There is a new player on the bitcoin market of Canada – new bitcoin exchange service has been opened. Its general advantage in comparison with existing websites offering exchange between physical money and crypto currencies are the reduced fees.
The main competitor for the newly launched homepage is Virtex, but their fees are quit bigger. Ordinary deals and transactions that in sum give less than 400 BTC require a commission of 1,5% from it. Only more than 2000 BTC will help to reduce the fee to the 0,5%. And that amount has to be reached within 3 months.
Observing the market of similar services in Canada can be concluded that this segment is rather empty. The CEO of the launched service, Michael Curry sees his creation as one as the most convenient and logical API on the net, and especially in Canada. He can be described as a very experience person in the field of digital and electronic startups. His previous child was the Verelo – a monitoring page. He was lucky to sell it to a bigger player Dyn. In the beginning of the year he has created test versions of the exchange service, offered it to the public via different test resources, for example, Testnet.
He has also completed tasks received from customers, wrote shopping solutions, and was a consultant for economy. Using the C language now he made his own dream come true. Now the service enables exchange between fiat currency and bitcoins. Later were introduced litecoins, which are very look alike to BTC after the basic principles of use and payment.
The first name of the service was hard to remember as any abbreviation – BTCTO.com, sometime after it was renamed and was known as Bank of Satoshi. It also brought some problems with it. The OSFI or the Office of the Superintendent of Financial Institutions of Canada has got curious about it. Only afterwards it received its current naming – Vault-of-Satoshi.
The FINTRAC of Canada stated that no additional licenses or allowances are needed to start regular work. Still some financial institutions like banks might have something against. Some banks of Canada have terminated accounts of several BTC players from Canada. Now the Vault of Satoshi works with three banks – two in Canada and one in the USA.
One of the famous Canadian lawyers protecting some bitcoin system player and currently having several cases considering crypto currency says that the policy and laws should change drastically in the very close future. Either international pressure, or logic and internal necessity will stimulate the necessary decisions of the government, which are already had been discussed.
The company of Curry gives its best in implementing all possible rules to reduce the governmental concerns. The KYC rules are followed, identity registration is still a very serious process verified.
Currently the idea is to widen the spectrum of offered for exchange coins. Some of them are already mined, but some help was received from Ryan Van Barnevald, one of the founders of Fusenet, interested in the development of the service.