MovoChain facilitates peer-to-peer transactions and purchases using BTC and BCH
MovoCash has announced that it is enabling Bitcoin and Bitcoin Cash purchases powered and backed by the global Bitcoin payment service Bitpay. According to the press release, the patented technology called MovoChain enables consumers to convert Bitcoin and Bitcoin Cash to cash which is instantly loaded onto an FDIC-insured digital card account for purchases online and peer-to-peer transactions.
The new service is now available to anyone residing in the United States who has an email address or a phone number.
Speaking about Movo’s move, Sonny Singh, Chief Commercial Officer at BitPay said, “ We support MovoCash’s efforts to promote the value of cryptocurrency by making it easy for those who have Bitcoin and Bitcoin Cash to spend it in a comfortable and familiar way.”
The new service makes the whole process much easier for the customers. Using the push button functionality users can now send the exact amount of Bitcoin and Bitcoin Cash. Bitpay processes the transaction and MovoChain settles the transaction within one hour and the amount in U.S. dollars is directly transferred to the customer’s account. Once the transfer is made, the funds are loaded onto a digital debit card which can be used by the customer for peer-to-peer payments and purchases.
The New York-based Metropolitan Commercial Bank is the issuing bank for debit cards offered by Bitpay and MovoCash.
Speaking about this new service, Eric Solis, CEO of MovoCash said, “With BitPay, MovoChain makes cryptocurrency malleable by allowing consumers to use their Bitcoin and Bitcoin cash value for everyday items like rent, lunch, groceries or gas. Further, the service overcomes the volatility of the cryptocurrency market and provides a haven for confident spending.”
This latest launch of MovoChain by MovoCash will act as a bridge between the $150 billion global cryptocurrency market and the $884 billion U.S. digital payments market.
Image via Shutterstock
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