Aussie bitcoin exchange secures US funding

Startup lets users buy, sell, and send cryptocurrency

Australian bitcoin exchange, igot.com, has secured funding from US-based startup investor and founder of Tremor Video, Jesse Chenard.

Headquartered in Oaklands Park, South Australia – with offices in India and The Netherlands – igot.com was established by Australian Rick Day and New York lawyer Patrick Manasse. The platform lets users buy, sell, and send cryptocurrency.

The startup claims it is one of the few digital currency providers to feature BPAY and direct debit facilities, allowing for trusted fund transfers directly to and from a users’ bank account.

Manasse said since creating the igot.com last year, the vast majority of people the company engaged with though the idea to launch an international cryptocurrency exchange site was beyond ambitious.

“Despite initial skepticism, we have been able to convince stakeholders, investors and users alike on the benefits and opportunities that the igot platform enables local users on a global scale,” he said.

Despite the debate over the business model, the company’s founders believe that the number of people being attracted to digital currency as a form of finance and exchange will only increase.

Rick Day added that cryptocurrency is largely untapped in the global marketplace and the service is inexpensive – one per cent on all trades, transfers, and transactions.

Over the next 12 months, the startup plans to expand into the Asian and European markets. It is already operating in India (where it’s the largest digital currency exchange platform in terms of trade volume), Hong Kong, Singapore, and New Zealand.

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Follow Byron Connolly on Twitter:@ByronConnolly

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Tags Jesse ChenardRick DayTremor Videocryptocurrencyigot.comBitcoin

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