UK Bitcoin Exchange Partners With Estonian Bank
Coinfloor recently announced a partnership with Bank LHV, providing the company with full banking services.
Estonian bank LHV has made clear in the past that they are friends of cryptocurrency, partnering with Coinbase last September to bring Bitcoin services to their customers. Even before the first partnership, the forward-thinking bank announced its interest in researching blockchain technology to streamline traditional banking systems.
Last Tuesday marked another large stride in their quest to simplify banking and bring digital currency to the public – they partnered with UK Bitcoin Exchange Coinfloor.
“Services based on blockchain have the potential to change the world. […] Coinfloor is a strong partner that takes compliance very seriously and for us as a bank this is very important.”
— – Andres Kitter, LHV Head of Retail Banking
This deal follows 18 months of hard work, made easier by a shared vision between the two companies. Last year LHV became one of the first banks to hire a cryptocurrency expert, establishing a firm foundation of knowledge for future ventures.
Naturally, this means there are some changes for those who use Coinfloor. There is no change for those with fiat currencies already in their account; the funds have already been safely moved to LHV. Coinfloor Founder and CEO Mark Lamb spoke of changes to the fiat depositing process, “…if you are depositing pounds, euros, US dollars or zloty to Coinfloor, you should now wire funds to LHV Bank Estonia instead of PKO Bank Polski.”
Lamb went on to describe the shared focus on security of both Coinfloor and LHV, “We store 100% of customers’ bitcoin in multisignature cold storage and never leave your bitcoin on a server.” Coinfloor also publishes monthly Provable Solvency reports as a public audit of all customer balances.
“We go to great lengths to make sure all client funds are kept with European banks that understand bitcoin and Coinfloor’s business model.”
— – Mark Lamb, Coinfloor Founder and CEO
Partnerships such as this are crucial to the development of future financial services. Securing alliances with traditional banks has been a problem for some cryptocurrency companies in the past, but it seems that Coinfloor and LHV have seen great promise in each other. They are establishing a long-term relationship that will only bring good things to both European bitcoin users and those new to digital currency alike. It will certainly be exciting to witness the evolution of this new team.
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