Financial solutions company Hello Markets has taken another step forward with bitcoin, announcing a new agreement with Danish bitcoin payment solution provider Coinify. The news follows an announcement made last week revealing a partnership with Israeli bitcoin startup Polycoin.
The new partnership with Coinify aims to facilitate bitcoin payments between brokers and their clients, as well as strengthen the company’s position in Asia, which is believed to be fond of bitcoin.
“Hello Markets’ addition of Coinify to our list of PSP’s is expected to be met with enthusiasm across Asia and most notably China, where bitcoins have gained considerable popularity over the last few years,” Jeremy Dahan, CEO of Hello Markets, said.
“80 percent of bitcoin buying & selling transactions are reportedly done against the Chinese Yuan, surpassing the U.S Dollar, Euro, and Yen. This strategy is made to provide a one-stop shop to our clients, as well as increase their customer base.”
For Coinify, the agreement is a win-win scenario as it marks the company’s first step into an expansion in the Asian continent.
“The partnership agreement is mutually convenient,” Coinify told CoinJournal in an email communication.
“Allowing Hello Markets to better facilitate its Chinese customer base, where bitcoins have gained considerable popularity over the last few years; while enabling Coinify to grow stronger presence in Asian markets after it has established as a market leader in Europe.”
Founded in March 2014, Copenhagen-based Coinify has been building a full stack bitcoin solution. The company now enables some 10,000+ merchants around the globe to accept bitcoin as a payment method.
In August, Coinify acquired competing bitcoin startup Coinzone as part of the company’s growth strategy.
Coinify CFO Christian Visti Larsen told CoinDesk:
“More merchants today do business with a PSP and would rather have multiple payment options through a PSP. Most of Coinzone’s partners were asking for this service, so it seemed like a perfect match.”
Coinify’s previous acquisitions include bitcoin broker Bitcoin Nordic and merchant services Bitcoin Internet Payment Systems (BIPS) in May 2014.
Coinify’s integration into brokers’ platforms allows traders to deposit funds in bitcoin, as well as convert them into major fiat currencies. Additionally, traders will be able to purchase bitcoin via Coinify as the company also operates an exchange.
By using bitcoin, traders can seamlessly fund their accounts, compared to credit card deposits or wire transfers, which usually take a few days to be effective.
Brokers can also benefit from the partnership as rolling reserves and charge-backs will almost be a thing of the past, the company said. Bitcoin transactions, which are irreversible, eliminate the risk of client fraud.
Hello Markets, which has offices in Cyprus, Hong Kong and London, provides custom-made white label platforms for the online trading market. All Hello Markets’ brands are now able to add both Polycoin and Coinify deposit and withdrawal methods, the company said.
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