MovoChain Enables Quick Conversion Of Bitcoin, Bitcoin Cash To Digital Accounts

Announcements, FinTech, Innovation, Investing | December 6, 2018 By:

MovoCash, the creator of MOVO, a mobile payments platform and app, has announced the company is enabling bitcoin and Bitcoin Cash purchases and peer-to-peer top-ups using BitPay, the large global blockchain payments provider. Founded in 2014, MovoCash, Inc. is a California-based financial technology company.

The MovoChain technology enables consumers to convert bitcoin and Bitcoin Cash to cash value that’s instantly loaded onto an FDIC-insured digital card account for purchases online and in-store, for cash back, or for peer-to-peer payments. This service is available to anyone in the United States with an email address or phone number, subject to ID verification.

“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,” said Sonny Singh, chief commercial officer at BitPay. “BitPay’s goal is to make accepting cryptocurrency a seamless process for all customers.”

As a push transaction, the customer sends the exact amount of bitcoin or Bitcoin Cash required. BitPay processes the transaction and MovoCash settles the transaction within one hour directly to the customer’s account in US dollars. The funds are loaded onto a digital debit card which can be used for peer-to-peer payments, provisioned to Apple Pay, Google Pay or Samsung Pay, and more. There is no bitcoin or Bitcoin Cash price volatility risk for MovoCash or its customers.

New York-based Metropolitan Commercial Bank is an issuing bank for debit cards offered by Bitpay and MovoCash.

  “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,” says Eric Solis, CEO of MovoCash. “Further, the service overcomes the volatility of the cryptocurrency market and provides a haven for confident spending.”