Dustin Walper, the founder of Akira, the popular telehealth startup is set to make the move to the cryptocurrency scene. Having left Akira less than a year ago, Dustin Walper has launched Newton, his first foray into the cryptocurrency market. He becomes the latest in a growing list of seasoned entrepreneurs who are attempting to break into the cryptocurrency market. Akira was acquired by Right Health, a virtual healthcare service startup in 2017.
Newton is a cryptocurrency trading platform that has developed for iOS mobile smartphones. Newton differs from many other trading platforms by not charging commissions or trading fees. The Newton iOS app is synced to the user’s bank account, ensuring instant approvals. Bitcoin, Ethereum, and Litecoin can be traded on the platform. Users of the platform have the option of transferring cryptos to their wallets or trading live from the Newton platform. The platform is designed to also buy back user’s cryptocurrency if they wish to convert same to Canadian dollars.
According to Walper, the decision to offer the platform as a mobile app rather than a web exchange was in line with the company’s commitment to cryptocurrency more accessible to the general public. As a mobile app, Newton provides a platform that will potentially be more portable and accessible to a lot more users than if it was a desktop platform. As an emerging asset class, Walper believes that mainstream adoption of the Newton platform will drive positive change in the emerging crypto asset class and bring about legitimacy for the market.
Part of the challenge of bringing cryptocurrency to the mainstream arena is the fact that the regulatory environment most times leaves much to be desired. Newton isn’t the only platform that is trying to alter the narrative with regard to the public perception of cryptocurrency. Coinsquare, another Canadian-based cryptocurrency exchange platform has been in the middle of a robust PR campaign to earn the trust of the public.
According to Walper, the regulations in the crypto market are still a bit “sketchy”. Walper also acknowledges the fact that adequate oversight is required to make everyone is playing by the rules especially with respect to money laundering and tax regulations. In Canada, some banks have banned the use of credit cards in cryptocurrency transactions.
Walper and the team at Newton are certainly not deterred by the obstacles present in the market. They have set off to make sure that the platform adheres to the utmost standards of trust and transparency. According to the platform’s website, Newton is PIPEDA-compliant and FINTRAC ready (PIPEDA is Canada’s corporate privacy watchdog while FINTRAC is responsible for monitoring financial transactions in the country). The platform also provides an exportable T5 statement (investment income filing for tax purposes).
With cryptocurrency exchange platforms getting hacked, Newton isn’t taking any chances with its security protocols. The platform will store 95 percent of its crypto assets in offline cold wallets. There will also be daily off-site backups to clear any redundancies. The beta version of the Newton platform will soon be released.