Coinfloor offers a group of cryptocurrency exchanges and is designed for institutional or sophisticated investors or traders. It is considered to be the safest place to buy and trade bitcoins.
Cryptocurrency is flourishing at a fast pace and has made its presence significant in different sectors. Owing to rapid advancements the crypto-sector has been making efforts to make collaboration with banks to streamline their activities.
Recently, a good initiative has been taken in this regard where crypto companies have made a partnership with financial services provider institution Enumis. It is accredited with Non-governmental Financial Conduct Authority and provide services like current accounts, credit, and debit cards etc.
The first step in making banking services fast and reduce payment time was launched in 2008. Coinfloor is now determined to provide the U.K based companies with efficient banking services, the most important of which is to ensure rapid deposits and withdrawals i.e. fast and secure payment methods. So, ultimately the main consequence of this service is that cryptocurrency will be backed by government regulations.
The CEO of the Coinfloor, Obi Nwosu expressed that, though crypto-businesses are running successfully around the globe yet, they are not supported and managed by any banking sector so far. Previously, the banks were reluctant to work with crypto companies because of the fear of money laundering and therefore, many people also question the validity of cryptocurrencies.
A few crypto companies use Panamanian bank Crypto Capital and the situation they faced was not very pleasant. Bitfinex suffered a black hole of finances of $850 million owing to this reason. The CEO is hopeful that collaboration with proper banking will drive the crypto economy forward. This initiative will stabilize the cryptocurrencies and store their value in fiat money.