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HolyTransaction Bets Big on Universal Cryptocurrency Wallet

Even with bitcoin prices surging in recent days, not everyone in the cryptocurrency industry is focusing solely on the success of its most popular digital currency.


HolyTransaction is a new cryptocurrency company that wants to be the market leader in the often speculative world of alternative digital currencies, and believes it stands to make big gains in the market by doing so. During a recent investor event at Plug and Play, Andrey Zamovskiy, CEO of HolyTransaction, told an audience the altcoin market is worth $30bn today by transaction volume, and that this number could be as high as $90bn by 2016.


To reach this market, HolyTransaction has built a wallet that allows users to exchange various altcoins in one place. But the company insists that it is not an exchange in the traditional way. Holy Transaction promotes an ethos of being the easiest way to store, and convert, a variety of altcoins.


Zamovskiy has been working on bitcoin-related technologies for many years, and finally came to the conclusion that building a wallet that can accept many cryptocurrencies is something the industry needs. Zamovskiy told CoinDesk:


“People essentially need a Coinbase for every cryptocurrency.”


Early struggles


However, the road to this realization was not an easy one for Zamovskiy. His first commercial bitcoin product came in 2011. Called BitMerch, it allowed businesses to accept BTC on websites.


Zamovskiy is from Ukraine, so most of his customer base for BitMerch was in Europe. And while he was able to sign up over 1,000 customers for BitMerch, the amount of bitcoin sales was very low. It quickly became clear to the entrepreneur that people were not spending bitcoin – because they didn’t even know what it was.


Zamovskiy said:


“We realized the real problem of bitcoin is not acceptance but distribution within customers.”


Developing an altcoin wallet


Armed with this information, Zamovskiy attempted to start another business in Ukraine that would get people to buy bitcoin with credit cards, but even that presented a number of problems.


One was that the Ukrainian payment processor declined most international credit cards. Another was that obtaining bitcoin via cards presented a number of fraud issues – stolen cards could be used to obtain bitcoin, and then be fairly hard to track down.


It was made clear, due to these issues and others, that another business idea would be required. Zamovskiy realized he would need to move to America in order to grow a cryptocurrency business. After some more trial and error, he eventually started HolyTransaction and was accepted as a startup at the Plug and Play Accelerator in Sunnyvale, CA.


CEO Pitching HolyTransaction at Plug and Play to investors. CEO Zamovskiy pitching HolyTransaction at Plug and Play to investors.

HolyTransaction currently makes money by charging its users 1% each time coins are exchanged within its wallet, and it plans to grow revenue as the altcoin market expands.


Wallets help a coin thrive


According to Coinmarketcap, there are currently 37 cryptocurrencies that have a market capitalization of more than $1m. To make decisions on what coins to include in its wallet, Holy Transactions relies on feedback from its userbase. The startup also monitors a site called CoinGecko, which measures market cap, social media shares, developer repository activity and other metrics to give coins a ranking score.


HolyTransaction thinks servicing top altcoins is important because many of them do not have sufficient wallet alternatives outside of a main client. Zamovskiy said:


“We are talking constantly with people in the community, and there are not enough wallet options.”


A lack of wallets can hurt an otherwise worthwhile coin, according to Zamovskiy. He pointed to namecoin and NXT in particular as alternative cryptocurrencies that struggle because of a lack of wallet choices. “NXT, for example, only has a client wallet. There’s no hosted wallet,” said Zamovskiy.


A wallet, not an exchange


Many altcoin investors use sites like Cryptsy to trade altcoins, and in theory, HolyTransaction is a potential competitor for those operating in this market. But when pressed, the company insisted it doesn’t want to be an exchange, but more like a traditional bank that offers a number of currency options. Zamovskiy explained:


“It’s like when you go to the bank and wish to convert a currency. Banks don’t ask for your ask price, bid price. They just provide you with a flat rate.”


HolyTransaction wants to be known as a trusted wallet partner within the cryptocurrency community.


