Coinberry is a FinTech company that enables customers to purchase and sell cryptocurrencies such as Bitcoin, Ethereum., Litecoin and Stellar.
So how does Coinberry make money? What is the business model of Coinberry? This article will give you a detailed insight on the same.
Coinberry makes money via the spread on cryptocurrrency trades. The business model of Coinberry is based on providing customers with a simple and secure way of purchasing and selling cryptocurrencies.
What is Coinberry
Coinberry, which is headquartered in Toronto, Ontario, Canada, was founded in 2017 by Andrei Poliakov.
It is a cryptocurrency trading platform that aims to simplify the process of buying and selling cryptocurrency.
With Coinberry, users can spend fiat money (USD) to buy any major cryptocurrencies including bitcoin and ethereum. Once you purchase your cryptocurrencies, you are free to trade them with other coins on the platform. Also, customers can also send money to their friends.
Coinberry works together with Gemini Trust Company LLC™ to ensure that the cryptocurrencies are stored safely. Its policy covers most damages such as theft and loss of private keys.
Coinberry is currently only available in Canada. The service can be accessed by visiting its website or downloading its mobile app (available on Android and iOS).
How Coinberry works
Coinberry is a Canadian cryptocurrency brokerage that allows users to buy and sell bitcoin and ether using a bank account. The company was founded in 2018 by two friends, Ivan Turygin and Alexey Bilyk, who met while attending university in Toronto.
Coinberry operates as a traditional brokerage, meaning that users are not able to mine or purchase coins directly from the site. Instead, Coinberry allows users to buy and sell cryptocurrencies using Canadian dollars. The company offers a user-friendly platform with low fees and quick transactions.
Coinberry is registered with FINTRAC, the Canadian financial intelligence unit, and is compliant with all relevant regulations. The company has also partnered with Vogogo, a payment processing company, to ensure that all transactions are processed quickly and securely.
The platform also has a referral program that lets users share their referral link and earn $30 bonus when their invitees trade a minimum of $50.
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How does Coinberry Make Money?
Coinberry makes money via the spread on cryptocurrency trades as well as through interchange fees from its debit card.
It takes customers less than 60 seconds to be able to purchase their first Bitcoin. Additionally, all its crypto assets are insured offline while Coinberry itself is OSC and FINTRAC registered as a Money Service Business.
Let’s take a closer look at of Coinberry’s revenue stream in the section below.
Spread is the main income stream of Coinberry applied to each customer sale or purchase of crypto assets..
A spread is the difference between the buying and the selling price. For instance, if the price of Bitcoin assets is $4,500, then Coinberry will sell it for $4,525. The difference ($25) is the spread which is what coinberry will pocket. The same case applies when a user decides to sell coin.
Therefore, Coinberry tries to establish itself as a simple exchange of enganging with crypto and using it your daily transactions. It does not operate like a traditional exchange where any trade would result in commission fees such as Binance.
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Who Owns Coinberry?
Coinberry does currently not disclose its ownership structure. However, it can be assumed that Andrei Poliakov, CEO and co-founder of Coinberry, still retain a large stake in the company.
Does Coinberry have a hardware wallet?
Yes, Coinberry allows its customers to buy and store their crypto assets offline with BRD wallets which is one of the most advanced hardware wallet.
Can you buy XRP on Coinberry?
XRP (Ripple) is one of the crypto coin offered that you can buy on Coinberry.
Does Coinberry support Dogecoin?
Yes you can buy DOGE on coincbeery as well as other Alt Coins and DeFi Tokens such as LINK.
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