Remitano, a Vietnamese platform that enables international transfers using Bitcoin. Using its current Escrow platform, Remitano users will be able to transfer funds quickly and securely across borders.
Nigeria, Kenya and Tanzania are the African countries which will be able to take advantage of the service with more countries expected to be added. Vietnam, Malaysia, China, Australia, and India are some of the other countries where Remitano has expanded into.
Remitano helps to protect bitcoin trades by providing a marketplace where people can buy and sell Bitcoin securely and quickly. Where bitcoin trades normally function in a step by step fashion, Remitano’s new offering makes the transaction of money across international boundaries quick and easy.
“Let’s say you want to send money from Vietnam to Australia,” explains Remitano co-founder Dung Huynh. “Previously, users would have to buy bitcoin from a trader in Vietnam, then sell bitcoin to an offer in Australia. Now with the new feature, the process basically does not change but a wizard is introduced to guide people to buy and sell seamlessly with estimated sending and receiving amount of money.”
Bitcoin is a form of digital currency that is created and held electronically. Encryption techniques are used to regulate the generation of units of bitcoin and verify the transfer of funds, operating independently of a central bank, such as the Federal Reserve. Unlike dollars or euros, bitcoin is decentralized, meaning that it operates independently of governments. Bitcoins themselves are ‘mined’ and protocol means there can only ever be 21 million bitcoins created, which can be broken down into smaller constituent parts.