By
Godfrey Benjamin
December 31st, 2020
BitReserve opened a monitoring service Changemoney.org reflecting “the tenets of digital currency – inclusion, fairness and transparency.”
BitReserve announced today the launch of a real-time visualisation service named Changemoney.org. The brand-new tool is providing a clear visualization of Bitreserve members’ location, funds, and transactions.
Halsey Minor, BitReserve CEO and founder, writes in the company’s blog that the website’s visitors “can send themselves $1 in the currency of their choice just by entering their email — a small step toward billions of people around the globe having their first access to basic financial services.”
In addition to that, BitReserve launched the bitrupee (BitINR) and bitpeso (BitMXN). The two key developing world currencies are now supported by Bitreserve’s cloud money system.
In total, Bitreserve now supports eight real-world currencies, four precious metals, and bitcoin, and offers its service in eight languages. Adding new stores of value and new languages is part of our pledge to bring the benefits of digital currency to everyone around the world.
The WSJ bloggers Mr.Casey and Mr. Vigna provide some information regarding the company under discussion in their new post:
“BitReserve has accumulated a total of $10 million in transactions and now holds over $1.3 million in deposits. Those are backed by almost $1.5 million in its reserve – a publicly disclosed and perpetually updated account of assets that’s intended to instill depositor confidence that the firm has enough funds to cover liabilities denominated in their accounts’ respective currencies.”
Still, BitReserve stresses some other kind of statistics. The company’s blog reads that “more than 2.5 billion adults have no access to basic financial services and only 41 percent of adults in developing economies have a bank account.” Mr.Minor writes that the company is convinced that everyone deserves access to affordable financial services:
Our increasingly connected world needs a financial system that supports the fast, free, and easy movement of money, one that empowers the most vulnerable and needy of our global citizens.
We are committed to reducing costs and putting consumers and businesses in control of their money. Our growth and partnerships are a testament to people around the world recognizing that together we can build a fairer, faster, lower cost, transparent and real-time financial system.
According to Mr. Minor’s statements, later this year BitReserve is going to enable users to import funds in dollars via direct transfers from linked bank accounts, bypassing bitcoin altogether. That shift could intensify some of the challenging regulatory questions that BitReserve faces – whether it should be regulated as a bank, for example, or licensed as a money transmitter.
But Mr. Halsey says BitReserve’s extensive legal team is committed to ensuring that it is fully licensed, regulated and compliant.
