Wednesday, 24 June 2015


"A bitcoin start-up has launched a service that will allow people to carry out foreign exchange transactions for free, dodging the expensive commission often charged by major financial institutions.

Bitreserve, a company founded last year by CNET and co-founder Halsey Minor, allows people to convert bitcoin into normal currencies and precious metals. The start-up used to charge a 0.45 percent commission for bitcoin-to-dollar transactions, but has now cut its fees entirely.

The move is likely to give it an edge in the hotly contested "fintech" market where a number of companies such as U.K.-based Transferwise are contesting the currency transfer and mobile payments space.

Users of the platform will be able to make currency exchanges in eight major currencies: euros, dollars, pounds, yuan, yen, pesos, rupees, swiss francs. People will also have the ability to convert the currencies into gold, silver, platinum and palladium, depending on the market price. Bitreserve offers the mid-market rate for currencies."


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