Bitcove.ie Ireland’s Bitcoin Exchange
Describe the company – the elevator pitch
Bitcove.ie is an Irish based Bitcoin exchange. We enable our users to acquire or sell Bitcoin, simply, securely and in real time. We create a fluid, simple exchange between Bitcoin to Euro and Euro to Bitcoin.
How are you different?
We offer locally based payment options which people are more comfortable with and which result in real time receipt of payments. Instead of relying on SEPA payments or wire transfer, which can take anywhere up to 3 business days, we can receive our customer’s payments in real time and the release their bitcoin to them without delay. We also provide a super user intuitive website, stripping away any traditional complexities associated with buying and selling Bitcoin.
— Peter Nagle (@BitcovePeter) September 8, 2015
Why will the company / product do well?
We’ll do well because were a passionate, knowledgeable team, taking a novel approach in a very disruptive industry. Through engaging with local payment mechanisms, we create an interoperable system between the current financial institutions and the bitcoin network, something that is currently lacking in the Bitcoin market.
We believe Bitcoin use should be both simple and secure without detracting from the value it can bring to the user. At Bitcove, we have strived for simplicity, taken the use of Bitcoin out of the realm of a nascent technology and into the realm of an applicable every day currency and money transfer system.
— Bitcove.ie (@Bitcoin_Ireland) June 26, 2015
Where are you based? How long will you stay there?
We’re currently based in the lovely West Cork and the Internet has been surprisingly good. We have no immediate plans to leave and look forward to growing a team here.
When was the company launched?
The company was founded in late 2014 and the Bitcove platform has been up and running since June. Previous to this team behind the platform offered their services as Crypto Currency brokers.
“Our whole concept of money and how it gets exchanged is going to change as we become increasingly digitised.” https://t.co/aKpM0lAFy0
— Peter Nagle (@BitcovePeter) September 10, 2015
What have been your biggest wins to date?
Our biggest win to date was being awarded Best Start Up Business in the Bank of Ireland/ Ignite Business Accelerator Programme. The Ignite programme provided us with the tools to launch and scale our business, we were one of 12 other high potential start ups on the programme, so it was great to be awarded the Best Start Up Award from such a talented bunch.
What type of people are you trying to attract to your product?
We attract quite a diverse customer base, ranging from financial investors and speculators to those who use Bitcoin as a vehicle for international remittance. We also cater for Bitcoin miners and merchants. As Bitcoin is a technological innovation, we also attract interest from those with technological backgrounds who use Bitcoin to pay for goods and services.
Going into the future, we believe the use of Bitcoin in the remittance market will be huge. If you look at the current average fee per remittance transaction to developing countries, which is just under 8%, it shows the strong disruption Bitcoin can cause here.
Tell us about your team?
Behind the Bitcove team, are two Cork co-founders and brothers, James and Peter Nagle. James holds a degree in Economics from UCC and a Masters degree in Computer Science also from UCC. He has worked extensively in the digital currency domain since 2011, establishing Europe’s leading Litecoin Brokerage. Since then he has geared his attention and expertise to Bitcoin.
Peter is a Law Grad from UCC and a BIS Masters Graduate. He has preciously worked as a Business Analyst with VMware, where he departed from to pursue his start up passion.
What are you long term plans for your product / company?
Long term, we plan to replicate the Bitcove platform across Europe and certain third world countries. By doing this, we can integrate with the local payment systems of these countries and facilitate real time Bitcoin/Euro conversion.
From this we can then establish a payment/money transfer network between these countries using Bitcoin as our internal value transfer mechanism. This network is particularly important in developing countries who currently endure obscene money transfer costs, where we do not have our own replicated exchange we will integrate with already pre-existed exchanges in these locations.
What are your favourite tech gadgets?
I’m going to have to give this one to my OnePlus, great phone and extraordinary good value. I’ve just ordered the OnePlus 2, so I’m super excited to see that arriving.
What tech gadgets do you wish you could use to help you?
Personally, I’d love to have a 3D Printer. I believe there really going to take off in the next 5 years. Having one in the office would be sweet, printing off new coffee cups will save me from washing up. We’re all about efficiency here at Bitcove!
How can people contact you?