wo months after the release of the Technical Preview version, where users have been able to experiment with the platform, Coinffeine now allows the exchange of bitcoins and FIAT money in a P2P way and in a global market.
Coinffeine offers a user experience similar to traditional exchanges, but using local payment processors – such as PayPal- to manage FIAT money and a desktop application to allow users to manage their own bitcoins without having to lose control over them at any time.
Coinffeine takes advantage of the P2P model to avoid accepting deposits in bitcoins or FIAT money, making it unnecessary to identify users or fulfill costly money laundering laws in each country.
“Not having to identify users or enforce KYC laws has allowed us to design a much more scalable exchange model. But what is even more interesting, is the user experience we offer. Coinffeine is like BitTorrent. You just download it, you connect your OKPAY account, or PayPal in the future, and use it”, said Alberto Gómez Toribio, CEO of the company.
Coinffeine success is in large part due to the support from solid partners such as Bankinter bank and the law firm Abanlex. The latter is known for winning the “Right to be forgotten” lawsuit against Google in Europe, and supports Coinffeine’s legal strategy in this world-wide launch.
“We want our customers to be those who simply have a PayPal like account and want to buy or sell bitcoins in a simple and effective way”, said Gómez.
For the moment Coinffeine only supports Okpay, a russian-based payment processor popular in the Bitcoin community and with 20% of its users in China. But Coinffeine expects to integrate other payment processors like PayPal or Alipay to expand services to the rest of the world in the near future.
The user experience that Coinffeine provides is very different from other P2P exchanges such as LocalBitcoins, and is closer to the experience of Coinbase or BitStamp.
“To use Coinffeine is as simple as using LocalBitcoins, but as powerful as using Coinbase or BitStamp”, said Gómez.
Coinffeine integrates the concept of a wallet and exchange in the same product, offering the first Bitcoin desktop wallet that includes the ability to buy or sell bitcoins automatically.
Coinffeine is still in Beta, so we recommend using moderate amounts of money.
Users of the Beta version could experience some limitations of liquidity available in the market. Coinffeine is negotiating with specialized companies to close liquidity deals and market surveillance to be added in future releases.