MonetaGo, the latest exchange to join the Bitcoin bandwagon has launched in 40 countries and unravels its plans to make Bitcoins ‘global’.
This service was announced in April this year and buying and selling of Bitcoins can happen in 28 local currencies. The users of MonetaGo also have the additional facility to peg their bitcoins against the several exchange rates.
Globalizing the Bitcoins
Jesse Chenard, CEO MonetaGo, revealed in an interview with CoinDesk that even though virtual currency came through as a global phenomenon so that the transactions can happen across borders seamlessly. However, the reality is that the currency as of now is being traded only in 3 major currencies, which is defeating the whole purpose.
MonetaGo plans to expand their services beyond Euro, Dollar and Yuan so that the underserved markets can also access its benefits and that too in a cost effective way.
Ability to Fix the Bitcoin Value
MonetaGo allows the users to fix value of their bitcoins to any of the 27 local currencies, just like BitReserve. However, what separates the two platforms from one another is that MonetaGo allows the users to cash their BitDollars into actual dollars, a service that is not available with BitReserve.
Businesses can benefit greatly by this feature where they can send their fixed-value bitcoins to other users and they can then convert it to the currency of their choice. It will not only protect both the end of the transaction bearers with bitcoin’s volatility but can also speed up the process of making payments, especially those companies that lack a trustworthy banking platform between themselves.
This platform is usable by the users for no additional charge for the first couple of weeks. However, later a fee of 0.1% to 0.5% per trade will be chargeable depending upon the trade volume.
Focus on being Compliant
Ever since its inception in 2014, MonetaGo team has been particularly concerned about the compliance. Their New York division is already in the middle of finishing their paperwork to get the BitLicense that has been introduced recently.
Some states like New York have clearly stated their standards of operation. However, there are still many banks and regulators that are not speaking clearly about this topic. Chenard believes that by the close of the year, it will become clearer as to how they must operate and what standards they must meet.
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