Cryptocurrency exchange CoinJar shares their success in accelerating trading times for their customers and growing their user base.
The challenge
Increasing the speed at which traders can access and trade funds on CoinJar.
The outcome
Faster trading times, improved customer acquisition timelines and better customer experience.
Cryptocurrency trading involves buying and selling digital currency via an exchange with the aim of benefiting from price movements. Synonymous with price rallies and high volatility the importance of executing trades in seconds is paramount for any trader.
CoinJar wanted to facilitate deposits, withdrawals and fiat-to-crypto trading that were on par with the fast evolution of cryptomarkets and to reduce barriers in doing business with corporate clients. Since implementing Zai's solution CoinJar has experienced some positive wins for the business:
- Reduce the time it takes to turn corporate prospects into clients by 50%.
- Customer deposits clear within 60 seconds.
"Apart from being able to offer us a connection into the NPP with real-time payments and an enhanced BPAY service we had an increased level of comfort knowing that Zai worked with some of the best payments partners.”
About CoinJar
Crypto exchange CoinJar offers an over-the-counter trading service and online trading solutions over a website and mobile app, making it easy for new and experienced crypto traders to buy, sell and manage their portfolio.
Using CoinJar’s platform, retail and corporate clients can access digital currencies such as Bitcoin, Ethereum, Ripple and Litecoin through Wallet, Exchange, Debit Card and API.
Faster paytech for a volatile cryptocurrency trading market
Activity in cryptocurrency markets has increased significantly in recent years and cryptocurrency prices can rise rapidly, potentially moving 10% to 200% in a matter of hours. Being able to access and deposit funds within seconds is ultimately critical for crypto traders. CoinJar wanted to offer flexible payment methods combined with ultrafast money movement, meaning that users would be able to fund their digital wallet and get trading immediately without missing out on market opportunities.
“Customer interest in a real-time payment capability was immense,” says James Elia, Group Financial Controller at CoinJar. “If their payments to friends were being sent instantly with PayID over the NPP their expectations for the speed at which they send money to CoinJar to buy digital currency was no different.”
“Aware of the market need for faster deposits and disbursements we wanted to bridge the gap in rapidity between payments and technology and offer customers the ability to maximise their investment opportunity in cryptocurrency as well as providing an efficient and effective way to turn cryptocurrency into cash,” Elia continues.
Furthermore, CoinJar had growth ambitions for its product categories that would be met with the added stability and capabilities awarded with real-time payouts.
The solution
“Integrating into the New Payments Platform (NPP), Australia’s fastest payment methods was therefore a no-brainer, but we needed a partner who could easily navigate the intricacies of the payments industry and connect us to the fast payment rails,” says Jordan Michaelides, CoinJar’s Head of Partnerships.
“Zai was key to this integration. Apart from being able to offer us a connection into the NPP with real-time payments and an enhanced BPAY service we had an increased level of comfort knowing that they worked with some of the best payments partners.”
“Payins get fiat liquidity into the system quickly, meaning that pro-traders and corporates can begin trading with us as soon as possible. Instant payouts, on the other hand, mean that customers are no longer having to wait days for funds to be credited to their bank account.”
It took two of CoinJar’s developers only three days to complete the integration, with Zai's team at immediate availability to answer any questions and provide support when needed. Also, the Zai API allowed a single integration for both BPAY and real-time payments, which made for an easy implementation. “This saved us time and it meant that we could get transacting almost immediately,” states Michaelides.
The new payment capabilities also enabled CoinJar to enhance its service. “Payins get fiat liquidity into the system quickly, meaning that pro-traders and corporates can begin trading with us as soon as possible,” says Michaelides. “Our customers can also receive their funds instantly too and are no longer having to wait days for funds to be credited to their bank account.”
Results, Return on Investment and future plans
With real-time payments, customers can now send and receive funds instantly into their digital wallets, meaning they can react and make the most of sudden price movements by getting in or out of the digital currency market faster.
“The biggest benefits have been the speed of service and payments platform stability,” says Elia. “We’ve been able to attract more corporate clients, including other digital currency exchanges, thanks to our premium service.
“Customer experience has been positively impacted and our client acquisition turnaround is now twice as fast. Customer’s trading appetite has increased now that they’re able to move their money faster, while "where’s my payment" type enquiries have diminished. With trading volumes increasing and operations becoming more efficient we have therefore seen revenue increase.”
“We’re also frequently in contact with Zai's team who are always on hand to provide support. As a technology business they share our same passion for product development and customer experiences which makes for effective communication and collaboration,” concludes Elia.
