Coinffeine takes Bitcoin to the European Commission

European Commission
Photo: Andrew Gustar, CC BY-ND 2.0, (Not changes made)

Regulatory experts from the European Commission, representatives of European banks and Bitcoin startups coincided last week in Brussels at the Blockchain and Digital Currencies Workshop. Alberto, our CEO, was a speaker at the event to present the prototypes of financial products based on the blockchain technology, currently being developed by Coinffeine for some Spanish banks, and he used the occasion to show how the latest version of the application works. It was made available from our downloads page just a few days later.

The event began with an introduction to the technical aspects of Bitcoin, and an analysis of its legal nature and its regulation. The attendees were interested in knowing more about the initiatives created by companies in the ecosystem such as Coinffeine, Circle or Ethereum and how they are generating business. A special interest was shown for the initiatives from Bitcoin companies that are working with banks, as is the case of Coinffeine. This is understandable, because among the participants were representatives from many major European banks, as for example the director of BBVA’s European Affairs Office in Brussels.

AlbertoGT en la Comision Europea

During the subsequent networking Alberto provoked reaction of the audience by presenting an assumed scenario that symbolically represented the paradigm shift that the blockchain technology represents. He asked the audience to think of the possible publication of the name of their children and the school they attend on the internet. He further explained how this message can not be deleted if it was written in the blockchain. The attendees were alarmed by this fact, and reasoned that to use the well-known right to be forgotten and ask Google to remove information from the internet, is not possible with the blockchain.

The conclusion we draw from our intervention is that members of the commission understood the importance of knowing more about a technology like Bitcoin. They support the need to develop an approach to new entrepreneurial initiatives and businesses emerging in the ecosystem. It was especially relevant to see the importance given by attendees to the synergies between banks and Bitcoin companies currently happening in Spain. Spain is home to some of the largest banks in world, so it is not a coincidence that two spanish banks are partners with Bitcoin companies: Bankinter with Coinffeine and BBVA with Coinbase.

The title of the panel was precisely the point of Alberto’s intervention: “Why banks should (not) be afraid of cryptocurrencies”. And we believe that the presentation and the example of Coinffeine helped to emphasize just that.

Coinffeine takes Bitcoin to the European Commission

Coinffeine attends the Digital Currency Summit in Madrid, Spain

Madrid
Photo: Roberto Taddeo, CC BY 2.0, (Not changes made)

Madrid, our home city, will host the Digital Currency Summit (DCS) tomorrow, an event that the organizers describe as “the gathering point for banks, governments and investors to debate about Cryptocurrencies”. Coinffeine does not want to miss it!

DCS is a unique event organized by banks and for banks, which it is not a precedent but a symptom. Spain is home to some of the world’s largest banks and financial institutions that have greater interest in developing new products with Bitcoin. The B2B in Spain is possible, and the DCS conference is one of the best places to meet the protagonists of this ecosystem.

The event will be attended by banks and companies from Spain like BBVA, Banco Santander and Banco Sabadell and international names such as UBS, Lloyds Banking Group, Fidor Bank, Accenture, Rabobank, Osborne & Clarke and Rakuten, to mention a few. In addition the event will also be attended by leading Bitcoin companies such as Blockchain, Circle, KncMiner and MeXBT.

A lot of news to share

The one-day event will analyse the Bitcoin´s legislative and legal framework, its overall impact and its integration in the banking system, a framework in which Coinffeine has a lot to say. We are one of the few Bitcoin startups with a product that fits the banks’ business models and that has managed to gain their trust and confidence. After closing our private Trial program and finalizing the details of the next launch of our Technical Preview version, we have a lot of news to share.

It is expected that many of the conversations revolve around the recently published binding response of the Spanish Tax Agency which states that Bitcoin is not encumbered with the Value Added Tax (VAT) when used as means of payment or donation.

Coinffeine will attend as audience to listen and share experiences with speakers and attendees about our work with Spanish banks; what products and services are being created around our protocol, our experienes meeting with regulators in New York and the progress with the Spanish politicians after attending the debates in the Spanish Congress on the process of Bitcoin regulation in Spain.

Coinffeine wants to congratulate Alex Puig, executive director of the event, which has successfully transformed charisma and talent into a unique event of its kind.

In addition, Puig is also the organizer of Blockchain and Digital Currencies Workshop at the European Commission, where Coinffeine has been invited as a speaker. So our CEO Alberto will be in Brussels on Monday April 27th to participate in this important event. He will, along with Fidor Bank, discuss emerging partnerships being developed between the Bitcoin ecosystem and banking in a panel entitled ” Why Banks Should (not) be afraid by cryptocurrencies – experience from an early adopter bank”.

