Paymium raises €1m to accelerate European expansion

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Paymium, the bitcoin market place and Bitcoin payments services provider, has secured funding from Newfund, Kima Ventures, Galitt and a group of business angels.

Business development

It plans to use the funds to accelerate its growth in Europe and to provide new, innovative functionalities with a focus on business development for individuals and e-tailers.

“We intend to increase our trade volume by five by the end of 2016. In addition, the interest of Blockchain technology, on which Bitcoin grows, is now widely recognized by the banking sector. This paves the way to new applications in the field of digital trust and payments,” says Pierre Noizat, President and co-founder of Paymium.

New trading interface

Alongside the news of the funding round, Paymium also launched an advanced trading interface for expert users, giving them fast access to all the market information they need.

In addition, the company has introduced a new service enabling its customers to send money by mail in euros or bitcoins, without fees, throughout Europe.

Spread awareness

In an interview with CoinDesk Noizat said that the company intends to spread awareness in Europe by increasing its payment capabilities, as well as expanding its exchange and application services to more regional markets.

Funding could have been higher

Interestingly, Noizat also highlighted that, whilst the company has been successful in its home market, the funding round was probably lower than it would have been had the company decided to focus on the US market.

“In the US, bitcoin awareness and venture capital funds are much more available. I think there is a tendency in the press to overestimate bitcoin awareness outside English speaking countries. There’s a lot to be done in Europe,” he told CoinDesk.

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