Coinify, a Copenhagen-based payment gateway, has just added Bitcoin SV (BSV) to the 15 or so cryptocurrencies it supports. Coinify describes itself as currency-agnostic, and Hans Henrik Hoffmeyer, the company’s COO, explained why Coinify will now support BSV as part of its expanding cryptocurrency offerings:
“BSV checked out, both in terms of volume and in terms of market depth,” Hans said. “BSV has a transparent protocol or blockchain and that’s very important for us, given that we operate in a very compliant way.”
As a payment facilitator, Coinify is working to make cryptocurrencies useful, rather than just a vehicle for speculating. “It’s not good enough [for people] just to buy and hold,” Hans said, “we want them to use it as part of their everyday lives.”
The company boasts more than 60 payment providers signed up to its platform. The providers, in turn, work with thousands of merchants. And the merchants allow an even greater number of customers to spend cryptocurrencies – which is the end goal of Coinify.
Having started by supporting individual trading and wallet-based transactions, Coinify is now working with other parts of the crypto sector: “we see an interest emerging from exchanges and other parts of the virtual currency and traditional financial industry,” Hans says. “They’re either looking to have a specific type of invoicing solution or withdrawal opportunities for their customers.” Coinify’s development team is working to provide these kinds of new product.
Coinify doesn’t hold cryptocurrency. Instead, it acts as a broker for its customers, monitoring the exchanges and picking the one that offers that best deal. Hans thinks that the company’s strategy in this area, together with its emphasis on being “pro-regulation” have helped it to thrive since 2014, while many of its early competitors are no longer around.
With hindsight, Hans says that Coinify’s strategy turned out to be a “wise position”. The inclusion of BSV adds another milestone to Coinify’s portfolio of supported currencies and their users can look forward to even more virtual currency payment options in the near future.
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