Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


igot launches 1st bitcoin exchange platform in UAE

MEDIA RELEASE

2 September 2014

New Zealand digital currency platform launches
first real-time bitcoin exchange in the UAE

New Zealand’s fastest-growing digital currency platform, igot.com, has launched the first bitcoin exchange online platform in the United Arab Emirates, enabling users to save up to seven to eight per cent in international transaction costs and currency exchange.

This is a significant move for the Australian headquartered company and its plans to tap into the UAE’s reported $25 billion remittance payments market*.

Of the UAE’s population of 9.2 million, expats are said to make up nearly 85 per cent (7.8 million), and are largely responsible for the solid growth of remittances from this second largest Arab country**. In 2013 alone, it is reported that expats remitted more than $15 billion from the UAE*.

The UAE economy and tax system is also known to be different to other international markets. The UAE is a tax-free zone and the Government is proposing a tax on money leaving the country, making compliance a complicated process for any new brokerage entering the market.

Rick Day, co-founder of igot says, “The UAE is a natural next step in igot’s expansion. Millions of foreign workers are making daily remittance payments back home to family but are incurring a significant cost – at around 10 per cent per transaction. igot’s platform now offers a solution, enabling users to make real time trades at a fraction of the cost.

“Worldwide, Bitcoin is increasingly being recognised as a cheaper and near-instant method of sending money. With more than nine million expats in the UAE, combined with the UAE being one of the world’s wealthiest economies, this will be an interesting market for us with significant growth opportunities, said Mr Day.”

The news follows the launch of igot.com in Australia, Singapore, Hong Kong and India between February and May this year. In June, igot.com announced Jesse Chenard, US entrepreneur and co-founder of Tremor Video (NYSE: TRMR), as a major investor and advisor. In less than two months, igot.com became the largest digital currency exchange platform, in terms of trade volume, in both India and New Zealand.

Founded by Australian internet entrepreneur Rick Day and New York attorney Patrick Manasse, igot.com is a one-stop shop to buy, sell, send and request cryptocurrencies securely at the click of a button.

Since launch, igot has already processed more than $25 million in trades. It is also one of few digital currency platforms to feature BPAY and direct debit facilities. In July, igot launched Future Trade, a feature that enables traders to overcome price volatility by automating future ‘buys’ or ‘sells’, allowing users to set their price expectations. More than 10,000 trades have been executed by Bitcoin users via Future Trade in just over six weeks. This number is expected to grow as users increasingly realise its value in market as a solution to addressing fluctuations in price.

igot.com also plans to continue its growth globally – through Asia and Europe this year – and expects to launch additional cryptocurrencies in the coming 12 months.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news