It was announced today by the owners of Danish-based cryptocurrency exchange ExchangeMyCoins.com that the business is officially up for sale. The service launched in 2014 as an easy-to-use crypto service for swaps between the most popular crypto coins and later also introduced fiat currency.

However, now the only options for exchange are listed as bitcoin, litecoin, and dogecoin with no fiat option. With the introduction of multi-currency wallets and growth in the technology of services like Exodus, Changelly, and ShapeShift, just to name a few, the basic crypto to crypto service on ExchangeMyCoins looks outdated.

Crypto exchange or exchange to bank transfers was not how the exchange realized its main source of profit at its peak. The bread and butter at the height of operation were bitcoin exchanges into fiat currency PayPal accounts which launched in April 2015. The owners, though, got tired of doing the manual processing and PayPal wouldn’t allow for necessary cooperation to fully automate the process. See in a chart located below how the exchange volume dropped off by the end of 2016.

The owners put a note on the site promising full transparency in the process stating the following:

“We today have 21,000 visits per month and the traffic is increasing 150% year-over-year. Around 70% of the traffic is coming from organic search as a result of high visibility and strong global ranks on Google.”

“In 2015 we started to support exchanging altcoins to PayPal, which was handled manually to see the potential. In this period, we had a monthly revenue of $45,000 USD with around 15% profit. Since then we had to stop support for PayPal exchanges since we could not establish the necessary cooperation with PayPal in order to fully automate the exchange process. There is however still great potential in PayPal exchanges or implementing a solution for credit card exchanges and take advantage of the increased traffic.”

“Below we have assembled a list of unique features, information about the company, timeline and contact information for the team. We look forward to opening a dialogue with you.”

Information about the company

Traffic all time

268,113 sessions

197,103 unique visitors

183,680 organic search sessions (69% of all traffic)

Traffic monthly (latest 30 days)

21,661 sessions

16,982 unique visitors

16,383 organic search sessions (76% of all traffic)

Customers all time

2665 unique customers (average for the three methods listed below)

9683 exchanges

3.6 exchanges per customer

Average revenue per customer: 146 USD

Average profit per customer: 24 USD

Customers monthly

1199 exchanges in September 2015 (best month ever)

We have data for the last 26 months.

Average of 372 exchanges per month.

Retention

770 customers made more than one exchange

22% of all customers have made more than one exchange

Unique customers

Wallet addresses: 2244 unique

Email: 2609 unique

Google Analytics UUID: 3143 unique

Average: 2665 unique customers

Customers from all over the world

Traffic from 220 countries

Exchanges from 98 countries

Email permissions

1884 permissions in Campaign Monitor

Facebook followers

3689 facebook followers

29 reviews on Facebook

4.3 / 5 rating

Traffic growth

Growth in exchanges over time:

Features

The website

Normal and fixed exchanges

Option to receive an email receipt

Track exchange feature to find previous exchanges based on deposit or own wallet address

Contact form with a CAPTCHA to reduce spam

Mobile-friendly responsive website

Easy and user-friendly exchange flow with a status indicator for confirmations

HTTPS implemented across the entire site

Option to collect feedback from customers right after the exchange, which will be added to the exchange in the backend

Admin / backend

Windows login + Two-factor login (Google Auth)

Mobile-friendly responsive backend

SMS notifications to different people dependent on severity and business area

Supports all crypto coins with QT wallets

Fast and easy enabling and disabling of currencies from the backend

Overview of wallet balance of all currencies with the balance in BTC

Security against hacking, by only allowing withdrawal to specified addresses from the backend

Deposit to specified addresses in the backend which will automatically create a record of the deposit in the internal ledger

Automatic customer verification system

System if users are exchanging large amounts with automatic email notification to the user with instructions to provide picture ID to validate his user

Whitelist of verified users, who can exchange larger amounts

System based on previous orders as well as single orders to identify when a user needs to be validated

Exchange admin system

Display and administration of exchanges

CMS to create, edit and delete pages from the backend

Download or show wallet transactions

Ledger of all exchanges

Reports of total profit, profit for individual exchanges, the overview of exchanges based on current status, etc.

Exchange rates

Redundant update of exchange rates from the markets largest API’s with enabling/disabling from the backend

Automatic pause exchanges if exchange rates are not up-to-date with email notification to the user and SMS notification to admins

Option to override exchange rate for specific currency pairs

Exchanges

Automatic calculation of exchange rates between all currency pairs

Automatic halting of very small exchanges with easy flow to enable users to return the coins to their wallet

Automatic disabling of pending exchanges after 4 days, to reduce system load

Throttling to reduce load on wallets in situations with many simultaneous exchanges

Code and development

Wallet simulator for development

Unit test suite

Separate codebase for website, windows service and admin website

Automatic daily backup to Amazon S3

Timeline Highlights

December 2013 : Started to figure out the architecture of the system

: Started to figure out the architecture of the system September 2014 : Launch of ExchangeMyCoins.com

: Launch of ExchangeMyCoins.com December 2014 : Customers from more than 70 countries

: Customers from more than 70 countries March 2015 : Introducing Repeat exchanges

: Introducing Repeat exchanges April 2015 : Introducing PayPal exchanges

: Introducing PayPal exchanges March 2016 : Traffic increased 160% compared to March 2015

: Traffic increased 160% compared to March 2015 December 2016 : 2000 customers

: 2000 customers March 2017: 3000 facebook followers

Valuation of ExchangeMyCoins.com

Value of Yearly traffic: 150,000 USD (if bought via Google Adwords)

Value of extensive knowledge of Bitcoin and blockchain technology: 0 – 50,000 USD

Value of Tech: Github repository, source code, server setup, wallets: 100,000 USD (+1000 hours of coding)

Value of brand (785 backlinks, +3000 social followers, 1882 permissions, +2000 online mentions): 50,000 USD

Value of revenue potential: 600,000 USD (3 years revenue potential)

Expected acquisition price: 200,000 USD

The company is registered as:

ExchangeMyCoins.com

Rosenvangs Alle 251, 1. th

DK-8270 Højbjerg

Denmark

VAT: DK-36499362