BTXCapital, the first Bitcoin exchange in Iran, is planning to bring the digital currency to a previously untapped market. The company is going to offer instant deposits and real-time buy and sell orders to customers in Iran through Draglet’s exchange platform based out of Munich, Germany.
The company claims that Draglet’s USPs include a strong focus on security, user experience, and a modular product for easy customization and multiple options for liquidity provision.
Besides, since Draglet currently operates Bitcoin exchanges for 14 different countries and enables instant digital currency conversion worldwide, the company is able to provide the much needed exchange services. Nonetheless, using either limited or ‘execute best’ orders, Iranians can dive into the digital currency world in a fast and secure environment.
Furthermore, BTXCapital claims that using Draglet’s white label services will enable entering the market quickly providing reliable services to those who are looking for immediate access to buy or sell Bitcoins.
Ali Hosseini, CEO of BTXCapital, admitted that the company’s goal is to help frustrated customers who are demanding an instant and trustworthy service. Besides, he said that the company offers fair exchange rates according to international standards.
Bitcoin regulation in Iran is still an unresolved issue, although BTXCapital noted that there is an increase in demand for a remittance service in the country. The digital currency could be the perfect vehicle, since it promises lower transaction fees compared to conventional forms of money transfer.
“It’s really hard to get hold of bitcoin in Iran. There were ways to buy bitcoin but the process was very difficult and the amounts it was possible to buy were small. The market is massive. A large population with a high proportion connected to the internet means there is a lot of completely untapped market potential. Our platform makes trading really easy. All you need to do is deposit some local currency and then you can trade,” said Ganesh Jung, CEO of Draglet, according to IBTimes UK.
According to Naser Hakimi, IT Director of Iran’s Central Bank, Bitcoin is illegal in the country since Article 2 of Iran’s ‘Money and Banking Act says that “the official currency of the country comes solely in the form of paper money and metal coins. Only paper money and metal coins that have been produced after the enactment of these regulations are legal tender.”
However, this rule does not specifically ban the use of Bitcoin for facilitating fund transfers such as in BTXCapital.
“From a Western perspective, it’s cool to have bitcoin spreading this way. There are no legal concerns from our side but the Iranian government could block this kind of service. However, we don’t think they will restrict the trading of bitcoin,” Jung explained.