A new firm hopes to launch virtual currency Bitcoin in Luxembourg and is awaiting approval from the financial sector's watchdog.

CoinPlus is a Bitcoin agency founded in Luxembourg on July 7 and operating from state-owned incubator Technoport in Esch-Belval.

With a first round of funding totalling 172,500 euros already in the bank, it will meet regulator the “Commission de surveillance du secteur financier” (CSSF) at the end of September and will shortly start the process of applying for ministerial approval to operate in Luxembourg.

“We are aware that there are still a number of steps to take before reaching the Grail, but we are optimistic and foresee another funding round in 2014,” said CoinPlus CEO Christian Bodt.

The objective of CoinPlus is to develop a multi-support payment processor, a currency exchange platform and to enable secure transfers of funds. The company is run by 34-year-old entrepreneur Christian Bodt, who said he has always been passionate about peer-to-peer technologies.

Bodt gained experience in the world of finance as a specialist in the Python development of "grid computing” applications.

"I discovered Bitcoin in 2010 and I became quickly very interested in its specificities, economic impact and general functioning," he said, adding: "I had the opportunity in 2011 to meet with Gavin Andresen, technical leader in the Bitcoin project. This convinced me to implement my first Bitcoin customer. I also participated in the creation of the first Bitcoin community in London and I created the Bitcoin 'meetup' in Paris."

Bitcoin is a software-based online payment system described by Satoshi Nakamoto in 2008 and introduced as open-source software in 2009. Bodt believes that the currency is safer than traditional currencies because its value is not put at risk by external factors, for example as the euro is.

"I am confident in the success of Bitcoin and its potential to eventually become the largest worldwide currency."

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