Exchange

Since the invention of digital currencies, the number of crypto-exchanges has exploded. There are some 200 registered cryptocurrency exchanges as of 2018. This is only counting the registered exchanges. There are many more unregistered and unknown exchanges. Out of all the known crypto exchanges, only a handful allow their user to exchange crypto to fiat. Even taking these few into consideration, , crypto exchanges are still failing to deliver the appropriate and promised services to their customers.



PROBLEM

PROBLEM The failure of most crypto exchange services is attributed to a few factors. The main factor is the lack of customer support. Unexplainable freezing of funds for up to a month or more, ridiculously large waiting times for support tickets, and long holding times to connect to a customer support agent are a few of the most common problems contributing to the failure of most mainstream crypto exchanges. On top of all the issues with customer support, there are large waiting times and fees for every exchange made. A delayed exchange could mean a lot of money because of the unpredictable fluctuation of crypto prices. Novice traders have trouble trading, because for every return they make, the majority of the profit goes to the exchange’s fees during withdrawal. This creates high barriers for beginners looking to get into crypto trading.

SOLUTION AND KRONN

The KRONN Exchange System aims to provide a robust and reliable service for their users by allowing real-time crypto-to-crypto and crypto-to-fiat exchanges. Users will be able to transfer fiat to anyone, anytime anywhere in the world. This is done by exploiting the domestic transfer system in place in all countries to allow fiat transfer from any KRONN user to any other KRONN user in a short amount of time. Rather than waiting for days at a time, the KRONN service is aiming to deliver in a matter of minutes. Unaccountable fees will also be removed, and fees will be revealed to the public, making the exchange system fully transparent. The KRONN ecosystem follows the working ideology of Amazon, that is ‘Customer always comes first’.


With offices in London, Seoul and Switzerland, we are confident that we can provide an appropriate number of customer support agents to help users that are facing troubles with the exchange system. The number of customer support agents will be relative to the amount of user traffic. We want to ensure that any problems faced by users will be solved in a relatively short period of time. Besides that, using the KRONN exchange system, users are able to convert any cryptocurrency to fiat. The process is as straightforward as it can be. (1) Select the desired cryptocurrencies in your possession that you would like to convert to fiat, (2) specify the amount you would like to exchange and where you want the fiat currency to end up (i.e. providing bank account or debit card number), (3) simply press the transfer button. The fiat money will arrive at your desired bank account instantly The same system allows for the opposite. Users can exchange fiat to any cryptocurrency. Using the same steps but in reverse, users can expect the cryptocurrency to arrive in their wallet in a short amount of time. To further ease the process, a friendly and easy-to-use user interface will be developed. Users can use the application in the form of a mobile application, desktop application and web application to perform all the exchanges.