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Bitcoin hasn’t always had an easy time in Venezuela. The government has consistently arrested suspected bitcoin miners and the banking industry forced the country’s former leading exchange, SurBitcoin, to suspend fiat deposits or withdrawals.
But in a country with rampant inflation, reaching a staggering 800% in 2016, surely bitcoin can provide some of the answers rather than be looked at as a problem to Venezuela’s ongoing crisis. As bitcoin doesn’t suffer from inflation in the same way that fiat currency’s do, it makes perfect sense to Venezuelans looking for a way to store their hard earned money without the risk of it just evaporating away.
The government has finally come around to the same view and has given official permission for one bitcoin exchange to fully operate, under the watchful eye of Sudeban, the country’s highest banking regulator.
Monkeycoin, as the exchange is known, is the first Venezuelan exchange to be working with the relevant regulatory bodies in order to bring the benefits of bitcoin where much needed.
By maintaining regular dialogue and full cooperation with the authorities on issues like KYC (know-your-customer) and on potential suspicious activity – though not easy, bitcoin is still prone to money laundering – Monkeycoin is aiming to show that a regulated bitcoin exchange is the best way forward for bitcoin in Venezuela.
Monkeycoin is run entirely on draglet’s Exchange Software. This white label solution covers all aspects of Monkeycoin’s software needs, from the trading algorithm to KYC management, from security to order book management.
What is most interesting is how liquidity is generated, as any new exchange will have trouble filling its order book in its early days. draglet’s software uses what is known as a Distributed Shared Orderbook (DSO). In this format, Monkeycoin is connected to a network of global crypto-exchanges and shares their order books. This ensures that right from the very start Monkeycoin will have a full and healthy order book, allowing users to buy and sell against all other users on the DSO network.
Other than liquidity, the key requirement for an exchange is security. As you would expect from such an exchange, Monkeycoin offers a maximum-security service using the latest in encryption technology and cold multi-signature storage for customer funds – all based on draglet’s Exchange Software. With recent events in the world of bitcoin exchanges, security and trust are of utmost importance for customers and regulators alike.
With draglet’s comprehensive software, Monkeycoin also has access to integrated wallets with the ability to manage any currency; support software that covers all languages; a platform that guarantees 99.9% uptime; and a range of user defined micro-services that enhance functionality at the press of a button.
All in all, Monkeycoin sets out to bring the global bitcoin market to troubled Venezuela. With rising demand for bitcoin and the advantages it has in periods of inflation, an openly approved exchange is just what the nation needs. In a distressed economy, Monkeycoin provides the access to stable finance that seems to be so precious in times like this.
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