Is Bitcoin ready to go mainstream?
Launch of Bitcoin exchange Coinfloor and the world’s first Bitcoin ATM in Canada add weight to growing strength of the virtual currency. October 31, 2013 | Magessan RajThe year ahead could well mark a new dawn for Bitcoin, as recent developments gave the virtual currency a timely popularity boost – establishment of a London-based Bitcoin exchange, and the world’s first Bitcoin ATM in Canada. Coinfloor, the Bitcoin exchange bidding to build a market for high-frequency trading in the virtual currency opened for business at end-October, having secured funding from Passion Capital and Transferwise co-founder Taavet Hinrikus, with trading set to begin in November. Founded by entrepreneurs Mark Lamb and Amadeo Pelliccce, the exchange will enable users to buy and sell Bitcoins in Europe, as it seeks to target not only enthusiasts of the virtual currency, but also professional traders, promising “world class strategy centres” and “sophisticated charting packages”. Implementation of a sophisticated algorithmic rounding engine for fee calculation is also expected to lure the interest of high-frequency traders. While the Financial Conduct Authority UK has yet to announce plans to regulate Bitcoin, Coinfloor has moved to stress its commitment to security and regulatory compliance. The virtual currency exchange is fully compliant with the ISO27001 information security standard and has registered with HM Revenue and Customs UK in a signal of intent to fully comply with anti-money laundering measures. Additionally, traders on Coinfloor will be required to use two-factor authentication, while all Bitcoins are stored offline in secure systems to prevent cyber theft. While Coinfloor has managed to secure several banking partnerships, a major trump card that has so far proven elusive for other players in the Bitcoin market, Coinfloor will be closed to US customers, with Lamb suggesting that “legally it is not safe to open up to US customers in the beginning”, citing diverging regulatory approaches to the virtual currency as a major deterrent. In Canada, Mitchell Demeter, co-founder of Vancouver B... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Innovation, Payments, Technology & Operations, Transaction BankingInnovation,Payments,technology,Transaction Banking, Innovation,Payments,Technology & Operations,Transaction Banking, Keywords:Bitcoin, Coinfloor, FCA UK, Mitchell Demeter, Bitcoiniacs, Robocoin, Jordan Kelley Bitcoin, Coinfloor, FCA UK, Mitchell Demeter, Bitcoiniacs, Robocoin, Jordan Kelley
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