Coinify Enhances Their Operations Across 34 Additional Nations
Coinify Expands into European Market, Paving Way for Bitcoin Adoption
Coinify, a Denmark-based Bitcoin payment service provider, has made a significant stride in the European market by expanding into 34 new countries within the Single Euro Payment Area (SEPA). This move is aimed at addressing a gap in the EU market and establishing Coinify as a leading player in the new payment space.
The expansion allows businesses in these 34 countries to buy and sell Bitcoins with Euros, and enables them to accept Bitcoins as a payment method, receiving the equivalent in their fiat-currency the next day. This integration, supported by popular platforms like Magento, Shopify, BigCommerce, and WooCommerce, makes it easy for businesses to incorporate Bitcoin into their payment systems.
This concept of enabling businesses to accept Bitcoins as a payment method is not new, with companies like BitPay and Coinbase already implementing similar strategies. However, Coinify's expansion marks a growing acceptance and integration of Bitcoin within the EU financial system.
Coinify's strategy for market entry involves providing traditional payment service providers with dedicated services. This approach is intended to enhance Coinify's competitive position in the European market, allowing the company to move faster and cheaper. Christian Visti Larsen, Chief Financial Officer at Coinify, stated that the expansion will help the company raise a significant amount to establish Europe as a leading player in the new payment space.
Coinify operates with two legs: one for payment service providers and one for traders. The expansion within the SEPA network supports both pay-in and pay-out operations for both legs of Coinify. This means that customers in these 34 countries can now easily buy and sell Bitcoins, further promoting the use of this digital currency within the EU.
Despite the efforts of previous companies in this field, they never achieved a strong foothold inside the EU. However, with Coinify's expansion, Europe is poised to play a leading role in the new payment space according to Coinify's plans. Larsen added that this expansion is a crucial step towards Coinify's goal of becoming a dominant player in the European Bitcoin payment market.
In conclusion, Coinify's expansion into the European market is a significant development in the acceptance and integration of Bitcoin within the EU financial system. The company's strategic approach and commitment to providing dedicated services to traditional payment service providers make it well-positioned to become a leading player in this space.
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