The top ten cryptocurrencies together have an $8.2b market cap. Bitcoin alone is $7.7b. Data: CoinmarketcapThe top ten cryptocurrencies together have an $8.2b market cap. Bitcoin alone is $7.7b. Data: Coinmarketcap

Instead of having to trust a shifting market flooded with coin (and wallet) options, investors can use the HolyTransaction platform to maintain safe storage, moving value in and out as needed.


Swapping coins


The altcoin market is almost always wavering on the whims of a brand-new coin reaching some new, lofty status, which often pushes some older coin down the ladder. Auroracoin is a notable example – there was a lot of hype surrounding this Icelandic-originated coin earlier this year, only for its price and subsequent interest to drop significantly.


Because of this, HolyTransaction will have to remain vigilant about keeping the most relevant coins part of its wallet. Right now, the company has six coins in its hosted wallet – bitcoin, blackcoin, dogecoin, darkcoin, litecoin and peercoin, and four more are to be added at some point in the future.


holytransactionwallet1The HolyTransaction altcoin wallet.

But, what will happen when a coin needs to be moved out of the top 10, effectively removing it from the wallet?  The company has a solution for that, said Zamovskiy:


“[We] can’t expect the same 10 to always be at the top. We can use several strategies, but we would probably just send the encrypted private key to the user.”


Western banking and altcoin investors 


Through Zamovskiy’s knowledge of the intricacies of regulation, HolyTransaction has been able to land a partnership with Interac in compliance-friendly Canada, a feat also recently achieved by California-based expresscoin. The company has also completed its time at the Plug and Play incubator, and will set up its headquarters in the Bay Area, while maintaining an engineering office in Ukraine.


From this new location, HolyTransaction will provide a service it believes people need, because investors will continue to place faith (and money) behind alternative cryptocurrencies. Developers will keep making them, and money will flow into these coins.


“I believe that the majority of these [alternative] cryptocurrencies are by Russian developers,” said Zamovskiy. “[But] owners of theses currencies are usually based in the States, western countries.”


