During the 2017 bull run, at the height of the ICO/Crowdfunding space, Coinomi was one of the few crypto wallets investors could rely on to participate in hand-selected ICOs from inside the application. A lot has changed since then. The wallet space has become over-crowded and DeFi has replaced the ICO buzz. With all the changes that have come about, Coinomi still remains a preferred wallet for many crypto enthusiasts.
In this interview, Coinomi chats about how they are ready to collaborate with DeFi projects.
They say real projects get built during a bear market. So what have the engineers at Coinomi been busy with in 2019.
Indeed, bear cycles and lower volumes are a great opportunity for companies in the space to focus on building more diverse, robust services. While development in Coinomi never ceases, during the last bear cycle we released our much-awaited Desktop clients for all platforms (Windows, Mac, Linux), we refactored and upgraded our entire infrastructure and backend, and we pushed out multiple updates for our mobile clients to include functionality such as Dapps browser, web3 support, walletconnect, collectibles, full UXTO control/do-not-spend flags, the option to use your own trusted ElectrumX node, support for multiple crypto-DNSs & Naming Services (such as UD, ENS and FIO), and most recently, multi-seed support, with separate encryption settings for each one.
Additionally, we are always working on BTC itself, and much requested features such as multisig, MPC, RBF/CPFP and others are in the pipeline. Finally, as always, more protocols and their assets were constantly being integrated, while a big UI rehaul for Android took place in late 2019.
‘In 2017, we saw a huge increase of the ICO/Crowdfunding space, and Coinomi was one of the few wallets investors could use to participate in ICOs from inside the application’
You’ve been through two bull markets since 2014. Are you ready for the third one coming?
If one zooms out enough, you can argue that there’s only been one 10-year bull market! On a more serious note, it’s indeed important to realise that markets move in cycles and that each cycle boasts unique particulars and characteristics that should be explored and acted upon by companies and services. For example, during the last one, we saw a huge increase of the ICO/Crowdfunding space, and Coinomi was one of the few wallets investors could use to directly participate in hand-selected ICOs from inside the application. Also, there was a tremendous demand for altcoins as well as a growing demand for many new stablecoins, most of which were quickly supported natively by Coinomi.
As for the upcoming one, we strongly believe that DeFi projects will play a major role, and Coinomi is ready to collaborate with those teams and offer direct access to all this amazing innovation to its millions of users, all from within their wallet. Our dApps and web3 support ensures that users can interact with those services securely, without the need to use external tools and third party browsers and/or applications, while remaining in full, true ownership of their funds and keys.