In 1994, Microsoft founder Bill Gates made the comment: “Banking is essential, banks are not.” Until very recently, finance was dominated by traditional banks and other intermediaries. Today, some of the most exciting innovations are blockchain and cryptocurrency technologies, which have the potential to revolutionize the way individuals access financial services in a fair, transparent, and efficient way.
What 17-year Microsoft veteran Damon Nam is setting out to do could prove Gates’ statement right. As founder and CEO of Coin, an emerging financial services and technology company, Damon wants to completely reinvent the world’s traditional financial system that is ripe with corruption, high costs, and clunkiness. Damon has a great deal of business and information technology services experience at Microsoft, and years of interest in blockchain technology. While traditional banks might not be headed to the grave, they definitely need to think long and hard about the value they provide.
Coin leverages blockchain technologies to empower users to execute financial transactions with freedom, simplicity, and security. The core of this premise is the Coin Exchange, which leverages atomic swaps to enable users to exchange digital assets in a peer-to-peer manner without going through central intermediaries. Coin Exchange also comes with an integrated crypto wallet for users to securely store a wide range of digital assets, such as Bitcoin, Ethereum, and ERC-20 tokens.
Unlike the incumbent financial system, Coin prioritizes a fresh innovative user experience. The Coin Exchange comes with browser extensions for popular web browsers such as Google Chrome and Safari. Using artificial intelligence technology, Coin also provides financial education and insights to users. Similar to Grammarly’s grammar recognition, Coin Exchange includes an assistant that can recognize blockchain-related keywords from any webpage.
Coin is founded by an all-star team of technology professionals including Byron Levels, a 23-year IT veteran at various Fortune 500 companies, and Microsoft alum as well. Following Gates’ vision, the shift to a sovereign and empowering financial system has already begun. The founding team at Coin is leading the charge to disrupt the incumbents.