A bitcoin exchange named Coinify announced its plans to expand its operations to cover all 36 EU member states under the Single Euro Payments Area (SEPA). The goal of this SEPA project, which was launched in February 2014, is to improve the efficiency of cross-border payments and turn the fragmented national markets for euro payments into a single domestic one.
With Coinify’s expansion plans, the bitcoin exchange can use its services to make cross-border payments even cheaper as it offers 0% transaction fees. The latest round of investments from VCs could allow the company to achieve these goals.
Bitcoin Exchange Funding
Coinify was able to raise funds from an early multi-million seed funding led by SEED Capital, the largest tech-focused VC firm in the nation. This investment allowed the bitcoin exchange to acquire one of the earliest European bitcoin exchange, Bitcoin Broker Bitcoin Nordic, which operated as the core service of Coinify.
Following this, the company was also able to acquire Bitcoin Internet Payment System’s intellectual properties and merchant relationships. Bitcoin Internet Payment System is one of the largest payment solution providers and payment gateway developer within Europe. Coinify was then able to grow its network and target other markets in Sweden, the United Kingdom, Denmark and Norway.
The company is still targeting more investment growth in the latter half of the year. “We expect to raise a significant amount to make sure that Europe will be playing a leading role in this new payment space. We believe that our strategy on providing the traditional payment service providers with dedicated service is our way in to the market,” explained Coinify Chief Financial Officer Christian Larsen.
With their expansion plans and additional funding, Coinify is also hopeful that the bitcoin exchange can enjoy higher volumes and increased liquidity while facilitating cross-border money transfers in Europe.