Multi-Fiat Exchange MonetaGo Looks to Protect Against Bitcoin Volatility

A new bitcoin exchange, MonetaGo, was unveiled yesterday at Money Conf in Belfast.

The exchange seeks to differentiate itself from the multitude of other players in a couple of ways. First, it aims to make bitcoin accessible and transmittable all around the globe, currently supporting 24 languages and 28 fiat currencies in 40 countries, and planning to add more.

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Second, it looks to protect buyers of bitcoin against its volatility by fixing its value to the local currency. Effectively, traders on the exchange can transmit funds and convert them to the local currency of their recipient, using Bitcoin as a transfer mechanism.

MonetaGo was co-founded by Jesse Chenard and Tad Davis.

Davis told Finance Magnates that the launch of its exchange was well received by everyone with whom it was discussed at the event.

The startup also stated that it has assembled an international team of experts in technology, legal matters and compliance. It aims to expand to a quarter of all countries by year’s end.

The exchange was built using the technology of AlphaPoint, a New York-based solutions provider catering to the crypto exchange market. In addition to powering several new crypto exchanges, leading bitcoin exchange Bitfinex reworked its platform last year with AlphaPoint’s technology. This came shortly after the company secured $1.35 million in funding.