Since it launched two years ago, Coinfloor has become the largest exchange for Bitcoin-to-sterling transactions by volume of currency traded, states the Financial Times. Tomorrow, the exchange will open up to additional currencies, accepting deposits in US dollars, euros, and Polish zloty.
The Financial Times reports that the decision to accept deposits in the Polish currency reflects the challenges that Bitcoin-oriented businesses face operating in the UK. Coinfloor banks with Poland’s largest bank, PKO, arguing that no British institution will accept its business partly due to worries over Bitcoin’s legality.
Mark Lamb, Coinfloor’s chief executive, told the Financial Times that British banks’ stance was hindering England’s chances of becoming a leading player in the growth of digital currency.
“The Polish bitcoin market has taken off significantly and is now more than double the size of the sterling market,” Lamb said. “The [British] banks are very conservative and are not very interested…in something that could be very innovative and disruptive to what they do.”
The Financial Times reports that according to people familiar with the matter, Coinfloor will also close a founding round of approximately £1 million in the next month, which will value the firm at up to £8 million.
The news outlet reports that the financing is expected to attract current investors such as the venture organization Passion and Taavet Hinrikus, chief executive and co-founder of the money transfer firm TransferWise.
Lamb told the Financial Times that firms like his are developing the financial infrastructure needed to allow the Bitcoin market to grow further. He said Coinfloor users traded £1.3 million worth of Bitcoins in the past 30 days, as of the article’s publication on October 19, and the company has experienced 65 percent growth in trading every month.
Image via Coinfloor.co.uk’s press section