Estonia during the mass licensing period by the government last year. The exchange provides fast, secure, and reliable exchange services to its customers with a goal to expand its services to other countries globally in the coming year, Kalem shared in an interview. Speaking on the ambitions of the project, Atabaş, technical manager of Cryptofon, said,
“My initial aim for establishing Cryptofon was to have a licensed exchange. We spend hours every day on bank integrations, credit card integrations, designs, agreements, services, personnel, cybersecurity, and more.”
A technical masterpiece from Xtremcoin code
Cryptofon exchange is based on the essential codes of the “Xtremcoin” project, a brainchild of Hakan Atabaş, who is also the key in writing codes for other projects including Hepcy, Geliyoo, and Kriptoal. Following a deep discussion with Kalem, the two came up with Cryptofon with an aim to provide crypto exchange services to millions of people needing a channel to trade and invest in cryptocurrencies.
According to Atabaş, Xtremcoin’s code is “equipped with highly important cybersecurity measures in terms of its working principle”. The project is designed with OWAPS Application Security Verification Standard 3.0 and benefits from a number of cybersecurity tools including HSM, LTM, LTE, and Firewall.
Additionally, Cryptofon also benefits from Chinese-origin services with potential partnerships with Pusher, Bitgo, Simplex, BitcoinAverage, and OVH in the works. Kalem stated more partnerships are expected over the coming years.
The team also said the exchange is planning to launch its Cryptofon Metal Credit Card which will allow holders to fulfill daily purchases using crypto. At the core, Cryptofon aims to offer the best security of customers’ funds with an enhanced real central management system “with special technologies”, a statement from Cryptofon’s executive team read.