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.
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.
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.