BitreserveBitreserve, a San Francisco, Calif.-based financial service that allows members to hold bitcoin and send money and convert currencies, has taken a new step to promote a global financial system by adding seven more currencies to its platform.

Bitreserve now allows members to send and receive money immediately and move between 16 different currencies at no cost. The seven new currencies are: Australian Dollars (AUD), Canadian Dollars (CAD) Hong Kong Dollars (HKD): New Zealand Dollars (NZD) Singapore Dollars (SGD), Kenyan Shillings (KES) and Israeli Shekels (ILS). Other currencies supported in addition to the new ones are: U.S. Dollars (USD), Euros (EUR), British Pounds (GBP), Chinese Yuan (CNY), Japanese Yen (JPY), Swiss Francs (CHF), Indian Rupees (INR), and Mexican Pesos (MXN).

Provide Members More Flexibility And Options

Bitreserve has added more currencies to provide members with a greater degree of flexibility, a wider array of options, and familiarity with the money its global membership uses daily. With members in 157 countries, the company added the new currencies in response to member input.

Halsey Minor
Halsey Minor

Halsey Minor, chairman, described Bitreserve’s mission is “replacing the current global financial system with one that is fair, inclusive, accountable and transparent – a system organized for the benefit of all people everywhere.” With a total of 16 global currencies and four precious metals now offered on its platform, Bitreserve has taken another step closer to this goal, Minor said.

Also read: Bitreserve Doubles Crowdfunding Goal By Raising $9.5 Million

Making ‘Cloud Money’

Caitlin Looney
Caitlin Looney

“We’re committed to unlocking access to financial services for everyone by making it safe and easy to transact in familiar currencies,” Caitlin Looney, vice president of marketing and communications, told CCN. “By increasing the number of currencies Bitreserve supports, we’re making ‘cloud money,’ and its benign qualities, more familiar and more clearly understood by a broader audience.”

Cloud money has the additional attribute of being sent and received in transparent ways, which Bitreserve publishes in real-time, Looney said. “The more we shift into cloud money systems, the more transparent, safe, easy and affordable financial services will be for both businesses and consumers.”

Earlier this year, Bitreserve partnered with Bitwage, the San Francisco, Calif.-based company that lets people receive part of their earnings in bitcoins, to offer “Cloud Savings.” According to an earlier CCN report, the user delegates how much in bitcoins he would like to preserve. This bitcoin is then held against other assets, and when the user goes to cash out, he gets the amount he expects. There are competing services that achieve much of the same goals as Bitreserve, such as Coinapult. Bitreserve, however, has set itself apart from these competitors by offering various assets such as gold and oil for the user to invest in.

Featured image from Shutterstock.