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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

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