Coinify Secures $4m in Series A Funding Round Joined by SEB

Coinify, a Copenhagen-headquartered cryptocurrencies payment processor, has secured new funding to the tune of $4 million in a Series A round. The funding round was backed by Seed Capital Denmark and the venture capital arm of Swedish financial group Skandinaviska Enskilda Banken AB (STO:SEB-A). The European startup, which already holds a strong foothold in Asia, will use the funds to continue its growth.

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David Sonnek, head, SEB Venture Capital, commented: "Coinify has developed a unique platform for Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and fits perfectly in our portfolio of FinTech investments. We at SEB Venture Capital really look forward to contribute to Coinify’s future development."

Mark Højgaard, CEO, Coinify, added: "The fact that our current investors are joined by a classic, yet very visionary bank dating back to 1856, sends a strong message to both the banking and the blockchain communities. We plan to use this investment to sustain our leading position in Europe and expand our blockchain payment and trade products into Asia.”

Back in February, Vietnam’s bitcoin exchange Bitcoin Vietnam Co. Ltd. partnered with Coinify to bring blockchain merchant processing tools to the Vietnamese market, and in March Coinify secured a strategic partnership with iPayDNA International to bring blockchain payments to its many merchants in the Asia Pacific region.