Coinify Seals Multi-Million external Funding Backed by Danish Gov’t

Published at: Sept. 26, 2014

Pioneering European Bitcoin payment facilitator Coinify has announced a multi-million euro funding deal with Danish firm SEED Capital, along with two partner acquisitions, it has announced.

The move will see the company’s expansion further into European markets and even further afield into the Middle East courtesy of its acquisition of Bitcoin Nordic, which has been operating as a broker in the space since 2012.

Additionally, Coinify has purchased the intellectual property rights to the payment gateway technology as well as all merchant relationships from Danish-based payment provider Bitcoin Internet Payment System.

“With the investment and acquisitions, Coinify is now positioned to bring the empowering potential of Bitcoin to all of the 500 million individuals in Europe,” Hans Henrik Heming, CEO at Coinify said in a press release issued today.

“Bitcoin Nordic has been looking for further global expansion, and unifying consumer and merchant services under the Coinify brand will enable us to realize that vision,” added Lasse Birk Olesen, Bitcoin Nordic founder and now chief product officer for Coinify.

- Lasse Birk Olesen, Bitcoin Nordic founder, chief product officer for Coinify

SEED Capital is partly supported by Vækstfonden, the Danish government’s fund for creating growth in new companies. “This must be the first time government funds are invested in a Bitcoin company,” Olesen commented to Cointelegraph.

Coinify itself has come to be seen as one of the success stories of Bitcoin in Europe. Over 6000 merchants are currently signed up to its merchant service, of which a notable recent addition is online food ordering portal Hungry.dk, bringing Bitcoin payment functionality to over 800 Danish food outlets.

Coinify’s inclusivity is clearly a key aspect of its popularity. Its acceptance not just of Euros but several other major currencies including US dollars and Danish kroner has led it to become something of an umbrella organization, able to support the needs of instant Bitcoin-to-fiat POS conversions throughout Europe.

“The idea is to accomplish a greater vision — a vision that is better achieved for our thousands of merchants on a strong platform like Coinify,” Kris Henriksen, founder of Bitcoin Internet Payment System explained. “This will leave Bitcoin Internet Payment System to focus on technological innovations.”

Coinify will now seek to expand its consumer base of 7000 European residents.

At the same time, the Bitcoin Foundation has voiced its intentions to aid wholesale education and propagation of Bitcoin throughout the European Union, signaling the time has now come to create a more level playing field in terms of regulatory policy and awareness on both sides of the Atlantic.

“We are definitely open to discuss opportunities with Bitcoin Foundation,” Olesen added.

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