App aims to help bitcoin owners convert crypto to cash in a flash
MovoCash, creator of the Movo mobile payments platform and app, has launched MovoChain, a web-based service that lets owners of bitcoin and bitcoin cash convert their cryptocurrency into ready-to-spend cash in an FDIC-insured prepaid account, according to a press release.
The company also said that converted funds are available within minutes of the completed transaction, and that the service is open to anyone in the U.S. with an email address or phone number.
"The popularity of cryptocurrency is on the rise, and until now, crypto owners have gone through a cumbersome process to convert it into currency to use in everyday transactions," MovoCash CEO Eric Solis said in the release. "MovoChain enables bitcoin and bitcoin cash value to be sent and loaded to Movo and then used at the point of sale via a real-time digital debit card which can be instantly provisioned to Apple Pay, Google Pay or Samsung Pay."
MovoCash did not provide specifics about the workings of Movo or any costs to use the service.