Australian Bitcoin Exchange Igot recently added payment processing solutions to its range of services. The decision eventually brought its brand in line with other payment solution companies like BitPay and Coinbase.
Soon upon the launch, Igot has opened its real time payment settlement services for e-commerce and street-side businesses around the world. It will be converting Bitcoin payments instantly to 10 different fiat currencies, including the highly volumed ones like Indian Rupee. As we believe, this one feature could actually help Igot land its Bitcoin services inside the consumption-rich market like India, where it already has a stronger base. Nonetheless, the company’s initial focus would still be on occupying the local market inside Australia, a country where it is headquartered.
Unlike the Asia-Pacific region, Igot will be facing some really tough challenges inside the US and European markets, a huge portion of which has been already occupied by other Bitcoin payment processors, mainly BitPay. It would definitely be difficult for the new company to steal slices from its stronger counterpart in western regions, considering that the latter is already famous enough for providing services to over 40,000 merchants around the globe, including Microsoft.
Probably that is why Igot is coming up with attractive offers to grab as much merchants as it can upon the launch. For instance, the company is offering a $500 bonus for businesses that conduct $25,000 worth of Bitcoin transactions in the first 90 days. The amount however seems a little untouchable, citing the slow Bitcoin adoption noted among the customers of early merchants.
The Right Potential
It would be too soon to say whether Igot will rise up to the standards of its regulated competititors. The company’s strong presence in Australia, India and the UAE however confirms the acceptance of its payment processing solutions, if marketed at a right pace. As we have noted in our earlier articles, India is indeed one such market that is asking to be tapped by Bitcoin companies around the world. If Igot manages to make a solid base there, it would directly appeal to a country of a million small and medium scale businesses.