Denmark-based bitcoin platform Coinify has announced its expansion within the Single Euro Payments Area (SEPA) network, enabling customers in 34 countries to buy and sell the digital currency.
SEPA is a European Union (EU) payment integration scheme that aims to ease euro denominated bank transfers between 28 EU member countries as well as Iceland, Norway, Liechtenstein, Switzerland, Monaco and San Marino.
Christian Visti Larsen, chief financial officer at Coinify, told CoinDesk:
“Coinify has two operation legs, one for payment service providers and one for traders. The expansion within the SEPA network is a movement for supporting both the pay-in and pay-out operations for both legs. In simple terms – we can now move faster and cheaper.”
In addition to its consumer features, Coinify allows businesses to accept bitcoin and receive next-day settlement in fiat currencies, including euros, dollars and kroner, among other currencies.
The platform also offers a plug-in, which enables merchants already using BigCommerce, Magento, Shopify and WooCommerce to integrate bitcoin payments.
Future plans
Larsen said the company was planning to take on further investment in the second half of this year.
“We expect to raise a significant amount to make sure that Europe will be playing a leading role in this new payment space. We believe that our strategy on providing the traditional payment service providers with dedicated service is our way in to the market,” he added.
Coinify announced a seed funding round in September last year, with investment from venture capital firm SEED Capital and startup accelerator Accelerace. The total remains undisclosed.
With the funds, Coinify acquired Bitcoin Nordic, a bitcoin broker and the merchant services formerly offered by Bitcoin Internet Payment Systems (BIPS).
Competition
With its European expansion, Coinify is entering a hotly contested space, competing with various bitcoin exchanges also supporting SEPA payments.
San Francisco-based Coinbase recently announced its expansion to the UK, enabling customers to add euros to their wallets using SEPA.
The exchange, which now serves over 20 countries in Europe, previously sent its co-founders Brian Armstrong and Fred Ehrsam, on a tour of the region to meet potential customers and promote the company’s API to developers.
Bitcoin exchanges Bitstamp and Safello also allow customers to purchase bitcoin through SEPA deposits.
European map image via Shutterstock