VIDEO - Wayne Chen: Bitcoin Halving Will Impact Price

Wayne Chen, CEO of Interlapse Technologies (TSXV:INLA), spoke with the Investing News Network (INN) about the bitcoin market and how Coincurve, the company’s virtual currency platform, has plans to move into Southeast Asia in the next year.

“Coincurve is a virtual currency platform that allows any Canadians to easily buy bitcoin and bitcoin cash. The idea behind it is that it is geared towards mass adoption for new buyers into the market,” he said.

When speaking to INN at the Extraordinary Future Conference in Vancouver, British Columbia, Chen illustrated how Coincurve operates within the cryptocurrency ecosystem. “The idea behind Coincurve is we really want to make it frictionless for people to buy cryptocurrency.”

“We are non-custodial,” said Chen. “What that means is we request that people provide their own wallets and then we send bitcoin to their wallets after the purchase is complete. Typical exchanges hold their coins, so we don’t want to do that.”

Dropping the barrier to entry into the cryptocurrency market was central to the design of the platform, he explained.

As the discussion continued, Chen spoke on how bitcoin is showing consistent signs of growth, although trading activity appears to be oscillating. “The current virtual currency market is going through its own run right now slowly,” he said. “The price is going up and down and it’s trading sideways a little bit.”

Despite the subdued attention to the cryptocurrency market following the hyperbolic rise of bitcoin in 2017, Chen added that bitcoin has shown signs of sustained growth going into the upcoming months.

“It is showing signs of a small breakthrough,” said Chen. Along with its steady price rise, Chen discussed how a bitcoin halving event next year will impact the market.

“There is a bitcoin halving coming up next year. So basically what that means is, a lot of the miners, when they mine the block … they get less of a payout for their reward. This means that there are less bitcoins being issued out when bitcoins are mined. So that may put an affect on price as well,” Chen said.

When it comes to the Canadian market, Chen noted that the appetite and activity is smaller in comparison. “It takes a bit of time for Canadians to follow the trends in other areas of the world that maybe have bigger appetites to buy cryptocurrency,” he said.

With expansion plans in the pipeline, Chen remarked on Interlapse’s plans to build more utility functionalities on the platform that will promote adoption.

“I think there are a lot more possibilities there to help drive mass adoption and hopefully stabilize the coin and make it usable in everyday lives.”

Watch the video above for more on what Chen had to say, and stay tuned for more of our Extraordinary Future video coverage. Our full playlist for the event can be found on YouTube.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Dorothy Neufeld, hold no direct investment interest in any company mentioned in this article. 

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.