Though still young, the idea of a digi-currency controlled by the free market has excited many and presented new opportunities for entrepreneurship. It is a risky industry, as one of the main attractions of cryptocurrencies is a lack of governmental regulation, but this has not prevented entrepreneurs from building services around it. London-based SpectroCoin is one such service, aiming to facilitate international transfers of the booming cryptocurrency.
SpectoCoin aims to be an all-in-one service, letting users create their own online wallet, buy Bitcoins, transfer them to international accounts, and more. Unsurprisingly for a company that facilitates transactions, SpectroCoin operates on a commission model, charging a small fee based on the volatility of Bitcoin at a given time.
A full list of bank transfer fees can be found here, but basically SpectroCoin takes a small cut when customers send from a bank, by PayPal, wire, or other method. The fee is generally lowest when sending from a bank, as it is 0.25% (minimum amounts required to be sent varies) and highest when sending by wire (0.25% and a 5 Euro minimum) or by PayPal (3.9% and a 0.5 Euro minimum), but it varies by the amount you are looking transfer. Transfers between SpectroCoin wallets is free.
At the moment, SpectroCoin is largely focused on serving customers in Europe and Latin America (and Canada). Although they currently operate in 26 countries (full list available on their site), the American market is conspicuously absent from that group.
CEO Vytautas Karalevicius, a Cambridge grad who previously worked at Bloomberg LP and who co-founded the startup with fellow Lithuanians Mantas Mockevicius and Justas Dobiliauskas, tells me that they have have not needed to turn to external investment to get the business off the ground. They launched back in June 2013 and have attracted more than 6,000 active clients to date. Karalevicius did not wish to reveal a great deal about products in the works, but told me that they have a few under development and that, when finished with that, the company aims to focus on expanding geographically.