Bitreserve has included two new currency accounts pegged at Mexican peso and Indian rupee respectively. With this, people will now be able to transfer and convert bitcoin to pesos and rupees without being affected by bitcoin exchange rate volatility. By adding Indian rupee and Mexican peso, Bitreserve has gained access to a huge chunk of low value- high volume international remittance stream originating from the low income Mexican and Indian emigrant workforce who send money back to their families on a regular basis.
With the addition of Bitrupee (BitINR) and Bitpeso (BitMXN), Bitreserve now supports eight different real-world currencies in addition to four precious metals and bitcoin. Bitpeso’s announcement coincides with the company’s partnership with Ricardo Salinas-Pliego, a Mexican billionaire and the largest investor in Bitreserve so far.
Halsey Minor founded Bitreserve late last year with an aim of providing low cost, high-speed international transaction services to those in developing countries who do not have access to banking services. According to Minor, over 2.5 billion adults do not have access to even the basic financial services and only 41 percent of adults in developing countries have their own bank accounts. Bitreserve aims to provide affordable financial services to these people.
Bitreserve allows its users to deposit bitcoin into their account and convert it to its corresponding value in fiat currency, protecting them from any losses due to bitcoin price volatility. The user can then convert it back to bitcoin and instantaneously transfer it to anyone across the globe. Users can also spend it on their money cards at places that accept bitcoin. Bitreserve charges a one-time transaction fee of 0.45% when someone converts bitcoin to bitmoney (can be any supported currency) after which the customer can freely move their funds around. Bitreserve maintains a transparent reserve of real money and its real-time status is published on the company’s website.