Freewallet enters fast exchange crypto space with new offering

By: Jonah Keri
Jonah Keri
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He… read more.
on Dec 8, 2020
  • Freewallet's new fast exchange lets users swaps 50-plus cryptos in less than a minute.
  • The new feature is timed to capitalise on Bitcoin's surge to new all-time highs.
  • Freewallet is one of several wallet platforms seeking to offer all-in-one functionality.

Seeking to bolster its wallet platforms for crypto traders, Freewallet launched a fast exchange option for more than 50 supported cryptocurrencies.

Skyrocketing crypto prices have increased demand for crypto and fast crypto exchanges. That’s caused traders seeking to jump into Bitcoin and other cryptos to shop for crypto wallets. In response, Freewallet says its new offering will complete crypto exchanges in less than a minute. In addition to BTC, the platform supports the exchange of Ethereum, Ripple, Litecoin, and dozens of other cryptos.

Fast exchange offers free trades, small minimums

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Freewallet’s customer acquisition strategy entails bringing new users into its ecosystem, then offering transactions free of charge. The company’s fast exchange offering seeks to lower the bar for new, smaller-scale crypto traders as well. Freewallet cut the minimum amount per transaction in half, to $5 USD.

The move toward fast exchanges continues Freewallet’s drive to compete in the all-in-one crypto wallet market. Numerous crypto wallet providers have sought to simplify their offerings. Their goal is to attract new users who want to store and manage all of their holdings with minimal hassle.

“This is a big step for us and where we are going as a platform,” said Freewallet head of PR Solomon Brown. “For a long time, we have wanted to make Freewallet a place where users of all experience levels could simply and conveniently take care of all their crypto needs. Now, with the fastest exchange speeds, low transaction fees, and the best security out there, we are really proud of what our users are getting.”

Fast exchange launch synced to Bitcoin renaissance

After soaring to all-time highs in 2017, Bitcoin and other cryptocurrencies fell into a bear market. That downturn spooked many investors, raising skepticism in mainstream circles. A fresh surge to new high ground in the past couple weeks has brought even some of the biggest doubters into the crypto fold. We’ve even seen Bitcoin-related headlines dotting the front page of some of the most venerable Wall Street publications.

That sharp increase in crypto interest has caused cryptocurrencies to fluctuate rapidly on a day-to-day and even hour-to-hour basis. Freewallet hopes its rapid exchange capabilities will attract new users who want to capitalise on that volatility with frequent crypto transactions.

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