Digital wallet group Coinbase on Wednesday announced that it will soon be expanding to Europe to widen the reach of digital currency Bitcoin.
The San Francisco-based firm said its services will soon be available in 13 EU countries including France, Italy and the Netherlands to enable citizens to buy and sell Bitcoins with Euros. Previously, Coinbase only facilitated payments from American accounts so the move will substantially increase Bitcoin’s accessibility to European consumers.
Fred Ehrsam, a co-founder of Coinbase, said: “The ability to easily buy and sell Bitcoin has been a really key factor in accelerating Bitcoin adoption. This opens up the entire network to a larger degree.
“Bitcoin is inherently international, and one of its great promises is it enables cross-border payments in a more efficient way. It now allows these cross-border payments to flow, and the entire network benefits from the fact that we happen to be the ones to launch it.”
Initially, Bitcoin sales and purchases will be limited to amounts of 500 Euros per day to ensure a smooth transition period. However, Ehrsam commented that he expects that figure to be raised to around $50,000 Bitcoin per day as the system is established.
Regulators around the world are currently looking into the currency which is currently untaxed by the world’s governments.
On Wednesday, eBay-owned payment agency Braintree announced that it will be accepting Bitcoin payments in the coming months, signaling a rise in the crypto-currency’s popularity.