Coinfloor Willing to Launch Bitcoin Fund and Trade in Wider Range of Currencies

0
107

Coinfloor Willing to Launch Bitcoin Fund and Trade in Wider Range of Currencies

In an announcement Coinfloor, the London-based Bitcoin exchange, has said that it is opening up to a wider range of currencies. The company further elaborated that it will also raise money from its investors to launch a Bitcoin fund next month which according to it will take the company’s value up to £8m.

The company says that though it is not yet confirmed the investors are likely to include venture group Passion Capital and Taavet Hinrikus, chief executive and co-founder of TransferWise, a money transfer company. The much needed funds will help the company enhance its presence and strengthen its reach.

Coinfloor which claims that it is passionate about how technology can change lives and the way that the people think of money, it aims to provide a safe, secure and regulated platform that gives users and investors access to a liquid and transparent Bitcoin market. Nevertheless, it looks set on the target from the latest decision.

Strangely, their website talks about early investors wherein it has mentioned that Passion Capital and Taavet Hinrikus are the early investors. Whereas Passion Capital is one of the leading Tech VCs in Europe, Taavet Hinrikus was the first employee at Skype and Co-founder of Transferwise. The site says he is devoted to lowering the cost of financial services.

Bitcoin could have Lots of Scope in the UK

Founded just two years ago, Coinfloor is now the biggest Bitcoin-to-sterling exchange in terms of volume of currency traded and according to the source from the company from Tuesday, it will also trade in US dollars, Euros and Polish zloty. Though there are concerns over the legality of Bitcoin in the UK, the company feels the government may change its views.

There were reports that the UK government wants the country to become a hub for the digital currency, similar views are being shared by Mark Lamb, chief executive of Coinfloor. He says that as the UK has issues with Bitcoin, it is jeopardizing the UK’s chances of becoming a leader in the growing field.

According to Mark Lamb the Polish Bitcoin market has taken off significantly and is now more than double the size of the sterling market. He says that the British banks are very conservative and are not very interested in something that could be very innovative and disruptive to what they do and this according to him should change.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com