Bankinter invests in Coinffeine, an innovative Spanish company using Bitcoin technology.
The technology of this start-up allows people to exchange cryptocurrencies and other financial assets, securely and without intermediaries.
It is the ninth investment made as part of the Bankinter Innovation Foundation's Entrepreneurs Programme.
Through its investment arm Capital Riesgo, Bankinter has invested in Coinffeine, a Spanish start-up using Bitcoin technology. With this investment, part of the Bankinter Innovation Foundation's Entrepreneurs Programme, the bank has become one of the first in the world to invest in new digital currencies.
Founded this year by four internationally experienced computer engineers, Coinffeine is developing a pioneering software platform which allows people to exchange currency and bitcoins in a decentralised, secure and anonymous way, and does not require users to hand over the management of their money to a trusted third party. This company's software eliminates intermediaries by using a mathematical model based on game theory, which removes any incentive for one party to defraud another.
What stands out about Coinffeine is that its technology, more than just allowing the dealing of bitcoins, could in the near future allow individuals to securely exchange all kinds of digital financial assets or products, such as shares, futures, derivatives etc.
Coinfeinne made the news in May for being the first company in the world to be based on bitcoins, and it has now been selected by ICEX as one of the twelve most prominent Spanish start-ups which will head to Silicon valley as part of its STCimmersion.com programme.
It is the ninth company which Bankinter Capital Riesgo and the Innovation Foundation have invested in since the launch of the Entrepreneurs Programme in May 2013. This programme aims to boost entrepreneurship in Spain by funding Spanish start-ups with high growth potential. The programme focusses on seed and early stage investments which require between 25,000 euros and 200,000 euros and which are innovative in character, have plans for international growth, have at least one defined prototype, and already have a team set up.