Ramsinks and consecutive breaking of digital currency transaction records

Ramsinks is a digital currency exchange that is a familiar name to most people who deal with cryptocurrencies due to its history in this field. Many people use the services of digital currency exchanges, but it is rare that they pay attention to this business itself and its challenges.

In order to learn more about this type of business and especially Ramsinks, we had a conversation with Ruhollah Jahandeh. Ruhollah is a graduate of computer engineering from Sharif University of Technology and the technical director of Ramsinks.

What service does Ramsinks provide?

Ramsinks In the beginning, it was a party of digital currency transactions and actually bought or sold currency from users. But the service it currently offers is a platform for trading between users, which is known as an exchange platform.

What other businesses are active in this field and are considered your competitors?

Elixir, Valex and Nobitex were our competitors from the beginning and are still considered competitors. They also work with the exchange platform model.

What is the difference between Ramsinks and its competitors?

These businesses can be compared from different aspects. Because cryptocurrency exchange is a complex subject, the factors are many. Factors such as the ease of using the platform space, time and security of authentication, withdrawal limits, buying and selling, variety of currencies and finally the appropriate fee are among the factors that can be compared.

In terms of interface and user experience, according to the report published by Coin Iran and the survey of this group of users, Ramsinks has created the best experience for users.

Another factor is the variety of currencies that can be exchanged on the platform. In this respect, Ramsinks is more diverse than its competitors.

There is also the issue of restrictions related to financial transactions. In this context, some competitors have restrictions on the amount of deposits and withdrawals, but such restrictions are not defined in Ramsinks.

Is the fee you receive from users competitive?

The lowest fee charged by Remsink is around 0.08% and the highest fee is 0.32%, which depends on the volume of transactions.

Fee received Ramsinks It is quite competitive. There may be cases where the fees received by competitors are lower, but this is due to the restrictions they apply to some cryptocurrencies. Actually, it is not possible to deposit and withdraw that currency for users and they can only buy and sell.

What about the tools you provide to users for analysis?

Almost most Iranian and even foreign exchange platforms offer a series of charts for analysis. Most of them use the Trading View service to provide this service, and Ramsinks also provides the same service.

How has the growth of Ramsinks market size been from the beginning to today?

At the beginning of the work, the total volume of exchanges in each exchange did not even reach one billion Tomans per day. With the spread of Corona, the market conditions changed. Bitcoin went from $7,000 to $4,000, and this price drop led to an increase in the number of active users on cryptocurrency exchange platforms. With the start of the rising wave of the price of Bitcoin, another wave was created to enter the cryptocurrency market, and every day we saw new records in the number of users. In the last few months, the decline of the Iranian stock market led to the migration of users, and many people withdrew their capital from the stock market and entered the cryptocurrency market, and almost every day we see the previous record of transactions being broken.

What effect do events such as the fall of early March have on this process?

Considering that an upward trend is predicted for the price of Bitcoin in the long term, when a heavy fall occurs, many people who intend to enter this market use this opportunity to buy, and therefore the number of users increases. . But in the fall of early March, when the price of Bitcoin fell by 30%, a correction took place, which increased the volume of transactions, but did not allow a significant amount of new users to enter the market.

What are the technical challenges of creating a digital currency exchange platform?

This field has many complexities. From a technical point of view and especially security, it is one of the most complex products due to high financial transactions. Due to the number and complexity of transactions, if a violation is committed, it is very difficult to identify it, so the technical development must be in a way that prevents any intrusion into the system.

Considering this complexity, what is the technical potential of the collection?

Most of Ramsinks technical team members have studied in Sharif and Tehran universities. Currently, we have a team of 14 people who are experts in various fields such as back-end, front-end, blockchain and Android and iOS applications. Due to the growth of the market, our team is also constantly expanding. Another aspect of this growth has happened in the Ramsinks marketing team, which attracts new forces day by day. If we consider the whole collection, more than 40 people work in Ramsinks.

What conditions do you have to attract human resources?

In hiring people, we pay more attention to their efficiency and passion for work. Currently, there is an opportunity to join the Ramsinks team, and those who are interested can submit their resumes via email, LinkedIn, or the website’s online support. Ramsinks Send them to us and we will definitely check all the resumes we receive.

Considering the spread of Corona, what conditions have you considered for the team members?

In terms of team culture and remote work, we used to be more strict before Corona, but now some of our friends are working remotely, and considering the restrictions that have arisen, we have provided the conditions for the comfort of the workforce.