MOSCOW, September 11 (RIA Novosti) - Coinbase is set to take Bitcoin to Europe in an attempt to enlarge the virtual currency's customer base, The New York Times reports.
"Bitcoin is inherently international, and one of its great promises is it enable cross-border payments in a more efficient way," Fred Ehrsam, a co-founder of Coinbase, was quoted by The New York Times as saying on Wednesday. "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."
According to Ehrsam, Coinbase will expand to 13 European countries, including France, Italy and the Netherlands, and will make it possible for holders of authorized European bank accounts to buy and sell Bitcoins in exchange for euros.
So far, only US bank account holders were able to exchange Bitcoins on Coinbase, though the virtual currency could be held by anyone in the world through a digital wallet being set up.
"The ability to easily buy and sell Bitcoin has been a really key factor in accelerating Bitcoin adoption," Ehrsam said. "This opens up the entire network to a larger degree."
Bitcoin purchases and sales via Coinbase will be limited to 500 euros ($645) a day. However, it is expected the cap will be lifted soon after the project is launched. In the United States, the daily amount that can be bought and sold via Coinbase is $50,000.
Coinbase, which is based San Francisco, California, was founded in June of 2012 and is a bitcoin wallet and platform allowing merchants and consumers to make transactions with the virtual currency Bitcoin.