Coinify, the Denmark-based Bitcoin payment service provider, announced today that they have expanded into 34 new countries inside the Single Euro Payment Area (SEPA). With the expansion, customers in the 34 countries can now buy and sell Bitcoins with Euros.
"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.” Christian Visti Larsen, Chief Financial Officer at Coinify told Coindesk.
The new integration will not only benefit consumers, but also businesses as it also enables them to accept Bitcoins as a payment method and receive the equilevant in their fiat-currency the next day. This concept has been done for a few years from companies like BitPay and Coinbase, but they never got a strong foothold inside the EU.
Businesses can easily integrate the Bitcoin payment system into their platform through a plug-in, which is supported by Magento, Shopify, BigCommerce and WooCommerce. Coinify is also looking to get further investments, so that the company can compete better in the European market.
"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” Larsen added.