Coinify Joins Nets to Explore Blockchain Technology

Two of Europe’s biggest players in digital and blockchain payments, Nets and Coinify respectively, are joining forces where Coinify will develop integrated blockchain solutions for Nets. Nets has entered into a partnership with fintech company Coinify by establishing a ‘Blockchain Development Lab’ in order to identify business opportunities in the field of blockchain technology. The partnership involves cooperating with internationally renowned experts in this field of technology with the intention to develop a number of proof of concepts as the basis for developing specific products and services.

Coinify ApS is the largest facilitator of blockchain payments in Europe and supports more than 20 payment service providers reaching over 100,000 online businesses. Coinify payments support up to 17 blockchain currencies and offer payouts to their customers in local currencies. At the same time, Coinify also provides consumer and corporate trading of digital currencies, such as bitcoin. As such, Coinify is the leading provider of blockchain payment services in Europe and Asia, and is among the top four worldwide in this field.

“We see potential in blockchain technology, so obviously we need to gain a thorough understanding of it and the possibilities it offers. Coinify is a leader in the development of products based on this technology and we believe they are the right partner to help us investigate the possibilities of developing customer-oriented products and services based on it,”says Jan C. Plenge, Senior Vice President with responsibility for Digital innovation at Nets.

Blockchain is a decentralised technology which can be used, among other things, as documentation of direct bilateral digital transfers, or to document ownership of contracts, deeds, etc. By joining forces, Nets and Coinify seek to clarify how this technology could be applied commercially and within existing regulatory frameworks, particularly within the same high-level security requirements that Nets already applies to other value transactions.

“It is important for Nets to closely monitor new digital technologies to be aware of the possibilities, even if that means blockchain technology could potentially challenge parts of our existing business. For many years, we have been the ones delivering the latest payment solutions to banks, and we intend to keep it that way, going forward,” Jan C. Plenge continues.

Regarding the partnership, CEO and Co-founder of Coinify Mark Højgaard comments: “Nets is the leader when it comes to digital payments in the Nordic region and we are delighted with this new partnership, and believe that, together with Nets, we will be able to develop a number of first-class products and services that will ultimately benefit both merchants and consumers.”