The cryptocurrency world may be coming down from its high in early 2018, but one Milwaukee startup believes there's still plenty of demand for trading bitcoin and other digital currencies, and it just launched an app to give serious crypto traders the tools they need to buy, sell and manage their portfolios on the go.
Coinigy, founded in 2014, has developed a steady user base since it launched its web app. The company has around 80,000 users, roughly half of which pay around $20 per month for the product---which offers data on more than 40 exchanges and the ability for users to trade on nearly 20 exchanges.
The new mobile app, which launched last week and is available on Android and iOS, also gives users access to real-time cryptocurrency pricing, charting, news and SMS price alerts.
"If there’s a market moving and you’re on a subway somewhere in New York or you’re driving somewhere, you can easy sell or buy on the go," Coinigy CFO and Director of Business Development Derek Urben said.
The Coinigy app costs $21.95 per month. That price point certainly isn't for everyone; Coinigy is targeting only sophisticated crypto traders. But after just a few days of being live, the app already has more than 3,000 downloads, Urben said.
Urben declined to disclose Coinigy's specific revenue figures, but he said the company's revenue has grown 300% year-over-year. He acknowledged that Coinigy's growth has mirrored the growth of the cryptocurrency industry in general. Back in January, when bitcoin prices were skyrocketing, Coinigy was adding as many as 4,000 new users a day, Urben said. Today, that number is closer to 800 a day.
"The market cool down definitely affected us," he said.
Even still, Urben says business is good. The startup has around 30 full and part-time employees, and it has only taken a small amount of outside capital from friends and family, which Coinigy has returned to investors, Urben said.
Looking ahead, Urben said Coinigy plans to bring its platform to more users across the globe, expanding its 24/7 crypto trading and data service into more international customers. It's also eyeing new pricing models, which could include potentially higher prices for users who want more data, and cheaper options for beginning traders.
