Supernet users may now withdraw Bitcoin, Litecoin, Peercoin and NXT directly out to Visa and Mastercards around the globe, bitcoinmagazine.com reports. Payouts are done in USD and local banks set fiat exchange rate. This is a server provided by the Coinomat exchange. Coinomat is an automatic cryptocurrency and fiat exchange that serves as a gateway from Visa and Mastercard to cryptocurrencies.
It also provides instant conversions among various cryptocurrencies such as Bitcoin, Litecoin and Peercoin. The software is available for download at the Multigateway website and functions similar to the NXT wallet client, with the exception of some Supernet magic.
The Multigateway (MGW) charges no deposit fees and the withdrawal fees are equal to the minimum transaction fee per coin. Currently, users must convert their coin manually, be it Blackcoin or Dogecoin to NXT, in order to transfer to another cryptocurrency. Investors can invest in MGW, but the real ROI is expected from InstantDEX which will have competitive fee and leverage MGW’s minimal fees and tech.
MGW works by creating assets on top of NXT’s long standing decentralized asset exchange. Coin assets such as mgwBTC are traded for deposits of Bitcoin, Blackcoin or Viacoin at a ratio of 1 to 1. Deposited cryptocurrencies are stored on server clusters of 3. These are secured through multi-signature transactions, where 2 out of 3 servers must agree for withdraws to occur.
Each server is monitored and secured by an independent party, partnered up with the Supernet. The number of Multisignature parties is not limited by MGW, but by the the Bitcoin protocol.
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