Coins image via Bitcoingarden


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","category":{"name":"Tech","slug":"tech"},"published":"2014-07-01T18:00:14","updated":"2014-07-02T12:23:16","_post_type":"post","authors":[{"imgSrc":"https://static.coindesk.com/wp-content/uploads/2019/04/Daniel-Headshot-21-Edit-275x275.jpg","socialAccounts":[{"type":"twitter","url":"https://twitter.com/danielcawrey"},{"type":"facebook","url":"https://www.facebook.com/dcawrey"}],"name":"Daniel Cawrey","slug":"daniel-cawrey","email":"dcawrey@coindesk.com"}],"media":{"type":"image","images":{"id":101880,"alt":"screen-shot-2014-07-01-at-1-42-40-pm","source":"","url":"","mime":"image/png","full":{"src":"https://static.coindesk.com/wp-content/uploads/2014/07/Screen-Shot-2014-07-01-at-1.42.40-PM.png","width":1200,"height":500},"desktop":{"src":"https://static.coindesk.com/wp-content/uploads/2014/07/Screen-Shot-2014-07-01-at-1.42.40-PM-710x458.png","width":710,"height":458},"mobile":{"src":"https://static.coindesk.com/wp-content/uploads/2014/07/Screen-Shot-2014-07-01-at-1.42.40-PM-345x222.png","width":345,"height":222},"mobile@2x":{"src":"https://static.coindesk.com/wp-content/uploads/2014/07/Screen-Shot-2014-07-01-at-1.42.40-PM-690x444.png","width":690,"height":444},"mobile@3x":{"src":"https://static.coindesk.com/wp-content/uploads/2014/07/Screen-Shot-2014-07-01-at-1.42.40-PM-1035x500.png","width":1035,"height":500}}},"tags":[{"name":"Litecoin","slug":"/tag/litecoin-news","href":"/tag/[tag]"},{"name":"Peercoin","slug":"/tag/peercoin","href":"/tag/[tag]"},{"name":"Plug and Play","slug":"/tag/plug-and-play","href":"/tag/[tag]"},{"name":"Dogecoin","slug":"/tag/dogecoin-news","href":"/tag/[tag]"},{"name":"Wallets","slug":"/tag/wallets","href":"/tag/[tag]"},{"name":"HolyTransaction","slug":"/tag/holytransaction","href":"/tag/[tag]"},{"name":"Bitcoin","slug":"/tag/markets-bitcoin","href":"/tag/[tag]"},{"name":"Altcoins","slug":"/tag/altcoins","href":"/tag/[tag]"},{"name":"Other Public Protocols","slug":"/tag/other-public-protocols","href":"/tag/[tag]"}],"primaryTag":{"name":"Litecoin","slug":"/tag/litecoin-news","href":"/tag/[tag]"},"body":"\u003cp\u003eEven with bitcoin prices surging in recent days, not everyone in the cryptocurrency industry is focusing solely on the success of its most popular digital currency.\u003c/p\u003e\n\u003cp\u003eHolyTransaction is a new cryptocurrency company that wants to be the market leader in the often speculative world of alternative digital currencies, and believes it stands to make big gains in the market by doing so. During a recent investor event at Plug and Play, Andrey Zamovskiy, CEO of \u003ca href=\"https://holytransaction.com/\" target=\"_blank\"\u003eHolyTransaction\u003c/a\u003e, told an audience the altcoin market is worth $30bn today by transaction volume, and that this number could be as high as $90bn by 2016.\u003c/p\u003e\n\u003cp\u003eTo reach this market, HolyTransaction has built a wallet that allows users to exchange various altcoins in one place. But the company insists that it is not an exchange in the traditional way. Holy Transaction promotes an ethos of being the easiest way to store, and convert, a variety of altcoins.\u003c/p\u003e\n\u003cp\u003eZamovskiy has been working on bitcoin-related technologies for many years, and finally came to the conclusion that building a wallet that can accept many cryptocurrencies is something the industry needs. Zamovskiy told CoinDesk:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“People essentially need a Coinbase for every cryptocurrency.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003ch2\u003eEarly struggles\u003c/h2\u003e\n\u003cp\u003eHowever, the road to this realization was not an easy one for Zamovskiy. His first commercial bitcoin product came in 2011. Called BitMerch, it allowed businesses to accept BTC on websites.\u003c/p\u003e\n\u003cp\u003eZamovskiy is from Ukraine, so most of his customer base for BitMerch was in Europe. And while he was able to sign up over 1,000 customers for BitMerch, the amount of bitcoin sales was very low. It quickly became clear to the entrepreneur that people were not spending bitcoin – because they didn’t even know what it was.\u003c/p\u003e\n\u003cp\u003eZamovskiy said:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e\u0026#8220;We realized the real problem of bitcoin is not acceptance but distribution within customers.\u0026#8221;\u003c/p\u003e\u003c/blockquote\u003e\n\u003ch2\u003e\u003cb\u003eDeveloping an altcoin wallet\u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eArmed with this information, Zamovskiy attempted to start another business in Ukraine that would get people to buy bitcoin with credit cards, but even that presented a number of problems.\u003c/p\u003e\n\u003cp\u003eOne was that the Ukrainian payment processor declined most international credit cards. Another was that obtaining bitcoin via cards presented a number of fraud issues – stolen cards could be used to obtain bitcoin, and then be fairly hard to track down.\u003c/p\u003e\n\u003cp\u003eIt was made clear, due to these issues and others, that another business idea would be required. Zamovskiy realized he would need to move to America in order to grow a cryptocurrency business. After some more trial and error, he eventually started HolyTransaction and was accepted as a startup at the Plug and Play Accelerator in Sunnyvale, CA.