MonetaGo, a relatively new Bitcoin exchange that opened earlier in April has expanded with a bang. MonetaGo, based out of New York has launched its services across 40 countries on Monday. The company, named in honour of Juno Moneta (The protector of funds, in Roman mythology) declares its mission to provide a secure platform for buying and selling Bitcoin.
MonetaGo allows users to buy and sell Bitcoin in 28 different currencies. The company, with a wider focus compared to many other exchanges, intends to make its services available to markets other than the major ones. Currently, most of the Bitcoin trading happens in three major currencies — US dollar, euro and yuan. However, MonetaGo intends to change it by offering equal trading opportunities to all the 28 currencies it supports. By creating this equal opportunity platform that is spread across 40 nations, it will make Bitcoin more accessible and cost-effective.
Due to the global nature of Bitcoin and the presence of huge opportunities in other parts of the world, exchanges are gradually increasing their support to different currencies. Platforms like igot (a global Bitcoin exchange based out of Australia, previously co-founded by Patrick Manasse – the founder and chief compliance officer at MonetaGo) and Bitreserve are already on track by introducing different currencies. MonetaGo now stands ahead of them in terms of the number of currencies supported.
On the technical side, MonetaGo is built on Alphapoint’s technology (Alphapoint is one of the leading white labelled digital currency exchange technology platform providers). The platform is connected to a network of over 35 order books from different partner exchanges. The company is extending its regional partner exchanges and expects to have at least 50 on board by the end of this year.
With Bitcoin being adopted as a universal currency for remittance, there is a need for truly global exchanges that gives people the freedom to choose the currency and insulate their Bitcoin assets from market volatility. MonetaGo addresses these needs by allowing users to fix Bitcoin value to any currency and cash out in the same currency whenever required.