Formerly known as "La Maison du Bitcoin", fintech Coinhouse is a cryptocurrency investment and exchange platform. But it has other ambitions: the first platform to obtain approval as a digital asset service provider, it has just launched a "crypto passbook" and hopes to develop payment services, to become Europe's leading cryptobank.
From physical space to 100% digital platform
The fintech bills itself as " a pioneer in the cryptoasset ecosystem ". Founded in 2015 under the name Maison du Bitcoin by Éric Larchevêque and Thomas France, Coinhouse began by offering, in the heart of Paris, a physical space open to cryptoasset enthusiasts. These were soon able to meet to discuss, but also to buy and sell cryptocurrencies on the fintech's premises.
Coinhouse subsequently set up an online cryptocurrency investment and trading platform, and developed various customer support services.
Now 100% digital, Coinhouse, headed by Nicolas Louvet, was the first French cryptocurrency platform to be approved as a digital asset service provider (PSAN) by the Autorité des marchés financiers (AMF).
In March, the fintech also took part in the creation of Lugh, a euro-backed digital asset for use by supermarket shoppers, in collaboration with the Casino retail group, Société Générale and auditing firm PwC.
Livret crypto and payments: products and services inspired by the banking sector
But Coinhouse has bigger ambitions than just being another cryptoasset investment platform. As Nicolas Louvet asserts, the fintech wants to become Europe's leading cryptobank.
At the end of October, Coinhouse launched a product that aims to be close to traditional banking products: the crypto passbook. This aims to enable individuals to optimize their cryptocurrency savings, thanks to the fixed rate of stablecoins like Theter, which is not subject to the high price volatility of other cryptocurrencies. Its value is stable, close to $1.
Coinhouse launches an investment product with a fixed rate of 5%. How is this possible?
- BFM Crypto (@BfmCrypto) October 22, 2021
"I understand that when you're not used to cryptos, 5% sounds huge, because you're used to financial products like the Livret A, below 1%" - @ClaireBalva pic.twitter.com/4vimf0wGax
With the crypto passbook, the fintech promises its customers a 5% annualized return, but the capital is not guaranteed. The rate is fixed and the capital is locked in for 13 weeks, after which it is possible to withdraw the funds or accept the new interest rate. The minimum capital required to open a crypto passbook is 43,000 euros, and the risk involved, although presented as low, is not negligible and makes all the difference with a traditional savings passbook.
In the future, Coinhouse intends to continue aligning itself with the traditional offerings of the banking sector by developing payment services.