Igot’s Dubai office is already fully licensed by the local government, and has already secured banking partners for deposits and withdrawals of UAE dirhams (AED). Interestingly, much of the business Igot is expecting to see isn’t from speculators, but from the remittance market. With one of the highest per capita income levels in the world, around $48,158 per person, the UAE might seem like a less-than-ideal place to test bitcoin’s potential as a remittance network. But those numbers are misleading, as the overwhelming majority of Dubai’s population — 91% — are foreign citizens. In fact, over 1 million of Dubai’s 9.2 million residents are Indian citizens on temporary work visas.
In an interview with CoinDesk, Igot founder Rick Day said that India is one of his company’s “best performing markets.” He noted that Igot is already the biggest exchange in the Indian market in terms of volume, and that the potential for growth is significant. According to Day, Indians sent home some $70 billion in 2012 alone.