“For us, the ability to offer accessibility and optionality to multilingual users around the world doesn’t stop at translations. To truly embrace the global nature of money, we must offer what’s familiar and safe to people across cultures,” reads Bitreserve’s website.
The world’s most popular crypto-currency reserve and hedging company, Bitreserve, has added the ability to peg your bitcoins to silver, platinum, palladium and the Swiss franc. The company has also translated their website into Chinese (Mandarin), Japanese, Portuguese, Russian and Spanish to reach more international costumers.
Bitreserve allows people to peg their bitcoin to the price of a certain asset, like a fiat currency or precious metal. The company wants to give these people the ability to hedge against the bitcoin volatility and use the efficient payment network to transact with the assets in new ways.
Before the additions, Bitreserve already offered the US dollar, Japanese yen, European euro, Chinese yuan , British Sterling and gold as peggable assets.
“Holding these values as stable commodities, but with the power to spend and send as bitcoin, makes these precious metals instantly transferable and transactional for the first time,” reads Bitreserve website.
The peggable assets also serve as a new way for its people to trade those currencies and commodities, by creating digital version pegged to bitcoin people are able to send and receive those assets over the blockchain. The company has been slowly been pressing their possible use in e-commerce more and more.
“We’re making precious metals – widely seen as the most traditional, stable and universally accepted currency – instantly transferable and readily available for members.”
The company announced plans in December of 2014 to bring oil as a peggable asset in the later half of 2015. The company said the ability to ‘sell and buy’ oil on the payment network could ‘revolutionize’ the oil industry.
“The bitfranc (Swiss Franc) is a strong currency in its own right with a proven track record of stability. Holding bitcoin in Swiss Franc will empower our members to invest, move and hold their assets with confidence.”
Bitreserve was founded in 2014 by Halsey Minor, a tech entrepreneur and the founder of CNET. Since its start, Bitreserve has offered the ability to peg several currencies to several fiat currencies in order to solve bitcoin’s volatility “problem.”
In January, the company raised $9.6 million from a two crowdfunding websites. The company raised over $1.5m on Crowdcube and the rest of the money, $8,911,645, was raised from institutional investors on Venovate.
Do you think it is a good idea to peg your bitcoins to precious metal?
Photo courtesy of bitreserve.org
Photo courtesy of bitreserve.org
Photo courtesy of bonusmetals.com