One way to get Bitcoin into the hands of more everyday consumers is by creating more convenient ways to acquire digital currency. In Taiwan, you can walk into most major convenience stores and buy Bitcoin over-the-counter or from a terminal. But for those of us who would rather stay at home to buy and sell Bitcoin, MonetaGo may be of particular interest to you.
MonetaGo Available in 40 Countries
Whenever a new Bitcoin exchange platform launches, it’s usually without a joyous parade because it is a very local launch. With MonetaGo, however, there are no parades either, but they have launched their services in 40 countries simultaneously. In doing so, the company has already taken up a “global” presence, something that many smaller exchanges struggle with at the moment.
That being said, MonetaGo is not just your average run-of-the-mill Bitcoin exchange. The most obvious service is to buy and sell Bitcoin in exchange for local currencies – of which there are 28 supported at the time of publication – from the convenience of your home.
But MonetaGo ups the ante of the Bitcoin exchange stereotype by offering the option to “peg” or “fix” Bitcoin to these various exchange rates. Some of our readers may have used a similar service offered by Bitreserve, but there is a vast distinction between these two platforms. MonetaGo allows users to cash out their pegged dollars into real money, whereas Bitreserve does not [at this time].
“Digital currency is supposed to be this global phenomenon that is going to enable the seamless transmission of funds across borders, but the reality of it is that 90-something percent of all bitcoin trading happens in three currencies only.” – MonetaGo CEO Jesse Chenard told the media.
By offering their services to markets that are not using any of the major global currencies – Yen, EUR, USD or GBP – MonetaGo aims to make Bitcoin more accessible and cost effective towards novice users. And by using AlphaPoint’s technology to connect the MonetaGo platform to 35 order books around the world, that dream may become a reality in the next few years.
Privately Funded And Focusing on Compliance
Running a full-fledged Bitcoin exchange is not an easy feat, as it requires quite a lot of funding and time. And that funding will be needed to cover the set up of the platform itself, as well as making sure you meet all regulatory standards for the markets you wish to operate in. Those licenses are – depending on which country we are talking about – not that cheap to come by.
In the case of MonetaGo, the entire platform has been privately funded by a handful of investors. Among that list of investors is MonetaGo CEO Jesse Chenard, alongside Tad Davis, Patrick Manasse and former Alphapoint CEO Margaux Avedisian. And according to the information we have received, a round of funding is expected to be finalized “soon”.
Source: Press Release via Email
Images courtesy of MonetaGo Shutterstock