Two savvy investors team up to launch licensed crypto exchange Cryptofon
The cryptocurrency space has witnessed tremendous growth over the past decade. What started as a plaything for a few tech-savvy individuals has grown to become a recognized asset class and legal tender in countries like El Salvador. The sector has also seen an influx of institutional investors and corporate behemoths. In general, the narrative that cryptocurrencies could be the future of finance is stronger today than it was ten years ago, in the early days of Bitcoin.
Along with the growth of the crypto industry and the number of digital assets in the marketplace, the crypto exchange space has also had its fair share of victories. In over a decade, the numbers of crypto exchanges have increased from just a few to nearly 400, according to data on CoinMarketCap. Considering the prospects of the industry, this number is expected to rise even further over the next few years, as more exchanges join the scenes.
Speaking of exchanges, Cryptofon is one of the new entrants gearing up to join the league of the big players. The cryptocurrency exchange is the brainchild of two forward-thinking investors and was established in the early months of 2021 after acquiring its operational license in Estonia.
The investors, İbrahim Kalem and Hakan Atabaş decided it was time to make a foray into the cryptocurrency space after experiencing the potential of the sector first hand. According to the founders, approximately Mr. Ibrahim Kalem 337,000 Euros was invested in the project. At the same time, Hakan Atabaş made an investment at the same rate by using the software infrastructure, which is the product of 2.5 years of work, in this system.
While Atabaş appears to be the tech-savvy investor, Kalem is a well-grounded businessman. Atabaş has been actively working in the IT and Finance sectors for about 21 years. He is the author and developer of the “Xtremcoin” project. He also doubles as the owner of Design and Build IT and a co-partner at Geliyoo Bilişim. On his foray into blockchain, Atabaş has been providing services in the blockchain sector since 2011. And in addition to his numerous projects in the sector, he has taken part in the "DSCSA," has 15 certificates from IBM, and others from Google and MIT.
Interestingly, the Cryptofon project is based on the essential codes from “Xtremcoin.” The latter utilizes high-level cybersecurity measures for its foundational principles. It is designed with OWAPS Level 3 and also explores other important cybersecurity tools such as HSM, LTM, LTE, and Firewall.
Cryptofon also taps from Chinese-origin services and seamlessly integrates with Pusher, Bitgo, Simplex, BitcoinAverage, OVH, and many other service infrastructures.
As earlier mentioned, Kalem is the business guru in the team. He manages seven companies and one holding in France. He has also been a baker in the service industry for about 30 years. Like many others, his interest in the sector was ignited after he purchased 7 Bitcoin in 2020, an investment that proved to be very profitable. Following a successful first investment, he decided to team up with his friend of over 15 years, Hakan Atabaş, to launch an exchange.
Commenting on the idea behind the exchange Kalem said:
Our aim here is to establish a platform where users can feel safe by providing accurate, reliable, and quality service on an equal basis with companies that have a large share in the sector.
As part of the team’s plan for the exchange, they intend to issue metal credit cards to users while pushing for multiple bank integrations.