Paymium acts as a Bitcoin exchange for buyers and sellers of the cryptocurrency. It also has services for facilitating merchant acceptance for Bitcoin payments. The new funds will go to the expansion of the company in Europe, as well as research and development efforts. Paymium is also looking into blockchain technology, which has been gaining traction among financial companies and established firms in the developed world.
The company has also been teaming up with other firms in the cryptocurrency and payments industries in order to expand its services. In 2014, Paymium worked with Showroomprive, which used to be the largest merchant in Europe. It has also worked with Ingenico, a point of sale (POS) and payment solutions provider, to support Bitcoin payments.
EUR payment accounts are held by an approved Payment Institution for the time being. Each customer account is linked to a payment account held by a licensed Payment Institution partner, which means that the clients send EUR through their own account to purchase Bitcoins. Similarly, withdrawal requests are processed through the Payment Institution partners.
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