\u003c/p\u003e\n\u003cdiv id=\"attachment_100970\" class=\"wp-caption aligncenter\"\u003e\u003cdiv class=\"image-container width-500\"\u003e\u003ca href=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png\"\u003e\u003cimg class=\"wp-image-100970\" src=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png\" alt=\"CEO Pitching HolyTransaction at Plug and Play to investors. \" width=\"500\" height=\"279\" srcset=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png 1004w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-768x428.png 768w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-205x114.png 205w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-728x406.png 728w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-780x435.png 780w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-90x50.png 90w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-136x76.png 136w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-348x194.png 348w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-269x150.png 269w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-350x195.png 350w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-419x234.png 419w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-270x151.png 270w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-438x244.png 438w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-282x157.png 282w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-206x115.png 206w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-345x192.png 345w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-512x286.png 512w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-690x385.png 690w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-775x432.png 775w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-380x212.png 380w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-285x159.png 285w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-570x318.png 570w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-855x477.png 855w\" sizes=\"(max-width: 500px) 100vw, 500px\" /\u003e\u003c/a\u003e\u003cspan class=\"wp-caption-text\"\u003eCEO Zamovskiy pitching HolyTransaction at Plug and Play to investors.\u003c/span\u003e\u003c/div\u003e\u003c/div\u003e\n\u003cp\u003eHolyTransaction currently makes money by charging its users 1% each time coins are exchanged within its wallet, and it plans to grow revenue as the altcoin market expands.\u003c/p\u003e\n\u003ch2\u003e\u003cb\u003eWallets help a coin thrive\u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eAccording to \u003ca href=\"http://coinmarketcap.com/all.html\" target=\"_blank\"\u003eCoinmarketcap\u003c/a\u003e, there are currently 37 cryptocurrencies that have a market capitalization of more than $1m. To make decisions on what coins to include in its wallet, Holy Transactions relies on feedback from its userbase. The startup also monitors a site called \u003ca href=\"http://www.coingecko.com/\" target=\"_blank\"\u003eCoinGecko\u003c/a\u003e, which measures market cap, social media shares, developer repository activity and other metrics to give coins a ranking score.\u003c/p\u003e\n\u003cp\u003eHolyTransaction thinks servicing top altcoins is important because many of them do not have sufficient wallet alternatives outside of a main client. Zamovskiy said:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“We are talking constantly with people in the community, and there are not enough wallet options.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003cp\u003eA lack of wallets can hurt an otherwise worthwhile coin, according to Zamovskiy. He pointed to namecoin and NXT in particular as alternative cryptocurrencies that struggle because of a lack of wallet choices. “NXT, for example, only has a client wallet. There’s no hosted wallet,” said Zamovskiy.\u003c/p\u003e\n\u003ch2\u003e\u003cb\u003eA wallet, not an exchange\u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eMany altcoin investors use sites like \u003ca href=\"https://www.coindesk.com/tag/cryptsy/\"\u003eCryptsy\u003c/a\u003e to trade altcoins, and in theory, HolyTransaction is a potential competitor for those operating in this market. But when pressed, the company insisted it doesn\u0026#8217;t want to be an exchange, but more like a traditional bank that offers a number of currency options. Zamovskiy explained:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“It’s like when you go to the bank and wish to convert a currency. Banks don’t ask for your ask price, bid price. They just provide you with a flat rate.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003cp\u003eHolyTransaction wants to be known as a trusted wallet partner within the cryptocurrency community.\u003c/p\u003e\n\u003cdiv id=\"attachment_100986\" class=\"wp-caption aligncenter\"\u003e\u003cdiv class=\"image-container width-500\"\u003e\u003ca href=\"https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap.png\"\u003e\u003cimg class=\"wp-image-100986\" src=\"https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap.png\" alt=\"The top ten cryptocurrencies together have an $8.2b market cap. Bitcoin alone is $7.7b. Data: Coinmarketcap\" width=\"500\" height=\"344\" srcset=\"https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap.png 1028w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-768x529.png 768w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-170x117.png 170w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-728x501.png 728w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-780x537.png 780w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-90x62.png 90w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-115x79.png 115w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-348x240.png 348w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-218x150.png 218w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-350x241.png 