CoinMate and MoneyPolo team up to allow users in more than 100 countries to buy Bitcoin with cash

Bitcoin exchange Coinmate has announced a partnership with payment service provider Moneypolo, which will allow users in more than 100 countries to conduct two-way transactions between Bitcoin and cash.

Users who wish to purchase Bitcoin with cash need to open a MoneyPolo account and a CoinMate account. Then deposit funds into the MoneyPolo account. Once the funds arrive in the MoneyPolo account, they can be transferred to the CoinMate account for free, and the user can use the money to purchase Bitcoin. Conversely, if the user wants to convert Bitcoin into cash, they only need to transfer the funds to the MoneyPolo account and then go to the local MoneyPolo partner to withdraw cash.

Roman Valihrach, CEO of Confirmo, the parent company of CoinMate, said:

“Most of the Bitcoin market operates through banks, but it is estimated that 40% of adults worldwide do not have a bank account or are limited to local transfers. MoneyPolo has partners in more than 100 countries around the world, making it easy for users to deposit and withdraw funds, which is why we decided to work with MoneyPolo.”

CoinMate is headquartered in London and was founded in April this year. The cooperation with MoneyPolo is another major move after CoinMate launched a new version of the trading platform a week ago. It is worth noting that CoinMate changed its base currency from US dollars to euros. In addition, the exchange also allows users to deposit Czech koruna and Polish zloty into their accounts.

CoinMate is headquartered in London because the digital currency regulatory environment in London is more friendly than in other countries.

CoinMate said:

“London is proactive in regulating digital currencies. Not only that, London has officially announced that digital currency transactions will be exempted from VAT. This is great news for us.”

MoneyPolo is a London-based financial services provider with more than 400,000 partner branches around the world. MoneyPolo has long been interested in Bitcoin and attended the Bitcoin Prague Conference in May this year, where it discussed issues related to anti-money laundering procedures and digital currencies.

To celebrate the partnership with MoneyPolo, CoinMate has decided to give away €20 worth of Bitcoin to the first user in each country who deposits or withdraws money to their account.