Coinomat is a gateway service for Waves Platform users who want to introduce fiat money into the Waves blockchain tokens. Coinomat allows its users to convert between various cryptocurrencies and national currencies without the need to open an account at a cryptocurrency exchange.
When a user wishes to purchase or convert their coins or fiat money at an established Bitcoin exchange they have to go through a process of registration, depositing funds, sending a market order, and making a withdrawal order. Taking cryptocurrency transaction confirmation times into account the whole process could consume several hours.
While all it takes to exchange your funds with Coinomat is providing the address for receiving your coins and sending the funds to be exchanged to the company's address. The whole process gets complete within minutes.
All transactions at Coinomat are fully automated and do not require registration. One can also use Coinomat API to initiate and complete exchange transactions without visiting the website. This feature can be used for automatic conversion between cryptocurrencies.
Another prominent use case of Coinomat functionality is the ability to pay for services which accept Bitcoin directly with Litecoin. This can be achieved by using the Bitcoin payment address as the address for receiving funds from Litecoin exchange.
Coinomat makes it possible to exchange:
- BTC to Waves BTC asset
- Waves BTC to BTC
- Credit cards to Waves BTC and Waves asset
- SEPA transfer to EUROTOKEN
Behind the scenes procedures
By aiming at maintaining competitive exchange rates relative to major exchanges Coinomat engages an automated algorithm which keeps its exchange spread as low as possible. Besides, they interact with major exchanges to obtain additional liquidity.