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A Spanish-based bitcoin company, Coinffeine has launched internationally covering SEPA countries as well as Russia, China, Indonesia and Brazil.

The service is stilll in beta version and users are advised to engage in moderate-sized transactions. Coinffeine plans to partner up with online payment processors PayPal and AliPay so that the start-up can expand beyond 70 countries. At the moment the startup supports only OKPay, a Russian-based payment processor.

“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 Alberto Gómez Toribio, CEO of the company.

The wallet can be downloaded as a desktop application for Windows, Mac or Linux and enables P2P money exchange between users. The users have to connect their OKPay account to the Coinffeine application in order to exchange bitcoin. Unlike LocalBitcoins, with Coinffeine you do not have to establish contact with another person: the exchange is performed automatically. This model doesn’t require Coinffeine to be compliantwith regional Know-Your-Customer and Anti-Money Laundering policies, which could be an obstacle for the international expansion.

“From today the Bitcoin community can try Coinffeine, the first P2P Bitcoin exchange without arbitrators. This is the same version that we are offering to our bank partners and customers. Users will have to wait a little longer to use it with real bitcoins, but we are sure the wait will be worthwhile. We hope to transform Coinffeine’s relationships with banks and payment processors into services that give them added value,” said Gómez Toribio.

Coinffeine, which defines itself as 'BitTorrent for Bitcoin', was founded in 2014 in Madrid by four Spanish engineers and is backed by a Spanish bank Bankinter and a law firm Abanlex that won the lawsuit against Google in Europe.

 

Aliona Chapel