29 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Coinfloor to expand trading to wider range of currencies

20 October 2014  |  7610 views  |  0 Bitcoin

London-based bitcoin exchange Coinfloor is to open up to new currencies, accepting deposits in US dollars, euros and Polish zloty, this Tuesday. Coinfloor is already the the biggest exchange for bitcoin-to-sterling transactions by volume of currency traded.

The move - first reported in the FT - follows a reversal by Coinfloor earlier this month to cease accepting deposits and withdrawals via Faster Payments. Writing on its corporate blog Coinfloor annouced:

"As you know, Coinfloor will no longer be offering Faster Payments as a deposit or withdrawal option. Deposits via Faster Payments were paused as planned on the 24th of September, and withdrawals have had to be paused today (unfortunately 3 days earlier than previously announced).

Once again, we want to assure you that this will not cause interruption to any of our services. You are still able to deposit and withdraw GBP to and from one of our European banks and avoid the FX conversions suffered on other bitcoin exchanges. Our GBP denominated client funds account is held at PKO Bank Polski, which is the largest bank in Poland and is fully aware of our business model."

This push into new currencies is part of a plan by Coinfloor to raise money from investors to expand its operations to a wider range of currencies and launch a bitcoin fund.

Coinfloor has commented in the past on its difficulties operating in the UK market due to concerns about the legality of the cypto-currency. Mark Lamb, CEO of Coinfloor tells the FT: “The Polish bitcoin market has taken off significantly and is now more than double the size of the sterling market. The [British] banks are very conservative and are not very interested . . . in something that could be very innovative and disruptive to what they do.”

Coinfloor also plans to launch a bitcoin exchange traded fund. The FT reprots that the plans for this fund would have Coinfloor putting bitcoins on to physical keys that are held within a secure underground vault. It would require multiple signatories to authorise the movement of these coins.

Bitcoin exchange to trade other currencies - FT.com

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Bitcoin to make big splash at Sibos and Money20/20

Bitcoin to make big splash at Sibos and Money20/20

26 September 2014  |  8693 views  |  0 comments | 12 tweets | 2 linkedin
Santander commissions study on bitcoin's impact on banks

Santander commissions study on bitcoin's impact on banks

26 August 2014  |  10766 views  |  1 comments | 19 tweets | 5 linkedin
Former Credit Suisse banker becomes Coinfloor chairman

Former Credit Suisse banker becomes Coinfloor chairman

11 July 2014  |  6462 views  |  1 comments | 5 tweets | 6 linkedin
Bitcoin to have 'profound' impact on trust-based markets - Wedbush analysts

Bitcoin to have 'profound' impact on trust-based markets - Wedbush analysts

30 May 2014  |  8222 views  |  0 comments | 10 tweets | 6 linkedin
UK bitcoin exchange opens

UK bitcoin exchange opens

29 October 2013  |  8731 views  |  0 comments | 8 tweets | 6 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comvisit www.response.ncr.comvisit wavestone-advisors.co.uk

Top topics

Most viewed Most shared
ECB preps eurozone-wide instant payments serviceECB preps eurozone-wide instant payments s...
9370 views comments | 19 tweets | 38 linkedin
ABN Amro tests wearable tech for contactless paymentsABN Amro tests wearable tech for contactle...
9020 views comments | 10 tweets | 6 linkedin
hands typing furiouslyThe EU and blockchain: taking the lead?
7752 views 0 | 8 tweets | 7 linkedin
Mastercard eyes opportunities to profit from sharing economyMastercard eyes opportunities to profit fr...
7454 views comments | 6 tweets | 6 linkedin
Body blow for PayKey as Apple orders Westpac off its turfBody blow for PayKey as Apple orders Westp...
7073 views comments | 12 tweets | 14 linkedin

Featured job

Six Figure Base + Commission + Stock Options

Find your next job