Coinify, Denmark based Bitcoin platform has declared its expansion within the Euro payments network, also known as SEPA (Single Euro Payment Area). This move will take bitcoins to its 34 member countries where the users can buy/sell digital currencies.
SEPA is a euro payment integration system whose aim is to make easy transactions between euro dominated banks and its 28 member countries and additionally Iceland, Lichtenstein, Norway, Switzerland, San Marino and Monaco.
In CFOs words
Christian Visti Larsen, CFO Coinify said in an interview with coindesk that Coinify works on two platforms, traders and payment service providers. The expansion within the network of SEPA will help the company to operate both the legs and allow for easy as well as cheaper movement.
They are not only making provisions for the consumer features but will allow businesses to take payments in Bitcoins that will get processed within the next day in fiat currencies. These currencies include USD, Euros and kroner.
Another feature provided by Coinify is to offer a plug-in to enable merchants like Shopify, BigCommerce and Magento to accept Bitcoin payments on their e-commerce sites.
Further expansion in the Pipeline
The CFO also announced their plans to expand further in the second half of the year and look into additional investment opportunities.
The idea is to make Europe one of the leading markets in Bitcoin domain which will be enthused into the system by offering traditional payment service providers with a dedicated service offering provided by Coinify.
The funds that Coinify received as seed capital from Accelerance and SEED Capital firm were used to acquire Bitcoin Nordic, merchant services and bitcoin broker that was earlier known as Bitcoin Internet Payment Systems (BIPS).
Coinify, with its European expansion has entered into an intensively competitive space with several bitcoin exchanges and SEPA payment supporters already existent.
The main competition of Coinify is with Coinbase, a San Francisco based bitcoin payment platform that also recently announced its expansion into UK that will enable consumers to add Euros to their Bitcoin wallets with the help of SEPA.
CoinBase is present in more than 20 countries in Europe and they engineered their expansion by sending their two co-founders to tour the region and meet with prospective customers. They also aimed at promoting their API to developers within these regions.