350w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-419x289.png 419w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-270x186.png 270w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-424x292.png 424w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-282x194.png 282w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-195x134.png 195w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-512x353.png 512w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-345x238.png 345w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-690x475.png 690w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-775x534.png 775w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-380x262.png 380w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-285x196.png 285w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-570x393.png 570w, https://www.coindesk.com/wp-content/uploads/2014/06/toptenaltcoinmarketcap-855x589.png 855w\" sizes=\"(max-width: 500px) 100vw, 500px\" /\u003e\u003c/a\u003e\u003cspan class=\"wp-caption-text\"\u003eThe top ten cryptocurrencies together have an $8.2b market cap. Bitcoin alone is $7.7b. Data: \u003ca href=\"http://coinmarketcap.com/all.html\" target=\"_blank\"\u003eCoinmarketcap\u003c/a\u003e\u003c/span\u003e\u003c/div\u003e\u003c/div\u003e\n\u003cp\u003eInstead of having to trust a shifting market flooded with coin (and wallet) options, investors can use the HolyTransaction platform to maintain safe storage, moving value in and out as needed.\u003c/p\u003e\n\u003ch2\u003e\u003cb\u003eSwapping coins\u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eThe altcoin market is almost always wavering on the whims of a brand-new coin reaching some new, lofty status, which often pushes some older coin down the ladder. \u003ca href=\"https://www.coindesk.com/?s=auroracoin\"\u003eAuroracoin\u003c/a\u003e is a notable example – there was a lot of hype surrounding this Icelandic-originated coin earlier this year, only for its \u003ca href=\"https://www.coindesk.com/price-iceland-auroracoin-fall-50-bitcoin-airdrop/\"\u003eprice and subsequent interest to drop significantly\u003c/a\u003e.\u003c/p\u003e\n\u003cp\u003eBecause of this, HolyTransaction will have to remain vigilant about keeping the most relevant coins part of its wallet. Right now, the company has six coins in its hosted wallet – bitcoin, blackcoin, dogecoin, darkcoin, litecoin and peercoin, and four more are to be added at some point in the future.\u003c/p\u003e\n\u003cdiv id=\"attachment_100982\" class=\"wp-caption aligncenter\"\u003e\u003cdiv class=\"image-container width-500\"\u003e\u003ca href=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1.png\"\u003e\u003cimg class=\"wp-image-100982\" src=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1.png\" alt=\"holytransactionwallet1\" width=\"500\" height=\"176\" srcset=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1.png 1882w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-768x270.png 768w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-1536x540.png 1536w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-205x72.png 205w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-728x256.png 728w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-780x274.png 780w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-90x32.png 90w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-136x48.png 136w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-348x122.png 348w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-426x150.png 426w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-350x123.png 350w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-419x147.png 419w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-270x95.png 270w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-438x154.png 438w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-282x99.png 282w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-206x72.png 206w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-512x180.png 512w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-345x121.png 345w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-690x243.png 690w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-1035x364.png 1035w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-775x273.png 775w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-1550x545.png 1550w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-380x134.png 380w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-285x100.png 285w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-570x200.png 570w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-855x301.png 855w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionwallet1-1200x422.png 1200w\" sizes=\"(max-width: 500px) 100vw, 500px\" /\u003e\u003c/a\u003e\u003cspan class=\"wp-caption-text\"\u003eThe HolyTransaction altcoin wallet.\u003c/span\u003e\u003c/div\u003e\u003c/div\u003e\n\u003cp\u003eBut, what will happen when a coin needs to be moved out of the top 10, effectively removing it from the wallet?  The company has a solution for that, said Zamovskiy:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“[We] can’t expect the same 10 to always be at the top. We can use several strategies, but we would probably just send the encrypted private key to the user.