Russian electronic payment solutions provider, WebMoney, has recently launche a bitcoin based purse, WMX. The bitcoin purse joins electronic wallets that are based on the values of US dollars, euros, Russian rubles, and Gold. The payment provider is popular among Russians and is often the featured solutions for customers from that region using gaming and online trading websites.
WebMoney operates with users opening and funding purses in an underlying currency. Once funded, customers can transfer funds to other account holders and participating mechants, with WebMoney settling the payment along with its bank partners. WebMoney itself only supports the funding and transferring of single currency payments, IE from a Gold based purse to another Gold based purse. For cross currency transactions, WebMoney offers services with Internet Direct eXchange (INDX.ru). According to WebMoney, for bitcoin purses, INDX acts as the middle man in regards to “keeping and transferring” owndership rights. Thereby, through the service, WMX purse holders have access to WebMoney’s participating merchant system.
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The question though is what is the future of WebMoney after the weekend news that LibertyReserve was shutdown. With that payment provider coming under pressure due to anti money laundering worries, it also puts WebMoney’s network under the same spotlight.