Swiftcoin is a new virtual currency that, much like Bitcoin, provides its users with secure and anonymous method of payment. Also like Bitcoin, it is only exchanged electronically – through the Swiftcoin wallet. Also like the pioneer virtual currency, Swiftcoin is a “non-centralized, peer-to-peer, electronic money that is independent of any particular firm, nation, personality or web site,” the company specifies.
The new currency works in an online exchange where Swiftcoin and bonds are exchanged. Its aim is to “reduce volatility, provide liquidity and serve as a Swiftcoin market price indicator.” It is the work of First National Innovation Brokers, a company providing online forex trading and already a fan of virtual currencies. Its users can fund their account through Bitcoin, as well as other traditional payments providers.
Swiftcoin can be bought through their website and spent, through a Swiftcoin wallet at registered online retailers. The currency also has its own retail space – oSwift – where goods and services can be bought and sold.
According to First National Innovation Brokers Swiftcoin will reduce the need for banks, cards and other payment methods and, with Bitcoin, is the only way of providing a truly anonymous, secure payment. According to the company, “Swiftcoin is as border less and rapid as email and as anonymous as a coin in a vending machine. It is the future of money.” Modesty aside Swiftcoin illustrates a growing trend of smaller players invading the traditional finance space.
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