With over 3 million users, Coinomi (established in 2014) is one of the most used crypto wallets in the space. Coinomi has not only aided in crypto adoption, but also pioneered in the creation of multi-chain wallets.
It was founded by George Kimionis, who has a strong financial and technical background having worked extensively with several Banks and ForEx brokers. Coinomi supports hundreds of protocols and literally thousands of assets and is headquartered in the European Union, in the beautiful island of Cyprus.
The team at Coinomi answers a few questions about listing, future plans and cold staking.
Tell us how does an asset get listed on Coinomi?
We always welcome legit projects. The process is simple—teams must submit an official request for listing, upon which each project is evaluated independently, applying the highest standards of due diligence. Once a project is onboarded, Coinomi exposes that project to its ever-growing userbase, provides continuous support for that project’s protocol changes and updates, runs fast, redundant self-hosted infrastructure, and ensures the users who interact with that asset receive 24/7/365 assistance from our Support Team, which boasts the best response time in the industry.
Are you planning on any other verticals for Coinomi?
We are always looking for novel partnerships and collaborations with exciting services and companies of the space. More exchange options, DeFi integrations, automated tax filing, more bridges to FIAT, are all in the pipeline. That said, signals, charts, historicals, portfolio management and advanced trading functionality are all being worked on too, as we believe non-custodial wallets will soon replace centralised exchanges as all-in-one non-custodial trading platforms.
We have always viewed competition as a positive thing, and always welcomed it, as it pushes us to be a better version of ourselves
Would you look at integrating a mastercard or visa card to your service?
This is something we have discussed a lot since the early days, and might very well come to fruition soon.
Is the crypto wallet space getting overcrowded?
The wallet space has certainly grown since the early days. However, we have always viewed competition as a positive thing, and always welcomed it, as it pushes us to be a better version of ourselves. It reminds us of the early years of personal computing, where many companies were competing for market share. As we all know, only a few of those survived in the long term – in our view, those were the ones that were forward thinking enough to dictate trends to the market, rather than following those trends, and of course, the ones with simply superior products that serviced a wide variety of customer bases. That said, it is important that there is strong interoperability between wallets, and that the specifications of the technology are observed and followed. This is why, for example, while Coinomi provides users with 24-word seed phrases, it supports all possible numbers for users coming in from other wallets. The opposite is unfortunately still not true—there are many services that only accept 12 word phrases. Other examples of this are derivation paths, xpubs, etc. The Crypto-DNS services that have been introduced recently and are gaining momentum also help in this interoperability, as it’s a lot easier to transact and keep track of interactions between wallets using human-readable domains.
Coinomi has been recognised as one of the best wallets for cold staking. Are you looking at exploring the masternode space for staking some of the masternode coins?
This is something that we have been considering for quite a while now, namely since the very first Dash forks. However, since staking/MNs require custodianship of user’s funds—on our nodes—it clashed with our commitment to our non-custodial model (unlike cold staking, which doesn’t). Lately, there has been discussion on the possibility of offering such custodial services separately from the wallet itself.