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003ch2\u003e\u003cb\u003eWestern banking and altcoin investors\u003c/b\u003e\u003cb\u003e \u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eThrough Zamovskiy\u0026#8217;s knowledge of the intricacies of regulation, HolyTransaction has been able to land a partnership with Interac in compliance-friendly Canada, a feat also recently achieved by California-based \u003ca href=\"/expresscoin-expands-canada-offers-debit-card-payments/\"\u003eexpresscoin\u003c/a\u003e. The company has also completed its time at the \u003ca href=\"https://www.coindesk.com/tag/plug-and-play/\"\u003ePlug and Play\u003c/a\u003e incubator, and will set up its headquarters in the Bay Area, while maintaining an engineering office in Ukraine.\u003c/p\u003e\n\u003cp\u003eFrom this new location, HolyTransaction will provide a service it believes people need, because investors will continue to place faith (and money) behind alternative cryptocurrencies. Developers will keep making them, and money will flow into these coins.\u003c/p\u003e\n\u003cp\u003e“I believe that the majority of these [alternative] cryptocurrencies are by Russian developers,\u0026#8221; said Zamovskiy. \u0026#8220;[But] owners of theses currencies are usually based in the States, western countries.”\u003c/p\u003e\n\u003cp\u003e\u003ci\u003e\u003ca href=\"http://bitcoingarden.tk/wp-content/uploads/2014/02/multi-crypto-currencies-cover-1.jpg\" target=\"_blank\"\u003eCoins image\u003c/a\u003e via Bitcoingarden\u003c/i\u003e\u003c/p\u003e\n","amp":"\u003cp\u003eEven with bitcoin prices surging in recent days, not everyone in the cryptocurrency industry is focusing solely on the success of its most popular digital currency.\u003c/p\u003e\n\u003cp\u003eHolyTransaction is a new cryptocurrency company that wants to be the market leader in the often speculative world of alternative digital currencies, and believes it stands to make big gains in the market by doing so. During a recent investor event at Plug and Play, Andrey Zamovskiy, CEO of \u003ca href=\"https://holytransaction.com/\" target=\"_blank\"\u003eHolyTransaction\u003c/a\u003e, told an audience the altcoin market is worth $30bn today by transaction volume, and that this number could be as high as $90bn by 2016.\u003c/p\u003e\n\u003cp\u003eTo reach this market, HolyTransaction has built a wallet that allows users to exchange various altcoins in one place. But the company insists that it is not an exchange in the traditional way. Holy Transaction promotes an ethos of being the easiest way to store, and convert, a variety of altcoins.\u003c/p\u003e\n\u003cp\u003eZamovskiy has been working on bitcoin-related technologies for many years, and finally came to the conclusion that building a wallet that can accept many cryptocurrencies is something the industry needs. Zamovskiy told CoinDesk:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“People essentially need a Coinbase for every cryptocurrency.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003ch2\u003eEarly struggles\u003c/h2\u003e\n\u003cp\u003eHowever, the road to this realization was not an easy one for Zamovskiy. His first commercial bitcoin product came in 2011. Called BitMerch, it allowed businesses to accept BTC on websites.\u003c/p\u003e\n\u003cp\u003eZamovskiy is from Ukraine, so most of his customer base for BitMerch was in Europe. And while he was able to sign up over 1,000 customers for BitMerch, the amount of bitcoin sales was very low. It quickly became clear to the entrepreneur that people were not spending bitcoin – because they didn’t even know what it was.\u003c/p\u003e\n\u003cp\u003eZamovskiy said:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“We realized the real problem of bitcoin is not acceptance but distribution within customers.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003ch2\u003e\u003cb\u003eDeveloping an altcoin wallet\u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eArmed with this information, Zamovskiy attempted to start another business in Ukraine that would get people to buy bitcoin with credit cards, but even that presented a number of problems.\u003c/p\u003e\n\u003cp\u003eOne was that the Ukrainian payment processor declined most international credit cards. Another was that obtaining bitcoin via cards presented a number of fraud issues – stolen cards could be used to obtain bitcoin, and then be fairly hard to track down.\u003c/p\u003e\n\u003cp\u003eIt was made clear, due to these issues and others, that another business idea would be required. Zamovskiy realized he would need to move to America in order to grow a cryptocurrency business. After some more trial and error, he eventually started HolyTransaction and was accepted as a startup at the Plug and Play Accelerator in Sunnyvale, CA.\u003c/p\u003e\n\u003cdiv id=\"attachment_100970\" class=\"wp-caption aligncenter\"\u003e\u003cdiv class=\"image-container width-500\"\u003e\u003ca href=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png\"\u003e\u003camp-img class=\"wp-image-100970 amp-wp-enforced-sizes\" src=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png\" alt=\"CEO Pitching HolyTransaction at Plug and Play to investors. \" width=\"500\" height=\"279\" srcset=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png 1004w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-768x428.png 768w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-205x114.png 205w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-728x406.png 728w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-780x435.png 780w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-90x50.png 90w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-136x76.png 136w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-348x194.png 348w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-269x150.png 269w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-350x195.png 