Adding the Mexican peso and Indian Rupee to its list of currencies, a major bitcoin storage platform now offers its customers the option to convert their bitcoins into eight fiat currencies and four precious metals.
Halsey Minor, the CEO of BitReserve, announced yesterday on the company’s blog that BitReserve’s customers can now convert their bitcoins into two new currencies – Mexican pesos and Indian rupees. They join the list of six real-world currencies already supported by the company – US dollars, euros, British pounds, Swiss francs, Japanese yens, and Chinese yuans. To convert one currency into another, the company charges a 0.45% fee. As CoinFox wrote in the past, BitReserve also offers its customers the option to invest their bitcoin in four precious metals (gold, silver, platinum, and palladium) and plans to add oil to its options.
The two new currencies were added to simplify remittances to India and Mexico. The company relies on a partnership with Grupo Salinas, a business group with 2,600 retail outlets and bank branches in Latin America. According to Halsey Minor,
In addition, BitReserve have launched a micro website Changemoney.org, showing various data from the company in real time: amounts kept in different currencies, location of clients, and direction of money transfers. Of the $1.25 million kept in BitReserve wallets, 65% are kept in bitcoin, 19% in US dollars, 7% in British pounds, and 5% in gold. Swiss francs, a currency added in February, are less popular – just 2,430 Swiss francs are kept in BitReserve wallets. Customers of the storage platform, according to the website, are located in 123 countries.
BitReserve is the second company to offer the conversion of bitcoins both into Mexican pesos and Indian rupees. The first to offer such a service, as CoinFox wrote earlier this week, was the P2P lending platform BTCJam. However, the sets of currencies offered by BitReserve and BTCJam are different: the latter also supports Brazilian reals and Russian rubles, but does not support Swiss francs, Japanese yens, or Chinese yuans.
CoinFox recently reported about three partnerships concluded by the bitcoin 2.0 application Factom with three other companies that peg bitcoin to other commodities: Tether, Serica, and Coinapult. The recent fall of bitcoin prices can be expected to make such services even more popular.