British bitcoin trading platform Coinfloor has announced the inclusion of more fiat currencies in its array of trading instruments. In a blogpost on its website, the company said that in addition to pounds sterling, the company would be adding dollars, euro and zloty.
Coinfloor also enables its clients to make deposits into fiat currency-denominated accounts. Accountholders could also take advantage of SEPA payments, a payment-integration initiative of the EU for simplification of bank transfers denominated in Euro.
Coinfloor has built up a dominant position in the BTC/GBP trading market. Due to the company’s strong banking relationships, the company’s clients are able to deposit and hold balances in pounds without the need to convert into another currency. Currently they have the best liquidity for BTC/GBP trading in the UK. As a result of this rapid growth and strong position, the company has now opted to expand to the rest of the EU. The introduction of Euro and Zloty as trading options signals that move.
The Polish Zloty’s Growing Acceptance
Coinfloor’s inclusion of the Polish zloty may point to the growing strength and influence of the Polish economy. The zloty’s strength has become apparent especially in view of the Ukrainian political crisis. According to tracking performed by Bloomberg, the zloty has been the best performer among 14 European peers tracked by the news organization. It has gained 2.3% against the Euro. The zloty has become eastern Europe’s most-traded currency, beating the underperforming Russian ruble to first place.
In addition, Poland has steadily increased its ties with western Europe shipping 81% of its exports to the EU in 2012. This figure represents a growth of 3% from the time the country joined the EU. Analysts say that the country is one of the most stable in the region, with many of its economic indicators such as inflation under control.
Coinfloor has a philosophy of offering products that are fundamentally new and beneficial to any market they are present in. They have a policy of providing provable solvency reports, 100% muti-sig cold storage and a public facing management team. These features have brought them widespread recognition in the Sterling market, and it is the company’s hope that they can spread their approach to the rest of the EU.
Bitcoin and the Coinfloor Trading Platform
Coinfloor’s European customers who are looking to trade large volumes of coins often wish to do so in the currency with the most liquidity. The BTC/USD pair has the most liquidity in bitcoin markets at present. Coinfloor measures liquidity as the size and spread of active orders on the bid and ask sides of the order book (buying and selling bitcoin). The company goes out of its way to offer market depth in terms of liquidity for its BTC/USD order book, as well as other upcoming markets. The focus on ensuring liquidity has helped the company retain trust with its users. Coinfloor views this as an important measure against slippage, and to enable them provide the best possible experience for the company’s traders.
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Images from Coinfloor, Leftovercurrency.com and Shutterstock.