Coinffeine attends the Digital Currency Summit in Madrid, Spain

Banks join the cryptocurrencies

Future
Photo: Kristian Bjornard, CC BY-SA 2.0 (not changes made)

Banks join the cryptocurrencies. As with any major change, the steps that are being taken are very cautious, but nevertheless significant.

It is increasingly evident that Bitcoin and the blockchain technology are here to stay. Internet needs to find a payment solution that is similar to cash, and that is exactly what Bitcoin is. Banks are starting to see the potential, and far from turning their backs to it, they are joining this technological transformation.

 Is 2015 the year of the transformation?

During the first months of 2015 we have seen a series of moves in this direction. The European Central Bank published its second report on cryptocurrencies early March, which defines them as “a representation of value (…) that can be used as an alternative to money” and described them as “potentially transformatives” in the field of payments. The Bank of England recently published a paper studying how to adapt the Bitcoin technology for the eurozone, and recognized that cryptocurrencies have shown the possibility of transferring value safely without the need of a third party. Furthermore, IBM ‘s next big project was made public a few days ago:  They are looking at the possibility of adopting the Bitcoin technology for the major currencies in cooperation with the central banks.

In 2015 we have also seen the investment of BBVA Ventures in Coinbase, and the alliance between the German based Fidor Bank and Bitcoin.de to enable sending and receiving bitcoins directly between bank accounts.

We are convinced that this is just the beginning. Not surprisingly, Coinffeine´s technology was born with this philosophy. Our protocol turns the services traditionally offered by a service provider into contracts between individuals, and thereby gives banks a privileged place to explore the new cryptocurrencies and digital goods market.

From last year Coinffeine rely on a big Spanish bank among its partners. Bankinter commited to Bitcoin with Coinffeine, and it was one of the first banks in the world to enter the ecosystem. We are also currently working with other major banks to reach similar agreements, as we believe that the future lies on the alliance between banks and Bitcoin.

Coinffeine to the European Commission

In the same way that banks are showing more interest in learning about the potential of Bitcoin and the blockchain technology, the authorities and the regulators are also moving in this direction. And for that they are considering the opinion of experts. Invited by a political party, Coinffeine has already been in the Spanish Parliament to bring our vision of the regulatory process. Maybe that’s why it did not surprise us that we have received an invitation to participate in a workshop about Bitcoin organized by the European Commission next month. This also demonstrates the increasing interest that exists about the progress made by the Spanish Bitcoin community.

On April 27th, Coinffeine will be in Brussels to participate in the event Blockchain and Digital Currencies Workshop, along with Alex Puig, founder of Digital Currency Summit and the event organizer, other important companies in the ecosystem such as Ethereum and Circle and experts of the European financial sector. Alberto, our CEO, will take part in the panel dedicated to banks “Why Banks should (not) be afraid by cryptocurrencies – experience from an early adopter bank”, which will also be attended by Fidor Bank. The panel will discuss about the early and incipient experiences in the alliance banking – Bitcoin.

The transformation is underway and Coinffeine expects to be among its protagonists.

Banks join the cryptocurrencies

The Spanish bank Bankinter invests in Coinffeine

Foto firma Bankinter - Coinffeine

Good news for Coinffeine today!

The Spanish bank Bankinter has invested in the capital of Coinffeine, through the Bankinter Innovation Fundation. With this movement, Bankinter becomes one of the first banks in the world dealing with Bitcoin ecosystem.

Funded last June by Alberto, Ximo, Álvaro y Sebastián, four Spanish engineers as the first company in the world using Bitcoin as social capital, Coinffeine is developing a distributed platform to exchange FIAT by crypto-currencies in a secure and anonymous way, using your own bank account for sending FIAT money and transferring the bitcoins outside the bank, in a pure P2P way.

Coinffeine is a desktop application ‘like Bittorrent for your bitcoins’ and will be launched the next January. The big innovation here is the Coinffeine protocol, a mathematical model based on Game Theory. This protocol ensures the safety in the FIAT-Bitcoin exchange without a trusted third party and in a automatically way, offering the same experience as a traditional exchange thought the transactions are really P2P.

Bankinter Innovation Foundation invest in products and services that relate to its business ecosystem and, when possible, wants to be a first friendly early-adopter customer that helps the startup to develop. In the case of Coinffeine, they are working on finding the best collaboration framework to make it happen.

Coinffeine has been selected among the 12 most innovative startups in Spain at the stcimmersion.com to be presented this week at the Silicon Valley Forum in San Francisco.

The launch of our platform is imminent, and this will motivate us even more to continue our passionate work to develop new aspects of our pioneer project.

 

 

The Spanish bank Bankinter invests in Coinffeine