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Screenshot of a breaking news alert e-mail from Q2 2017
As Bitcoin entrenches itself as the most viable cyrptocurrency with mainstream payment and Wall Street acceptance, the infrastructure supporting the digital currency continues to become more stable, which is very exciting for the globalization of finance and trading. Announced recently, UK based Coinfloor, a regulated platform that gives users and investors access to a liquid and transparent Bitcoin market formed a new partnership with LHV Bank, known as one of the most pro-Bitcoin banks in Europe.
Estonian based LHV has a long history of partnering with innovative, fast-growing startups, including non-bank focused currency exchange service TransferWise to help fuel their growth into disruptive FX services. For the last 18 months, Coinfloor has been working closely with LHV management and compliance teams, sharing Coinfloor’s vision of the future as well as it’s processes and learning about their plans for the Bitcoin ecosystem. Coinfloor states per their company blog they are excited to be partnering with LHV as the exchange believes that their vision for Bitcoin’s transformative impact on the world closely mirrors it’s own.
Andres Kitter, Head of Retail Banking at LHV Bank stated: “Services based on blockchain have the potential to change the world. We are very glad to start working with the Coinfloor team and helping them with reliable financial services in exploring this potential. It is good to know that Coinfloor sees technological developments the same way as we do. Coinfloor is a strong partner that takes compliance very seriously and for us as a bank this is very important.“
What does this mean for Coinfloor clients?
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. The new banking details are provided on the deposit page. If you already hold GBP, EUR, USD or PLN with Coinfloor, you do not need to do anything further. Your funds have already been moved across to LHV.
Coinfloor is committed to being the most trusted, secure and reliable exchange in the UK and European market. As a custodian of Bitcoin and fiat currencies, Coinfloor is known to hold itself to the highest standards in the industry for the protection of your assets. To that end, for all Bitcoin that clients deposit with Coinfloor, the exchange publishes “Provable Solvency” reports each month as a public audit of all customer balances.
Coinfloor stores 100% of customers’ Bitcoin in multisignature cold storage and never leaves your Bitcoin on a server. For fiat deposits, the exchange undertakes a number of measures, including proper due diligence (KYC) on each customer. Coinfloor goes to great lengths to make sure all client funds are kept with European banks that understand Bitcoin and Coinfloor’s business model such as the newly integrated LHV.
“We remain invested in the long term success of Bitcoin as well as the disruption of financial services that is taking place today. We are committed to you, our customers, above all else. We see a long term future with LHV and are looking forward to building the next generation of financial services together. Happy trading!” – Mark Lamb and the Coinfloor Team