BrokerDealer.com blog update courtesy of MarketsMuse.com
Coinfloor has revealed plans to launch a bitcoin exchange traded fund (ETF) and accept additional fiat currencies as part of its efforts to expand internationally.
Starting immediately, the UK-based bitcoin exchange is allowing customers to make deposits in US dollars, euros and Polish zloty, in addition to the British pound.
The company framed the move as a way for it to transition from a UK-only exchange to a global player in the wider market for bitcoin exchanges. Adam Knight, chairman and investor with the exchange, said: “By expanding to dollars, euros and zloty, we are expanding from a UK-only focus to an international one, delivering more value to our UK customers and growing our user base internationally.”
Amadeo Pellicce, CoinFloor’s chief operating officer, explained that the additional currencies were a logical choice for the exchange. “The XBT/USD pair is the most commonly traded pair, so our existing customers naturally have the demand to access the additional liquidity in that market, and we are expanding to euros to better service our European customers by supporting SEPA transfers,” he said.
While US dollars and euros would seem to support the company’s more global goals, the addition of Polish zlotys is perhaps less expected. However, it makes sense in light of its banking partnership – Coinfloor banks with Poland’s PKO Bank Polski, due to the ongoing reluctance of British banks to provide services for cryptocurrency-based companies.
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