by Joseph Young
Paymium, a Paris-based bitcoin exchange which allows its customers to buy and sell bitcoins across Europe, has raised US$1,126,000 in seed funding from French venture capital firms and angel investors, including Newfund, Kima Ventures, and Galitt, a payments consultancy and services firm.
Paymium has been operating since 2011 as a high-performance bitcoin exchange and trading platform compliant with European regulations, and as a payment services provider, allowing bitcoin merchants to accept bitcoin payments and instantly convert them to Euros.
In conjunction with the announcement of the new funding round, Paymium introduced two new products and services: an advanced bitcoin trading interface for expert users who are in need of real-time market information, and a service to send Euros or bitcoins throughout Europe, without fees.
With Paymium’s new and improved products and services, Noziak predicts that the company will see an increase in the exchange’s trading volume by the end of 2016. He announced, “We intend to increase our trade volume by five by the end of 2016.”
The company also plans to increase the size of their team to diversify their focus on several different services. One main focus of the team’s expansion is to welcome more merchants to their bitcoin merchant processing platform.
“We feel good because the ground is very vast: tens of thousands of merchants have yet to adopt bitcoin, so we welcome big players pushing bitcoin to more merchants,” said Noizat.
Earlier this year, Paymium entered into a strategic partnership with leading POS manufacturer Ingenico Group, with an aim to become the European leader in the bitcoin industry. The partnership enabled the company to support Ingenico Group’s products, including the Telium Tetra, to allow merchants to accept bitcoin.
Ingenico Group has installed over 22 million POS worldwide, creating an opportunity for Paymium to support millions of merchants around the world with bitcoin.