MovoCash released a new cryptocurrency conversion service for its users a few weeks ago. The technology, called MovoChain, helps cryptocurrency investments and thus allows customers to quickly convert ten different virtual coins into fiat currency, deposited instantly on a debit card.
This technology is designed as a cryptocurrency-to-cash (C2C) and peer-to-peer (P2P) interoperability solution. Using a blockchain solution converts the value stored and held in cryptocurrency into fiat currency in the form of digital cash tokens on a linked debit card in no time.
It’s worth mentioning that California-based neobank MovoCash, which launched in 2014, is a digital payment platform that offers real-time bank accounts, debit cards, secure and settled banking, commercial payments, and P2P and ON-DEMAND transactions, within an end-to-end contactless technology, but is currently still only operating in the United States.
To facilitate the development and launch of “MOVOChain,” the company has partnered with two major players in the financial industry: Coastal Community Bank and Bitpay.
Bitpay is a bitcoin payment service provider, with a crucial role in managing the conversion from cryptocurrency to cash in this project.
Coastal Community Bank, on the other hand, is a physical bank with 13 branches in Washington.
Currently, MovoCash has over $420 million in user deposits and has opened about 1.2 million accounts, with a growth rate of 242% in 2019 and 2020.
The company recently turned to equity crowdfunding on StartEngine. So far, MovoCash has raised $219,204 from 106 investors on the site. In total, then, the fintech has raised about $1.5 million.
This new service can help cryptocurrencies gain trust and also be used as a medium of exchange.
MovoCash is not the first nor the only neobank to offer cryptocurrency-related financial services. For example, Upgrade recently released a bitcoin rewards credit card, offering customers a 1.5 percent return in bitcoin when they use the card. Instead, fintech Current plans to launch cryptocurrency products in the future.
Eric Solis, founder and CEO of MovoCash said:
“Cryptocurrency users located in the U.S. can convert, send or spend cash value via debit card.”
In addition, he said he sees a future where customers use Bitcoin and other major cryptocurrencies as long-term savings and fiat currencies primarily for their everyday payments.