Bitcoin wallet Centbee launches bank transfers for European users

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Centbee users in Europe can now cash their Bitcoin directly to their euro bank accounts. The new feature gives Bitcoin users the most convenient way yet to spend their digital assets.

While Bitcoin payments continue to take root across the globe, fiat is still king. For years, Bitcoin users have had to turn to off-ramp rails that can be inaccessible, unreliable, or costly to spend their Bitcoin. Not anymore.

Centbee now allows its users to cash out their Bitcoin into their bank accounts.

Need physical cash?

Now you can send money straight to your 🇪🇺 Bank Account from #Centbee and get Euros!

It's easy, fast and cheap.

All you need is an IBAN number!

On Send screen tap the + button to add a Bank.

🐝💚💶#SEPA #BankAccounts #Cashhttps://t.co/ehgxZMLk25 pic.twitter.com/YVmSy1PkiX

— Centbee (@Centbee) April 25, 2023

“Now, Centbee users in Europe will be able to send their Bitcoin SV directly to all SEPA-supporting banks, offering a convenient off-ramp for those looking to convert their Bitcoin into Euros,” Centbee CEO and co-founder Lorien Gamaroff tells CoinGeek.

Users can then withdraw their euros from ATMs across the region, giving them “a tangible way to spend their cryptocurrency,” Gamaroff added.

Centbee has always been about making Bitcoin easier to spend. The wallet already allows its users to make payments directly with their Bitcoin to some of the world’s biggest retailers, from Walmart (NASDAQ: WMT) to Amazon (NASDAQ: AMZN). Users in its native South Africa can pay for utilities, shop, pay for online subscriptions, and more directly with their Bitcoin.

The latest feature is the next step in the company’s mission. As Gamaroff points out, it bridges the gap for users who wish to keep their cash digitally on the Centbee wallet but may need to draw physical cash at an ATM for offline payments.

“This new development is a significant step for Centbee and a game-changer for Bitcoin SV holders in Europe. The ability to convert Bitcoin into Euros provides greater flexibility and less uncertainty for those looking to use their digital assets in their day-to-day lives,” Gamaroff tells CoinGeek.

The new feature comes at a time when BSV has faced delistings from some major exchanges, including Bittrex, Bitvavo, and Robinhood (NASDAQ: HOOD). On the one hand, these delistings serve to unshackle BSV from the near-ubiquitous culture of token speculation prevalent in ‘crypto circles.’ However, they have also denied millions a convenient, easily-accessible platform to buy and sell Bitcoin.

Centbee “aims to provide some much-needed relief” with the new feature.

The support for European banks is just the start. Gamaroff disclosed that the company is working on bank transfers to several more countries over the coming weeks.

Making Bitcoin usable

Centbee’s mission is to make Bitcoin usable for day-to-day needs. This includes cross-border transfers, a sector that continues to be burdened by high costs, slow transactions, and overall inefficiency. The wallet offers a simple, intuitive, and cheap alternative to legacy financial systems.

“With Centbee, users can send money with ease and confidence, knowing that their loved ones will receive it quickly and at a fraction of the cost charged by traditional money transfer operators,” Gamaroff points out.

The era of utility is finally here. Gone are the days when scrappy white papers with a dash of “to-the-moon” pledges would birth a digital asset unicorn. Many companies that shot to the top based on hype are crumbling as the wheat and the chaff get separated.

Centbee stands tall among the platforms offering users real utility. Gamaroff pledges to continue leveraging the massively scaling BSV blockchain to “offer more efficient and cost-effective financial solutions to our users.”

“As more people begin to see the advantages of the BSV blockchain, we anticipate continued growth in the adoption of digital currencies and the realization of the transformative potential of blockchain technology.”

CoinGeek Weekly Livestream with Lorien Gamaroff: Enabling BSV Payments to major retailers