CoinMate.io to use Trezor wallets

CoinMate.io, the UK-based bitcoin to fiat exchange, intends to use Trezor hardware wallets to secure coins stored with it. The exchange has been in its beta version since December last year and has recently gone public. 

Speaking to CCN via Skype, Roman Valihrach, CEO of Confirmo, LTD, the parent company of both CoinMate.io and BitcoinPay.com, said, "We know [inventor of Trezor] Slush. He's from Prague. He had the Slushpool, and now he introduced Bitcoin Trezor, which is a hardware wallet. So we're in talks with him and we want to some kind of co-operations that will offer his solutions to our clients. We use it ourselves. [...] We have experience for ten years working with payment systems."

The company claims to offer several security features that it believes the whole industry should adopt. It takes a sort of cashless approach to bitcoin security, that is, as a rule, it does not hold more bitcoin on the server than is necessary.

"We worked with just regular payment systems previously and we were regulated by the European law, so we know all the things that you have to do properly for the safety of money. Meaning, we know how much money is owned by the users, so that's the money we have to hold separately at all times, and only work with our own capital. Speaking of Bitcoin, we hold all of the Bitcoins that are our clients' separately in offline wallets, and we only had a limited amount on the server, so that if that gets stolen - because the server is online, that can always happen - it's not going to do any damage to us", he added.

CoinMate's next version will go live in June and it will launch a number of features that are not offered at present. For instance, many users will be able to benefit from European instant bank transfers. Further, a "maker/taker" model will replace fees, where the trendsetters of prices in the market will pay the lowest fees.