MovoCash has turned to cryptocurrency for its next innovation.
Already known for developing unique products like end-to-end contactless payments and a digital cash network providing users with more control, MovoCash recently unveiled MOVO Chain, a cryptocurrency-to-cash and P2P interoperability solution which deploys a patent-pending blockchain solution to convert cryptocurrency into US dollars in the form of P2P2P® digital cash tokens on a debit card.
CEO Eric Solis said MOVO Chain solves the biggest problem that limits wider adoption of cryptocurrency spending, which is the real-time conversion of cryptocurrency to cash. Your transaction hits the wrong moment on the blockchain and it can take hours or days to convert. The Starbucks latte will be cold long before that. Mr. Solis likens it to a fast pass on the freeway as opposed to a toll booth.
The conversion from cryptocurrency to cash comes through a partnership with BitPay, who takes care of that process. MOVO Chain’s transactions are immutably recorded on a permissioned blockchain. Initiate the conversion and will soon be recorded on the debit card of your choice.
Mr. Solis said he chose to work with BitPay because they are focused on growing crypto’s use as a medium of exchange and not maintaining it as a store of value.
“To our understanding this the first of its kind on Planet Earth and is as fast as wire and bank settlements,” Mr. Solis said. “We’re super excited by it and we think so will our customers.”
MOVO Chain can be placed on top of a company’s payment system, providing it with near instant access to 45 million merchants by riding the debit and credit card rails. There is no need to change your system.
“With us you can use the same system and do it right from marketplace and have the benefit,” Mr. Solis said.
MOVO’s five core solutions are MOVO Cash®, MOVO CASH Cards®, MOVO Pay®, MOVO Digital Banking and MOVO Chain®. A sixth is in beta and a seventh is coming soon. The company has three issued patents and 11 pending ones protecting HyperBIN, which is the financial ecosystem technology upon which the soon to be seven solutions are built.