350w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-419x234.png 419w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-270x151.png 270w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-438x244.png 438w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-282x157.png 282w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-206x115.png 206w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-345x192.png 345w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-512x286.png 512w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-690x385.png 690w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-775x432.png 775w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-380x212.png 380w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-285x159.png 285w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-570x318.png 570w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-855x477.png 855w\" layout=\"intrinsic\"\u003e\u003cnoscript\u003e\u003cimg class=\"wp-image-100970\" src=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png\" alt=\"CEO Pitching HolyTransaction at Plug and Play to investors. \" width=\"500\" height=\"279\" srcset=\"https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching.png 1004w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-768x428.png 768w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-205x114.png 205w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-728x406.png 728w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-780x435.png 780w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-90x50.png 90w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-136x76.png 136w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-348x194.png 348w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-269x150.png 269w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-350x195.png 350w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-419x234.png 419w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-270x151.png 270w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-438x244.png 438w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-282x157.png 282w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-206x115.png 206w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-345x192.png 345w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-512x286.png 512w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-690x385.png 690w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-775x432.png 775w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-380x212.png 380w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-285x159.png 285w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-570x318.png 570w, https://www.coindesk.com/wp-content/uploads/2014/06/holytransactionpitching-855x477.png 855w\" sizes=\"(max-width: 500px) 100vw, 500px\"\u003e\u003c/noscript\u003e\u003c/amp-img\u003e\u003c/a\u003e\u003cspan class=\"wp-caption-text\"\u003eCEO Zamovskiy pitching HolyTransaction at Plug and Play to investors.\u003c/span\u003e\u003c/div\u003e\u003c/div\u003e\n\u003cp\u003eHolyTransaction currently makes money by charging its users 1% each time coins are exchanged within its wallet, and it plans to grow revenue as the altcoin market expands.\u003c/p\u003e\n\u003ch2\u003e\u003cb\u003eWallets help a coin thrive\u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eAccording to \u003ca href=\"http://coinmarketcap.com/all.html\" target=\"_blank\"\u003eCoinmarketcap\u003c/a\u003e, there are currently 37 cryptocurrencies that have a market capitalization of more than $1m. To make decisions on what coins to include in its wallet, Holy Transactions relies on feedback from its userbase. The startup also monitors a site called \u003ca href=\"http://www.coingecko.com/\" target=\"_blank\"\u003eCoinGecko\u003c/a\u003e, which measures market cap, social media shares, developer repository activity and other metrics to give coins a ranking score.\u003c/p\u003e\n\u003cp\u003eHolyTransaction thinks servicing top altcoins is important because many of them do not have sufficient wallet alternatives outside of a main client. Zamovskiy said:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“We are talking constantly with people in the community, and there are not enough wallet options.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003cp\u003eA lack of wallets can hurt an otherwise worthwhile coin, according to Zamovskiy. He pointed to namecoin and NXT in particular as alternative cryptocurrencies that struggle because of a lack of wallet choices. “NXT, for example, only has a client wallet. There’s no hosted wallet,” said Zamovskiy.\u003c/p\u003e\n\u003ch2\u003e\u003cb\u003eA wallet, not an exchange\u003c/b\u003e\u003c/h2\u003e\n\u003cp\u003eMany altcoin investors use sites like \u003ca href=\"https://www.coindesk.com/tag/cryptsy/?amp\" rel=\"amphtml\"\u003eCryptsy\u003c/a\u003e to trade altcoins, and in theory, HolyTransaction is a potential competitor for those operating in this market. But when pressed, the company insisted it doesn’t want to be an exchange, but more like a traditional bank that offers a number of currency options. Zamovskiy explained:\u003c/p\u003e\n\u003cblockquote\u003e\u003cp\u003e“It’s like when you go to the bank and wish to convert a currency. Banks don’t ask for your ask price, bid price. They just provide you with a flat rate.”\u003c/p\u003e\u003c/blockquote\u003e\n\u003cp\u003eHolyTransaction wants to be known as a trusted wallet partner within the cryptocurrency community.\u003c/p\u003e\n\u003cdiv id=\"attachment_100986\" class=\"wp-caption aligncenter\"\u003e\u003cdiv cl

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