In today’s Bitcoin ecosystem, users too often have to choose between usability or autonomy. Coyno aims to change that. By sitting on a “watch-only” layer on top of user’s bitcoins. “Coyno is like a cryptocurrency Mint.com; it will make Bitcoin more user-friendly, secure, and legally compliant while letting users stay in full control of their funds” Levin Keller, CEO of Coyno said to Digital Money Times. The Berlin-based startup Coyno opens up their watch-only Bitcoin bookkeeper. This is the first step on a journey towards a tool that makes good on Bitcoin’s promise of letting you “be your own bank”. besides being the CEO of Coyno, Mr. Keller is also a member of the Bundesverband Bitcoin (the Bitcoin Foundation’s German affiliate) where he is a vocal advocate of Bitcoin in Germany.
Be Your Own Bank
Bitcoin has carried the empowering potential to let users become their own bank. However, this potential is compromised when Bitcoin service providers take too much autonomy away from the user.
“In order to provide user-friendly Bitcoin tools, many services out there take control of your Bitcoins at some point. This is not only unnecessary, but it’s even putting the whole idea of the autonomous Bitcoin user at risk. Instead of taking some autonomy away from the user, Coyno solves the usability challenge by watching users’ Bitcoin accounts (wallets, addresses, exchanges, etc.) in order to generate wallet analytic’s as well as bookkeeping reports. This is the first version of a product that will develop into a complete software suite for Bitcoin,” said Mr. Keller.
the ultimate goal is that Coyno wants to be more than just a bookkeeper. they want to make using Bitcoin as easy as using an online bank account without compromising users’ autonomy. The main goal is to provide solutions for their users the right way. they have some core beliefs that we strictly adhere to. These are:
- Hands off private keys.
- Empowering the people to use Bitcoin.
- Make it easy to use for everyone.
- Protecting users privacy.
Mr. Keller said Coyno has a lot of features. Coyno will support a multitude of wallets, connect to exchanges and import data, tax reporting options and last but not least you will receive emails if Bitcoins are being transferred out of your wallet.
The beta version allows users to upload their public HD keys (which most modern wallets now use) and track the activity on these wallets. It also gives fiat valuation, which is useful for bookkeeping. More features will be rolled out over the coming months. “We believe that Bitcoin is the future of money in a world connected by Internet. But we need to build a solid ecosystem around it, so Bitcoin can be used in compliant and legitimate ways,” says Levin and adds: “Coyno is part of that positive development.”
Do you think that this is a new trend in 2015-2016?