The Stack Archive

Bitcoin startup Coinbase to expand services into eurozone

Thu 11 Sep 2014

The Bitcoin platform Coinbase is launching its services in Europe to allow authorised euro accounts to buy and sell the virtual currency.

Coinbase, which is one of the most popular startup bitcoin services, announced on Wednesday that it would be introducing its digital currency to 13 European countries including, Spain, France, Italy, and the Netherlands. The selected countries will initially be able to buy and sell up to 500 euros in bitcoin per day. However, this amount is expected to increase “in the near future” to match the current US rate of $50,000 per day.

Up to this point, only US bank accounts were compatible with Coinbase bitcoin exchange. However, any global user could set up an account and hold the digital currency.

With a current US user base of 1.6mn, as well as many leading business partners, such as Dell and Expedia, Coinbase revealed that their European expansion was a natural progression.

“We looked at what markets to move into next, and Europe seemed like the next biggest economy. It’s developed, there are people there who want to get bitcoin, there’s a lot of demand for it, but they really don’t have an easy way to do it,” explained Coinbase CEO and co-founder, Brian Armstrong.

As Bitcoin becomes more familiar in the marketplace Coinbase hopes that more worldwide vendors will start to accept the currency.

“Bitcoin is inherently international, and one of its great promises is it enable cross-border payments in a more efficient way,” said co-founder Fred Ehrsam.

Read the full Coinbase announcement here.



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