Earlier the last year, ForexMinute had reported that the Australian Bitcoin exchange Igot.com had received seed funding from international venture capitalists to expand its operations; now, it looks, it is the time it is executing the plans well. The company has launched a new cryptocurrency payment processing service that will be available in 40 countries.
According to the announcement the Merchant Solution from Igot.com will allow both electronic retailers and physical stores spread across the world to accept Bitcoin for goods and services, paying a fixed fee of 0.5 percent. Nonetheless, the company, founded in 2013 and based in Adelaide (South Australia) aims to compete directly with giants such as BitPay, Coinbase.
The ambitious project to operate from forty countries is a part of its mission. Moreover, as Igot has been developing its services for the past two years with the remittance market in mind, it is the right time to enter the payment processing business. There is huge potential for Bitcoin companies to explore the remittance market, particularly, in developing nations.
The press release from Igot.com says that it is already a major player in the remittance market; however, its new merchant service will see the company compete head-to-head with leading Bitcoin gateways and payment processors. Some major names in Bitcoin ecosystem that come before the users like BitPay, and Coinbase, soon going to face stiff competition from Igot.
Nonetheless, the new service will provide the merchants with the possibility to automatically convert a payment received in Bitcoin to one of the fiat currencies used in the 40 countries. Some major locations include India, Hong Kong, Singapore, Denmark, France, Greece, Italy, Luxembourg, Netherlands, Portugal, Sweden, UAE, New Zealand, United Kingdom, etc.
Igot Aims to Expand its Reach to Compete with Biggies of the Bitcoin Industry
According to the official announcement Igot’s global reach offers a competitive advantage in the payment processor market by facilitating cross-border payment in any of the supported currencies of almost 40 countries. Nonetheless, the merchant that wishes to accept BTC via Igot will be able to do it easily and safely, as the system requires no technical expertise.
However, the system is compliant with the most stringent security standards. Moreover, as the service also includes cloud reporting and full stack APIs and integration support, it can be integrated with existing merchant accounts. Rick Day, co-founder of the company admits that accepting Bitcoin through Igot has multiple advantages for merchants.
To contact the reporter of this story: Deepak Tiwari at email@example.com