Bitcoin Exchange Coinfloor Launches New P2P Marketplace for Buying Bitcoin

London-based bitcoin exchange Coinfloor has announced the launch of a new P2P marketplace for buying bitcoin, called “Coinfloor Marketplace,” which will allow consumers to buy bitcoin from professional brokers.

Coinfloor CEO Mark Lamb said the company launched the new marketplace to provide users with a more user-friendly experience for buying bitcoin in person.

He noted that all bitcoin brokers first have to go through a due diligence process, and that this process will be refined over time.

Ram added:

“We meet brokers in person to get to know them and their business to ensure they are operating in compliance with Coinfloor’s standards.”

“These brokers are proven professionals, not amateurs, and some of them have been doing business with Coinfloor for a long time.”

How Coinfloor Markets Work

New users first register with an email address, set a password, and then can choose their preferred Bitcoin broker.

After the email address provided by the user is confirmed, the consumer will also need to go through two-factor authentication. After that, Coinfloor will ask the user to upload a valid photo ID and proof of residence.

To buy Bitcoin, registered users must also transfer a certain amount of funds to the bank account of their chosen broker, with a minimum of £20.

The Bitcoin is sent directly from Coinfloor, but is held by a third party until the broker confirms receipt of the funds before it is released to the purchaser.

Bitcoin broker Peter Wood, better known as “y3peto” in the Coinfloor marketplace, said in a statement:

“My clients want to trade Bitcoin at a fair price and also want a secure platform to store their Bitcoin. Coinfloor Marketplace provides exactly that… Coinfloor also brings the recognition I deserve for my work as a Bitcoin broker in the UK.”

Just in March of this year, Coinfloor established a partnership with Estonian Bank LHV, giving Coinfloor the power to manage user deposits.