The short answer: First, and foremost, we are approaching cryptocurrency buying, selling, and converting from a compliance and regulatory standpoint, rather than simply providing a portion of the solution and/or simply focusing on the technology or marketing. Others have claimed to do the same, but they ended up trying to force their business and technology to be compliant and/or provided only a portion of the needed solution. In contrast, Javvy starts, first, with compliance and then builds upon that foundation to add all required pieces of technology and then add the marketing, for a comprehensive solution.
The long answer (in bullet format):
- When buying or selling cryptocurrency for national currency (FIAT), all traditional exchanges require crypto to be held by the exchange, in a wallet managed by the exchange. This presents a lucrative target for hackers, which have been extremely successful in stealing user funds from online wallets [1, 2] and online exchanges [3, 4, 5]. In contrast, the Javvy solution does not "store" user private keys, banking information*, or currency balances* (e.g. no access to funds).
*Except for optional services, such as free crypto transfers and debit card usage, where the risk is clearly spelled out.
- Existing traditional crypto exchanges enforces one-size-fits-all AML/KYC (anti money laundering / know your customer) policies that are too cumbersome and unsafe for consumers. Instead, Javvy abides by country-specific regulations to provide tailored requirements, which are far simpler and limits risk considerably.
- The Javvy exchange will support many national currencies (FIAT), chosen on a demand basis, to allow for the ability to serve niche markets and countries with fewer-to-no crypto exchange options.
- The wallet, itself, will set Javvy apart from other wallet solutions, with its beautiful, elegant, and intuitive design; but there are too many features and conveniences to list them all in this FAQ (see the Javvy homepage for details).