After a closed beta period, MonetaGo opens a bitcoin exchange that can be used in 40 countries, works with 28 currencies and supports 24 languages.

“MonetaGo is the first bitcoin exchange to enable customers to fix the value of their digital currency to any of 27 other currencies and email it to anyone in the world,” says the company press release. Tying bitcoin to fiat currencies protects the sender and the recipient from bitcoin price volatility.

At the end of April 2015, MonetaGo launched its first closed beta. After less than two months, the service opened to bank account holders in 40 countries. To use MonetaGo services, users need to provide full personal information, including proof of address, and bank account details. The company site explains that MonetaGo “is committed to maintain the highest standards of Know Your Customer (KYC) and Anti Money Laundering (AML) compliance”.

The New York-based company has regional offices all over the world. It proudly states that it is present on all the continents with the exception of Antarctica. The countries where the exchange can be used are not listed on the site but their number is said to be 40. The company hopes to expand its operation to 50 countries before the end of the year. It offers 27 fiat currencies including most of the major world currencies (with few exceptions, such as Brazilian Real) as well as some more exotic ones, such as Mauritian Rupee. The service is available in 24 different languages.

Initially, the daily deposit and withdrawal are limited to $1,000. After a month since the first transaction the limit is amended to $10,000 and can be further increased if a personal request is sent to the company.

All the operations with bitcoins are free. The company only charges fees for fiat/crypto exchange. If monthly trading volume does not exceed $1,000, the basic fee is set at 0.5%. If monthly trading volume exceeds $1 mln, the fee goes down to 0.1%.

Pegging bitcoin to fiat currencies, rare a year ago, gained popularity as the cryptocurrency price went down. CoinFox wrote about various companies that tied bitcoins to fiat currencies and commodities, such as gold and other precious metals: CircleBitReserve, BTCJamTether, Serica and Coinapult.