London based Bitcoin market; Netagio has introduced debit and credit card payment options for faster Bitcoin transactions with Euro, Sterling and U S Dollars. Netagio have become the first to offer offline Bitcoin storage (the safest method available) audited to an international standard (ISAE) by leading independent accounting and auditing firm BDO. Netagio also has a rigorous approach to operational controls and compliance, particularly in the important area of anti-money laundering (AML) and Know Your Customer (KYC) requirements. Digital currencies such as Bitcoin are ultimately just data. The private key that secures the data associated with a Bitcoin address needs to be protected with the same care as any highly sensitive information.
Simon Hamblin, CEO of Netagio, said: “Our customers will always be our number one priority. We recently expanded our order books to USD and EUR in response to customer feedback and now also offer a choice of payment methods, with our new credit & debit card payments in addition to the traditional banking payments.
The UK Bitcoin industry experienced a setback mid-September last year, when the British banking partners for Isle of Man based Capital Treasury Services Limited (CTS) requested that CTS cease trading with all crypto-currency businesses. Netagio was both approached by other jurisdictions and also took immediate steps to review a number of industry alternatives to ensure customers’ investments were not only protected, but that they could continue to invest in Bitcoin and trade their positions against gold and GBP on the Netagio exchange.
Users will now be able to avert international banking charges and unnecessary delays, commonplace with traditional banking systems. Unlike other BItcoin-related platforms which have enabled credit and debit card payments, Netagio is not processing the payments themselves. In partnership with WalPay based in Isle of Man, Netagio has gained robust banking relations as well as the possibility to process credit and debit card transactions. Hamblin stated: “The very day we were informed of CTS’s decision, we began assessing both our dormant and new banking relationship partners, undertaking the necessary rigorous due diligence required. We were keen to secure a partner that could not simply address our immediate need for a new banking relationship, but also could partner with us to further enhance our service for customers in the future. WalPay have certainly stepped up to the mark and we have been very impressed by their service and commitment.”
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Furthermore, Netagio hold the largest possible amount of Bitcoins offline. They operate a maker-taker model which means that if the user places a trade that reaches Netagio’s order book, they will receive a rebate instead of paying a fee. Simon stated “The US and Europe are the largest markets for Bitcoin trading, after China, and as such present a great opportunity for retail and institutional investors wishing to access these markets.”
With services spreading in over 114 countries around the world, Netagio’s international customers will reap their own share of benefits as they can now deposit in their local fiat currency instead of GBP to buy Bitcoin using debit and credit cards. Netagio is increasingly finding an edge in the competitive Bitcoin market with these new developments.
(image credit: Jason Banjamin)