Estonia-based exchange Cryptofon plans global expansion in coming year


The cryptocurrency industry has seen massive growth in value over the past few months, surpassing the $ 2 trillion market cap mark earlier this year. Key to this is the obscene growth rate of cryptocurrency exchanges, which created ramps, enabling one of the largest asset transfers in modern history from fiat to crypto.

Despite the growth, governments are still reluctant to offer operating licenses to crypto exchanges. Money laundering, illicit activity and the transfer of power from central banks to crypto have seen many entities in space lack a government nod to operate in most countries except from Estonia, which has proposed blockchain-friendly laws to allow 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 started by Mr. Ä°brahim Kalem, a former baker running seven companies and a holding company in France, and Mr. Hakan AtabaÅŸ, a dedicated server and web developer who pivoted to blockchain development in 2011.

Cryptofon obtained its license to operate in Estonia during the mass license period granted by the government last year. The exchange provides fast, secure and reliable exchange services to its customers with the aim of expanding its services to other countries around the world in the coming year, Kalem explained in an interview. Speaking about the ambitions of the project, AtabaÅŸ, Cryptofon Technical Director, said:

“My initial goal to establish Cryptofon was to have a licensed exchange. We spend hours every day on banking integrations, credit card integrations, designs, agreements, services, people, cybersecurity, and more.

A technical masterpiece of the Xtremcoin code

The Cryptofon exchange is based on the core codes of the “Xtremcoin” project, an original idea of ​​Hakan AtabaÅŸ, which is also the key to writing codes for other projects such as Hepcy, Geliyoo and Kriptoal. Following an in-depth discussion with Kalem, the two came up with Cryptofon with the aim of providing crypto exchange services to millions of people who need a channel to trade and invest in cryptocurrencies.

According to AtabaÅŸ, the Xtremcoin code is “equipped with very important cybersecurity measures in terms of the principle of operation”. 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.

In addition, Cryptofon also benefits from Chinese-sourced services with potential partnerships with Pusher, Bitgo, Simplex, BitcoinAverage and OVH in the works. Kalem said more partnerships are expected over the next few years.

The team also said that the exchange plans to launch its Cryptofon Metal credit card which will allow holders to make their daily purchases using crypto. At its core, Cryptofon aims to provide the best security for client funds with a true centralized management system enhanced “with special technologies,” read a statement from Cryptofon’s management team.

Image by LauraTara from Pixabay

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