A London-based bitcoin exchange CoinMate and a U.K. payment provider MoneyPolo announced partnership that will enable users worldwide to convert cash into bitcoin.

CoinMate trades bitcoin for euros, Polish zlotys and Czech korunas. It also supports OKPay payments and withdrawals. The new collaboration with MoneyPolo enables cash deposits and withdrawals in local currencies in 150 countries were MoneyPolo operates.

MoneyPolo is a UK-regulated payment operator, which supports CashU deposits and offers a prepaid card. Users can now open an account with MoneyPolo, top it up and transfer funds to CoinMate bitcoin exchange for free.

The news came after CoinMate replaced their 1.1 beta version of their trading platform with a new 1.2 version switching to EUR from USD. CoinMate launched its services publicly in April 2015. The start-up plans to integrate the Sofort instant bank deposit method in August. This method is supported in 13 European countries. The company is based in the UK because of the country's regulatory climate.

“There’s a reason we’re based in the UK as a cryptocurrency company. It’s here that regulation has been the most proactive. Not only that, transactions have been officially declared exempt from VAT (Value Added Tax). You can’t get much better than that,” CoinMate webpage explains.

Earlier, CoinFox reported that this week Coinffeine launched a P2P bitcoin exchange in 70 countries including Russia, Indonesia, China and Brazil, through a collaboration with an OKPay payment provider.

Aliona Chapel