Purchasing Bitcoin in a convenient manner all around the world is still one of the major hurdles to overcome for this disruptive digital currency. Pending regulatory decisions across the globe make merchants wary of what Bitcoin can mean for their business in the long term. But a recent partnership between UK-based exchange CoinMate and payment provider MoneyPolo could shake things up quite a bit.
United Kingdom Still Holds Advantages For Bitcoin Companies
Operating a Bitcoin company in the United Kingdom is a double-edged sword at times. Finding a reliable banking partner to help a company in its startup phase is nearly impossible, as most of the major banks will not take on Bitcoin customers. However, some of the smaller banks may be more favourable towards the aspect of digital currency, yet it will always remain a struggle in the initial phase.
This is in stark contrast to the UK’s rather open policy towards Bitcoin and other digital currencies. In fact, the United Kingdom is one of the most transparent and proactive regulations on the topic of Bitcoin. Contrary to other parts of the world, such as China, the United States and Canada, the UK openly welcomes Bitcoin companies in terms of regulation.
On top of that, Bitcoin is VAT exempt in the United Kingdom, which is another bonus for any company trying to establish a presence there. Last but not least, the UK’s capital city is London, the world’s heart of finance. Plenty of investors are walking the London streets on a daily basis, given Bitcoin companies ample opportunity to find some funding.
UK-based Bitcoin exchange platform CoinMate, operated by Coinfirmo Ltd., only launched in April of 2015 and takes on competitors such as CoinFloor and Bittylicious. By offering a 0.2% trading free and no deposit withdrawal costs for supported fiat currencies – Euro, Czech Koruna and Polish Zloty – CoinMate is well on its way to establish themselves as a player in the Bitcoin market.
“We have a long experience with financial management and IS/IT development. Security is a top priority for us. Our sister platform BitcoinPay.com came second last year in the 2014 Starcube.cz Accelerator Program and with that experience, we set out to make a truly user-friendly exchange for Bitcoin fans across Europe and beyond.” – Coinfirmo CEO Roman Valihrach told the media.
Partnership Between CoinMate And MoneyPolo
As you would come to expect from a UK-based Bitcoin exchange, CoinMate could only offer their services to customers within the EU, who have access to SEPA transfers or OKPay. Due to their recent partnership with MoneyPolo (a payment processing company), CoinMate users can now withdraw funds to their MoneyPolo account as well.
The partnership between CoinMate and MoneyPolo brings purchasing Bitcoin through cash or CashU methods to an additional 150 countries. Such a major move could have a huge impact on Bitcoin adoption all around the world and is a large step in the right direction for CoinMate’s expansion plan.
Speaking of that expansion plan, CoinMate is planning to add an additional payment method to its platform later this year. If everything goes according to plan, Sofort instant bank transfers will be integrated by August of 2015. Doing so brings the additional payment method to 13 European countries, which will help CoinMate gain a foothold in this part of the world.
Source: CoinMate News
Images courtesy of Shutterstock, CoinMate and MoneyPolo