Spanish Bank Bankinter Invests in Bitcoin Startup Coinffeine

November 17, 2014 15:37 UTC

Spanish bank Bankinter, through its venture capital arm, invested in Coinffeine, a Spanish startup that develops Bitcoin technology.

With this investment of its Innovation Foundation, Bankinter becomes one of the first world’s banks to invest in the new cryptocurrency.

Also read: Coinffeine: A P2P Alternative to Centralised Bitcoin Exchanges

The Coinffeine team says about the announcement of Bankinter funding:

The launch of our platform is imminent, and this will motivate us even more to continue our passionate work to develop new aspects of our pioneer project.

Coinffeine has been selected among the 12 most innovative startups in Spain at the to be presented this week at the Silicon Valley Forum in San Francisco.

Bankinter Innovation Foundation invest in products and services that relate to its business ecosystem and, when possible, wants to be a first friendly early-adopter customer that helps the startup to develop. In the case of Coinffeine, they are working on finding the best collaboration framework to make it happen.

BitTorrent for Bitcoin

Founded in 2014 by four Spanish computer engineers, Coinffeine is developing an innovative decentralized, anonymous, secure and trustless Bitcoin exchange. The founders describe Coinffeine as “BitTorrent for Bitcoin,” an open source, Peer to Peer Bitcoin exchange platform.

“The big innovation here is the Coinffeine protocol, a mathematical model based on Game Theory. This protocol ensures the safety in the FIAT-Bitcoin exchange without a trusted third party and in [an automatic] way, offering the same experience as a traditional exchange thought the transactions are really P2P.”

“Coinffeine is completely distributed, just like BitTorrent, so even if our server is overloaded, gets hacked or explodes it won’t affect the network and the exchange can continue to work without it being affected.”

“The exchange is done peer-to-peer (P2P), so there is only a very limited disclosure of information (your payment processor account so the money can be transferred) with the person you are doing the exchange.”

“You are always in control of your bitcoins and your trusted payment processor of choice is in control of your local currency.”

What do you think of the investment received by Coinffeine, and their upcoming platform? Comment below!

Images from Coinffeine and Shutterstock.

More of: Coinffeine

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