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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news