Bitcoin exchange Coinfloor has partnered with electronic money firm, Enumis, to offer a UK current account for crypto businesses.
As well as allowing for deposit and withdrawal of funds via CHAPS, BACS and UK Faster Payments, this will give clients free GBP deposits and withdrawals into and out of their Coinfloor cryptocurrency exchange accounts. Access to the account is available 24 hours a day online and clients will be able to undertake regular banking functions such as setting up direct debits and standing orders.
More advanced features, including programmatic API access for account automation, are also available. Prepaid/debit cards providing a 0.2% rebate on all transactions will also be issued to all account holders. Obi Nwosu, Founder and CEO of Coinfloor says: “Crypto-focused businesses are growing at a steady pace, but until now, no reliable banking facilities have existed to help them manage fiat and crypto finance operations in an effective manner.”
“Our partnership with Enumis will ensure that this will no longer be an issue. With our joint pedigree and market expertise in the cryptocurrency and financial services spaces, we hope that this offering designed by members of the crypto community for the community will help the community of crypto businesses overcome their financial limitations and drive the crypto economy forward.”
Coinfloor is the UK’s oldest Bitcoin exchange, having launched in 2013. It is backed by a former MD at Goldman Sachs and Credit Suisse, Adam Knight, as well as TransferWise founder Taavet Hinrikus, and venture capital firm Passion Capital.
Late last year, it announced that it was slashing most of its approximately 40 employees. “[We’ve] seen significant change in trade volume across the market,” Nwosu told Financial News. “We are currently undergoing a business restructure to focus on our competitive advantages in the marketplace and to best serve our clients. As part of this restructure, we are making some staff changes and redundancies.”