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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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