BitQuick, a startup that enables you to buy bitcoins through its over-the-counter (OTC) service, has been accepted into the Boost VC accelerator program.
The program, headed by Adam Draper, incubates startups for an intensive 3-month period. They receive mentoring from experienced entrepreneurs and feed off of each other’s learning and successes.
Startups are granted a $10,000-$20,000 investment from Boost VC upon admission, plus 300 BTC upon completion.
Its debut has been themed around competing with LocalBitcoins, to date the most popular platform for OTC trading. Draper said that “BitQuick is the strongest contender” to LocalBitcoins and that “[LocalBitcoins’] lack of innovation has caused competition to emerge.”
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An advertisement illustrates areas where BitQuick claims an advantage over LocalBitcoins. These include: no scams, a 3-hour guarantee, no face-to-face interactions, being multisig-secured and being Boost VC-backed.
BitQuick has enlisted the services of Jumio, a company specializing with know-your-client (KYC) procedures. Implementing its NetVerify ID verification tool, it aims to join the Bitcoin Identity Security Open Network (BISON), which validates personal customer data.
Thus, BitQuick is positioning itself to be a cleaner, more compliant competitor to LocalBitcoins.
As bitcoins are handled in its own wallet, they have also recently implemented multisignature technology from BitGo to maximize security.
BitQuick charges a fee of 1-2% to buyers, but no fee to sellers. LocalBitcoins charges 1% to buyers and sellers when listed as advertisers, and no brokerage fees when not. There are some minimal wallet/transfer fees as well.