Spanish Bank Backs Decentralised Bitcoin Exchange Coinffeine
Spanish bank Bankinter has made an investment in Coinffeine, a bitcoin startup launched in June by four engineers aiming to create a new distributed exchange platform.
The investment, made through the Bankinter Innovation Foundation, is one of the first in the bitcoin ecosystem, according to the bank.
Coinffeine is developing a distributed platform for the exchange of fiat money by cryptocurrencies in a secure and anonymous environment. It is designed to let users send fiat money and transfer bitcoins outside banks in a peer-to-peer (P2P) fashion.
BitTorrent for your bitcoins
The Coinffeine desktop app, which the company likens to “BitTorrent for your bitcoins”, is scheduled to launch next January.
“The big innovation here is the Coinffeine protocol, a mathematical model based on Game Theory. This protocol ensures the safety of the fiat-bitcoin exchange without a trusted third party and in an automated way, offering the same experience as a traditional exchange even though the transactions are really P2P,” the company said in a statement.
This post was published at Coin Desk on November 17, 2014.