Bitcoin Exchange Coinfloor Will Trade in US Dollar, Euro and Polish Zloty

London-based bitcoin exchange Coinfloor is looking to expand its operations by including trading option for a wider range of currencies like U.S. dollar, Euro and Polish zloty.

Photo: Coinfloor

Photo: Coinfloor

Coinfloor, a London-based bitcoin exchange, is going to broaden its activities by including trading option for a wider range of currencies.

Coinfloor was founded two years ago and has already become the largest exchange for bitcoin-to-sterling transactions.

The exchange will begin allowing investors to deposit in US dollars, euros and the Polish zloty beginning October 21st. The company has collaborated with Poland’s largest bank PKO, because no British institution is inclined to do so.

“The Polish bitcoin market has taken off significantly and is now more than double the size of the sterling market,” Mark Lamb, Coinfloor CEO, said. “The banks are very conservative and are not very interested… in something that could be very innovative and disruptive to what they do,” he added.

Hopefully this change will bring more investors to the platform while there is much competence on the bitcoin market, also when it is facing difficulties in the UK in trading bitcoin, because of the legal issues surrounding the digital currency with new exchanges being launched weekly.

Moreover, the company is expected to close a funding round in the amount of £1 million, that is about $1.6 million USD in the next month. This latest funding will value the company at up to £8 million. Besides, it will include current investors such as venture group Taavet Hinrikus and Passion Capital, CEO and co-founder of TransferWise, a money transfer company.

Coinfloor is also planning to launch a bitcoin exchange traded fund – a security linked to a commodity like gold, but which is traded like a stock. The Cameron and Tyler Winklevoss, American rowers and internet entrepreneurs, are trying to launch these funds in the US.

“We believe there is significant untapped bitcoin demand that is waiting for a regulated and listed investment product before buying bitcoin. We are exploring how and where to launch a physical bitcoin-backed exchange traded product to provide customers with another route to bitcoin,” Coinfloor said.

Tech investors has been very interested in bitcoin start-ups lately. Bitcoin businesses have raised $113.2 million from venture capital groups in 2014 so far, compared with $88 million the year before, according to Financial Times.

However, these numbers are small if compared to the sums invested in tech groups, though they reflect the incipient nature of the global bitcoin market.


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