Bitreserve is Open for Business

Posted in: Archive
October 31, 2014 11:12 AM UTC

Following the pre-announcement of last week, Bitreserve is now open for business with real-time transparency data.

Also read: Bitcoin Reserve “BitReserve” Banks To Open its Vaults Soon

Bitreserve Founder and CEO Halsey Minor says:

“Today we are thrilled to announce we have fully launched Bitreserve and are now accessible to the public.”

Halsey Minor also founded CNET in 1993. In 2008, he sold that company to CBS for $1.8 billion and became an investor.

Bitreserve is a next-generation financial service, which shields users from bitcoin volatility by enabling them to hold Bitcoin as the money they use every day. Bitreserve keeps value safe while letting users spend their money as Bitcoin, and send it to anyone in the world instantly and for free.

Bitreserve users can fund their accounts in Bitcoin, which they can choose to convert into any of five “bitcurrencies” – U.S. dollars (USD), euros (EUR), pounds (GBP), yuan (CNY), and yen (JPY). They can also choose to hold and transfer value as Bitcoin. Bitreserve charges a small commission for conversions of Bitcoin to bitcurrency (or vice versa), as well as for conversions of one bitcurrency to another bitcurrency.

A Real-Time, Verifiable Proof of Solvency

Bitreserve is a transparent financial institution. Their saying is:

“What our members do with their money is their business, but what we do with their money is everyone’s business.”

Bitreserve publishes a real-time, verifiable proof of solvency so that anyone at any time can confirm that their value is backed one-for-one in their full reserve.

“Two features called the Reservechain and the Reserveledger. The Reservechain enables anyone to trace a transaction all the way back to the point where it entered our network. The Reserveledger is a real-time publication of every change in our obligations to our members and every change in assets held in our reserve.”

“Each quarter, we partner with an accounting firm to verify the accuracy of our Reservechain and Reserveledger, so you know your value is safe.”

What do you think about the Bitreserve service? Comment below!

Images from Bitreserve and Shutterstock.

Last modified: June 10, 2020 12:56 PM UTC

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Giulio Prisco @giulioprisco

Writer specialized in futurism, science, technology business.