Bitcoin Exchange Igot Acquires TagPesa
Igot is an Australian Bitcoin exchange founded in 2013 that is growing at a rapid pace with a focus on the remittance market. Igot is expanding internationally, with local presence in Asia, Europe, and UAE. With a combination of transparency and compliance, Igot is quickly becoming a globally known Bitcoin exchange.
Igot is currently available in 40 countries, which includes the EU and parts of the Middle East and Africa. Customers can use all exchange features as well as make deposits and withdrawals with their bank accounts, denominated in their local currencies.
In addition, 90% of Igots bitcoins are kept in cold storage facilities across the globe, adding an extra level of security to their services.
On February 24, Igot announced that they acquired TagPesa, a crypto exchange and remittance gateway, as well as access to M-Pesa, which gives members the ability to cash out directly via the country’s mobile payment system. If you visit TagPesa’s website, it now redirects you to Igots and says “TagPesa powered by igot”.
Through these acquisitions of TagPesa and access to M-Pesa, Igot is further strengthening presence in the Kenyan remittance market, where Bitcoin has the potential for gaining significant traction. Rick Day, co-founder of Igot, stated that:
“Over 2.5 million Kenyan emigrants around the world send money home to their families. Igot aims to make these transactions as easy, fast and convenient as possible,” said Rick Day, co-founder of igot. In 2014, remittance inflows to Kenya increased by USD 137 million or (11 percent) to USD 1,428.5 billion. The average remittance transaction costs the emigrant sender between 5 percent and 9 percent. With a flat 1 percent transaction fee, we expect to get a lot more traction as Bitcoin becomes more ubiquitous.”
With mobile phone penetration increasing in areas lacking access to banking services, Bitcoin serves as direct competition to traditional remittance services. Igot charges a 1% fee, while traditional services can charge anywher from %5 to 9%.
Do you use igot? Will you be using igot for remittance services? Let us know in the comments below!
Photo Source: Igot