Coinffeine was a company that created the first P2P distributed Bitcoin-fiat exchange. The desktop software was based on a BitTorrent model with a double escrow system and the use of micropayment channels to prevent fraud and allow large transactions to be safely executed in small increments.
The Coinffeine open beta was launched on July 1st 2015. Coinffeine version 0.12 was released in August 2015 added support for over 20 currencies.
The software allowed users to control their own bitcoins in the Coinffeine desktop wallet, avoiding any exchange-related risk. Fiat money was held in third party payment processors and connected to the exchange through the payment processor's APIs.